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Questions tagged [credit-score]

A credit score is a weighted number computed to determine your credit worthiness, and is relevant when arranging for credit or a loan. This tag is to be used for questions related to understanding how things would impact your credit score. Related tags are credit-history, credit-rating and credit-report.

7
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355 views

Can credit cards look at your credit report without your authorization (and reduce existing credit limits)

Just received a somewhat disturbing email where several of my credit cards from Citi have had their limits reduced. Email quoted / enclosed below. Q: I did not authorize for them to look up my credit ...
1
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2answers
244 views

Best way to deal with a $2700 Collection for unpaid apartment expenses

I am looking to rent a townhome and I have a credit score of 762. Over a month ago I got a notice about a new account on my credit report, so I look into it. $2800 collections notice from an ...
1
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2answers
114 views

Can credit worthiness be transferred from me to a business?

I'm interested in incorporating in order to put my rental business under a business umbrella. Right now it is just me (no business papers, but I report income to the IRS). I am wondering: can my ...
1
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0answers
67 views

Do I need loans for a good credit score? [duplicate]

I've never required legal loans from banks/businesses (eg: home loan, car loan) Will this affect my credit score if i've never been in debt but later on in life decide to get a loan? Edit: Also, ...
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2answers
256 views

How does zero credit usage affect credit score

Assume that identical twins A and B both have the same credit card, credit score, credit limit, and credit history. For the next year, twin A does not use his credit card at all, while twin B each ...
62
votes
7answers
14k views

Is there a “catch” on my “increased credit limit”?

Today I received a letter from the bank that issued my credit card. Basically it says that, since I'm "one of their best customers" my credit (card) limit has been increased. This is the second time ...
1
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4answers
96 views

Payment plan with bank or negotiate with collection agency?

If I have a credit card bill that's months over due, I assume my credit is already shot because of the bill being overdue. The bank sent a notice that if I don't respond within a certain amount of ...
0
votes
1answer
1k views

Does closing car loan lower credit score?

The final payment on my car loan is due in December but I made a payment for the total payoff amount this month to close the account. The only account I currently have open is a credit card. Before I ...
7
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3answers
4k views

What happens if I don't pay a utility bill on a house I've already sold?

I recently sold a property I used to own, and was told that the new owner had transferred all the utilities. I followed up on all but one (which were transferred), however it seems that the water ...
0
votes
1answer
99 views

Credit line is high on one card, low on another: should I lower before raising?

Assume that: I opened card A a long time ago and card B recently (different institutions). I have a very high credit limit on credit card A and a very low one on credit card B. I do not need the ...
3
votes
1answer
125 views

How do I remove a charge-off from my credit score?

I currently have a credit score of 667. The only negative note I have is from a credit card where I owed $4,100 but failed to make any payments for 22 months. That debt was eventually charged-off. ...
0
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2answers
152 views

Will locking one USA credit bureau be detrimental?

TransUnion has failed to remove an incorrect report of collection long after Experian and EquiFax have verified it incorrect and removed it. AFAIK, this is a violation of Federal law. They are not ...
3
votes
1answer
437 views

What happens if I get approved for financing, but don't make the purchase?

I recently applied for financing to buy the Google Pixel. I was approved. When I went to place the order, the shipping time was a month away. I don't want to wait that long. I'll look at other buying ...
3
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1answer
132 views

What should I know before applying for a student loan? Should I pay off all or as much of my CC debit first?

Before taking out a student loan, would it be best to pay off as much of my Credit Card as possible to help get the best APR%? I have 1 CC with a $5000 limit unused. I have another with $7500 on a $...
1
vote
1answer
109 views

How to add missing items to credit report

I recently paid off 100% of my debt. It was in default for more than 7 years. My credit report showed these accounts in default, then the accounts were eventually removed from the credit report ...
3
votes
2answers
160 views

Mortgage with No Credit but a Co-Signer making over 100k near perfect credit

I am in an awkward way. I have enough to put a down payment of 25-30% on a house. I have 70k in assets not counting things like my vehicle (stocks + bank accounts). I have a decent job (1 in 4 years, ...
17
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2answers
2k views

Are multiple hard inquiries for a specific loan type okay?

I'm researching mortgage options for my first home purchase, and I recently had a long call with a loan officer where he encouraged me to get pre-qualified (requiring a hard credit inquiry) as soon as ...
5
votes
2answers
157 views

Direct Deposit in Shared Account

My boyfriend has asked me to help manage his money. We are looking into opening a new bank account where his checks will be direct deposited into the account and I'll give him a weekly allowance of ...
24
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5answers
6k views

Will a credit card company close my account if I stop using it?

I'm going to stop using my Visa and apply for an AMEX. I want the Visa account to remain open to keep my revolving credit usage % low. While I understand opening a new card will temporarily reduce ...
19
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10answers
5k views

How can I improve my credit score if I am not paying bills or rent?

I still live at home and thus I don't pay any rent or bills directly. I give a small chunk to my parents but this is somewhat irregular. I am employed, so a lot of my income goes straight into ...
1
vote
1answer
592 views

Are self-lending loans legitimate?

In the credit building/repair industry, there are some companies offering self lending. That is, you take a loan in the form of deposit in a savings account. Then you pay it in monthly installments ...
12
votes
4answers
3k views

A credit card for the two of us: apply together or get it on my own?

My girlfriend and I are currently restructuring our finances to simplify our financial relationship and to discourage frivolous spending habits such as eating out. We have shared access to a joint ...
11
votes
3answers
2k views

Does having multiple credit cards contribute to “credit mix”?

Right now, the only credit account I have is one credit card, which I've had for about two years. If you don't count as debt the couple hundred dollars I put on that card and pay off in full each ...
2
votes
1answer
133 views

Credit Score down after being approved by a credit card [duplicate]

First time asking a questions here, apologies for any mistakes in advance. I applied for my first ever credit card online and I was approved for it within seconds. But when I checked my credit score ...
7
votes
2answers
11k views

Pro's & Con's of Updating Annual Income for Credit Card Credit Line Increase [duplicate]

My bank has been hounding me to increase my credit line by updating my annual income. They must have some good flags to alert to such things since our spending has bumped a bit on the credit card, ...
3
votes
1answer
102 views

Does credit card late fee waiver mean credit report and score will be corrected?

My credit score took a huge hit from miscommunication. I'm a member of Costco who used Amex until last year and switched to Citibank. Although I never used Amex for transactions, it was used by ...
3
votes
3answers
2k views

Does a failed chargeback affect my credit score?

I want to try a chargeback to get a refund for my gym membership that I did not use, as the gym took a direct debit earlier than I expected them to. The last payment was taken on the 29th Dec 16. ...
3
votes
2answers
229 views

UK equivalent of annualcreditreport.com?

From https://money.stackexchange.com/a/52272 I learned that (apparently) US federal law says I can "Get a free copy of your credit report every 12 months from each credit reporting company.", through ...
4
votes
2answers
157 views

How to move forward with credit card after long non-use?

For various reasons, I am currently taking steps to increase my credit score, one of the steps being to increase my credit card limit. The last time I had a credit card was around 10 years ago. I ...
5
votes
3answers
746 views

In the US for 6 months: should I do something for a future good Credit Score?

My wife and I – both western European in our late 20's – are in the US for 6 months, as visiting scholars (J1 and J2 visas, respectively). We currently do not (nor need to) interact with any US ...
0
votes
1answer
886 views

I was denied a margin account for being unemployed, what should I do?

I'm in Canada, and encountered something very strange in the last few months: my mother and I each opened an individual (not joint) discount brokerage account at HSBC InvestDirect. We both deposited $...
8
votes
2answers
4k views

Get car loan w/ part time job as student with no credit, no-cosigner but no expenses

This is the only place where I knew to turn for a question like this. I am a student (if that will make me look better to the loan officers), but I'm fairly certain I have no credit. I took out a ...
0
votes
1answer
188 views

How long before proper credit card utilization counteracts the hard inquiry?

I know this will depend on personal factors, but let's aim for a rule of thumb. They say not to apply for credit anytime before asking for a loan, and this question is not specifically for that ...
1
vote
2answers
777 views

Impact of downgrading a credit card on credit history (specifically avg age of account)?

Does downgrading a credit card, from a premium card that has an associated annual fee to one without an annual fee with the same bank, impact the credit history? Assume that the credit line remains ...
1
vote
2answers
280 views

How to improve credit score and borrow money

I had pretty good credit rating, in October 2016 I was offered discount which i took but to my surprise, it was a credit card check that after checking decreased my credit rating. In December 2016, I ...
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vote
3answers
169 views

Mitigate Effects Of Credit With Tangible Money

This question is not how to build credit quickly, although those strategies will be used simultaneously to prevent having to use the answers to this question again. As a new graduate, I have had a ...
0
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2answers
283 views

Will closing a credit card with an annual fee affect my credit score? [duplicate]

I am 20, and just opened an airlines credit card in order to save a lot of money on plane tickets. My credit score is currently 728, but I know that does not mean much because of the relatively short ...
2
votes
3answers
309 views

Does opening a credit card account and then closing it sometime later affect your original credit score?

Say I have a score of 800 and one credit card account. I pay off the due balance every month, and the credit utilization rate is around 10%. I want to open another credit card account and plan on also ...
4
votes
3answers
666 views

Is it worth it to take a car loan to improve credit ratings?

I've been considering buying a car recently, but I know that, as I am young, I don't currently have a credit score, as I really haven't needed credit up until now. So, would it be better to take a ...
3
votes
2answers
240 views

What are the implications of withdrawing cash from my credit card immediately after paying it off?

I recently went to a conference in Boston with 3 other students from my university. To make things simpler with the reimbursement process (or so I thought), I paid for everything (airfare, meals, etc. ...
12
votes
1answer
3k views

Why did my credit score plummet in a week? [duplicate]

I check my credit score on Credit Karma every week just to make sure everything is ok. Every now and then the score goes up a point, sometimes based on utilization it goes down a point or so. However,...
5
votes
4answers
474 views

Is there any reason to turn down a pre-qualified credit card offer?

I am frequently assailed by unsolicited letters from various credit card companies informing me that I am pre-qualified for credit cards with various goodies such as no annual fee or 0% APR for around ...
3
votes
2answers
367 views

How to properly use a credit card

I am a first time owner of my own credit card. I got it with the purpose of building my credit to be able to receive loans for cars/house and things of that sort. I have amounted some student debt ...
0
votes
0answers
59 views

Getting my first secure credit card [duplicate]

I'm about to get my first credit card its referred to as a secure card from capital one with a $200 line of credit after a $200 deposit. My credit score is 505 any tips or suggestions on building my ...
15
votes
8answers
6k views

5 credit accounts, from $1750 to $4000, all above 90% utilization. Better to pay $500 on all 5, or pay one off completely for credit score?

I have 5 cards acquired in a misbegotten, spendthrifty youth. Utilization: Account 1: $1600 of $1600 Account 2: $1500 of $1500 Account 3: $1200 of $1750 Account 4: $2900 of $3000 Account 5: $4000 ...
6
votes
1answer
133 views

If I default on a debt is the effect on my credit score the same regardless of the amount of debt?

If I default on a debt is the effect on my credit score the same regardless of the amount of debt? For example if I default on a few hundred dollars of medical debt would that effect my credit score ...
2
votes
2answers
719 views

If I increase my credit limit will my credit score go up?

Up until 2 months ago or so I had a credit score in the low 800s range. I recently opened a new credit card account and put a bunch of debt on it which I plan to pay off over an extended period. This ...
4
votes
3answers
534 views

Paying off someone else's utility: whose credit score improves?

Person A signed a utility contract (say, electricity). Person B set up a direct debit to pay for that. In the UK, whose credit score improves in that situation? Is there some way to have both ...
9
votes
3answers
58k views

Is Credence Resource Management a scam?

I've been receiving a lot of calls from a debt collector called Credence Resource Management. These calls are coming from a call center in India. It seems like this is a scam company. I did some ...
1
vote
1answer
53 views

How to increase CIBIL score

How to increase cibil score. If you have problem with credit card and personal repayment history