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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.

6
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2answers
614 views

Helping girlfriend accelerate credit score improvement

My girlfriend is financially responsible, but her credit score is being negatively impacted by her ex-husband. He kept the house when they separated, but apparently she was never removed from the ...
1
vote
1answer
877 views

Not Paying Loan Should I opt for One time Settlement. How will this reflect in CIBIL score?

I have loan. I didn't pay EMI for the past 1 year. Now the bank has provided me the option of One Time Settlement. This is roughly half of the entire loan. If I pay the One time settlement , how ...
5
votes
2answers
307 views

Past bad decisions plummeted my credit-rating, using a credit-card what is the best way to rebuild trust?

Back in my 20s I defaulted on a mortgage due to circumstances outside of my control (at least, that's what I tell myself - financially-pepper people don't ever get in to that situation). The house ...
5
votes
1answer
224 views

How can I Improve my credit rating now my CCJ has expired (UK)

I recently (Oct 11 '16) had a fully paid county court judgement expire and would like to improve my current 540~ credit score (https://www.noddle.co.uk/). Im in the united kingdom. I messed up big ...
-2
votes
3answers
577 views

Can I default on my private student loans if I was an international student?

I went to an expensive private liberal arts college with almost a full ride but part of my financial aid package was approximately $4,000 in loans a year. I was miserable at this place and dropped ...
4
votes
1answer
690 views

Can an unpaid parking ticket affect a credit score?

Can a parking ticket from a PRIVATE parking company affect my credit score? I was falsely ticketed and tried to fight it but the company is being a peanut and sent it to collections. If I continue ...
3
votes
2answers
200 views

Would it hurt my credit score/report if a company decided to close my account for security reasons?

Recently I received a letter from my credit card company asking me to send them a proof of identity/address as they have frozen my account and doing security checks. I can't be bothered to send them ...
6
votes
3answers
2k views

Is my credit score affected by making payments in parts?

On a bank's website, I read that part payments affect credit score. Avoid part payments. It doesn’t really help and affects your score. There are times when amount due on my card is 20k, and I pay ...
5
votes
2answers
154 views

How is an inquiry on the credit report different from checking credit score?

I was reading on some posts on Money.SE about how inquiring on the credit report is not good because it lowers your credit score. It seems to me however that whenever you have a credit card that ...
1
vote
3answers
118 views

Is it like one credit card provider is more favorable than the other to build up credit score?

Is a particular credit card provider more favorable than another to build up my credit score? As a side note, it has been asked in the context of United States.
5
votes
2answers
2k views

Why is my TransUnion score different depending on where I look?

My Bank of America credit card shows me a "FICO credit score powered by TransUnion". I also have an account with CreditSesame which shows me a "credit score powered by TransUnion" (No FICO is ...
1
vote
1answer
81 views

Will a Barclaycard Visa help me in building up credit score?

Apple has got finance option for its products through Barclaycard Visa as pointed out here and here. Will the monthly repayment to the card help me building credit score? If the answer to the ...
1
vote
1answer
121 views

Is a longer or shorter period of loan payback preferable to build up credit score?

I am an US based international student. If I take a car loan from bank to purchase an used car, will a shorter or longer repayment period have any impact on my credit score in the long run? Precisely, ...
2
votes
3answers
255 views

How to lower percentage of credit card usage to improve credit?

I recently took a big hit on my credit score it went from 730 something to 686 from utilizing 60% or so of my credit card balance. I use my credit card for almost everything and pay off the balance ...
1
vote
1answer
275 views

Is it worth raising a credit card limit to lower utilization?

I use a credit card for all purchases and pay it off in full every month. However Credit Karma shows my score taking a hit for high utilization. I use about a quarter to a third of my available credit ...
0
votes
4answers
368 views

Should I apply for more credit cards?

I will be frank. I really want the Chase Sapphire Preferred visa card. I moved to the States in the beginning of this year and have been trying to build my credit, particularly using the Sapphire ...
3
votes
2answers
236 views

Constantly sent advertisements for high-interest credit cards

I'm a 24 year old PhD student with a good credit history. I got a report done about a year ago and verified that there are no black marks on it; I've had a credit card since I was 18 that I've always ...
1
vote
2answers
90 views

Should I try to reach the recommended credit limit utilization percentage in the 3 days given between due date and reporting?

I have started with my first credit card account in May, it is a Quicksilver One from Capital One. I am using this to try to up my credit score overall in hopes of raising it enough to buy a house in ...
14
votes
2answers
4k views

What impact does a large purchase with an immediate payoff have on a cashback reward and credit score?

I want to purchase a laptop worth $1300. If I buy it using the credit card, I will get 5% cashback. I will pay immediately to the credit card company after the purchase (I do have that much money in ...
0
votes
3answers
234 views

Is keeping old credit cards and opening new credit cards with high limits and never using an ideal way to boost credit scores?

I was always under the impression to never close a credit card as it can hurt credit. Especially, if you have had it for a long time. I've also heard that never going over 10-20% of a credit card is ...
2
votes
2answers
111 views

Negative entry in credit report - when does it fall off?

I had a late payment on one of my credit cards back in 2011 when I was in grad school. I paid off the account and closed it in July 2011. Today I took a look at my Equifax credit report and in ...
1
vote
1answer
174 views

What's The Best Way To Pay Off My Collections?

I have a poor credit score, 597 to be exact. I'm 23 years old and looking to purchase a car but of course I want to get my finances in order. The only 2 major hits I have on my credit reports are from ...
2
votes
2answers
506 views

Would open source credit score formulas be feasible?

Do these exist and if they did, what would prevent financial institutions from using them? More Details: Let's say that some academics got together and decided that the 3 major US Credit Reporting ...
1
vote
2answers
99 views

Do credit card companies report older payment history to credit bureaus

I have recently got a new SSN. But I already own a student credit card from the past one year, issued by a financial institution without a credit check. As I didn't have an SSN when I applied for this ...
8
votes
4answers
509 views

What actions should I be taking to establish good credit scores for my children?

I have already opened an account for my child to deposit cash birthday presents from relatives. The default credit union account has a savings account and a checking account. I could also add an ...
2
votes
2answers
322 views

What's a good credit score for my age?

I only started building credit within the last three years, and I'm just now starting to get into situations where having good credit would be important. As a 26 year old, I have to ask, does age take ...
1
vote
3answers
231 views

I want to make a purchase on my credit card that would force over-utilization

I would like to make a purchase on my credit card that is greater than 30% of my "available" credit. I pay down my credit card bills immediately after a purchase or if not that at the end of every day ...
3
votes
3answers
256 views

Credit Score, Collection from 1 year ago, have not lived in america for 4 years

I used to live in America for 2 years, but i moved back to my home country in December 2012, i will however will be moving back to American next month. I checked my credit score (story behind why in ...
1
vote
1answer
113 views

How CIBIL Credit score will impact for 2 unsecured loans?

I have 2 loans. One I am paying on time correctly. Another one I am paying partially. How it will affect my CIBIL Credit score?.
1
vote
1answer
853 views

Does paying a credit card mid-cycle affect my credit score?

Does paying a credit card mid-cycle affect my credit score? For example, if my credit line is $1000 and 14 days into my billing cycle I've charged $200, should I pay this at the 14 day mark to keep ...
1
vote
3answers
282 views

non-existant credit history. What are the best practices for credit scores?

I've done a lot of reading recently around improving credit scores here and across the web. There's a lot of info out there, sometimes contradictory, sometimes with varying rates. I understand that ...
1
vote
3answers
368 views

I have multiple cards and pay off my balances, so I pay no interest. Do the banks know that and penalize my credit score for it?

I have 20 or 30K in credit card lines, and pay my balance in full each month. I'm wondering if banks track my 100% on time payments and correctly conclude I'm just using them to collect rewards, and ...
6
votes
2answers
299 views

Can my brother fix his credit?

My brother co-signed with my mother on a house payment. My mother didn't make the payments, but my brother pulled his fair weight. Now the house is getting foreclosed, and my brother's credit is shot. ...
1
vote
2answers
125 views

Should I get a auto loan to diversify my credit lines if I have the cash to pay upfront

Background history I never took a credit card before last year because I have been always fortunate to have sufficient money to cover my expenses and I was under the impression as long as I paid my ...
0
votes
3answers
359 views

Do company benefits, such as HSA or pre-tax commuter plans, that open up accounts in my name affect my credit report or score?

My company offers a couple different benefit plans that provide me with an account where funds get added and I can charge expenses to. For example, I now have an account and a debit card with a bank ...
1
vote
2answers
224 views

Closing a credit card with no debt to avoid annual fee

I have a credit card through my bank (in the US), which I've had for several years. I spent the last year outside of the US, so I got a second credit card from my bank - one with an annual fee (waived ...
23
votes
4answers
8k views

Can you explain why these items are considered negatives on my credit report?

I just used 'Clear Score' to find out my credit rating. My score is higher than both the national and local averages, but there are 2 'negative' results shown. Negative (2) Your oldest active ...
0
votes
4answers
361 views

Is opening a new credit card worth the potential impact?

I'm trying to decide whether or not I should open up a second credit card. The primary reason is to have a backup credit card in case my only (and oldest) card is cancelled/eliminated for any reason. ...
2
votes
2answers
351 views

How do credit-builder loans show up on credit reports?

To boost folks' credit scores, a financial product called a credit-builder loan provides a loan of cash that borrowers can't spend, which is paid off a bit each month. The primary effect (and benefit)...
1
vote
1answer
350 views

Advice For an 18 Year Old [duplicate]

I just turned 18. I have a bank checking account and I'm thinking of starting a Roth IRA with some of the money I am earning this summer. I have a credit card linked to my parents account (I use this ...
1
vote
2answers
87 views

First Credit Card with History

I'm wondering if I should worry about getting a credit card. I have a history, from student loans, which my banking app tells me is "good". Whenever I look at it it fluctuates between 680 and 710. ...
2
votes
4answers
810 views

What is a “retail revolving account,” and does it improve my credit score?

This answer and question refer to "retail revolving account". What is a retail revolving account? How is it different than a "general" credit card from a bank? Is it beneficial to have cards ...
2
votes
1answer
223 views

Will cibil score increase if I file ITR?

I have low cibil score. still i ddint file ITR. Will cibil score increase if I file ITR?
22
votes
7answers
5k views

Are credit cards not viewed as credit until you miss one payment?

I have recently been trying to improve my credit score in hopes of getting a good/better mortgage here in a few months when I become a first time home buyer. My father has been helping me by doing ...
1
vote
1answer
1k views

How to build credit score as fast as possible [duplicate]

I am looking for details on how to build and raise credit score as fast as possible. I have done some research already, but I am foggy on a few points. Details about me and my financial situation ...
3
votes
1answer
334 views

About to pay off car loan, how to maintain credit score?

I will soon be finishing paying off my car loan (yay!). This will be paid off with what is a normal monthly payment, not a large sum I'm throwing at the loan, so stretching the loan out longer (if I ...
2
votes
1answer
328 views

How is possible for a prepaid credit card to help your credit score?

My brother is moving to the UK next month, he has no history in this country as he has been born abroad and never lived in the UK in spite of being a British citizen. I would like to help him build ...
4
votes
1answer
247 views

Should I communicate with a collections agency to dispute a claim after it's been deleted from my credit report?

A little over a month ago, I received a voicemail from a debt collections agency stating that they wanted to collect on $200 from an apartment complex that I moved out of 6 months earlier. I assumed ...
1
vote
1answer
43 views

Credit influence of transferring debt to new account

I understand that the age of my accounts has an impact on my credit score. My oldest account, by a wide margin, is my federal student loan. I'm hoping to minimize my payments in size and/or how long I ...
0
votes
1answer
181 views

Double reported account closure, no credit history

I'm part of a credit union. I thought I had set up monthly automatic payments from my checking account to my credit card for the monthly fee ($25 each month). Through some way or another, that didn't ...