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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.

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When does credit card utilization matter?

I'm learning more about credit before I get a credit card, and I read that it's advised to never use more than 30% of your credit card's limit. Let's say someone has a $2000 credit line and he spends ...
TheDev88's user avatar
  • 103
1 vote
1 answer
134 views

What impact does a car lease have on credit, if any?

Does having any number of car leases impact one's credit score? Does it count towards amount of credit debt I have and impact credit usage ratio?
trusktr's user avatar
  • 155
2 votes
2 answers
223 views

Student loans w/ employer contribution payoff strategy

I have $17k in student loans (4 of them, all Stafford less than 4.5%). My monthly minimum payment is under $200, and my employer contributes exactly $200 on my loans each month (regardless of minimum ...
Sanchewy's user avatar
4 votes
1 answer
160 views

Check if the management of the building I'm in sends late rental to credit agencies

I'm running low on money for the next 6 weeks until I get payment for contract work I've done. In the meantime I owe to various places. I'd like to prioritize paying back to places that will report to ...
carlybear123's user avatar
1 vote
1 answer
1k views

Are there negative consequences to having multiple credit monitoring services?

I already have one credit monitoring service that I am not paying for due to a security breach somewhere many years ago. I am not 100% sure but I think it expires/ends in a few years. My data was ...
IMTheNachoMan's user avatar
1 vote
0 answers
81 views

UK: Will signing up for a mobile phone contract affect my credit rating?

Especially I would like to understand one thing: There are operators who offer contracts without credit check for people who otherwise would be denied because of for example a completely missing ...
TorstenS's user avatar
  • 200
1 vote
2 answers
274 views

Which debt(s) to minimize first to improve credit most quickly?

Current score is ~650. Looking to improve my credit as effectively as possible, as I'm looking into houses after getting married next summer. I'm coming off of a tougher employment patch so very much ...
Chris's user avatar
  • 113
-6 votes
1 answer
305 views

Virtual landline to achieve better credit score - is that a worthy investment? [closed]

https://www.moneysavingexpert.com/mortgages/why-remortgage/ https://www.express.co.uk/life-style/life/732040/credit-score-free-card-history-file-martin-lewis-this-morning Put a landline number not ...
Mars Robertson's user avatar
5 votes
2 answers
374 views

will it increase or decrease my credit score, if i split a high balance on 2 credit cards

Is it better for your credit score to have one high balance of to split the balance between two credit cards
david graves's user avatar
8 votes
8 answers
7k views

Credit score and financing new car

Little bit about my situation- Bought a car with cash about 5 years ago, at the time it was a year old. That car is now a total loss and I’m receiving about 5k for it from my insurance. I’m now in ...
user87816's user avatar
8 votes
1 answer
1k views

I'm starting a new job in 20 days - can I include my future income when applying for a credit card now?

I'm starting a new job soon and moving to a new city. I've never held a credit card and want to apply for one. As with all moves there are likely to be expenses so I'd love to be able to stick them on ...
Hollandeise's user avatar
2 votes
2 answers
233 views

if I/some credit card keep applying how low the score can get

This seems a hypothetical question. Suppose a person has a already low credit score( I suppose it can not be less than 300) . Question1: And if that person apply for 2 different credit cards at ...
Raj's user avatar
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50 votes
12 answers
29k views

My mother co-signed for my car. Can she take it away from me if I am the one making car payments?

My credit is in the low 500s and I was unable to get a car loan. My mom cosigned for me and I've now had a beautiful car for three months. I've been making on-time payments, the registration is in my ...
Megan M's user avatar
  • 479
5 votes
3 answers
1k views

Will a higher security deposit build credit faster with a secured card?

I am helping a new immigrant to the US who has no credit history build credit, so they can get a mortgage for a home. Citibank recommended the Citibank Secured Mastercard, which allows a security ...
Village's user avatar
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19 votes
3 answers
12k views

Are cosigner finder websites like hireacosigner.com, cosignerfinder.com etc. legit?

I am a foreigner to USA and would like to pursue masters in CS in USA. But based on the current state of USD, I won't be able to pay the costs of tuition on my own. So, I will be taking a loan from ...
QnARails's user avatar
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1 vote
2 answers
249 views

Would Getting (and Paying) an Installment Loan Benefit My Mortgage Rate

I am planning to buy a house (in the US) in about 9-12 months. I've read from different resources that an installment loan may boost my credit score if I make my loan repayments on time, as this is ...
FatihAkici's user avatar
0 votes
3 answers
478 views

As authorized user why is the credit utilization of the primary card showing in my report

My wife added me as an authorized user on her credit card account and I received a card with my name. The credit limit is still the same and is shared. I have recently started seeing it in my ...
perennial_noob's user avatar
-1 votes
1 answer
94 views

how does taking mortage loan affect my credit score after closing

I am taking a loan on my first home purchase. I have 780+ credit score now. How is my credit score affected after closing on the loan.
Venkata's user avatar
  • 11
3 votes
2 answers
418 views

Negotiating with a collections agency to remove a valid, small debt from credit report

I just found out that my wife had a debt from a doctor related to our recent pregnancy go to collections. I found out because credit monitoring picked it up - I haven't heard from a collections ...
conman's user avatar
  • 681
3 votes
1 answer
345 views

Credit score on credit card application is much lower than reported credit score on Experian

My girlfriend applied for a credit card and was approved. The approval letter included her Experian score, which stated a score of 645 (I don't remember the exact number, but that neighborhood). She ...
Lux Claridge's user avatar
61 votes
5 answers
25k views

Should I worry about having my credit pulled multiple times while car shopping?

I went to a dealership today and they pulled my credit after a test drive. I've heard that as long as you get your credit pulled for an auto loan within a few days, multiple pulls will only count as ...
Chris's user avatar
  • 489
26 votes
6 answers
10k views

Why would a home insurer offer a discount based on credit score?

Recently I received a letter from my home insurance company: Thank you for being a Gore Mutual customer. We're working hard to ensure that our products are competitive. And we want to provide ...
200_success's user avatar
  • 1,713
3 votes
2 answers
520 views

Why did my credit score plummet after a balance transfer?

I transferred about $5K from one credit card to another. I noticed that my credit score plummeted about 30 points! At first I thought that maybe the agencies only saw one side of the transaction and ...
Bart's user avatar
  • 582
6 votes
6 answers
2k views

Importance of Building Credit Score?

For some background, I am in my early 20's about to graduate college. I have steady full-time employment that allows me to live within my means while building my savings. Right now, an emergency fund ...
GotCubes's user avatar
2 votes
1 answer
120 views

Does it make sense to open a lot of no-fee credit cards to reduce credit utilization?

Within a week of starting to my new job, I am planning to open a lot of (5, maybe more) no-fee credit cards in order to lower my credit utilization. I am not planning to use any of these new cards at ...
user86676's user avatar
24 votes
8 answers
11k views

Asking bank to reduce APR instead of increasing credit limit

My credit card just notified me that they raised my credit limit (unsolicited). This would do well to my utilization and thus improve my credit scores overall. However, my overall utilization across ...
perennial_noob's user avatar
-2 votes
2 answers
185 views

How can I force a reconciliation between VantageScore 3 and FICO® Score 8?

My wife's credit score via VantageScore 3.0 (via CreditKarma, which is based on TransUnion data) is 790. In contrast, My wife's credit score via FICO® Score 8 is 670 (also based on TransUnion data)....
YGA's user avatar
  • 253
1 vote
1 answer
213 views

How can I understand historical changes in my credit score?

In October 2018, my wife's transunion credit score blipped down from a consistent 780 to a consistent 680. When I called to complain, Transunion noted that one of her credit cards seems to lag behind ...
YGA's user avatar
  • 253
0 votes
1 answer
114 views

Does installment loan amount affect credit score?

I am looking to finance a new car purchase. The total cost of the car comes out to $18k, and I am able to put up to $10k down. Assuming that my goal is to maximize my credit score in the long run, ...
Andrew Sun's user avatar
2 votes
1 answer
129 views

Are there any particular ways to use a secured credit card best? [duplicate]

I am using a secured credit card to build back my credit. Is there a particularly good way to do this? I know that a secured credit card will allow me to increase my credit score. But I'm not sure ...
jon jon bon bon's user avatar
48 votes
12 answers
12k views

How can sister protect herself from impulse purchases with a credit card?

My little sister is 18, and currently has a bank account with a debit card. She and mom believe it might be time to get her a credit card, mostly to build up her credit rating than out of necessity. ...
hellicat's user avatar
  • 463
5 votes
1 answer
372 views

Why would a bank suddenly start using a very old address for me?

I stumbled upon an infographic that reminded me of something strange that happened to me several years ago, possibly related to banking, law, and credit reporting. Apologies if this is not the right ...
StackOverthrow's user avatar
1 vote
2 answers
591 views

Is there a way to simulate credit score for settlement vs bankruptcy?

I'm considering either settlement or filing a Chapter 7 Bankruptcy for about $110k in credit card debt. However, it seems like both options will stay on your record for 10 years and also decimate ...
ina's user avatar
  • 360
1 vote
2 answers
213 views

Impact on credit score of opening and closing accounts

I'm planning on buying a house sometime in the Winter of 2020 to spring 2021. Currently, my credit score is about 770 and I have the following open credit lines: A 2.5 year old $25,000 Prosper loan ...
Rex Chandler's user avatar
1 vote
1 answer
753 views

Does an unused overdraft help or hinder credit score?

Whilst at university, I was given an interest- and fee-free overdraft of £2000. I finished uni a few years ago by now, and the interest- and fee-free deal has now ended. I don't use the overdraft at ...
crazyloonybin's user avatar
4 votes
1 answer
267 views

Would gambling with a credit card negatively impact my credit score assessment?

To preface I do know that gambling is generally a waste of both time and money, and as such I do not gamble. Sometimes though I do match betting. For those that don't, know it is betting for an ...
mega_creamery's user avatar
0 votes
2 answers
107 views

How to appeal or remove the credit check taken on a Lender?

I was working with a car dealer to purchase a car. I realized that , Dealer ran the credit check and applied for a lender which i wasn't aware. I was hoping to get loan from LenderA. But dealer was ...
goofyui's user avatar
  • 1,117
4 votes
1 answer
52k views

What can someone do with the last four digits of my credit card number, last four digits of my social security number, and my zip code?

I recently got a call from my “bank” telling me that there have been several fraudulent transactions on my credit card. Naively I believed them and gave them he last four digits of my credit card ...
shalop's user avatar
  • 143
0 votes
1 answer
145 views

Applying for Credit Card Under New EIN

I have established a new EIN for a sole proprietorship under my name. This business' purpose is to separate my ventures flipping and doing other projects that make money from my personal finances. I ...
Rontron's user avatar
  • 109
3 votes
1 answer
238 views

Does not paying a collections company affect credit score?

From a discussion in comments, a question came up. For the purpose of this question, all I care about is my credit score. I got a credit card, used it and did not pay it back. The credit card ...
Tolure's user avatar
  • 415
1 vote
2 answers
239 views

Should I pay off a credit card or a collection balance first?

I have a collection and a credit card with roughly the same balance. I received a bonus and I am able to pay off one of them completely. Which is more beneficial to pay off first?
Jeremy's user avatar
  • 257
3 votes
1 answer
451 views

Credit line opened without my authorization

Some company signed me up for this credit card without my knowledge and now the account is showing in my Mint.com credit report and lowering the average age of my credit lines, and hence my score. I ...
JacobIRR's user avatar
  • 453
2 votes
1 answer
292 views

Improving credit: what should I do about very old debt; ignore, settle, or pay it in full?

I have about $6,000 of very old debt. It went into collections about 3 years ago when I was in college. Today I have a good job, and I am thinking about the future. I am now interested in improving ...
Tyler .'s user avatar
  • 195
1 vote
3 answers
164 views

Do I need to open a credit card to improve my average credit score?

I recently checked my credit reports and score and found out I had a score in the high 630's - this was a shock as I had checked this a couple of years ago and my score was in the high 730's I ...
gwar9's user avatar
  • 469
0 votes
2 answers
213 views

Does paying minimum on 12 month 0%APR bonus credit card hurt credit score?

I sign up a credit card that has 0%APR for 12 months (plus some cash sign up bonus for spending certain amount in the first few months), and will use it for the purpose of purchasing flight tickets (...
user avatar
1 vote
3 answers
290 views

Large credit score drop

I use Mogo to review my credit score every month. I just moved to Canada so it took a while to even kickstart my rating, however, Mogos history shows. Dec (2 months after I got my credit card) - ...
confused_antelope's user avatar
1 vote
2 answers
154 views

Ways to alleviate credit card missed payment due to bank problem?

A couple of months ago one of my banks randomly blocked my online account (I just had to call them and tell that I am still alive). Long story short, I called them multiple times and they never ...
Blade's user avatar
  • 123
3 votes
2 answers
223 views

Why are credit scores so important in the US compared to Europe?

Back when I lived in Central Europe, most loans/mortgages only depended on your current income and employment history. If you held on to a good job for several years, you could well expect to get a ...
JonathanReez's user avatar
  • 5,862
3 votes
1 answer
148 views

Interest-free loan: how is "utilisation" calculated re credit score?

I have, historically, always had an excellent credit score. I never spend beyond my means, and always pay off my credit card in full every month. I really only have the credit card in order to accrue ...
Chris Melville's user avatar
19 votes
4 answers
5k views

How does holding onto an active but un-used credit card affect your ability to get a loan?

I was debating with my friend about my old credit card. His view is that holding onto an unused credit card is bad for my credit b/c it will count as potential money I can borrow in an instant and ...
Tolure's user avatar
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