Questions tagged [fico-score]

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45 votes
7 answers
3k views

How can one get their FICO/credit scores for free? (really free)

TV and the web are filled with ads promising to give you a free copy of your credit report. Unfortunately, instead of being wholly free, they are actually free trials, which means: You only get them ...
  • 2,209
25 votes
8 answers
23k views

Is 0% credit card utilization worse than 1-20% credit card utilization for any reason other than pure statistics?

Much of the information I stumbled accross (including a short article written by an esteemed member of this site) around the internet indicates that having a credit card utilization of 0% is a ...
16 votes
3 answers
4k views

What's the best way to maintain your credit score after paying off all of your debt?

For several years we have had a mortgage, two car loans, and an active line of credit from our bank. We made payments on all of these religiously and our credit score is now in the high 700s. ...
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13 votes
3 answers
3k views

What happens to your credit score on prolonged absences from the US?

What happens to your personal credit score when you live overseas for over a decade while only maintaining a checking account and a credit card(used only on the short trips back to US), but no ...
12 votes
2 answers
3k views

Does the history of credit utilization affect FICO score?

Most people are aware that the debt to credit limit ratio is a vital part of the FICO score. The FICO score is updated every time new information is received by the credit bureaus. However, is it ...
  • 163
10 votes
1 answer
2k views

What tools are there to investigate why my FICO score would have dropped significantly?

Please assume the basics have been considered, such as: Credit utilization could have went up Hard inquiries Closed an account Opened a new credit card Paying off a loan None of the above occurred ...
  • 867
8 votes
4 answers
4k views

Achieving ideal credit card utilization above 0%

So everyone is aware of the general rule that you should keep credit card utilization below 30% of your credit limit. It's also a good idea to keep this utilization above 0%. It's very easy to stay ...
  • 228
8 votes
4 answers
329 views

Will replacing a credit card with a better one hurt my FICO score?

I have a credit card from 1st Financial Bank. I got it when I was 18 years old, and have kept up with it 100%. After the recent US legislation on credit cards, they have started hiking various fees. ...
7 votes
1 answer
186 views

What is the source of this blog post about maximum credit scores?

So I'm reading up on credit scoring, and I came across this posting: The maximum score held by a U.S consumer is…834. There are consumers in New York, Florida, New Jersey and Pennsylvania who have ...
  • 7,397
6 votes
2 answers
303 views

Do I have to pay interest to increase my credit score?

I am going to ask this oft repeated question one more time because: I have heard many of my friends say that the best way to increase your credit score is to take a loan ( at an interest) and then ...
6 votes
2 answers
527 views

What is a FICO score and how is it related to a credit report?

What is a FICO score and how is it related to a credit report?
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6 votes
1 answer
3k views

How does Bill Me Later check a person's credit using DOB and Last four SSN digits?

Currently, I'm looking to open Bill Me Later account. I notice that it only asks Date of Birth and last 4 digits of SSN. According to this website, The first three digits are based on the state ...
  • 163
6 votes
3 answers
3k views

How can I get my incompetent utility company to remove late payments on my credit report?

My FICO score dropped 100 points after my incompetent utility company posted false late payments. It had been 780 prior to the late payments. I have a legitimate case but they are so bureaucratic and ...
  • 1,131
5 votes
2 answers
444 views

Can Having Less Debt Lower Your Credit Score?

Background: In preparation to buy my first house I've started keeping an eye on my (Experian FICO) credit score, and I've been seeing behavior that is very strange. After a year of my credit score ...
5 votes
4 answers
1k views

What is too much credit utilization on credit card?

Is credit utilization looked by card or total credit? Say I have three credit cards with the following utilizations: Card A Limit: $30000 Balance: $25000 Utilization: 83% Card B Limit: $20000 ...
  • 1,398
4 votes
1 answer
3k views

What is the full formula for calculating a FICO 9 credit score?

I'm familiar with the percentage breakdown of how a credit score is calculated. I'm wondering what is the exact formula is that can be used to come up with a point value based on specific input ...
4 votes
2 answers
797 views

Will U.S. citizenship boost credit score?

I have a good friend in USA who is a permanent resident and is married to a US citizen. They have only one income (although his income is a bit over $100K per year) and his wife (who is the citizen) ...
4 votes
2 answers
121 views

Applying for and receiving business credit

I have a friend who has started up his own business. Right now it's a one man operation. The problem is, as most businesses, he needs access to capital in order to purchase equipment for ...
  • 1,456
4 votes
2 answers
2k views

First Time Home Buyers - Down Payment, PMI and Points

My wife and I are looking to buy our first home in the next couple months and wanted to get an idea of what we are looking at. Right now we have about 80k saved up and want to put 10% down on a home ...
  • 101
4 votes
2 answers
2k views

How does a FICO score start out?

Right now I have 0 credit since I've never had a credit card before, I recently applied for a credit card and got approved so I can start building my credit. I hear that 500-600 is considered very ...
4 votes
1 answer
832 views

Effect of debt utilization on FICO score: is it overall, or individual?

I am currently at 42% utilization in overall revolving, credit card debt between three cards. My total credit lines equal $27K. I am looking to buy a house by the end of the year and I am working hard ...
4 votes
1 answer
179 views

Long history of credit vs. many open accounts -- where's the line?

I'm not an expert on credit scores, but I have done a good bit of research on how they're impacted by different variables. I know that a long history of a line of credit is seen as a positive; however,...
  • 1,361
3 votes
4 answers
563 views

How much of my mortgage do I need to pay off for the FICO "Proportion of loan balances to loan amounts is too high" reason code to disappear?

I have a FICO 8 score that is fluctuating from 810-830 and the only reason code given is: Proportion of loan balances to loan amounts is too high The only balance I have from month to month is my ...
  • 403
3 votes
1 answer
228 views

Should you spread credit utilization across multiple cards to improve FICO score?

Just wondering whether I should apply for a credit limit increase, or a new card that I'll never use. I have one card with good rewards that I use regularly, always pay in full and only spend what I ...
  • 7,397
2 votes
3 answers
311 views

What is the best way to fix my credit?

My credit has been really poor for a lot of years. I really want to be able to have better credit but everything I do does not help. Can anyone give me any insight on how to fix it up?
  • 79
2 votes
1 answer
575 views

Mortgage rate shopping - 14 day period

I'm currently in the 14 day period since my credit (all 3) were pulled for a Mortgage Application. A second lender pulled my credit today (still in the 14day period) and surprisingly, the new inquiry ...
2 votes
2 answers
160 views

Disputing Items to Improve Credit Report

After declaring Chapter 13 bankruptcy about 14 months ago, I find myself in a position where my best option for finding a home is to purchase one (rather then rent an apartment, which is simply not an ...
  • 811
2 votes
1 answer
851 views

Why is my credit score now being ranked on a scale of 501 to 990?

Over the years, I've run several credit reports on myself inching my way closer to 750 then 800 on a FICO scale. Then, using TrueCredit to analyze my report, as I always have, I suddenly notice I'm ...
2 votes
1 answer
325 views

Does not having the full (good) payment history on report negatively affect me?

I've had my credit card since 2006. My credit-report reports the following: Status: Open/Never late. Date Opened: 06/2006 Reported Since: 06/2011 Date of Status: 09/2014 Last Reported: 09/2014 ...
2 votes
1 answer
163 views

Unexplained FICO drop of 140 points [duplicate]

My FICO score dropped from 815 to 675 (a drop of 20%) as reported by two credit cards two months ago. I ordered three credit reports, including one from Lexis Nexis. I do not see any oddities. No late ...
  • 1,053
2 votes
2 answers
188 views

Does closing accounts lower one's credit score?

Does closing accounts lower or increase one's credit score, or does it depend?
  • 280
1 vote
1 answer
2k views

Credit score getting lower - but I'm doing everything right?

My credit score has dropped considerably in the past year from ~700 - ~600. This is my first credit card so far, and have only used mainly debit in the past. Thing is, I'm not sure why it's dropping....
  • 220
1 vote
2 answers
132 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 ...
1 vote
3 answers
514 views

What risk factors might a credit issuer weigh more heavily than a credit monitor?

For the past 4 months, Credit Karma has been saying my approval odds for the Amex EveryDay Card are "very good". I have applied twice for said card and been rejected both times. My credit score is ...
1 vote
1 answer
158 views

What sort of demands is it reasonable for a home loan lender to make on the borrower, if any?

What sort of demands is it reasonable for a home loan lender to make on the borrower? For example, if a first-time home buyer with a FICO score in the 600s relocates to another city and applies for a ...
  • 280
1 vote
2 answers
126 views

Will using 0% intro APR crashes my credit score?

If I get a new credit card with $5000 credit line and 0% intro APR for the first year, and use all the credit limit at the beginning, will this drops my credit score? If I pay back this money like $...
1 vote
4 answers
332 views

How do these credit score numbers add up?

Two years ago I moved to the United States and got a brand-new, never-used social security number. I started with a blank slate. I have read "How much does credit score matter" and I've read "What is ...
1 vote
1 answer
2k 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 ...
  • 11
1 vote
1 answer
109 views

Affect of Credit card Utilization rate on Credit scores (for Balance Transfer)

Scenario 1: Two Credit cards have 50% utilization rate each Interest savings are moderate Convenience factor - medium Scenario 2: One card has 90% utilization rate. Interest savings are higher as ...
0 votes
2 answers
232 views

How badly is one's credit score affected if one stops paying one card but keep paying others?

I am in a very tight situation and I am wondering how the FICO score behaves if I stop paying 2 cards out of 4. How badly would it go down and how badly would it affect applying for loans at different ...
0 votes
1 answer
45 views

FICO score reporting variation

Why FICO score vary between credit companies? I have two credit cards and each lender is proving me with a different score, there is a difference of 5 points, not that big difference, but what is the ...
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0 votes
1 answer
271 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 ...
  • 121
0 votes
2 answers
444 views

Can U.S. car dealerships pull your entire credit report or just your FICO score?

In the U.S. can car dealerships pull your entire credit report, or just your score if you go into them to apply for a loan? Of all the research I've done, it sounds like its just your FICO score that ...
0 votes
3 answers
172 views

How will having two active credit accounts with different balances affect my monthly credit scores?

I heard that with the new FICO model, they want you to spend ten percent or less of your credit limit to keep your scores from dropping. I recently applied for a second credit card, one with four ...
0 votes
1 answer
75 views

FICO Classic (04) Credit Score calculation

A mortgage lender has pulled a FICO Classic (04) TransUnion score and it's a 100 points less than any other model I was able to track down (Experian-Vantage, Equifax, etc). Experian tells me the ...
  • 111
-3 votes
1 answer
151 views

Is there a way to have your credit score respect 0% APR? [closed]

I handle my credit like this: Pay for everything possible with 0% APR accounts. Put at least an identical amount into an interest-bearing account. Pay off the card when I want to maximize my credit ...
  • 111