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Credit scores could be affected when credit limit is decreased

Posted on May 13 2009 by

Dear Experian,

My credit is spectacular! One card has decided to lower my credit limit. I have never been late for any cards and all have been paid off. Will this hurt my score?

- DRU

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Balances on business credit cards could impact your personal credit report

Posted on May 13 2009 by

Dear Experian,

Do balances on my business credit cards affect my personal credit scores?

- SCO

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Rumor to leave accounts open is correct

Posted on Mar 18 2009 by

Dear Experian,

My husband and I have several credit cards, all with limits under $1,500.00. We wanted to pay off and close the high-rate cards we don’t use, because we were told by a car dealer that even if the card with a high balance is paid to a zero balance, the fact that it is still open and “available” credit for using will hurt our scores. On the contrary, I have heard a rumor that closing a credit card looks bad. What’s the truth in this?

- EPH

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Getting reports from a credit monitoring service won’t hurt your credit scores

Posted on Mar 04 2009 by

Dear Experian,

I’ve heard that subscribing to a credit service that checks my credit daily or weekly can negatively impact my credit score. Can you tell me if having these non-agency credit monitoring agencies can put me in any jeopardy?

- LCI

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Impact on credit scores of inquiries for an auto loan

Posted on Mar 01 2009 by

Dear Experian,

I run an auto dealership that sells luxury automobiles. I understand that multiple inquiries within a “shopping” timeframe do not hurt an individual’s credit score. Can you explain what the time frame is and any other tips we can pass along to our customers?

- LLS

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Inquiries by existing creditors won’t hurt your credit scores

Posted on Feb 04 2009 by

Dear Experian,

There are numerous credit checks performed by credit card companies I’m not active with. Does this lower my score?

- JRR

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Cosigning for stepson can hurt your credit report

Posted on Feb 04 2009 by

Dear Experian,

I cosigned for a car for my stepson. I thought that if he didn’t pay I would be responsible for the loan, and I was fine with that. What I didn’t realize is that if he was late with his payment, my credit would be affected. I had a credit score of 803 when I signed. He missed payments, and now my credit score is lower. Even though this is not my loan, will my credit report be affected for seven years? Is there a way to correct this?

- LPH

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VantageScore grade of “B” is very good

Posted on Feb 04 2009 by

Dear Experian,

I have a “B” rating with an 838 score. Is this regarded as a good score?

- EFF

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Requesting a decrease in your credit limit can hurt credit scores

Posted on Jan 21 2009 by

Dear Experian,

Your creditor raises your credit limit. As a consumer, you are not comfortable with the increase, and you would like to lower the credit limit. What impact does this have on the consumer’s credit score?

- YLO

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Paid collection accounts not removed from credit report immediately

Posted on Nov 26 2008 by

Dear Experian,

If I pay the bills that were sent to collection will they come off? How do you get them off? I’m trying to get a home in the next few months and my credit score is low.

- AMH

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The impact on credit scores when you exceed your credit limit

Posted on Oct 15 2008 by

Dear Experian,

Will going over the credit limit on a credit card affect my credit negatively, even if the creditor does not charge a fee?

- CHO

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Impact of mortgage “short sale” on your credit report

Posted on May 14 2008 by

Dear Experian,

Some people are saying a “short sale” is better than a “foreclosure” on a credit report, but is that true? Don’t both circumstances drop the credit score significantly?

- NTE

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Getting your free annual report will not hurt your credit scores

Posted on May 08 2008 by

Dear Experian,

I received a call today from my credit card company trying to sell me their credit fraud protection program, and she told me that whenever I order my free annual credit reports allowed by law that my credit scores are negatively impacted each time. Is this true? I went online to the Federal Trade Commission website to verify her claim but there was no mention of the impact to the credit score when using this program, only that it is free from each credit agency annually.

- JPA

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The impact of a voluntary vehicle surrender

Posted on Feb 06 2008 by

Dear Experian,

I am considering a voluntary vehicle surrender. What ramifications can I expect, both financially and on my credit report and credit scores if I agree to surrender my vehicle to the creditor?

- COF

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The difference between PLUS scores and FICO scores

Posted on Aug 08 2007 by

Dear Experian,

What is the difference between a “Plus” score and a “FICO” score? On a June credit report from Experian my Plus score was 790 (330-830), while my FICO score with Experian was 889 (300-850). I realize both scores are excellent, but I would like to understand it further.

- DRA

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There is more than one FICO score

Posted on Sep 20 2006 by

Dear Experian,

I recently tried to get a car loan and was told that my Auto FICO score was low. I found this strange because I know my FICO score is in the high six hundreds. The dealer explained that the difference is an Auto FICO score is different than a regular FICO score. Is this accurate?

- DHA

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Paying collection accounts in full can help, but might not improve credit scores

Posted on Mar 22 2006 by

Dear Experian,

In the long run, will my credit be more positively affected if I pay off collection agency debt in full as opposed to accepting and paying a settlement amount?

- ATO

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