Responding to credit score factor that says proportion of balances to limits is to high

Posted on Aug 29 2013 by

Dear Experian,

Recently, I was told that my proportion of balances to credit limits is high. If I keep making payments to my credit card and keep my statement balance below 20% of my credit limit, will that help?

- ATD

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Spouse’s credit file must be frozen separately with each credit reporting company

Posted on Aug 28 2013 by

Dear Experian,

My credit report is frozen. Most of my accounts are joint with my wife. Is my wife’s report automatically frozen as well, or do I have to freeze hers separately?

- CPT

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When negative information will be removed from your credit report

Posted on Aug 28 2013 by

Dear Experian,

If the account status information says the item will be moved from negative to positive on a certain date, what determines when and why that happens?

- AJH

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Freezing your children’s credit histories

Posted on Aug 24 2013 by

Dear Experian,

I have two young children (both under the age of four). Because I have heard of even young children being the victims of identity theft, I am considering freezing their credit files until they are old enough to have their first credit cards. What is your opinion on this? Is it possible for a parent to freeze the credit of a minor? Would you do this for your own children?

- CJT

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Sharing the security code on your credit card

Posted on Aug 23 2013 by

Dear Experian,

I purchased something by phone recently and was asked for the security code on the back of my credit card. I thought it was strange, but she said she needed it to complete the transaction. I heard on the news that you should never give that out. Is that true?

- EGX

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Collection agency can try to recover 10-year-old debt

Posted on Aug 23 2013 by

Dear Experian,

My son has an account that was delinquent and charged off over 10 years ago. Yet, this evening we received a call from a credit agency looking for him regarding this debt. This is ridiculous! They said that they can continue to try to contact him no matter what. This debt is over 10 years old. What rights does my son have?

- NES

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The difference between an authorized user and a cosigner

Posted on Aug 23 2013 by

Dear Experian,

I am wondering about the difference in liability between a cosigner and an authorized user on a credit card. I understand that if I am a cosigner on my ex-wife’s credit card, I am responsible for the debt if she defaults or declares bankruptcy. Is this also true if I am not a cosigner but an authorized user? Also, if I am an authorized user, can I have my name removed from the account?

- URY

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You can “fix” your credit report without help

Posted on Aug 23 2013 by

Dear Experian,

This is the first time in a long time that I am daring to try to fix my credit report. Can I fix it myself, or do I need assistance from somebody else?

- PAE

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Being removed from an account after cosigning

Posted on Aug 23 2013 by

Dear Experian,

I am a cosigner and the secondary user on a credit card. I am not the primary user. I want to get my name off of the credit card. I called the credit card company, and they will not remove me. Is there a way to remove my name? The primary user tried also, and they still won’t do it.

- WKN

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When an ex-spouse attempts to get your credit report

Posted on Aug 23 2013 by

Dear Experian,

I was divorced a little over a year ago. My former spouse knows all of my identifying information. Could he get a copy of my credit report?

- IEB

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Why an original account and collection account both appear on your credit report for the same debt

Posted on Aug 23 2013 by

Dear Experian,

How can an item be on your credit twice, once under the original credit grantor and then under a collection agency? How does this affect the deletion date?

- NTK

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Finance charges and minimum credit card payments

Posted on Aug 20 2013 by

Dear Experian,

I have a rather simple question. My wife and I disagree on whether a finance charge is already included in the minimum payment required. She says that we should pay both the minimum amount and the finance charge on time to maintain a good credit score. I say that you only need to pay the minimum amount on time to maintain a good credit score. Paying the finance charge is like paying more towards your balance that will shorten the life of your debt but it will not affect the credit score. Who do you think is correct?

- GMN

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Impact of selling house and renting on credit scores

Posted on Aug 20 2013 by

Dear Experian,

We purchased a house four years ago and sold it recently for more than we mortgaged originally. We are now renting. Does this help or hurt our credit?

- TKL

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Inquiry for employment will not affect credit scores

Posted on Aug 20 2013 by

Dear Experian,

I have been applying for work at employment agencies. They want my permission to conduct a credit check. My concern is that I was told in the past that if too many people are doing credit checks on me, it signifies a problem and can reduce my credit scores. Is that true?

- CIC

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Marrying a man who declared bankruptcy

Posted on Aug 20 2013 by

Dear Experian,

I would like to get married to a man who filed for bankruptcy. I have great credit, and he has a new slate. Will it wreck my credit even if we keep our finances separate?

- REM

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How to find out who is checking your credit report

Posted on Aug 20 2013 by

Dear Experian,

How do I know who is checking my credit reports? Can anyone check my credit? Do you keep a list of these people? I think my neighbor knows everything about my finances. How is that possible?

- HEP

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Social Security number, birth date not enough to access your credit report

Posted on Aug 20 2013 by

Dear Experian,

If someone has your Social Security number and your date of birth, can they access your credit report online? How can you tell when your credit report was last checked, and by whom? I think that someone checked my credit report, and it was not me.

- ARR

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Vehicle repossession can prevent approval for a mortgage loan

Posted on Aug 20 2013 by

Dear Experian,

Can a vehicle repossession affect your credit bad enough to prevent you from being able to purchase a new home?

- SHA

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Day late payment probably won’t show on credit report

Posted on Aug 20 2013 by

Dear Experian,

I mailed one payment late because I forgot about it, and when I remembered it was one day late. How bad will that look?

- XOB

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The impact of foreclosure on your credit report

Posted on Aug 20 2013 by

Dear Experian,

With all the real estate and mortgage problems today I am sure this question has come up before. But, for some reason I can’t find any information on any of the credit bureaus websites. How do the credit bureaus look at a foreclosure on a person’s credit report? Is it as bad as a bankruptcy? How many years does it take for it to go off the credit report?

- LLE

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One inquiry can be “too many”

Posted on Aug 20 2013 by

Dear Experian,

I am confused as to why I have only one inquiry on my report but all three bureaus say “too many inquiries last 12 months.” Is this affecting my score very much? Even if it is not, why are they using that as part of their scoring system for me?

- MOR

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Separating credit reports of father and son

Posted on Aug 17 2013 by

Dear Experian,

How do you go about repairing credit when it has been commingled with your son? Both father and son have the same name.

- ILB

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Credit scores and your home equity line of credit

Posted on Aug 17 2013 by

Dear Experian,

Will using up your entire home equity credit line count negatively on your credit report and score even if you are never late on your payments?

- GGI

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Transferring balances shouldn’t hurt credit scores

Posted on Aug 17 2013 by

Dear Experian,

Does the simple act of making a balance transfer lower your credit score and if so how much?

- UOU

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Tax liens and credit scores

Posted on Aug 17 2013 by

Dear Experian,

I have a tax lien on my credit report. I know it isn’t mine. It belongs to a relative that was living with me. I am having it removed as we speak. I was wondering about how many points does this affect my credit score on average?

- MWA

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