Posts Tagged ‘ credit score ’

Maintaining your own credit history after getting married

Dear Experian, When I got married my husband put everything in his name (utilities, house, etc.). I still have two credit cards in my name. How can I maintain good credit scores going forward with limited items in my name? - JYW

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Difference between “balance-to-limit ratio” and “debt-to-income” ratio

Dear Experian, What is the appropriate balance-to-limit or debt-to-income ratio? I do not maintain a balance on my credit cards but worry that I have credit limits that are too high and could impact my overall credit. - TBL

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Utilization rate may be cause for lower scores when you have few accounts or low credit limits

Dear Experian, I only have one debt which is less than $1,000. I also have two credit cards. Together they have a balance of about $2,000 each month, but I pay them off monthly. Why isn’t my credit score higher? - KCE

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Closed accounts will remain in credit history for up to 10 years

Dear Experian, How do I have old credit card accounts that are long ago closed or paid off removed from my credit report? I know that my score is negatively affected because of so many "open" accounts! - EDC

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Paid student loans listed by semester won’t hurt credit

Dear Experian, I have student loans on my report with different amounts but the same account number. They are all under accounts in good standing. I think that they are repeated. They are listed nine times! I also have two other student loan accounts with the same account number but with a different company. I have consolidated my school loans twice so I'm assuming that they are from before I consolidated. Do all these hurt my credit? They are all paid/never late/closed, but I'm concerned it shows that I over extend myself. - AMS

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Being removed as a cosigner from children’s student loans

Dear Experian, I co-signed college loans for my children. They are now both out of school, working and re-paying the student loans on time with no delinquencies. I would like to remove my name as co-signer. Will this increase my credit score, and will it decrease their credit scores? - PBK

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Adding an authorized user to your account won’t hurt your credit scores

Dear Experian, Will adding one or more authorized users (my husband and my daughter) to my credit card accounts affect me negatively? My daughter will not have a card to use; I only want to help establish her credit. - AGF

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Recent late payments hurt credit scores the most

Dear Experian, Why has my credit score dropped 42 points? There is a late payment on one of my cards which has since been brought current, and four of my accounts have been paid off and have a "0" balance. Why doesn’t my score increase as quickly when I pay off accounts as it does when I miss a payment? - KRS

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Mortgage loan not being reported after declaring bankruptcy

Dear Experian, We filed bankruptcy two years ago and want to either refinance our home or possibly buy a new home. When the bank pulled our credit they said that our existing mortgage is not being reported on Equifax, Experian or Transunion. We have all of our monthly statements from our lender verifying that we have been paying on our house for the past 2 years. How do we show this information to you so you can start reporting all of our mortgage history on our credit report? - ETL

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The meaning of “too few accounts paid as agreed”

Dear Experian, How can "too few accounts currently paid as agreed" be a reason for an adverse effect on my credit score when I currently have no unpaid accounts? - MIJ

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Vehicle repossession can prevent approval for a mortgage loan

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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Secured credit card can help build credit history and credit scores

Dear Experian, A bank has a new credit card for those with poor credit. They say you have to put down a $300 deposit, and after that deposit they'll give you the card. The bank told me it will help me bring up my credit score. Is that true? - ERL

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Alarm company can turn past due account over to collections

Dear Experian, I have a dispute with a security alarm company. They have implied a contract extension on a policy that I did not approve. I have not made a payment on the policy since November 2012 and am concerned that they may eventually turn the balance over to collections, thus negatively affecting my credit, though they have not threatened such action yet. Is there an arrangement I can make with the credit reporting companies that can prevent harm to my credit in the event that issues with this company escalate? That is, can I prevent them from damaging my credit history by reporting this unpaid balance? Or is my only option to pay them? - JSS

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Intentional late payments for debt settlement will damage credit scores

Dear Experian, I am considering signing up with a debt settlement company. They told me that in order for them to negotiate the best deal with my creditors I must refrain from paying my bills for more than 90 days. Won’t this negatively affect my scores? - TND

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Why there isn’t just one credit score

Dear Experian, Why isn't there one credit score across the board? Could you please explain why lenders receive different credit scores than what I receive? Why are the credit scores different from each lender, such as for car loans, mortgages and other loan companies? - ICH

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Multiple auto loan inquiries count as only one

Dear Experian, I was shopping for a car recently and multiple lenders checked my credit. I have checked my credit report and all inquiries are showing up. I thought when shopping for a car the inquiries count as one? - SLA

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Settled or charged off accounts in your credit report are “potentially negative”

Dear Experian, If an account is paid off/closed, settled, or charged off, why would it still be showing as potentially negative? Is there any way to get these removed so they no longer affect me negatively? - JNG

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On-time cell phone payments are not currently reported

Dear Experian, If I have a two year contract with a cell phone company, and if I pay my cell phone bill on time in full every month until the contract is up, does that build my credit score? - CMR

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Settling a debt will hurt credit scores

Dear Experian, Does it hurt my credit score if I settle my account? - EWH

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Improving credit score without credit card

Dear Experian, How can you improve your credit score if you don't have any credit cards? - HQB

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Inquiry for employment will not affect credit scores

  • September 28th, 2011
  • Posted in Featured

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? - CICc

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Declination for young adult may be result of federal law but won’t hurt scores

  • September 28th, 2011
  • Posted in Featured

Dear Experian, My daughter applied for a student credit card but was turned down due to insufficient income and excessive obligation. She had no previous credit history. Does this create a credit history, and is it now adversely affected? - JTL

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A joint checking account will not influence credit history or scores

  • September 28th, 2011
  • Posted in Featured

Dear Experian, Does having a joint checking account bring down a person’s credit score? - WAG

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Being turned down for credit does not hurt credit scores

Dear Experian, I was told that every time you get turned down for credit that your score goes down. Is this true? - STI

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Use cards a little and pay balances in full to build credit

Dear Experian, I am trying to rebuild my credit. Is it better to keep a zero balance on the credit cards that I have recently paid off or keep a small amount and pay them off each month? I still have some credit cards that have a balance on, which I plan on paying off completely. I would just like to know the best way to raise my credit score. - LLO

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