Posts Tagged "credit score"

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

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

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

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

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

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

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

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

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

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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