Posts Tagged ‘ credit scores ’

No credit history despite having several open accounts

Dear Experian, I recently tried to apply for a car loan. They told me I was denied because they could not find any of my credit history information. I have a few credit cards from department stores, so I'm not sure why this happened. What can I do to have my information updated? - BMR

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Authorized user unaffected by mother’s missed payments

Dear Experian, I am an authorized user on my mother’s account. Will it affect me if she misses payments? Will it hurt my credit? - SHN

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Lack of U.S. credit history can result in higher utility deposit

Dear Experian, I'm a visiting J1 exchange professor at the University of Hawaii, and I'm being asked by the Hawaiian Electric company to pay a pretty hefty deposit for service to the house I'm renting. They have told me that Experian is the company they use for credit ratings and that the deposit is based on a rating provided by you. I have a very good credit rating in my home country. Could this rating not be used by your company? - CHG

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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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Missing payments will worsen impact of mortgage short sale

Dear Experian, How will it affect my credit score if I short sell my house without missing any mortgage payments versus missing payments prior to the sale? - BSB

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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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How utilization rate affects credit scores

Dear Experian, I have been led to believe that a component of one's overall credit score is the ratio of current credit card balances to one's total available credit. If one had three credit cards, is each card's ratio calculated individually, or is it one's total credit card balance compared to one's total available credit? Also, I've heard that the important thresholds are 30 percent and better yet, 10 percent; is that correct? - RLS

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Car accidents don’t affect your credit report

Dear Experian, Does having a car accident hurt your credit score? - OYD

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Having bad credit even when all of your bills are paid on time

Dear Experian, Why is my credit bad? I paid every thing on time. - WOD

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Auto loan inquires and credit scores

Dear Experian, We are going to purchase a car and would like the car dealer and two banks to check for interest rates. How does that ding my score, or since it is for car loans does it only ding once, like when you look for a mortgage rate? - CKR

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Why a credit score by itself is meaningless

Dear Experian, I have a credit report and a score of 785. So what? I haven't been able to ascertain what the "grading scale" is. Any help? - STO

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Settling accounts will hurt credit scores

Dear Experian, I have an unsecured loan of $10,000 and the loan company has offered me a settlement of $5,000. It I take this settlement, will it affect my credit score? - TPF

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Husbands and wives each have their own credit report

Dear Experian, My husband and I are thinking about purchasing a car. I just printed out my credit report from Experian. Should my husband check his as well? Should we buy a copy of our credit scores as well before we shop for a car? Since we live in a community property state, do we share a credit score? Also, how will purchasing a car affect our credit score? We will be buying a pre-owned vehicle. This is the first time I've gotten a copy of my credit report. - YPE

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The effect of fraud security alerts on credit scores

Dear Experian, I was recently notified by a college that I attended that the admissions office computer files had been hacked into and that I should notify all three major credit bureaus to flag my credit history in case of identity theft. Does this "flagging " of my credit affect my FICO score? - LBS

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Deleting an account did not raise the credit score

Dear Experian, I recently had an account deleted from my credit report. Why didn’t my credit score go up? - ENS

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Debt management plans and your credit report

Dear Experian, Companies can negotiate with credit card companies and reduce your interest rate. They close your cards and you pay them a flat amount each month that goes towards your cards. How does this affect your credit? - YST

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PLUS Score, VantageScore available from Experian

Dear Experian, I know that a lender I'm about to approach will pull up my Experian Scorex PLUS score. It doesn't seem available to me at experian.com or experianscorex.com. How can I view this score of mine before going to the lender? Or, do I just cross my fingers. - LLI

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Settled account status more important than who closed the account

Dear Experian, How bad does it affect your credit when a creditor reports an account closed by consumer and settled for less then the balance owed? - NIC

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Finance charges and minimum credit card payments

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

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

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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