Posts Tagged "credit"

Debt consolidation might help, but also could hurt your credit

Dear Experian,

Does debt consolidation for credit cards with high interest rates help your credit?

– SRO

Obtaining a free report after being declined or adverse action is taken

Dear Experian,

I was approved for a credit card in October 2013. I have never exceeded the limit and have made all payments on time. I just received a notice that they are reducing my credit limit to the same amount as my current balance on the card. The reasons state, “Derogatory public record information, too few accounts currently paid as agreed, length of time of credit established, and lack of recent installment loan information.” One of the other credit reporting companies will not release a free credit report. This doesn’t seem right to me. What should I do?

– PSJ

Late payments during mortgage modification can be reported

Dear Experian,

I have never been late with mortgage except the two months I was working on a mortgage modification with my mortgage company. I was told not to pay my mortgage payments until a determination was made, yet my account shows I was two months late. Why?

– SKV

Closing store credit cards could affect your credit scores

Dear Experian,

Can closing a few of my department store credit card accounts affect my credit scores if I have established good credit and have high credit scores? My husband wants to eliminate our higher interest rate cards.

– LTB

Getting your credit scores before buying a car

Dear Experian,

I’m buying a car and would like to know my credit score. How can I obtain this before shopping?

– NTS

Authorized user’s credit scores could be hurt if mother doesn’t pay

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

Credit card balance can affect credit scores even if paid in full each month

Dear Experian,

My credit score factors say “amount owed on revolving accounts is too high,” but I pay the balances off every month. I make more than $1 million per year and have no debt at all. Please explain why this is a factor in my score.

– TRZ

Student loans are debt obligations like any other loan

Dear Experian,

My student loans are affecting my credit. Why?

– NCB

You must submit request in writing to permanently opt out of receiving prescreened offers

Dear Experian,

I received a letter from Experian today regarding permanently removing my name from pre-approved credit offer mailing lists. The letter is requesting name, Social Security number, current address, and previous address. I would like to permanently remove my name, but I am not sure that this letter is legitimate. Can you please confirm?

– SBA

National Protect Your Identity Week reminds us to be proactive in preventing fraud

As National Protect Your Identity Week (Oct. 20–26) nears an end, think about how you can actively protect your identity. Here are several ways to use your credit report to identify unauthorized activity and stop possible identity fraud before suffering potential financial loss.