Posts Tagged ‘ score ’

Repossession or voluntary surrender will remain for seven years

Dear Experian, How long does a derogatory closure of an account pertaining to an auto loan affect your credit scores? - EST

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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

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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

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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

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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

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Student loans are debt obligations like any other loan

Dear Experian, My student loans are affecting my credit. Why? - NCB

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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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The meaning of “key derogatory” as a credit score factor

Dear Experian, What does "Key Derogatory” mean? - RTC

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Time it will take to recover after paying a tax lien

Dear Experian, I am currently paying off a state tax lien. After the tax lien has been paid in full, how long will it take for my credit to be restored to good standing? - APM

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Sharing a merged report with a mortgage customer

Dear Experian, Is it now OK to release a customer’s tri-merge report to the customer? The tri-merged report was pulled to apply for a home loan through the seller and broker. - RHO

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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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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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One inquiry can be “too many”

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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Transferring balances shouldn’t hurt credit scores

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

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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Making very good credit scores better

Dear Experian, I have an 805 Experian score. I know that's a good score; however, I am a competitive person and would like a higher score. I have the financial means to do whatever is necessary. For example, I could pay off my mortgage, but I don't because I think it helps your score to have one. I pay my credit cards off monthly, but your systems show a balance, so should I send a $10,000 or $20,000 advance payment each month to the credit card companies so there will never be a "balance," just activity? Would that help? I really don't need credit, but find it challenging to raise my score. - PSZ

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The meaning of “too few accounts paid as agreed”

Dear Experian, My credit score came back with a statement saying, "too few accounts paid as agreed." I was wondering what that means since I have never paid an account or bill late. - CHW

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How long it takes for scores to go up depends on your overall credit history

Dear Experian, How long after negative information is removed will it take for your credit score to go back up? When viewing your credit report, can a business see if you have been denied credit? - FSU

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