Is there any “initial” credit score?
Question by _maddog_: Is there any “initial” credit score?
I am from Brazil and I am moving in to US next month to work (legally). What will be my “initial credit score”? Will I be able to lease a car without any problems?
Best answer:
Answer by bdancer222
You will start out with no score. To have a score, you have to have credit history.
You may have to get a secured credit card — you pay a deposit which is held as collateral for the line of credit. Use the card and pay it in full every month. In 6 months you’ll have a score — it won’t be very high. After a year, you can probably convert the secured account to a regular credit card or apply for a second credit card.
Add your own answer in the comments!
Categories: Credit Score Questions Tags: Credit, initial, Score, there
What does it mean if I was turned down by a credit card due to “sufficient open lines of credit?”?
Question by LC: What does it mean if I was turned down by a credit card due to “sufficient open lines of credit?”?
I applied for a credit card and was turned down due to “sufficient open lines of credit.” Isn’t that a good thing? My credit score is around 809.
I applied for a credit card and was turned down due to “sufficient open lines of credit.” Isn’t that a good thing? My credit score is around 809.
Additional questions: where are you answerers copying these answers from? And what’s your incentive to post duplicate answers?
Best answer:
Answer by dis_orient_ed
You scored low because you have been applying everywhere and your credit has been check to many times in a short period. (It makes your score go down.)
You already have two or three lines of credit from that source. Even though the issuer has different names, it is the same bank.
Know better? Leave your own answer in the comments!
Categories: Credit Score Questions Tags: Card, Credit, down, lines, mean, Open, sufficient, turned
How much does your credit score go down when applying for a mortgage?
Question by Mirage: How much does your credit score go down when applying for a mortgage?
I want to look around for the best deal but if I shop each place will want to check my credit. This will lower my score each time. How much does it lower my score and how can I avoid this so I can find the best deal?
Best answer:
Answer by Brenda M
Hi Mirage:
what you are saying is accurate ~ if you go “shopping” for a mortgage, each of the lenders will do a “hard hit” (is what it is called) on your credit bureau.
One thing would be to go to the one or two places that you believe are your best place to get what you are after and only experience a couple of hits.
Also, ask the first one for a copy of the credit report (they might say no :):)) ~ but it doesn’t help to ask. Rarely, yet occasionally you’ll find a lender that will accept your copy when they see it is (say) 2 days old.
Very astute of you to be paying attention to this ~ congratulations for that. Continue to pay attention as time goes by ~ it’s important for your life and building your credit relationship with the world
Know better? Leave your own answer in the comments!
Does credit score matter if you are getting married to someone overseas?
Question by *zemra*: Does credit score matter if you are getting married to someone overseas?
My brother was abroad for work for a few years and he just came back to New York. He fell in love with a girl and is planning on going back for New Years to propose to her. He wants to get a marriage lisence and get a fiance visa to bring her to the U.S.
His credit score isn’t so great, so will they deny his fiance a visa because of that?
Best answer:
Answer by bdancer222
Credit has nothing to do with it. Credit history and scores only impact Visa, the credit card; not visa, the document that allows entry into the country
Give your answer to this question below!
Can a US citizen living outside the US get a US credit score?
Question by largemarge: Can a US citizen living outside the US get a US credit score?
I have been living in NZ for 21 years so therefore most of my credit history is here. We plan on moving back to the US this year but I am unable to get a “credit score” online as they only give them to US addresses. Is it possible to obtain this score from here to see how well we would qualify for a loan over there? Thanks.
Best answer:
Answer by Tlynn
I had this situation with one of my borrowers/ They had been living in England for about 8 years. As I recall, what we had to do in order to get a credit history for them was…
You need to have an address in the states. (they started using a sister’s address)
You need to have a credit card etc that are issued here in the states – and then make the monthly payments etc.
They had a home here that they had kept as a rental, once we reestablished a US mailing address, we were able to add that back into their credit file.
We were not able to move any of their credit information from England over here.
-former mortgage banker
Give your answer to this question below!
What range of credit score is acceptable for renting an apartment?
Question by Kathy N: What range of credit score is acceptable for renting an apartment?
My company is closing here in California next May and I will be relocating to Austin in either mid-Aprl or May 1st of next year. I have been with my company for 23 years and am looking for a 4-6 month rental until I purchase a home. My current credit score is fair-good due in part to a divorce a couple of years back. As I have never rented an apartment before, always a home, I am not familiar with the credit requirements, I have heard they are very stringent. If I would not qualify, any advice you might have to offer would be greatly appreciated.
Best answer:
Answer by Anne
The truth is that it is not necessarily your credit score, but more specific, they will look for defaulting on leases, and such. Very few landlords check it like a credit card company would. However, these days, credit scores are usually checked by some landlords.
Know better? Leave your own answer in the comments!
Categories: Credit Score Questions Tags: acceptable, apartment, Credit, range, renting, Score
Q&A: What is the impact of multiple foreclosures on your credit?
Question by : What is the impact of multiple foreclosures on your credit?
I have 3 properties and 4 mortgages. All three are “upside down” and one has no hope of a successful short sale and will go to foreclosure. I’ve listed the other 2 for short sale and even have an offer on one.
Due to major changes in our financial situation (wife lost job, one renter lost job, etc.) I am behind on all three. I’m thinking of just letting them all go to foreclosure. I know that one foreclosure hits your credit score by -200 points. Short sales and “Dead in Lieu of Foreclosure” also have a negative impact but not quite as much.
My question is, will each foreclosure or negative action impact my credit score “cumulatively?” That is, with one foreclosure droping my score from 725 to 525, the next 2 foreclosures can’t drop my score from 525 to 325 and then to 325 to 125 since the lowest score possible is 300.
It seems to me that if I have one or three foreclosures, it doesn’t really matter.
By the way, we weren’t speculating on the real estate market. We’ve been working for years to buy these properties and have lost$ 100’s of thousands in equity in the last 18 months.
The real estate market in Nevada has dropped at least 50%. This has also cause rent prices to drop so even if we could rerent 2 of our properties, we wouldn’t be covering our costs.
Best answer:
Answer by Ryan M
They will each affect your score INDIVIDUALLY, just like defaulting on 3 credit cards. You are right that your score will not go down to 125, but it will be darn close to 300. You have to remember that there is no “set” amount of points that each foreclosure will have on you. The first one might be 150 points, the next one is 75, and the third is 50. These are calculated on a formula, not based on standard point penalties.
Give your answer to this question below!
Categories: Credit Score Questions Tags: Credit, Foreclosures, Impact, multiple
What is the lowest credit score do you have to have to lease a car?
Question by nurseisfabulous: What is the lowest credit score do you have to have to lease a car?
I’m in the market to buy another car. Currently driving a 2001 Lexus RX300 and the new has worn off. Was wondering if it was possible to lease a car with a less than perfect FICO score of 652. The only reason why I was considering is because I want to buy at least a 2003-4 BMW X5 but I prefer a brand new one but I don’t have the cash or dare need a car payment that high for a 45k vehicle! I’ve heard leases are generally only approved for people with great credit but I have heard of people with less than perfect credit leasing cars but I was wondering approx. with what score?
Best answer:
Answer by crazytaxidallas
If you leased your RX through a leasing company then you might want to call and ask them if they have an X5 you could take over a lease on. If you leased through the Lexus dealer then locate a used X5 at a Lexus dealer and go from there. In either case, 652 is not so bad that you wouldn’t be able to lease another vehicle, especially if you are currently in a lease. I would also recommend calling a leasing company (not a dealer) to ask more questions and to locate the X5 you want.
Add your own answer in the comments!
Categories: Credit Score Questions Tags: Credit, lease, lowest, Score
Q&A: What happens to your credit score if you pay off all your debt and never get another credit card?
Question by nickolasname: What happens to your credit score if you pay off all your debt and never get another credit card?
I have a tremendous amount of bad debt. Almost 2000 dollars. If I were to pay it all off to 0 would it raise my score or just keep it from getting lower? I have no intention to EVER EVER EVER have another credit card. my credit score is in the low 500s what will happen if I pay off all debt and do nothing to raise my score?
Best answer:
Answer by Kathy P
It would raise your credit score to pay off your accounts. But don’t close the accounts. Just cut up the cards if you don’t want to use them. Or use them once in a while, and pay it off right away. One of the things they use to figure your score is how long you have had your accounts. So keep the accounts open, as that will help increase your score.
Add your own answer in the comments!
What’s a good effective way to establish good credit without hurting your report?
Question by Mike D: What’s a good effective way to establish good credit without hurting your report?
with inquiries? I got a new car, but even though it’s under my name, my father co-signed since I have “limited credit”. I have my student loans and now my car loan to help establish credit, I know that will be big once it’s paid off……but I won’t to establish more WITHOUT having to worry about bringing my score down?
Will my score go down for a while or just temporarily?
Best answer:
Answer by Akbar B
Your score goes primarily by how promptly you make payments on your loans. If you are late your score will plummet like a rock, and if you pay on time it will keep shooting up. Good luck.
What do you think? Answer below!