How much can your credit score increase in six months to a year?
Question by tiramisu2c: How much can your credit score increase in six months to a year?
If you are paying bills on time, not opening new lines of credit and decreasing debt (student loans, etc), approximately how long would it take for your credit score to increase by about 100 points?
I know this is not exact, but is it closer to six months or two years?
Thanks!
Best answer:
Answer by Abby <33
Paying bills on time wont drastically change your credit score because essentially. That’s what we’re suppose to do 🙂 (well, unless you have been making a lot of late payments lately)
Just make sure, if you have credit cards, that your available credit it more than half of your limit. For example if your limit is $ 1000, you would want to keep your balance probably below $ 400.
But 100 points in 6 months is quite the feat. You should check out the website, it gives you ways you could improve your credit score.
Hope i could help!
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Credit Union getting different credit score?
Question by LCJC: Credit Union getting different credit score?
I am looking to get a car loan from my credit union. The strange thing was that the credit union got higher scores than when I pulled my own credit report from both Equifax and Experian. I pulled my report the day after the credit union did. Was wondering if the credit union uses a different type of “score” when pulling for a car loan.
Thanks in advance.
LC
Best answer:
Answer by Kristi S
What was the difference in the credit score? When any business runs a credit check on a person, the credit score of that person is docked by a couple of points. The only exception to this, is when the person is looking for a mortgage, where several mortgage companies are looking at you credit. The credit companies know that you are only going to finance one house, and only doc the credit score as one business was checking.
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Poor Credit Is The Problem, Refinancing Is The Solution
In the world of credit market, you started with a clean slate and a good payment record. After a while, due to certain circumstances you missed a deadline. Unfortunately, this single absence was followed by another one and then another until it became a series of unmet cut – off dates. If worst comes to worst, you already gained a bad image, a long list of late payments that will eventually lead you to bankruptcy. It sounds very tragic right? Yes it is. But at every terrible incident comes a string of hope.
Refinancing is the ray of light in terms of poor credit. Good thing there are already a decent number of lenders available in the market nowadays that find opportunities even in the most unpleasant situations. Their specialty is providing loans and professional assistance in hunting down the best possible rate despite a poor credit history. The person with this kind of job is called a bad credit mortgage lender. He or she serves a mediator between the borrower and the lender. If in case you are out to refinance your home or even trying to purchase a new home, this is the best road to take. It may come off as a great leap of risk, but if you analyze it, this will help save hundreds and thousands of dollars in spite of having a past hunted by bad credit.
However, if you are thinking of going to sub-prime lenders as opposed to the leading ones, then think again. The most important thing to do is conduct a research. The internet is there as reference as well as the word of mouth that you can get from family and friends. Assure security and trustworthiness  from your sub-prime lender because you would not want to make any more mistakes. They may assume that you are desperate to find a lender that you would be out to do just about anything. Prove them wrong.
Having poor credit is not forever. It will indeed take some time but it has an end. Bear in mind that there are solutions to your problems. All you have to do is balance them out, decide which one is best for you and grab that opportunity before it gets out of your sight.
Categories: Credit Score Articles Tags: Credit, Credit Score
How can your credit score keep you from getting a job?
Question by Martini: How can your credit score keep you from getting a job?
I heard on some commercial that a bad credit score can keep you from getting a loan, a car, and a job? How is this possible? Why wouldn’t someone hire you because of your credit score?
Best answer:
Answer by Michelle
Having a good credit score and history is one way of checking if you are responsible and reliable. A large company is not going to hire you to work in accounting if your own money management is a mess, plus they consider you a theft risk if you are hard up for cash. Not necessarily right, but it’s what they do. If you are missing car payments and in debt up to your eyeballs it doesn’t look good to them.
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How does my credit score affect my military career?
Question by rendonwarren: How does my credit score affect my military career?
I have a bad credit score and a couple of financial delinquencies, is this going to affect my military career? if so how?
Best answer:
Answer by American Man
When you clear one company to another you are going to find out. You will have to pay up. They will take it from your check, your CO will be notified and he will take it from there.
What do you think? Answer below!
What is cheapest way to improve credit score if you have several cards with high balances on them?
Question by gladtobeinla: What is cheapest way to improve credit score if you have several cards with high balances on them?
If you have several cards with close to max amount used on them is there a “magic percentage” like paying 65% off or 60% off in order for the credit score bureaus to take note and give an improved credit score?
Best answer:
Answer by Todd S
Under 20% is the magic number per industry experts. So the best way to get your balances down below 20% would be to either pay them down that much (if possible), or execute a balance transfer. If you go the balance transfer route, you’ll have a high balance on one credit card as opposed to two or three or however many cards you’ve got.
The downside is opening a new credit card, which can lower your credit score temporarily. But long term, eliminating those balances will far outweigh the ding for opening a new credit card. A balance transfer credit card will probably also save you a lot of money in interest.
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Q&A: Buying a car with “bad credit”?
Question by christine: Buying a car with “bad credit”?
My credit isn’t so good because of a foreclosure I had about 18 months ago. I modified and saved my home but the damage is done (tenant gone horribly wrong!). I know that I won’t be able to get a half decent car loan without putting an enormous amount of money down. I am going to go in with $ 4,000 and a trade. I am probably upside down on my current car loan but not by much- probably a few grand. What are the odds that I could get the dealership to match my down payment? I’ve never ever been late on a car loan. The only thing hurting me is the late payments on mortgage during the foreclosure process.
With $ 4,000 down, are banks more open to approving a loan? I am looking at something under $ 20,000 (including sales tax).
Best answer:
Answer by Scooby
Well the economy is really bad right now, so they’ll sell you the car anyway… however, if you credit is terrible, they are gonna hit you with a high interest rate like 17% or more… So put down as much as you can to save yourself some money.
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Categories: Credit Score Questions Tags: Buying, Credit
Does background check usually means “credit score” check?
Question by Cuto C: Does background check usually means “credit score” check?
I own money to two cell phone companies. Sum up all together is almost $ 1000. Chase bank will interview me on Monday and I think they might do a background check. I have never been convicted for a felony…I only owe this money.
Will I still get hired??? What should I do? order my credit score and pay these debt?
Best answer:
Answer by Tina
You should pay the debt. A bank is definitely going to check your credit report before hiring you. They normally will not hire someone with bad credit, they feel there is a great chance of theft that way.
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Categories: Credit Score Questions Tags: Background, Check, Credit, means, Score, usually
How long do the bureaus consider credit “new”?
Question by Cstorm: How long do the bureaus consider credit “new”?
Working on boosting my score a little (like everyone else in America, it seems) and let me tell ya … It’s as clear as a bell that ‘established’ credit is better than ‘new’ credit. But how long is ‘new’ credit ‘new’? I can’t even find a website that explains that. One site mentioned an average age of open accounts, but still… where’s the mark betwen good and bad? Is it 6 months? 12 months? A couple of years? Help!
I HATE not knowing! It’s keeping me up at night and my hair is falling out! (That part might not be ENTIRELY the credit bureaus’ fault…)
Best answer:
Answer by CreditCards.com
First, my hair is falling out, too. Second, RELAX!
I took a quick spin around FICO, the source of the most-commonly used credit scoring algorithm, and couldn’t find a specific answer.
But check these files out:
New credit accounts http://www.myfico.com/crediteducation/questions/credit-inquiry-help.aspx
discusses new credit.
and
http://www.myfico.com/CreditEducation/WhatsInYourScore.aspx
discusses how new credit fits in with your overall score.
In short, it’s a really complicated formula that establishes the relationship between newness and your score; and it’s only a relatively small part of your score.
So rub on some Rogaine and take a nap.
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Categories: Credit Score Questions Tags: Bureaus, consider, Credit, long
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.
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Categories: Credit Score Questions Tags: Credit, initial, Score, there