If your spouse has the worse credit score than you do then it is not going to lower your credit score in anyway. Your credit score is going to be based on information present on your credit file whereas your spouse’s credit score is based on information present on his or her credit file. Since Full Article…
Frequently asked questions about credit score like what is a credit score and how a credit rating is important to your finances.
What Is A Good Credit Utilization Ratio?
The credit utilization ratio is the amount of credit that you use as compared to the total credit limit available to you. It is recommended that you keep your credit utilization to 30% or below. A lower credit utilization represents a lower risk than is good for your credit score. Credit utilization comprises 30% of Full Article…
Does a Bank Overdraft Hurt My Credit Score?
An overdraft allows spending beyond the money that is present in your account. So the banks allow an overdraft facility and while the do allow the transaction to go beyond the mind that is present in your account pay liable to charge an extra fee. Bank overdrafts are not reported that you to the credit Full Article…
How Will a Debt Settlement Affect My Credit Score?
The answer to this question is pretty much the same as how a late payment is going to affect your credit score. It is impossible to predict accurately as to the impact a settled account is can do have on your credit score. A debt settlement will typically have a negative impact on the credit Full Article…
How Does a Late Payment Affect My Credit Score?
It is impossible to predict the damage to the credit score due to a late payment for every consumer. The impact of a late payment will depend upon a lot of other factors such as the other information present of the credit report. FICO credit scoring models and other companies will develop credit scores to Full Article…
Does Closing a Credit Card Hurt Credit Score?
Closing a credit card is more likely to hurt your credit score. If you close a credit card that has a balance on it, your credit score will probably drop of you close the card. This is because as soon as you close the card the credit limit of the card is reported to be Full Article…
Who Calculates and Makes Credit Scores?
Fair Isaac Corporation was of the first organizations to develop the credit scoring model. This credit score was known as the people score and is still the commonest and most prudent credit scoring models used by consumers and businesses alike. In recent times many different scores have developed which are used by different lenders. Many Full Article…
Does Mobile Phone Payment Have Any Impact on the Credit Score?
Only the credit usage and the transactions that are reported to the credit bureaus affect the credit score of person. Mobile phone payments and other utility payments are usually not reported to the credit bureaus. Which is why paying these bills is not into have an impact on your credit score. The only situation in Full Article…
Can a Credit Score Be Hurt by Making Multiple Loan Applications in a Short Duration of Time
In the recent time many credit scoring models have started considering the fact that a consumer shops for the best interest late and the best loan whenever applying for a mortgage, car loan or even a credit card. For example recent FICO credit scoring model ignores all mortgage and automobile loan Inquiries is that are Full Article…
Is It Possible for Me Not to Have a Credit Score at All?
According to myFICO.com you need to have at least one credit accounts that has been active in the past six months in order for the credit score to be generated. The commonest reason for not have a credit score could be having no credit history or a very short credit history. A short credit history Full Article…