Get Free Credit Report Now

Part of your credit score is determined by how much debt you have compared to how much credit you have available. If you are only paying your minimum monthly payments on your credit card then I would have to assume that you’re carrying a balance every month. Any time you carry a balance over about 20% of your available credit you can start to hurt your FICO credit score. If you are close to your maximum credit limit on all of your credit cards it can hurt your credit score quite significantly. Read more »

Each individual debt on your credit report will appear as discharged after you file bankruptcy. They will take about seven a half years to fall off of your credit report completely. The biggest impact a bankruptcy will have on your credit history is within the first two years of filing. The FCRA (Fair Credit Reporting Act) says that all negative entries must be removed within seven and a half years and nothing can reset this time limit or make it shorter. Read more »

Being denied for a credit card can actually hurt your credit score. Being denied for credit isn’t the reason why your score takes a hit though. Any time you apply for credit you must authorize the lender to check your credit history in order to approve you for the loan or credit. This type of inquiry to your credit history is known as a hard inquiry. A hard inquiry is any inquiry made that you have given written permission to make. Read more »

Becoming a joint user on a credit card is known as becoming an authorized signer. Once you become an authorized signer you will have the same access to the account as the original card holder has. You can even get a credit card in your own name that you can use to purchase things. The only difference between this card and your own credit card is that all the purchases made on your card as well as the original card holder’s card will be on the same account. Read more »

It’s no very uncommon for some lenders to report to one credit reference agency and not the other. Lenders are actually required to pay money to add entries to your credit report. That’s why some companies like cell phone carriers and utility companies only choose to report to your credit if you miss payments. Often times a lender will only report to a single credit reference agency to save themselves some money. Read more »

Like any other loan or credit the type of loan and terms of the loan will be determined based on your credit history. There’s really no set number you need to finance a manufactured home. The worse your credit score is, the higher your interest rate will be. The biggest challenge you will probably face is finding a lender that will even finance a manufactured home. Buying a manufactured home is a lot more like buying a car than buying a traditional house. They aren’t seen to have as much value is a traditional home would. It’s much more like a car where some level of depreciation is assumed rather than the appreciation in value you might experience when you own a real house. Read more »

Technically, it is probably worse to avoid paying your car loan. If you don’t pay your credit card bill they will give you a late fee and charge you interest. If you don’t pay your car loan they could potentially repossess it and then you would have no way to get to work. Most credit cards are unsecured, meaning if you don’t pay them back the account will go to collections. They may be able to take you to court but they won’t be able to take anything away without a court order. Read more »

The very first thing that happens is your credit report will take a big hit. Odds are you already have a few entries for late payments associated with that account on your credit report which has probably already driven down your credit score. Once an account goes to collections it’s a huge red flag on your credit report and many companies will definitely think twice about lending any money to you. Read more »

Having a credit card isn’t just convenient, it also helps you build and establish one of your greatest assets in life, your credit history. If you decide to close a credit card then all of your credit history associated with that card will eventually fall off your credit report. If you keep the card open instead and make small purchases occasionally and then pay the balance in full every month you can continue to build quality entries on your credit report and boost your credit score over time. Read more »

A secured credit card may be a better option, especially for those with no credit or even bad credit. A secured credit card usually has a fairly low limit which will impact your credit score much less than an expensive car loan. As long as you pay your bill on time every month you can begin to build your credit history in as little as 6 months. Read more »