Posts tagged "much"

Q&A: How do I build credit when I don’t have much?

Question by Heather: How do I build credit when I don’t have much?
I am trying to build credit, but no one will give me a credit card. I have a car loan in both my husband and my name and we always pay early, but that doesn’t seem to be enough. When I apply for credit cards they always say “insufficient credit”. How do I go about building credit and getting a credit card?

Best answer:

Answer by Kath6
You might try joining a credit union, if you can, and open a checking or savings account. After you’ve been a good customer there for awhile, you may be able to take out a small personal loan for something. (When my son was 16, he got a loan for $ 400 to buy a drum set.)
Another way you can get credit is to get a secured credit card. First Premier Bank is one such card. You have to basically put an amount of money up front and then you use it for small amounts, say $ 20 or so and pay it off every month. You’re really using your own money, but it shows that you’re responsible and a good credit risk. The catch is, you must repay it on time every month. You don’t want it to grow and not be able to pay it off. Only charge a very small amount each month. After a few months of doing this, your credit will improve and they may offer you a better card. But, be careful. Credit cards are very dangerous to use. If you absolutely cannot pay off whatever you charge every month, do not use it! Remember that your credit score is very important. It is the key to getting good interest rates on car loans and mortgages. Safeguard it well. The sources below will help you more. Good luck.

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Posted by Trevor Jones - May 9, 2013 at 8:00 am

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Why is my Equifax credit score so much lower than Transunion and Experian.?

Question by : Why is my Equifax credit score so much lower than Transunion and Experian.?
The content is identical to both Transunion and Experian, but Equifax is nearly 100 points lower. I was thinking about buying my first home, but I’m afraid to even try to get prequalified.

Best answer:

Answer by irishkittie79
It’s all in the calculations and each bureau does it differently. Ask the lender which one they will use or if they use them all. Some will use the FICO score which is independent of the 3 credit bureaus. Do not worry about your score at this point, look at your debt to credit and pay off what you can and then apply for your loan and see if you get pre-approved. Be sure to shop around.

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Posted by Trevor - January 19, 2013 at 1:58 pm

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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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Posted by Trevor - October 9, 2012 at 1:23 pm

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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

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Posted by Trevor - September 11, 2012 at 1:49 pm

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How much will it lower my credit score if I break my lease?

Question by geewhiz: How much will it lower my credit score if I break my lease?
I have to break my apartment lease. I was living separate from my husband, and we are moving with a job transfer to a different city. My credit score is about 750-800. If I break the apartment lease, it will go on my credit report. How much will this lower my score?

Best answer:

Answer by Lauren F
Breaking the lease itself won’t hurt your credit score. It is what happens to the unpaid rent on the remainder of your lease that could possibly hurt your credit score. For example, if there are 9 months remaining on your lease, and you leave without paying those, and the landlord has two choices. Try to re-rent the place, or sue you in court for violating the terms of your contract. If he does the first, then nothing will happen to your credit report. If he does the second (sues you) and wins a judgment against you, that becomes part of your credit score and will drop your score at least 100 points.

Read your lease carefully and see what the terms are for breaking the lease. Sometimes you can pay a penalty of one month’s rent and get out. Other times it is 60 days, and they only let you out if the place is re-rented in that time. Other times there is no “early out” clause and your only option to reduce the expense is to find someone to sublease it from you.

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Posted by Trevor - December 6, 2011 at 9:00 am

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Q&A: How much does your credit score increase when you pay off an auto loan?

Question by elmdee: How much does your credit score increase when you pay off an auto loan?
The last time I viewed my credit report, it did not have my auto loan as paid off. I had paid it off about a week before my credit report was pulled. Does anyone know how much that will increase my credit score? My FICO score was 545 and I am wondering if it will increase significant enough to be considered for a home loan. I know the score is pretty low, but you never know with the housing market today.

Best answer:

Answer by Cindy C
To find out specifically what you must do to raise your score, you can order your score report from all three national credit bureaus. In addition to your score, you still have to pay to find out your credit score, the three-digit number ranging from 300 to 850 that is the key to your borrowing costs.

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Posted by Trevor - October 25, 2011 at 1:48 pm

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How much does your credit score increase with excellent payment history for 8 months?

Question by jhhlawrence: How much does your credit score increase with excellent payment history for 8 months?
When I bought my car in November my credit was seriously lacking. Credit score was in the 300’s somewhere. I don’t know much about credit but I know that’s horrible and I only have myself to blame. But in the last 8 months I have paid more than my required monthly amount and have not been late once, not even into the grace period. How much will that raise my credit score? Any answeres would be greatly appreciated!

Best answer:

Answer by MadMan
Not really possible to say as there are lots of variables. You should get you credit report, for free from www.annualcreditreport.com, to check that your lender is reporting your payments to the credit bureaus.

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Posted by Trevor - September 26, 2011 at 2:37 pm

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How much will my credit score go down by applying for a new card?

Question by stuinblue: How much will my credit score go down by applying for a new card?
I would prefer answers from people who work in the credit industry and can tell me roughly the number of points, and how long it will take for my score to recover once the new higher available credit kicks in…

I know part of your credit score is determined by how much available credit you have. I closed several cards a few years back before I knew it would hurt my score, and now I have very little credit available. I have excellent credit otherwise, and pay off anything I charge the next month. However, I do have a balance I’ve been slowly paying down, and want to open a new card so that my balance takes up less of a proportion to my total credit debt.

How much will this ding my credit in the short term? And how long will the point drop last?

Best answer:

Answer by withluv7
Usually it goes down by a point or two.

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Posted by Trevor - September 21, 2011 at 2:23 pm

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