Does a Credit Card with No Balance Help a Credit Score?

Your credit score affects your ability to get loans and favorable interest rates. A credit card with no balance can help improve your credit score, so consider the benefits of keeping it that way. Payment History Your payment history accounts for 35 percent of your FICO score, the most widely used credit score. A credit card with no balance remains on your credit history, even until seven years after you close it, according to the Motley Fool, so unused cards do contribute to good credit. Credit Ratio The credit limit of your card...

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How Does a Business Credit Card Affect Your Credit Score?

A business credit card is a tool that helps a company cover its basic expenses. It is a common financing option, similar to a commercial line of credit, loan or investor funds. When you apply for a business credit card, the application requests your personal information in addition to business data. You should investigate how the business credit card account could affect your credit score. About Credit Scores A credit score measures your trustworthiness as a credit risk and helps banks decide whether they want to extend you a business credit...

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How Does Renting an Apartment Affect Your Credit Score?

Renting an apartment does not affect your credit score. Most landlords dont report any information at all to the credit reporting agencies about their tenants. Significance When you rent an apartment, the leasing agent will do a background check. They will also take a look at your credit report. Whenever your credit report is accessed, when you apply for credit, it will leave a credit inquiry. A credit inquiry can lower your score less than...

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Does Owing Child Support Affect Credit?

While alimony or child support is not a traditional trade line, it can still affect your credit. Seeing the terms "child support" or "alimony" on a credit report usually negatively affects your credit rating, because it indicates you are seriously behind on your child support. If you cannot make payments, you should contact a pertinent party immediately to preserve your credit rating and to avoid a lawsuit. Identification Owing child support can affect your credit rating, but it depends on how long you have owed money and sometimes how...

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How to Quickly Rebuld Credit Score After Short Sale

While a short sale can be devastating to your credit, it is not as damaging as foreclosure and/or bankruptcy. Recovering from the impact of a short sale isn't easy but it is possible to reestablish a positive credit history and boost your credit score in a fairly short amount of time. There are several steps you can take to quickly rebuild your credit after a short sale. Instructions 1 Obtain a secured credit card or secured loan. A secured...

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Will My Credit Score Increase When Bankrupty Is Removed?

Bankruptcy gets rid of your financial obligations, but at a high cost to your credit rating. The Privacy Rights Clearinghouse explains that court actions such as judgments and bankruptcies factor into your payment history, which is a big part of your score. Most bad entries on your credit reports, including bankruptcy, eventually get erased and stop pulling your score down. Removal Your bankruptcy gets removed from your TransUnion, Equifax and Experian credit reports after 10 years. The removal process is automatic, and your credit score...

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How Can I Remove a Judgment That Is Paid Off From My Credit Report?

A civil judgment is a public record reflecting a judge's decision against the defendant in a lawsuit. Civil judgments represent the amount that the court determines the defendant owes to the plaintiff and appear on the defendant's credit report. Paying off a judgment helps you avoid legal consequences, such as a property lien or wage garnishment, but doing so does not guarantee that the credit bureaus will remove the judgment from your credit record. Paying the Judgment The credit bureaus list judgments on consumer credit reports because...

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Debt Settlement's Effect Upon Your Credit Scores

Paying off your delinquent accounts is commendable and lenders will see your efforts to absolve old account balances when reviewing your credit records. Unfortunately, debt settlement is a negative entry on your credit report. Debt settlement -- and the circumstances surrounding it -- negatively impact your credit rating in a variety of ways. Late Payments If your creditor accepts your settlement offer while your account is still current, you will suffer less credit damage than if the creditor refuses to accept a settlement until your account...

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The Best Reporting Company for Credit Scores

Your credit score is a number between 300 and 800 that gives lenders a quick assessment of how likely you are to repay your loan. Potential employers also use credit scores during the hiring process. It is good to know your credit score. Credit Report vs Credit Score Your credit report is a history of all your credit and how promptly you paid your bills. Your credit score is not automatically included with your credit report; you must order it separately. Annual Credit Report Consumers are allowed by law to receive one copy of your...

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Tips on Maintaining a Good Credit Rating

Credit ratings aren't awarded; they're earned. A credit score, or credit rating, determines whether you qualify for a loan, credit card or service, and often, the terms of that loan are based on your credit rating. Lenders use that number to estimate your ability to repay the debt. Maintaining a solid credit rating requires making regular payments, communicating with your creditors and checking your credit report annually. Money Management Credit ratings aren't based only on your credit card use, but also on your payment history with car...

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How to Boost Credit Scores Easily

At a time when credit is hard to get, it is imperative that you always have your credit score in the best shape possible. There are several ways that you can boost your score with little effort. By following the few simple steps below you will find that your score will improve over the next 30-60 days. Instructions 1 1. Do not apply for any new credit. Anytime that you apply for your credit, your credit score drops. If you apply for credit more than three times is a thirty day period your score will drop by several points. Credit reporting...

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How to Get in Touch With a Credit Reporting Agency

You can get in touch with the three national credit bureaus--Equifax, TransUnion and Experian--through standard mail, the telephone and online. If you're looking to order a copy of your credit report, skip the bureaus and visit Annual Credit Report (see Resources). That's a website set up by the credit bureaus to offer free copies of your credit report, as required under the Fair Credit Reporting Act. Contact the credit bureaus directly for other...

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The Best Way to Fix Your Credit Score

Your credit score can keep you from purchasing a home, car or even opening a checking account. To get your credit back on track, you will need to examine what is on your credit report. Obtaining a credit report will help you determine if the credit is accurate, and what steps you need to take to reverse the debt, so you can fix your credit score. Ordering & Examining Your Credit Report To repair your credit score, you must first know what your score is, and what is on your credit. That's why it is necessary to order a copy of your...

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Can We Actually Fix Credit?

Some consumers accept their bad credit and put forth little effort to improve their score. Consequences of bad credit include higher interest rates on loans, credit rejections and even increased insurance premiums. Credit doesn't improve overnight, rather, it's a gradual process. But with effort, consumers can fix their credit score and qualify for the best loan programs. Payment Habits Myfico.com explains the importance of timely bill payments,...

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I'm Being Sued: How Will This Affect My Credit?

If getting sued doesn't cause enough to worry about, apart from the legal fees and time involved, you should be aware that a lawsuit may also impact your credit score. While not all lawsuits impact your score, they can significantly lower your credit score. If you need help with a lawsuit or understanding how the lawsuit might affect your credit, contact an attorney in your area for legal advice. Credit Reports The three companies that maintain...

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Advantages & Disadvantages of Credit Scores

An individual's credit score is a three-digit number that attempts to compile all of the information about how that person has managed credit. Credit bureaus gather data about the person's credit accounts, money-related court records, credit applications and payment history. Gathering the data and converting it into a credit score can be advantageous or disadvantageous to the borrower in several areas. Expedite Credit Decisions Credit scores are advantageous for lenders who need to make credit decisions quickly. A lender likes to know as...

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How Can I Get My FICO Score?

Lenders use your FICO score to determine the risk involved in doing business with you, since this three-digit number (which generally ranges from 300 to 850) reflects your overall credit history. Credit card companies, banks, landlords and prospective employers may all view your FICO score when assessing your application for a credit line, apartment or job. Poor credit scores can mean being passed over for other candidates with a stronger credit...

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Credit Repair & Monitoring

Monitoring your credit history and keeping a close eye on your report is just as important as maintaining a good credit rating. Credit ratings factor into loan approvals and interest rates and the information on your personal report affects credit scoring. Anyone interested in a building a strong credit profile should review their file periodically and practice good financial habits. Self Check-ups Checking your own credit report is one way to monitor your report and improve your credit score. Because the information on your report plays...

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How to Apply for Credit Cards Without Hurting Your Credit Score

Applying for credit cards shouldn't hurt your credit score by more than just a few points--as long as you don't overdue it. Each time you apply for a card your credit will be checked by the card company, resulting in a credit inquiry. The fewer inquiries on your report the better, according to the website myFICO. Applying for multiple credit cards all at once, or even over the course of a year could significantly hurt your credit score as it creates...

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Credit Reporting Time Limit

When you have negative items on your credit report, you may have problems opening new accounts and getting loans. Your bad credit might also keep you from getting insurance or a job. Not all items have such a severe impact. For example, too many inquiries by lenders can bring down your credit score, but not nearly as much as late payments, court judgments or bankruptcy. Fortunately, almost all negative items will drop off your report within a specified...

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How Do Settlements Reflect on a Credit Report?

Anyone facing a mountain of debt should seriously consider settling their debts. When you settle a debt, the amount you pay is substantially lower than the original balance. Some creditors will accept offers of 50 percent of the outstanding balance and in some cases the percentage can be 30 percent or 40 percent. The amount you can negotiate for depends on your relation with the creditor. The down side of debt settlement is that it adversely affects your credit report for some time. Paid Settlement When you settle a debt, your credit report...

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How to Fix Negative Credit Reports

Negative information on your credit report could make it difficult for you to buy a house, a car or even take out a small loan. The negative information can remain on your credit report for at least seven years, but that may not be quite as bad as it seems. Your score is only one thing creditors review when considering you for credit. Most also will review how you have paid your bills over the past 12-24 months, and a steady string of on-time payments...

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About Improving Credit

Bad credit or no credit history makes it harder for you to obtain loans. And even if a lender approves your loan application, a bad credit history often results in a higher interest rate and monthly payment. But fortunately, there are ways to quickly improve a low credit score and obtain the best rate on auto loans, mortgage loans and other types of loans. Regardless of whether you've experienced a foreclosure, bankruptcy or repossession, you can...

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Can Credit Checks Affect Your Credit Score?

Credit checks are inquires into a credit report by either an individual, business or employer. Individuals seeking to improve their scores will check their reports often to ensure that correct information is being recorded. Many individuals sometimes wonder if all of this checking will affect the score. This depends on who is performing the inquiry. Types of Inquiries Inquiries come in two forms, soft and hard. Soft inquiries do not involve...

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How to Clean a Credit Report for Free After Bankruptcy

What many people do not realize is that you actually can clean your credit report after having a bankruptcy. Many times you can actually raise your score significantly even before the bankruptcy falls off of your credit report, which can take up to 10 years. It may take a little trial and error, but you can clean up your credit report after a bankruptcy and get your financial future back on track in a lot less time. Instructions 1 Obtain a...

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How to Dispute a Credit Card Opened in Your Name

When a credit card is opened in your name -- and you are not responsible for opening it -- the potential for problems can be far-reaching. Each credit card in your name goes onto your credit report. The credit report shows any payment delinquencies that an identity thief creates with the stolen information. The credit report also plays a significant role in your ability to apply for a home loan, a car loan, apply to purchase insurance, and even apply for a new job. As a result, any credit problems that you have not created, need to be addressed...

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Free Credit Score Analysis

The responsibility of analyzing your credit report falls largely on your shoulders, but you can seek credit counseling to help you manage your debts. However, don't wait for a loan denial to know your credit score. Federal law entitles you to a free copy of your credit report every 12 months. Credit scores range from 300 to 850. Generally, if your credit is below 600, you are considered a higher credit risk. Credit Report Your credit report...

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Do All Bankruptcies Affect Your Credit?

Declaring bankruptcy always affects your credit, even if your withdraw your case, but not all bankruptcies affect your credit in the same way. Although bankruptcy is the worst item you can have on your credit report, it may not affect your credit rating much. In some cases, a bankruptcy can boost your credit rating -- at least temporarily. Identification Whether you file Chapter 7 or 13, a bankruptcy case always affects your credit rating because the credit reporting bureaus search public records for bankruptcies. Voluntarily dismissing...

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What Is a Fast Way to Get Your Credit Score Higher?

FICO scores range between 300 and 900, says Bankrate.com. Consumers with the highest scores receive good rates and terms on different types of finance packages. Numerous factors play a role in a low FICO score. And sadly, many consumers don't value the importance of a high score, or know how to maintain a good rating. Keeping your credit rating in good shape isn't impossible. The key is responsibility and recognizing habits that bring down your score....

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What Does Simulator FICO Stand For?

Your FICO score is a three-digit number that ranges from a low of 300 to a high of 850. It is based on the information located in your credit report. The number isn't static, and changes as the data in your credit report changes. A FICO Score Simulator can help you understand how these changes affect your credit score. Identification Your FICO score has five distinct factors to it. Within the score, 35 percent of it reflects how well you pay your bills. Another 30 percent measures how much debt you currently have. Fifteen percent is your...

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How to Repair and Rebuild My Credit Score

Quickly repairing or rebuilding your credit score opens the door to better interest rates on auto loans, mortgages and your credit cards. Different factors can lower your credit rating, such as a bankruptcy, foreclosure or poor habits. However, with responsible changes, you can repair and rebuild your credit score. Instructions 1 Lengthen your credit history to help repair your score. Few credit accounts and a short credit history often result in a lower score. Find someone with a lengthy, good credit history and put your name on one of...

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Consumer Rights to Annual Free Credit Reports

Many consumers worry about falling victim to identity theft and the potential damage to their credit scores. Vigilant consumers use their credit reports to identify suspicious behavior. The Fair Credit Reporting Act allows every consumer access to free copies of their credit report each year. Credit Report The credit bureaus maintain records of each consumer's credit activities. This includes a listing of each credit account held by the consumer during the past seven years, a summary of the payment history on each account (including past...

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Does Being Rejected for a Credit Increase Affect Your Credit?

Being improved by your credit card company for a credit limit increase improves your credit score by boosting the ratio of credit used to credit available, but a rejection could lower your credit score. On the flip side, an approval for a credit limit increase can lower your score too. The actual effect of a credit increase request depends on how your creditor authorizes credit limit increases. Identification A rejection for credit or approval for a limit increase can hurt your credit score if the company performs a credit check. When a...

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Pupose of a Credit Report

The credit report is a file that credit reporting agencies maintain about financial consumers in the United States. This report is tracked under a person's name and Social Security number. Creditors use a credit report to make decisions about a consumer. That's why it's important to monitor your credit report and ensure that information reported by creditors is correct. Collecting Information A consumer reporting agency (CRA) is a company that gathers information about consumers and sells that information to creditors. A CRA makes money...

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Does the Repossession of a Camping Trailer Hurt My Credit?

Buying a camping trailer can provide you with family enjoyment and a place to get away from the elements. If you purchase one and it eventually gets repossessed, it can damage your credit score. Any time you do not live up to your end of a credit agreement, it will hurt your score. Repossession Regardless of whether you purchase a car, a recreational vehicle or a trailer, having it repossessed will be damaging to your credit. This is because you signed a document when you bought the trailer that said you would repay the debt. If you stop...

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