Does Opening Multiple Bank Accounts Hurt My Credit Score?

Opening multiple lines of credit in a short time period usually is a credit score no-no, because it makes lenders question why you need so much available credit. Because you can use a bank account in many of the same ways you use a line of credit, it's reasonable to assume that opening multiple bank accounts also would ding your credit, but this isn't the case most of the time.

The General Rule

Bank accounts are backed by the Federal Deposit Insurance Corporation, and banks' products and services tend to focus on savings and checking. For this, you give the bank your own money and aren't borrowing from someone else to spend. Thus, opening multiple bank accounts generally has no effect on your credit score.

ChexSystems

Credit card companies report you to credit bureaus if you violate the terms of your credit agreement. Similarly, banks report you to ChexSystems, an agency that tracks your history with banks. If you've written bad checks, overdrawn your accounts or otherwise used your accounts inappropriately, your bank can indicate that on your ChexSystems history. Negative points on your ChexSystems report take five years to go away.

The ChexSystems and Credit Score Connection

Although a report to ChexSystems doesn't directly affect your credit score, some lenders, creditors or other banks might look at your ChexSystems report when you apply for financing. Based on the report, they might deny your applications. With fewer financial options available to you, it's easier to get into debt or miss payments. That does directly affect your credit score, as does any late payment, settlement or bankruptcy appears on your credit history.

The Credit Card Account Exception

In some cases, banks pair with credit card companies such as Visa and MasterCard to provide credit card accounts. If you open multiple credit card accounts through your bank, these accounts are connected directly to your credit score, just like any other credit card account. If you can't manage one of these cards, you could take a double hit with both a bad credit and ChexSystems report. Because most credit-card companies offer loss and theft protection on their cards, it isn't necessary to get a credit card through your bank, although you can do so if it is more convenient for you to work with a single institution.

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How to Improve FICO Score with a Secured Credit Card

When your FICO credit score is low, you might have a hard time finding a credit card company that will approve your application. One strategy is to get a special type of card called a secured credit card. To get this card, you must put down a deposit, usually a minimum of about $500, to get a credit line of an equal amount. The credit card company holds your deposit as security in case you fail to pay the bills. A secured credit card will gradually improve your credit score if you use it responsibly.

Instructions

1

Research secured credit cards by looking online or visiting your local bank to inquire. You want to find a card with a low application fee and low annual fee. Most importantly, you want to find a credit card company that reports your payments to all three credit bureaus. Only reported payments will help your credit score.

2

Apply for the secured card you have selected. Only apply for one card, because each application and each new credit card lowers your score slightly.

3

Multiply the amount of your credit line by 0.3. For example, if your credit line is $500, multiply it by 0.3 to get $150.

4

Use the credit card each month to make charges that total no more than the amount you calculated, which is 30 percent of your credit limit. Using more than this can begin to hurt your credit score.

5

Pay your bill in full every month by the due date. When you do this, you will not have any interest charges or late fees. Most importantly, your credit report will show a consistent on-time payment history.

6

Continue using and paying off your secured credit card each month. You should begin to see positive effects on your FICO score after a few months, and after a year, you might even qualify to have your secured card converted to an unsecured card.

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Secondary Use of FICO Scores

Your FICO score, named after the proprietary scoring system created by the Fair Isaac Corporation, is a measure of how well you manage your available credit. When you apply for a credit card or home or auto loan, lenders look at your FICO score to determine whether to extend credit to you, how much you should get and what interest rate you should pay. While this is the most common use of your FICO score, there are also secondary uses as well.

How Your FICO Score is Determined

Fair Isaac Corporation uses the information in your credit report to develop a score between 300 and 850, with a higher score indicating better credit management. The score is weighted, with 35 percent dependent on your payment history, 30 percent dependent on how much you owe, 15 percent based on your credit history, 10 percent dependent on how many new accounts you have or how often you open new accounts, and the final 10 percent dependent on what types of credit accounts you have. Late payments, defaults, large debts and a short credit history can cause your score to decrease.

Insurance

The insurance industry uses credit scores along with many other factors to determine the risk of issuing you an insurance policy. Insurers use your credit score to determine how likely you are to file a claim, with the prevailing thought being that people with higher credit scores are more responsible and thus less of a risk. According to the Federal Trade Commission, homeowner's and auto insurance companies are the most likely to consider your credit score in determining whether you receive a policy and what your premiums are. The "ConsumerMan" column on MSNBC.com notes that insurance companies do not rely solely on a FICO score and instead create their own "insurance score" based on their own criteria.

Utility Companies

Phone companies, gas companies, water companies and electric companies may run a credit check on you before instituting service. These companies want to determine the risk that you will default on payments to them. Having a low credit score could mean you are required to pay a deposit or add a co-signer to your account.

Employment

Employers often include credit checks as part of a background check for potential hires. Though researchers at Eastern Kentucky University found no link between credit history and job performance, credit checks on potential employees are common. The checks may be more commonplace for jobs that involve handling money, because having large debts or having trouble paying your bills may make potential employers see you as a bigger risk for committing theft or fraud. Using credit scores as part of employment screening is controversial, and as of 2011, there have been attempts at both the state and federal level to limit or ban the practice.

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Where to Report Identity Theft

If you are ever a victim of identity theft, you must move quickly. You should report the incident as soon as possible. When you act quickly, you have a chance to stop or minimize the damage done. Keep a record of your actions and be prepared to notify the correct parties.

Federal Trade Commission

If you are a victim of identity theft, you should contact the U.S. Federal Trade Commission. Your report may help them locate the identity theft ring. Call them at (877) 438-4338. You can also go right to the website at yourlost.info (see link in Resources).

Police Report

Visit your local police department and file a report. Make sure you give them all the details. Get a copy of the report for yourself.

Fraud Alert

Report the identity theft to--Experian, TransUnion and Equifax--all three major credit reporting agencies. They will be able to put a fraud alert on your file. When someone attempts to use your personal information to obtain credit, all creditors will be instructed to contact you by phone to determine if this is a valid request.

Credit Report

Order a copy of your credit report to make sure no one has made any unauthorized charges to your accounts.

Securities and Exchange Commission

If you suspect someone has access to your security investment, you can contact the Securities and Exchange Commission at sec.gov/complaint.shtml and file a report.

Social Security Administration

If you reason to think a suspect has obtained your Social Security number to apply for a job, report this information to SSA's fraud hotline (800) 269-0271.

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The Difference Between "Paid in Full" & "Settled in Full" on Credit Reports

If you just negotiated with a creditor to settle a balance for less than what you owed, you may feel victorious, but such a settlement damages your credit score and might end up increasing your interest rates down the line. Whether a debt affects you depends on whether the account is reported "paid in full" or "settled in full" on your credit report.

Identification

A account listed as "paid in full" means you paid off the entire amount due on a loan. "Settled in full" means you negotiated with the lender to pay off some amount less than what he gave you. This might happen on a an unsecured line, such as a credit card. The lender would rather receive something than let you dissolve the debt in bankruptcy or deal with the hassle of a court case.

Impact on Score

Debt settlement could be a huge drag on your score or a small setback compared to an overall poor credit profile. Generally, the higher your score, the more a debt settlement can affect your credit score, because you have more points to lose. If you already have poor credit, debt settlement might cost less than 45 points or less than a single missed payment.

Benefits of Settling Accounts

Negotiating a debt settlement does not mean you clear the account's history from your record. However, paying something to settle the account could improve your overall creditworthiness and might improve your score a little. First, you lower your outstanding debt balance -- 30 percent of your credit score. Second, lowering your debt balance improves your debt-to-income ratio. Lenders usually care just as much about your monthly debt payments as they do about your score, because you must be able to afford a loan for the risk to make financial sense for the creditor.

Tip

If you have accounts you hope to settle, try asking for a deletion of the account. You can ask for this before or after negotiations, but not after sending the creditor money. Once you cut a check, you lose all power in the negotiation. The point at which you ask for a deletion could impact your chance at getting a deletion. The creditor might use your request for a deletion before starting serious negotiation as leverage to receive a higher settlement -- asking early signals you care a lot about your credit score -- but it also saves you time and stress wondering if you can get the deletion. When you ask after settling on an amount, you must send in a "conditional endorsement" with your payment. This usually results in the lowest settlement, but the creditor could reject the terms of the entire agreement. However, if the creditor accepts a "conditional endorsement," the worst that can happen is he deposits the check and fails to follow through on the agreement. You can then sue the creditor for breaking the agreement, according to Credit Net.

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Letter to Remove Inquiries From Your Credit Report

Credit reports can contain errors in multiple areas of your credit report: balances, type of account, monthly payment, payment status, personal information and inquiries. Disputing items on your credit report is a right given to you by federal law. You can dispute any item on your credit report that is reported incorrectly. Disputing incorrect items helps keep your credit report and score at their optimum.

Inquiries

Credit inquiries come in two forms: hard and soft. A hard credit inquiry is performed by a creditor when you apply for credit. A hard credit inquiry will lower your score minimally and will appear on your credit report for two years. When applying for credit, if you see the same type of creditor making this kind of inquiry multiple times in a 14-day period, your credit score will only be dinged for one inquiry. This is beneficial when shopping for the best rate for a vehicle loan or mortgage. A soft credit inquiry is used by lenders evaluating you for credit, current lenders checking your financial situation or you yourself when you pull a copy of your credit report. A soft inquiry does not show on your credit report and does not affect your credit score.

FCRA

The Fair Credit Reporting Act (FCRA) gives you the right to dispute any inaccurate information shown on your credit report. This includes inquiries. Checking your inquiries is important because it can find an indication of identity theft. If you find a hard inquiry but have not applied for the credit, notify the credit bureau by mail, phone or email.

Dispute Letter

Provide your name, address, last four digits of your Social Security number and date of birth in your dispute letter. Include a copy of your driver's license to show you are, in fact, the person filing the dispute. Explain that you have pulled a copy of your credit report and have found inquiries that you did not request. List each one and ask that a credit dispute be initiated to correct the matter. Mail the dispute to the credit bureau dispute address listed in the credit report. It is also helpful to send a letter directly to the creditor explaining you did not apply for credit. Inquiries are not easy to remove but the creditor might do so with the credit bureau.

Dispute Process

When the credit agency receives your dispute letter it will send a message to the creditor requesting the creditor review the account and check whether you requested the credit. The creditor has 30 days to respond. If the creditor responds within the 30 days and verifies you did request the credit the inquiry will stay on your credit report. The inquiry will be removed if the creditor fails to respond or tells the credit bureau to remove the inquiry. If you feel strongly that you are a victim of identity theft, inform the credit bureau immediately and your inquiries may be removed as part of the fraud reporting process.

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When Are Credit Checks Done?

The federal Fair Reporting Act and state laws regulate who can have access to your credit report. Your credit report contains highly confidential information about you (including your Social Security and telephone numbers), and many people can gain access to it. There are two types of credit checks (also called "credit pulls"). "Soft" credit pulls appear in your credit history but do not affect your credit score. "Hard" credit pulls can negatively affect your credit score, causing your credit score to drop by as much as 5 points for each one.

Credit Cards

Your credit card company can periodically pull your credit report without telling you.

Every time you apply for a credit card, the credit card company will pull your credit. Credit card companies can also run a credit check without notifying you when they are sending you a pre-approved credit application. They are also allowed to periodically run soft pull credit checks in monitoring your account. If your credit score has dropped, they can raise your interest rate, even if you are in good standing with them.

Employment

Credit reports are keeping the unemployed, unemployed.

An estimated 43 percent of employers and potential employers run credit checks on applicants and employees, although they do need your written consent. Job applicants who decline to give their consent are frequently taken out of consideration. In January 2011, Representative Steve Cohen (D-Tenn.) introduced a bill in Congress that would prohibit credit checks in employment screening, but it has not become law.

Loans

Financial institutions routinely pull credit reports when processing loan applicaitons.

Any time you apply for a loan for a car, a house, an equity line of credit, a business loan or almost any other kind of loan, the financial institution will run a credit check. Your credit score is the primary consideration in the decision to approve the loan. The better your score, the better the terms you will likely be offered.

Insurance

Some insurance companies consider your credit score more important than your driving record.

Over 90 percent of auto insurance companies will run a credit check before issuing a policy. They use your credit score in a formula to calculate your insurance risk score. Insurance companies claim that there is a correlation between credit scores and the likelihood of the insured filing a claim. Many claim that the credit score is more important than the driving record. The same applies to property, life and health insurance. Insurance companies will use this score not only to decide whether to insure you, but also what your premium will be.

Renting a House

Every time you fill out a rental application could mean another inquiry on your credit report.

Whenever you apply to rent a house or apartment, your landlord will most likely run a credit check through a credit-reporting agency. They can also charge you a fee for running the credit check whether or not you end up renting the apartment or house. Having a low credit score can cause them to turn down your application or it can affect the amount of security deposit they will require.

Utilities

Utility companies can deny service based on a poor credit score.

Utility companies are legally allowed to run credit checks on those who sign up for service. They use credit history information to determine whether they will provide service, and if so, the amount of security deposit you will be required to pay.

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The Bank Repossessed My House: How Does It Affect My Credit?

In the third-quarter of 2009, one in every 136 homes was in foreclosure, according to RealtyTrac. Foreclosure means more than just losing your home. Your credit rating takes a dive, as well. A poor credit rating can affect your life in ways other than making loans more expensive, so you should do whatever it takes to prevent foreclosure.

Identification

If a bank repossesses your home, usually called a foreclosure, your credit rating takes a huge dive. The number of points depends on your score before the foreclosure occurs, but it is possible to lose 160 points if you had a rating of 780 and more than 200 points for higher scores in the FICO scoring system, according to Les Christie of CNN. Lenders might use different formulas but probably factor in the same variables, such as payment history, and pull your report from the same three national credit reporting bureaus.

Time Frame

Once the bank forces foreclosure, the account stays on your record for seven years, according to Privacy Matters. However, the impact of a foreclosure begins the day after the foreclosure hits your credit report. You can start counteracting the effects of foreclosure immediately by paying other debts on time, eliminating debt, adding new accounts and paying those bills on time.

Other Effects

Poor credit in general makes your life more expensive. For example, people with average credit pay about $115 more for auto insurance than someone with great credit and an extra $60 a year on home insurance, according to Christie. You may have a difficult time finding a new dwelling after foreclosure because landlords usually run credit checks on potential tenants.

Considerations

Foreclosure is bad for the bank and you, so mortgage lenders usually want to help you avoid foreclosure. If you talk to the bank as soon as you miss a payment, it will probably offer counseling or options to get your mortgage back on track. For instance, the government runs the Making Home Affordable program, which offers banks cash incentives to modify mortgages for consumers who cannot afford their home loans.

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Is Your Credit Score Updated Once a Month?

Just because you cleared up your credit history recently does not mean those actions show up on your credit report immediately, which could end up costing you a loan or making it much more expensive if you apply for a loan. The credit reporting bureaus often have significant lag time between when they receive new information about your credit history and when they update their reports. You may have to fight with the bureaus to correct your report.

Identification

Your credit score does not necessarily update once a month, because the credit reporting bureaus can update reports whenever they please. In some cases, it might take 90 days before new data hits your report. Still, bureaus can update your report once a month or multiple times a month.

Considerations

The credit bureaus need something new to report to update your report or your score probably won't change. The only way your score could change without lenders reporting new information is when a negative item falls off of your file because the reporting time limit passes or you successfully dispute a negative item.

Your Lender

Lenders also bottleneck information in the credit reporting world. Some creditors take extra time to update data. If the lender allows a 15-day grace period to pay the bill at the end of the month, for example, he might not report January information until the end of February. Then you would probably have to wait until some time in March to see it on your report.

Tip

If you see a falsely reported negative item on your report for more than three months, initiate a dispute with the credit bureaus. The may have failed to receive an update from a lender or some other error. On missing creditable accounts, ask your lender to update your account. Some lenders do not report accounts to the credit bureaus, so there is nothing you can do if the creditor does not report to one of the three national credit bureaus.

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When Can I Get a Free Copy of My Credit Report?

Your credit report is a list of all your debt accounts, including your mortgage, student and automobile loans, credit cards, personal installment loans and revolving lines of credit. Additionally, your credit report lists negative items like delinquent loan accounts, charged-off credit cards, collection accounts and foreclosures. Your credit report can affect your job prospects, ability to purchase a home or a car and your access to personal loans and credit cards.

Time Frame

The federal Fair Credit Reporting Act allows you to access free copies of your credit reports from all three consumer reporting bureaus---Equifax, TransUnion and Experian---once per 12-month period. Although this is known as the "annual credit report rule," you need not request your reports at the start of the new year. Instead, you can request your reports at any point during a year, and you will be able to access them again on the same month and day of the following year.

Methods

You may request your reports online at AnnualCreditReport.com, over the telephone or by mail (see Resources). Requesting your credit reports online will allow you to view your documents from TransUnion, Equifax and Experian instantly on your computer. In contrast, ordering your credit reports by mail or telephone will prompt the consumer reporting agencies to send your reports by mail, which can take up to 15 days, says the Federal Trade Commission.

Benefits

Getting free annual credit reports once per year allows you to see exactly what banks, credit card companies, mortgage lenders, prospective employers and rental agencies see when they check your credit file. Additionally, it will allow you to verify that your credit information---including financial accounts, delinquencies, addresses and employers---are correct. If they are not, you can dispute the information with each of the three credit bureaus at no cost (see Resources). You can file a dispute with the credit bureaus online or over the telephone. Additionally, Equifax and TransUnion allow you to file disputes through the mail.

Considerations

Like the name suggests, an annual credit report only allows you to access your reports once per year. You can access your credit reports at other times, however, you will have to pay a fee to the credit bureaus from which you request a report. Additionally, annual credit reports do not include copies of your FICO score, the three-digit number that measures your creditworthiness. You will need to request your FICO rating separately for a fee.

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Does Increasing My Credit Line Hurt My Credit?

Increasing your credit line alone can actually help your credit score. In fact, many consumers seek credit limit increases as an approach to improve their credit. However, a hard credit inquiry, which some creditors perform when you request a limit increase, can cost you some points.

Credit Score Basics

Credit scores offer a basis for lenders to make informed decisions about your credit worthiness. The FICO scoring model, developed by the Fair Isaac Corporation, serves as the basis for reports issued by Equifax, Experian and TransUnion. The FICO model includes many credit behavior factors, but these are categorized as credit history, length of credit history, amounts owed, new accounts and types of accounts, according to the MyFICO website, which is owned and operated by the Fair Isaac Corporation.

Increasing Your Limit

Increased credit lines can happen based on unsolicited decisions by a lender or on request from the borrower. If your current credit limit is $10,000, for instance, you might get an increase to $11,000 or $12,000. This limit increase effectively lowers your debt utilization ratio, which is the percentage of your available credit currently in use. Lowering your debt utilization relates to the amounts owed section, which MyFICO shows as 30 percent of your score computation.

Debt Utilization

Your debt or credit utilization is calculated by account and in total. When you get an increase on a given line, you improve the utilization ratio on that account as well as overall. As an example, when you are using $5,000 of a $10,000 limit, your ratio on that account is 50 percent. If you get an increase to a $12,000 limit, your ratio decreases to just under 42 percent, which may improve your credit score by several points once the change is reported to the bureaus.

Risks

Improving your credit rating is not the only important consideration in raising a line. You should also ponder the risks of gaining access to more credit if you have poor spending habits. Additionally, CreditRepair.org points out the worst-case scenario is where you request a credit limit increase, which can lead to a point-deducing inquiry, and then not get the line increase. Thus, you might consult with the card provider prior to seeking the limit increase.

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How Long Does It Take for Derogatories to Go Off Your Credit Report?

The Fair Isaac Corporation, which is responsible for the FICO scoring formula, intends its credit scores to be an accurate risk-assessment tool for lenders. Derogatory accounts on your credit report signify that you pose a lending risk for businesses. Therefore, failing to pay debts lowers your credit score, in order to warn lenders of the potential risk involved in lending to you. However, negative entries do not remain on your credit record forever.

Types

The FICO scoring formula treats certain types of entries on your credit report as derogatory. Public records, such as tax liens, judgments and bankruptcies, are always derogatory. Other negative entries include collection accounts, foreclosures, charge-offs, late payments and repossessions. By removing old derogatory data from consumer credit reports, the credit bureaus ensure that present and future lenders receive the most up-to-date information possible, and that individuals are not penalized indefinitely for previous mistakes.

Time Frame

The Fair Credit Reporting Act allows most negative information to remain on your credit record for seven years. Exceptions apply for certain types of information. For example, a Chapter 7 bankruptcy appears on your credit report for 10 years, and an unpaid tax lien can remain on your credit report for up to 15 years.

Effects

As derogatory entries age, they have less of an effect on your credit scores. The FICO scoring system considers older entries to be less important to lenders than items that are more recent. According to MyFICO.com, new accounts are responsible for 10 percent of each consumer's total credit score. Thus, demonstrating responsible debt management allows you to improve your credit scores while waiting out the legal reporting period for past negative entries.

Errors

A 2004 study by the U.S. Public Interest Research Group concluded that an alarming 25 percent of all credit reports contain major errors that could result in the consumer being turned down for new accounts. Carefully monitoring your credit reports can ensure that harmful and inaccurate information does not appear in your report, and that the credit bureaus are removing legitimate negative entries at the appropriate time.

Disputing Derogatory Information

You have the right to dispute derogatory information that is not correct, that you don't recognize, or that a credit bureau did not remove after the legal reporting period for the negative entry expired. When you dispute information on your credit report, the credit bureau will attempt to verify the report's accuracy. If the creditor reporting the information cannot verify its report, the credit bureau will remove the derogatory entry. Although you can dispute credit information over the phone and online, the Federal Trade Commission recommends filing credit disputes via registered mail. Filing your dispute via mail gives you the opportunity to include documentation that supports your case, and helps the credit bureau to investigate your claims.

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How Is Credit Report Affected by Garnishment?

Your credit report lists a variety of personal financial information, from your address and workplace to your loans, credit cards and other accounts. It also lists certain court actions, such as bankruptcies, judgments and wage garnishments. Creditors, insurance companies and employers use your credit reports or your credit score, which is compiled from the information in those reports, to make important decisions. It is critical to know how certain things affect your credit so you will be prepared if you have financial problems.

Definition

A garnishment is a legal action in which a credit attaches part of your wages. This means your employer must sent part of each paycheck to the creditor as ordered by a judge, according to the Home Buying Institute. A garnishment can only be initiated through a court proceeding. It will show up on your credit report just as other financial-related court actions like repossessions and judgments do. There is a cap on the amount the creditor can take from each paycheck, and some states do not allow wage garnishments for certain debts.

Purpose

A garnishment gives a creditor a way to collect on a past-due debt when all other means have failed. The Home Buying Institute explains that it is usually used as a last resort. Your credit report will already be affected by the unpaid debt. The credit will decide that you should be able to pay it because you are working and that you are worth pursuing legally. It will use the garnishment as a way to force repayment because it collects the money automatically once a judgment is entered.

Contents

A garnishment listing on your credit report will contain certain information. The Home Buying Institute states that it will include the location of the court where your case was heard, plaintiff and defendant names, case number, amount owed and the case status. All of this information is a publicly available.

Effects

A garnishment has a very bad effect on your credit report because it shows that you had enough income to repay a bill but refused to do so. This will make other creditors leery of opening an account for you because of the risk that you will default. Insurance companies may be reluctant to issue a policy because they see you as a bad risk, and employers may refuse to hire you because they believe you are financially irresponsible.

Time Frame

Like most other negative information, a garnishment will remain on your credit report for seven years, the Home Buying Institute explains. It is usually removed automatically at the end of the reporting period. You can dispute it with the credit bureaus if it still shows up after that time period. They will be forced to remove it under the terms of the Fair Credit Reporting Act.

Prevention

You cannot completely prevent or minimize a garnishment's effect on your credit, but there are ways to offset it. FICO, the most prominent credit score company, explains that current information has the most weight with creditors. Creditors will see that you are trying to regain financial responsibility if you build up a good credit record in the months and years after the garnishment. Paying your bills on time is the best way to fight a garnishment's effects, according to FICO. Your payment record makes up 35 percent of your total credit score. You can also dispute other negative credit report entries that are in error. They will be removed if the credit bureaus are unable to verify their accuracy after you challenge them.

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Credit Scores Vs. Available Credit

Your credit score is calculated based on information from your credit report. Thirty percent of your score is based on the money you owe, which includes how much of your available credit you are using.

How Available Credit Is Calculated

Your available credit is the sum of all your credit lines on your different credit cards. Your installment payments like mortgages are not included.

Debt to Available Credit Ratio

The ratio used in calculating your credit score is the amount you owe divided by your total credit limit. For example, if you owed $3,000 and your total credit limit was $10,000, your ratio would be 30 percent.

How Much to Use

CNN Money recommends that you not use more than 30 percent of your available credit. For the best credit scores, try to use less than 10 percent of your available credit.

Check Your Credit Report

When you check your credit report, make sure the credit limits are correct on your account or you appear to be over your credit limits because credit card companies are not legally required to update your credit limits with the credit bureaus. You can order a free credit report, once per year, from each of the three national credit bureaus: TransUnion, Experian and Equifax.

Fixing Errors

If your credit limits are incorrect, contact the credit card company and ask that they update your credit limit. Usually the credit card companies only update credit limits at your request.

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Will a Three Bureau Credit Report Hurt Your Credit Score?

Some credit checks can hurt your score, but it is not always obvious whether a credit pull is this type of inquiry. Applying for an apartment or a loan hurts your credit score, but checking your own score or agreeing to let an employer see it does not. A three-in-one credit report is often advertised as the best way to view your score. Most important for your score, the 3-in-1 report should have no effect on it.

Identification

The U.S. has three major credit reporting bureaus -- Experian, Equifax and TransUnion. Each has its own file on consumers with a credit history. A three credit bureau report combines the single reports from all three agencies. Ordering your credit report never hurts your score, even a 3-in-1 report. A credit report that combines profiles from all three major agencies is more of a convenience and no different from ordering each report individually. A 3-in-1 report shows up under "soft" inquiries, which do not affect your score and which only you can see.

Benefits

A three bureau credit report may make it easier for you to assess your own credit situation. Most 3-in-1 reports, such as those from Equifax, give a side by side comparison of the data from each bureau. Since credit profiles vary among the national agencies, this might help you catch more errors or unlisted accounts than if you purchased a report separately from each bureau.

Disadvantage

Using a 3-in-1 credit report often leaves out the more detailed information you would find in a single report, according to A Good Credit Score. A single credit report and 3-in-1 are about the same length, so the three bureau report leaves out information a single report would include, like each monthly payment on a particular account. Also, a 3-in-1 report uses up your one free annual report from each bureau in one shot. By taking separate reports, you can spread them over a year to monitor your credit profile for free.

Tip

When you request a 3-in-1 or any report or credit application, always ask the lender or service provider if it will run a "hard inquiry." A hard inquiry occurs when a lender is making a decision as to whether to extend you credit, and it could negatively affect your score. Also, further investigate any 3-in-1 report that requires you to sign for any trial service as it could end up costing you more money than it's worth.

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Are Business Checking Accounts Reported on Credit Reports?

As an individual, banks and other creditors report information about your accounts to credit bureaus. When you start a new business, you also have to concern yourself with the information that gets reported to commercial credit bureaus. If you're planning to open a business checking account, you may wonder if this action will affect your business credit report as well.

What Is a Business Credit Report?

A business credit report is a listing of transactions related to the activities of a company. The report usually links to an employer tax identification number (EIN) just as a personal credit report links to an individual's Social Security Number. When you apply for a commercial loan or company credit card and make ongoing payments, that information gets listed on the business credit report. Some suppliers and vendors also report payment information about their clients to business credit bureaus.

Does a Business Checking Account Get Reported?

If you provide an employer identification number when you open a business checking account, the bank can start reporting information regarding your account to business credit agencies. In some cases the name of the bank is listed as the official business bank account for the company on the report as well as the account status. If the account holder goes overdrawn on the account and owes a debt to the bank, that could cause a negative entry on the report. Also, if the company owner bounces a business check to a vendor and doesn't repay the amount, the vendor can report that check-related debt to a business credit bureau.

Reasons for Separating Business From Personal

Once you start a new business, it's smart to separate your personal bank accounts from business for a number of reasons. If you continue to write checks against your personal funds for business needs, it will be difficult to distinguish these withdrawals when creating financial statements and summaries for the company. Also, if you want to receive payment from a customer, you'll have to give your personal name instead of the business name as the payee. Establishing a separate business checking account is more efficient and professional.

Registering With Business Credit Bureaus

If you don't have a business credit report history for your company yet, you can take steps to start a file with one or more bureaus. For one, you can call bureaus directly with your company's information to register with the service. Secondly, it's important to separate your personal information from your business activities in every way possible. For instance, besides opening a separate business checking account with an EIN, you should also consider incorporating the business to further establish the company as a separate entity for data reporting purposes.

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Best Way to Rebuild Credit Quickly

Your credit score is a good indicator of your financial situation. Many mortgage brokers, loan officers and credit card companies gauge your credit worthiness based on your credit score. The three credit reporting agencies (Experian, Equifax and TransUnion) look at your credit history and based on many factors, determine your credit rating. A high score gets you any loan you want at attractive interest rates, while a low score deems you to be a credit risk for which you will pay higher interest rates. But there are a few things you can do to improve your credit score.

Contact All Three Credit Reporting Agencies

One of the quickest ways to improve your score is to remove any mistakes or errors from your credit report. Every year you can get a free copy of your credit files from Experian, Equifax and TransUnion just by calling them or filing out an online form. People make mistakes with your credit files all the time. Also, with identity theft on the rise, it is also a good idea to check your credit files annually.

After receiving a free copy of your file, look over every item carefully. If there are accounts that you are not aware of or accounts that were closed or paid off and the file does not reflect this, contact the credit agency and explain why you think there is an error. The agency is legally required to investigate all claims and to remove inaccurate items from your file. By eliminating errors from you credit file, your credit score can increase within a few weeks. This is probably the best way to increase your credit score quickly.

Use a Credit Counselor

Some nonprofit credit counselors offer assistance in improving your credit score. This is not debt consolidation. Credit counselors look over your bills, budget, and income and try to find ways to make your bills more manageable. There may be things you can do to lower your monthly payments or your interest rates that you are not aware of. The credit counselor works on your behalf with any creditor to make payment arrangement or to reduce an outstanding bill. Any of these methods, if used properly, raise your credit score. Good credit counselors are legitimate companies with good reputations.

Pay Off Your Bills Quickly

It is easier said than done, but one of the best ways to improve your credit score in a short amount of time is to pay off more of your bills. By lowering your debt, you are seen as someone who is financially responsible. Pay off as much of your bills as you can. Even adding just $10 to each bill each month can help. It is also a good idea not to apply for more loans if you want to improve your score. Too many inquiries into your credit history lowers your rating. Also avoid debt consolidation; it doesn't help in getting a higher credit score. It is best to have your debts spread out over several accounts instead of having one big account. Credit agencies look at the ratio of money owed to number of accounts. Moving balances from one card to another can also lower your score. It is better to work with a credit counselor to negotiate a lower interest rate. This will help to pay off each bill faster. And this can increase your credit score.

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Do Business Credit Cards Report on Your Personal FICO Score?

The concept behind business credit is to finance a business, build credit without relying solely on your personal history and to protect your personal assets should the business fail. Business accounts are reported to business credit reporting agencies, which are separate from personal credit agencies, and FICO only uses personal credit information when determining scores. However, a business account may end up on your personal credit report and affect your FICO score depending on how the line of credit was opened.

Personal Guarantees

Business credit cards may show up on your credit report if you used your personal credit to get the loan or if you signed a personal guarantee as part of the application process. Even if the account does not show up on your credit report immediately, if it becomes delinquent and goes into collections it may end up on your credit report, particularly if an account goes to court and a judgment is made against you. A personal guarantee from the company owner is often required for small corporations or new businesses to get credit.

Corporate Accounts

Corporate cards may end up on your credit report if you agreed to liability under certain circumstances or signed a personal guarantee when you received the card. Leslie McFadden of Bankrate states that fraudulent use or mistreatment of a corporate card may result in personal credit reporting. Additionally, neglecting to file an expense report on the card may result in missed payments, which may reflect on your credit.

Spouse's Credit

In most cases, creditors may not ask about your marital status or use your spouse's credit when determining credit worthiness. However, if your spouse is tied to the business, you use your spouse's income when applying for credit or you live in a community property state, lenders may ask for spousal credit information.

Correcting Inaccurate Reporting

If a business credit card account appears on your credit report in error, you may take steps to remove it. Notify the credit-reporting agency of the error in writing. Include copies of any documents proving your case. The agency will investigate your claim and notify you of its findings. If the investigation does not go in your favor, contact the lender with proof that its claim is inaccurate. Creditors may not report inaccurate information again. If they question your claim, any additional reports made to credit reporting agencies on the account must include a note showing that you dispute the item.

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Free Credit Check With No Credit Card Information Required

Monitoring your credit report is an important part of maintaining your credit. It is a good idea to check your credit report annually to dispute any discrepancies or errors. Obtaining a copy of your credit report can also help prevent identity theft.

Your Credit Rights

Under the Fair Credit Reporting Act, consumers are entitled to a free copy of their credit report each year from Equifax, Experian and Trans Union. The overall goal is to keep consumers informed about their credit. Individuals do not have to pay or provide any credit card information to check their credit.

Avoid the Scams

Many companies advertise "free" credit reports. Unfortunately, the advertisements tend to be misleading. Sometimes you must sign up for credit monitoring or purchase other services to get your "free" credit report. To limit the scams, the Fair and Accurate Credit Transactions Act requires commercial websites claiming to offer free credit reports to note on their sites that consumers can get a free credit report at AnnualCreditReport.com.

Get Your Credit Report

Individuals can request a free copy of their credit report online, by phone or by mail. The site AnnualCreditReport.com will instantly provide consumers with a copy of their report from the three major bureaus. A copy can be requested by calling 1-877-322-8228 or mailing the request to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.

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Importance of a Good Credit Score

Having a good credit score is the result of good financial management and responsible spending. Good credit allows access to resources that would not otherwise be available. Learn the importance of a good credit score and how to get on the road to financial freedom.

FICO

Fair Isaac Company, also known as FICO, is responsible for the development of the credit score formula. Today, the same company determines and reports credit scores to consumers and creditors.

Good Score

The standard for a good FICO score varies by creditor. However, according to MyFICO.com, in some instance scores over 680 can reap the financial benefits of lower interest rates and the ability to acquire better creditors.

Added Benefits

A good credit score makes it easier to increase the amount of credit available for large items such as a home, investment real estate or business loan.

Employment

In some instances, maintaining a good credit score can aid in acquiring a job as some prospective employers now review credit scores before offering employment.

Monitoring

Credit scores can be monitored through the My FICO website. Equifax, TransUnion and Experian offer services that allow consumers to receive their credit score for a fee.

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What Information Is on a Third Party Credit Check?

Not every party that pulls your report can see all items in your credit history and some items only you can view. What information a third party can see depends on who checks the report and which credit bureau it uses. Just about any third-party can see what accounts you have, the details on them and some of your demographic data.

Exclusions

Privacy laws and credit bureau policy limit some of the information a third party can see when it runs a credit check. The bureaus, for example, don't let third-parties see your "soft inquiries" -- inquiries made without your consent. Employers who request a credit check cannot see your age and may not purchase your credit score from a credit bureau due to federal privacy law, according to the Privacy Rights Clearinghouse. When you apply for a federal education loan, the government performs a modest credit check. This type of check only shows payments late by more than 90-days.

Identification

A normal credit check includes loan payment history, as well as account balances and the monthly debt payment, public records such as judgments and tax liens, and demographic information you supplied on a credit application, such as address, telephone number and previous jobs. It also contains the times you applied for a loan -- called a "hard inquiry" -- and accounts that have gone to a debt collector. Only lenders that subscribe to Experian, Equifax and TransUnion can report data, so not all accounts will appear on your report.

What is Not Included

A credit check never contains banking history unless you have an overdrawn account that a bank sells to a collection agency. Any unpaid bill can go to a debt collector, such as parking tickets and library fines. The credit bureaus can collect data on criminal cases but not report it and can never report medical data other than unpaid bills. Rental history and utilities rarely appear on a credit report; rent because of the prohibitive cost to the landlord and utilities because of privacy laws in most states.

Tip

Check your credit report for free at AnnualCreditReport.com. The three national credit bureaus must reveal everything they have in your file. If you see any negative items that should not be listed -- most items have a seven-year reporting limit -- write a letter to the bureaus disputing the item or use their online forms. You may see different information from each of the national bureaus, but this is normal. However, make sure that you own all accounts listed on any report. The bureaus sometimes erroneously list a negative account.

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How to Prevent Access to a Credit Report

Identity theft has claimed many victims, so it would be prudent to take steps to prevent identity theft from happening to you. The easiest way to keep yourself from becoming the next victim of identity thief is to prevent access to your credit report, which is done through a credit report freeze. Nearly all lines of credit access your credit report before offering approval or denial on a new account. If you freeze your credit report, a potential identity thief will be unable to open new accounts in your name: When companies attempt to check your credit to approve or deny the account, they won't be able access it.

Instructions

1

Write a letter to each of the three credit agencies (Experian, Equifax and TransUnion) requesting a credit freeze. The letter should contain the following information:
1. A statement about why you're requesting the freeze (e.g., "I am requesting a credit freeze to protect myself against identity theft.")
2. Your name and date of birth
3. Your address
4. Any other addresses you've lived at over the last two years
5. Your Social Security number
6. Proof of address (a copy of a utility bill will work) and a copy of your driver's license, as required by Experian (TransUnion also requires a copy of your driver's license)

2

Determine if you're required to pay a fee for a credit freeze according to your state guidelines. Consumers Union's Guide to Security Freeze Protection provides an overview of each state's fees and guidelines. If you are required to pay a fee, include it with each letter. If you're not required to pay a fee because you're a victim of identity theft, you must provide a copy of the police report for each agency. Those who live in states that waive the fee for residents over age 65 must provide proof of age.

3

Send the letter and all required documentation by certified mail to the following addresses:

Equifax Security Freeze
P.O. Box 105788
Atlanta, Georgia 30348

Experian Security Freeze
P.O. Box 9554
Allen, TX 75013

TransUnion
Fraud Victim Assistance Department
P.O. Box 6790
Fullerton, CA 92834

4

Each company will send you confirmation of the freeze along with a PIN or confirmation number. Keep this information---you'll need it in the event that you must temporarily lift the freeze.

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Credit Repair Laws in California

Credit reports represent financial responsibility and credit histories to potential lenders. Credit scores and credit report information affect interest rates and loan approval. Credit repair companies assisting consumers with their credit reports must follow California and federal laws regarding contracts, payment schedules and misleading information. If a disreputable credit repair company fails to complete contractual obligations or otherwise breaks the law, file a complaint with the California Attorney General's Office.

Licensing Requirements

Excluding exemptions, credit repair companies must be registered with and authorized to provide credit help by the California Attorney General's Office. Exemptions may include licensed credit lenders, FDIC-backed banks, non-profit organizations, attorneys, real estate brokers and business managers or licensed debt help agencies or proators acting within the scope of their license.

Time Frame

Credit repair agencies must complete agreed-upon services within six months of signing a contract. Agencies provide consumers with and keep a signed copy of an agreement detailing consumer rights regarding credit reporting and correction of inaccurate information. Additionally, California law requires all credit repair companies obtain and maintain a $100,000 surety bond for two years after the company stops doing business in California. The surety bond helps protect consumers from companies failing to fulfill a contract. Consumers retain the right to cancel an agreement by midnight of the fifth day after signing a contract.

Contract Laws

Credit repair companies must provide a written contract detailing services to be performed, the total cost of the service, availability of non-profit credit counseling and the consumer's rights to obtain and dispute inaccurate credit report information on their own. Companies are barred from collecting payment upfront or until the company fulfills contractual obligations.

Prohibited Practices

Agencies are prohibited from making false or misleading statements or advising clients to make false statements to credit reporting companies or creditors. Attempting fraudulent or deceptive practices or instructing consumers to engage in such activity is prohibited. Fraudulent practices may include attempting to remove accurate and non-obsolete credit information or instructing consumers to create a new identity or credit report to avoid negative credit information. Companies cannot dispute credit information or represent the client to a credit-reporting agency without the client's knowledge.

Federal Laws

Section 1679b under Title 15 of the United States Code prohibits misleading or untrue statements and actions by a credit repair organizations. Federal law also prohibits agencies from instructing consumers to engage in fraudulent activity such as altering identity to hide accurate negative credit report information. As with California laws, the U.S. Code prohibits credit repair companies from accepting payment until the services are complete.

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Credit Score Factor Code Definitions

Credit scores are based on key factors from the credit bureau. Key factors include payment history, amounts owed, credit history length, new credit and type of credit.

Payment History

The payment history is the most important factor in calculating a credit score, encompassing 35 percent of the score's calculation. Specific information includes the number of adverse public records, such as bankruptcies or judgments, and the length of the longest past due account.

Amounts Owed

Amounts owed encompasses 30 percent of the credit score's calculation. Specific information includes the proportion of credit lines utilized and the proportion of amounts on loan accounts and credit cards.

Credit History Length

The length of the credit history encompasses 15 percent of the score's calculation. A loan must be at least six months old to be included in the credit score's calculation.

New Credit

The number of new credit accounts encompasses 10 percent of the score's calculation. Information such as number of credit inquiries and recently opened accounts is used in the score.

Types of Credit

Types of credit encompasses 10 percent of the score's calculation. Specific information used for calculation includes number of credit accounts, installment loans and consumer finance loans.

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What Are Some Fallacies About Your FICO Score?

A FICO score is a number used to determine a person's creditworthiness. It is necessary to understand concepts that are false regarding a credit score.

Eligibility

A person's score alone does not determine whether new credit is extended. Income, employment history and a lender's underwriting policies also determine whether a person can obtain credit. An individual with a low score can still have credit extended to them, while a person with a high score can be declined.

Low Score

A low FICO score is not permanent. When new information is added to a credit report, a score can increase. As a score increases, a low score becomes less relevant over time.

Discrimination

FICO scores do not use race, sex, nationality and marital status to determine a score. The Equal Credit Opportunity Act forbids the use of this information when extending credit. Only information related to credit is used to in determining a score.

Privacy

Privacy is not infringed upon with credit scoring. A lender will require information that is already included with a credit report.

New Credit

Applying for new credit does not cause a significant drop in a FICO score. However, applying for numerous credit cards in a short period of time can be an indication to lenders of financial problems. Credit pulled multiple times, over a short period of time, to compare rates for a mortgage or car loan will not cause a large drop in the score.

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What Happens When One Gets a Foreclosure on Their Credit Report?

If your home goes into foreclosure, it can have far-reaching effects on your life. Not least of these is the effect on your credit report. Foreclosure will always have a negative impact on your credit score, but there are ways to manage the process so that you can still access credit.

Credit Score

Your credit score will be affected throughout the whole process of loan default and foreclosure. As soon as you miss one home payment, it gets reported to the credit agencies, who will note that on your report. Generally speaking, by the time a final foreclosure is reported to the credit agencies, they will have dropped your credit score between 200 and 300 points. In other words, if you had relatively good credit at around 690 points, you'll now have pretty poor credit with a score in the mid-four hundreds.

Length

A foreclosure will remain visible on your report for seven years, just as with any account, but its effect is greatest within the first two years. It's unlikely you'll be able to get another mortgage within that time. About four years out is the average time it takes to get re-approved for a home loan at anything like a competitive interest rate.

Cost of Borrowing

You may still be able to access other types of credit with a foreclosure on your credit report, but with a much lower credit score, the cost of any loans will be much higher. Expect to get an interest rate that's three to five percentage points higher than you might have paid with good credit.

Repairing Your Credit

Make every effort in the wake of foreclosure to ensure that all of your other bills get paid on time, so that there are no other negative reports to the credit agencies. If the foreclosure is the only account on your report, that will look much worse than if it's one bad account alongside several up-to-date ones. You should also begin to use credit again as soon as you are able to demonstrate that you can do so responsibly. This means taking out a credit card and using it for purchases, but ensuring that you pay off the bill in full each month. This will go a long way to help rebuild your damaged credit.

Alternatives

Although it may not be possible for you to get current on your home loan in your present circumstances, call your lender to investigate alternatives to foreclosure, which may have a lesser effect on your credit report. You may be able to negotiate a loan modification to both keep you in your home and avoid the full impact of foreclosure on your report. You might also consider a short sale which, while it does also drop your credit score, will not have the same devastating effect as foreclosure.

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Does a Bank Judgment Affect My Credit?

Judgments are powerful legal instruments that give banks and other creditors the means to collect a debt. A bank judgment will negatively affect your credit score for an extended period . The repercussions of enforcing a judgment can also affect your credit, effectively adding insult to injury.

What is a Bank Judgment?

A judgment is a court ruling that provides a creditor with the legal recourse necessary to force collection of a delinquent account. Types of bank judgments include those relating to defaulted revolving credit accounts or to the unpaid account balance on a mortgage loan after a foreclosure sale. Judgments issued against consumers based on credit accounts may be summary judgments or default judgments. The bank is awarded a summary judgment based on evidence, but a default judgment is awarded when the defendant neglects to appear in court. A deficiency judgment is awarded when the bank or mortgage lender sues the foreclosed homeowner for the portion of the mortgage balance that was not covered in the foreclosure sale.

Judgments and Credit

A judgment is listed in the public information section of your credit report. Not only will the presence of a judgment negatively affect your credit score, the events that led up to the judgment affect your score. Before a bank or other creditor sues a consumer for an unpaid debt, the debt is often at least six months past due. During that time, the bank has the right to report the account as past due, delinquent or a charge-off, depending on the circumstances. All of these entries have a negative impact on your credit rating.

Judgment Time Frames

Judgments negatively affect your credit report for a minimum of seven years. The statute of limitations for a judgment's validity is based on state law. Some judgments may remain in effect for 20 years. As long as the judgment is valid in your state, it will remain a visible part of your credit report. Judgments also accrue interest annually as allowed by state law.

Other Impacts of a Judgment

In addition to negatively affecting your credit, banks with judgments against you may enforce collection by garnishing your wages, attaching a lien to your property, seizing non-exempt personal property and levying your bank accounts. Garnished wages and emptied bank accounts may also affect your credit because of unpaid bills. If the creditors report the late payments to the credit bureaus, the entries will negatively affect the payment history calculation of your credit score.

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Do Credit Counseling Services Damage Your Credit?

A job loss, a sudden unexpected expense or poor planning can cause you to fall into debt. You may find yourself unable to manage your debts, and you may miss payments on your credit card and loan accounts. Having large debts or missing payments on your credit and loan accounts will hurt your credit score. Credit counseling services offer ways to help you overcome your debt problems without taking a toll on your credit score. There are, however, a number of factors to consider.

Function

A credit counseling service works with you and your creditors to help you repay your debts and start rebuilding your credit rating. Credit counseling services review your current debts and financial situation and create a repayment plan to pay off your debts. They can also negotiate a settlement amount with your creditors. You pay the credit counseling service a monthly amount, and the service pays your creditors directly. A debt management plan typically lasts three to four years.

Credit Counseling Service and Credit Reports

Using a credit counseling service will not have an effect on your FICO credit score, the three digit number that represents your credit report. Bankrate reports that the Fair Isaac Corporation stopped factoring a credit counseling service in your credit score as of 1999. However, your credit report will show that you are working with a credit counseling service as long as you are working with a debt management plan.

Positive Credit Effects

Using a credit counseling service will not have a negative effect on your credit score as long as you keep making monthly payments on a debt management plan. Working with a payment plan created by a credit counseling service will also help you pay off your debts and bring your past due account currents. Paying down debt and resolving outstanding balances will improve your credit score.

Considerations

While a credit counseling service will not lower your credit score, you may have trouble opening new accounts, especially with smaller lenders. As your debt management plan appears on your credit report, some lenders may consider you high risk if they review your credit report manually. However, not all lenders review credit reports. Many lenders use your credit score when deciding on your application.

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Landlords Report to Credit Bureaus

Even if you have a spotless rental history going back several years, it will have no effect on your credit history. The only way rent can affect your FICO credit score is when you show evidence of being a poor renter. Landlords can report you to alternative agencies that collect information on rent payments.

Credit Score

Landlords rarely report rent payments to the credit bureaus because the credit bureaus have stringent reporting requirements for creditors. Large rental communities are the most likely to report payments, but even they are not required to do so. Because reporting rent payments is so uncommon, the credit rating agencies just tell customers that they do not affect credit scores.

Breaking a Lease

If you break your lease or receive an eviction because of late payments, the landlord will likely report your account to a collections agency. Credit bureaus check nationwide with collections agencies for delinquent accounts, which will seriously damage your score if you have one. Also, credit checks for an apartment usually count as a hard inquiry, which will take three to five points off of your score.

Negative Report

Your landlord may report your rental history to a tenant screening service, according to the Federal Trade Commission. These companies do not report to the credit rating agencies, but landlords frequently check these before granting a lease.

Rental History Database

Major credit rating bureau Experian purchased RentBureau -- owners of data on seven million rental histories in the United States, according to Apartment Guide. It is the hope of many landlords that Experian's large database of rental payments might entice them to factor this into credit scores and expand the collection rental history data.

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