Is Your Credit Hurt If You Don't Get a Credit Card Approval?

Credit scores affect everything from a borrower's ability to buy a house to the interest rate he receives. A good credit score can save a savvy consumer thousands of dollars annually in interest charges. But the impact of specific action in relation to your credit score is difficult to discern, in part because the exact formulas that credit bureaus use have not been released to the public. According to Consumer Reports, a loan denial only has a...

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How to Clean Up Your Credit History

Your credit score is a very important number. Banks use it to determine whether or not they will give you a car loan or a mortgage, it is a factor in determining your interest rate on loans and credit cards, and employers can even check it before they offer you a job. Get a handle on your debt and clean up your report. Instructions 1 Obtain your credit report. You are entitled to a free credit report once per year. You need to see your report from all three credit bureaus: Equifax, Experian and TransUnion. Each report may differ in what...

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Does Consolidationg Credit Card Debt Increase Your Credit Score?

Credit card consolidation involves taking out a new loan in order to pay for previous debts you have incurred. The new loan is procured at a lower interest rate than previous debts, making it easier for you to pay off. Time Frame Initially, consolidating your credit card debt will neither increase nor decrease your credit score, according to Lending Tree.com. As you establish a history of paying down your debt consolidation loan on time,...

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Is There a Simple Way for a Person to Find Out His Credit Score?

Your credit score, sometimes called a FICO score or credit rating, is one of the most important measures of your financial health. Lenders, credit card companies and even employers use this three-digit number, which may range from 300 to 850, to determine whether you can get a loan, credit card or job. Keeping abreast of your credit score is crucial to maintaining financial health. Fortunately, you can obtain your score easily from the three major credit bureaus. Background on Credit Bureaus TransUnion, Experian and Equifax, the nation's...

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How to Get a Credit Bureau to Take Off a Mistake

The three major credit bureaus, Experian, Equifax and TransUnion, maintain credit reports for most consumers in the U.S. Usually consumers will have a separate credit report with each credit bureau. Each is supposed to provide accurate information pertaining to your credit history, but often the credit bureaus will make mistakes. You can dispute an error on your credit report directly with that particular bureau. To dispute an error accurately, you should have a recent credit report that you obtained within the last 90 days, as well as a credit...

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What 3 Companies Measure Your Credit Score?

When it comes time to check your credit report, the Federal Trade Commission recommends that you use Annual Credit Report, which then recommends three credit reporting companies: Equifax, Experian and TransUnion. While there are other credit reporting companies, these three are the most widely known and trusted. Equifax For over 100 years, Equifax has provided businesses and consumers with credit information and solutions. According to the Wall Street Journal Market Watch, it was incorporated in 1913 in Georgia, though it dates back to...

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Tips to Raise Your Credit Score Fast

If you are preparing to purchase a home, finance a car or apply for a loan, you may be thinking a lot about your credit score. When you have a higher credit score and better credit profile, you pose less risk to a lender. Less risky credit applicants are more likely to be approved for credit. If your credit score is less than stellar and you need to raise it fast, follow these tips for improvement. Raise Credit Limits One of the major factors...

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Ways to Increase Your Credit Rating

Credit cards are not just little pieces of plastic used to buy goods. Every time a person uses a credit card, information is collected by credit reporting agencies pertaining to the number of accounts the person has, any outstanding balances and the person's personal income. This information is broken down into a three-digit credit rating that ranges from 300 to 850. The higher the score, the more availability the person has in attaining loans from...

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The Effect of Rental History on Credit

Your credit score affects whether a landlord will lease to you, but paying late or skipping out on a lease can affect your credit and show up in your credit report, as well. How Rental History Can Be Reported on Credit Paying your monthly rental payments on your apartment,will generally not be reported to your credit. However, if you regularly miss rent payments or break a lease, these negative items can be reported against you. What Do Landlords Report A landlord can choose to report information to your credit report, either positively...

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Do You Get a Point Taken Off Your Credit if a Car Dealership Pulls Your Credit Report?

Keeping your credit score as high as possible is an important part of your financial well-being. A high score ensures that you can access credit when you need it and receive the lowest interest rates. When you're shopping for a new car, understanding how your credit score is calculated, and how shopping for a car affects your score, can prevent unpleasant surprises and damage to your credit. Score Factors Your credit score is calculated using the information in your credit report. Each of five categories -- payment history, amount of available...

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How Long Does the Company Have to Update Your Credit Report Once a Debt Is Paid?

A late payment or account in collections can quickly drag down your credit score. Paying off debts and closing any delinquent accounts improves your score but the negative entry does not disappear immediately. Bankrate.com, a personal finance website, claims that most reports are updated within two billing cycles, or about 60 days. Individuals can also pay off a debt and call the lender to ask for rapid rescoring. Credit Report Your credit score comes from your credit history as reported in your credit report. Creditors and lenders opt...

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Why Is My Bankruptcy Still on My Credit Report After 7 Years?

Many kinds of negative information drop off your credit report after seven years: late payments, collection actions, foreclosures and some bankruptcies. But not all bankruptcies come off after seven years. Depending on the type of bankruptcy case you filed, the information could remain on your credit report for up to 10 years. Types of Bankruptcies A bankruptcy case starts when you file a petition with the federal bankruptcy court. An individual debtor usually files one of two types of petitions, and the one you choose determines how long...

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Ways People Can Establish Credit

If you have no credit history at all, it can be difficult to find a lender willing to extend an offer of credit. This is because the lender has no idea whether you manage money responsibly and will pay back the debt. You will need to rely on a few unconventional methods to establish your first credit accounts. Alternative Credit Bureaus If you do not have any credit accounts that report to Experian, Equifax or TransUnion, you can rely on your payments reported to alternative credit bureaus instead. For example, you might be able to find...

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Can You Get a Repo Taken Off of Your Credit Before Seven Years?

Lenders in the United States use information provided by credit agencies to make decisions about extending credit to consumers across the United States. The national credit agencies -- Equifax, Experian and TransUnion -- keep track of your credit accounts and your payment history. Information about negative credit events, such as automobile repossessions, remains on your credit report for up to seven years. You cannot have debts erased from your credit report unless you can prove that those debts have been incorrectly recorded. Credit Reporting...

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How Does a Negotiated Payoff Amount Affect Your Credit Score?

When you have not made payment on a debt in a while, sometimes the creditor is willing to negotiate a payoff amount that is less than what you owe. The creditor is motivated by trying to get at least partial repayment, instead of having to write off the whole debt as unpaid. Although this might seem like a good deal for you, a negotiated payoff amount lowers your credit score. Settled Account After you negotiate a payoff and pay the agreed amount, the creditor reports the account as settled. The exact phrasing varies slightly, but it communicates...

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How Does HELOC Appear on a Credit Report?

Home equity lines of credit (HELOC) offer a revolving line of credit based on your home value that may have a positive -- or negative -- affect on your credit score. Although lenders report HELOC loans to credit rating agencies, whether this will have any appreciable impact on your score depends on the size of the loan and how you use it. Identification HELOC loans usually appear on your credit report as a revolving line of credit because they work like a credit card, according to Money Crashers. If approved for a HELOC, you can use the...

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Free Credit Reports & Ratings

Credit bureaus hold a wealth of information about you, as well as factors that indicate your level of financial responsibility. Gaining access to this information to verify its accuracy used to be difficult unless you application for credit was turned down. In 2003, however, amendments to the Fair Credit Reporting Act made changes to disclosure laws, giving you free annual access to most of the information credit bureaus maintain, as well as a process for disputing incorrect entries on your report. Identification Your free credit report...

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Why Credit Scores Are Different

Creditors use your credit score to calculate interest rates, terms and eligibility for credit and loans. Even landlords and insurance companies check credit in many cases. Several factors play into your credit score, including your credit use and history. To complicate the matter, your credit score likely varies among the major credit reporting agencies. Credit Score Components The way you use your credit affects your FICO score. Your payment history and the amount you owe weigh in the most on your score. The length of your credit history...

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Will Making My Payments on Time for 6 Months Raise My Credit Score?

The three credit reporting agencies that accumulate information used to calculate your credit score are Equifax, Experian and TransUnion. Low credit scores are indicative of a bad credit risk and will prevent loan approval and increase insurance rates. Fortunately, you can raise your credit score in a number of ways, including making all of your payments on time for at least six months. Learn the other elements that factor into your credit score and you can take steps to improve your financial health. Definition A credit score is a reflection...

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Where Can I Find Out How to Read My Three Bureau Credit Reports Online?

In the United States, the three major consumer credit reporting bureaus are TransUnion, Equifax and Experian. These companies collect information about how you've paid your bills and managed your finances and use it to generate your credit reports and credit score. Federal law enables you to request one free credit report from each of the bureaus every 12 months. Being able to check your credit report allows you to dispute errors, such as late payments...

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How Many Points Can Secured Credit Cards Raise Your Credit Score?

A number of different factors can have an impact on your credit score, and your score normally changes to some extent every month. Taking out a secured credit card can cause an increase in your score; but everybody has a different credit report, and taking out a secured credit card can have different impacts on different people. In some instances, a secured credit card will have no impact on your credit score at all. Secured Cards When you obtain a secured credit card, you have to secure it by making a cash deposit into a linked savings...

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Does Paying My Car Insurance in Full Raise My Credit Score?

Many car insurance providers give you the option of paying for your six-month policy up-front or paying it in monthly installments. Unless you borrow money to pay your car insurance or are severely delinquent on your bills, your car insurance payments will never affect your credit score, regardless of how frequently you make them. Credit Score Components The only types of accounts that affect your credit score are those on which you are repaying money you borrowed. Lenders of these types of accounts report your payment history to credit...

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How Does Bad Credit Affect Me in the Future?

After you have suffered credit problems, get yourself back on track by paying bills on time and keeping the amounts you owe low to boost your credit as quickly as possible. In the meantime, you will probably see negative effects of your bad credit history in a few areas. Difficulty Obtaining Credit If you have a bad credit score, you might have trouble obtaining new loans and credit cards. This is because your poor management of credit in the past leads lenders to believe that you might fail to repay money they lend you. For example, to...

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How Long Does a Late Mortgage Payment Stay on Your Credit?

In May 2009, 8.1 percent of all mortgage holders were late on their payments -- a 2.8 percent increase over May 2008, according to NuWire Investor. A late mortgage payment has the potential to destroy your credit for years to come. Eventually, your late mortgage payment leaves your record, but you should become proactive to prevent a late payment in the first place. Identification If a lender reports a late payment to the credit bureaus,...

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How to Fix a Credit Score and Eliminate Charge-Offs & Repossessions

Your FICO credit score is calculated based on several factors: payment history, age of accounts, types of accounts and number of inquiries. An adverse credit history, including charge-offs and repossessions, will lower your credit score. Conversely, removing adverse credit records will improve your FICO score. Instructions 1 Obtain your credit report from each of the three credit reporting agencies: TransUnion, Experian and Equifax. You...

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The Best Ways to Ruin Your Credit Score

A good credit score is more important these days than ever. Not only can you not obtain a loan with favorable terms without one, but employers and rental agencies often require a credit check as well. Your quality of life can depend on your good credit score. A good credit score is easy to get, but equally easy to ruin. Avoid making mistakes that can run your score into the ground. Mismanage Credit Cards Credit cards can make your credit...

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List of Credit Score Providers

In the United States, a credit score is a numerical value, which represents a potential borrower, mortgagor or lessor's creditworthiness--the likelihood that he'll repay a debt. Three main credit bureaus tabulate scores for individuals based on factors such as past payment history, frequency of credit history inquiries and the total amount of present debt. Lenders, on the other hand, make use of a different scoring body, which may provide different results. FICO Lenders use the Fair Isaac Corporation (FICO) scoring model to determine a...

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How to Get Your Complete Credit Report History Online

Federal law allows consumers to access their credit report for free once a year and if they are denied credit or employment based on the information on their credit report. The website AnnualCreditReport.com gives consumers access to reports from the three big credit bureaus, Equifax, TransUnion and Experian. Each one can report different accounts and other credit history information, so you must have all three reports to get your complete credit history. Instructions 1 Go to the annual credit report website. Select your state from the drop-down...

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How to Get Rid of a Late Credit Card Payment

A late credit card payment affects you in more ways than one. The late payment will more than likely be reported to credit agencies resulting in a blemish on your credit report. In addition, you may incur additional fees through your credit company for paying late. While a 30-60 day late payment is bad, a 90-day-plus late payment is worse because it can be just as damaging as filing for bankruptcy. Get your credit back on track by getting rid of...

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How Long Are Repossession and Foreclosure on a Credit Report?

A credit report lists a consumer's credit history, including loans and other accounts, balances, limits and payments. It shows whether a person pays on time, is late or skips payments. It also shows negative incidents like repossessions and foreclosures, when property is seized by a creditor. Definition A repossession means that a lender takes property used to guarantee a loan if the borrower stops making payments. It most commonly refers to a vehicle taken when a car loan is defaulted. US Legal says a person can get the car back by paying...

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How Does a Repo on a Lease Vehicle Affect Your Credit?

Your leasing company has the right to repossess your vehicle if you are even one day late on your lease payments. However, many companies wait longer before taking back the car. Before you break your lease, consider the negative impact a repossession will have on your credit score. Impact When your leased vehicle is repossessed, this damages your credit score. The missed payments appear on your report, as does a notation that the car was repossessed. Whether the repossession was voluntary or involuntary does not affect how it appears on...

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What Is Credit Protection?

When you apply for a loan, a credit card and certain kinds of services, lenders and vendors check your credit report. Having a low credit score may disqualify you for credit products and result in you paying higher rates for various services. Credit protection involves keeping your credit score high and taking measures to prevent certain events from negatively impacting your score. Credit Scores When you fall more than 30 days behind on loan payments, creditors report your delinquency to the credit bureaus. This causes your credit score...

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How to Improve My Credit Score Free

How to improve credit score free. Having a good credit score is important so credit score improvement is a big topic. If you want to buy a house, a car, just about anything - you need to have a good credit score you get a low interest rate on your loan, or to even get accepted in the first place. Improving your credit score can be pretty easy. Here is how to easily improve your credit scores. Instructions 1 Credit score repair. How to improve...

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What Your Credit Score Should Be

You are highly unlikely to have the perfect credit score, but don't worry, because you are not alone and you have a good chance of receiving all the same benefits as someone with perfect credit. Ideally, you want the highest score possible, but you can settle for a few dozen or more points less. Highest Score Possible The FICO scoring system is the most dominant risk model in the consumer credit industry and has a maximum score of 850, so you should aim for that. At 850, you are theoretically the least risky customer a lender can have....

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How to Repair a Bad Credit Rating

Your credit score acts as a rating that gives lenders a snapshot of your credit-worthiness. Leslie McFadden of the Bankrate financial site explains that it indicates your risk of defaulting on credit obligations within the next two years. The credit bureaus calculate scores, but McFadden cites FICO as the largest provider. Late payments and other negative credit report entries hurt your rating because FICO gets its information from those reports. You can repair your rating by cleaning them up. Instructions 1 Request your Experian, Equifax...

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I Need Help Fixing My Credit

Fixing your credit helps you get new credit with few hassles, and a good credit history is often required for mortgage loans. Several tips can help improve your present score. The highest credit score is 850. You can achieve an excellent score with smart credit habits. Credit Utilization High credit card utilization, which refers to carrying high balances on your cards, will hurt your personal FICO score. Credit is available to make purchases when in a bind. But relying on credit or lack of self-control can cause balances to increase. And...

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Do-It-Yourself Credit Repair Kit

Many companies offer to repair your credit for a fee, but you can do the same thing yourself at no cost. You are entitled to free copies of your credit reports each year, and you also have the right to dispute information and have certain negative items removed. You can easily prepare and use a do-it-yourself credit repair kit if you know your rights and the correct process to follow. It won't cost you anything, and you may be able to boost your...

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