What Happens to My Credit If I Marry Someone With Bad Credit?

Although marrying someone with bad credit may cause a degree of financial strife, your personal credit will not be affected as long as you keep your finances separate. There are several steps that you can take to minimize the impact of a partner's bad credit and maximize your financial opportunities, both as an individual and as a couple. Separate Credit Histories As a single, you started to build your credit the first time you used a credit...

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Credit Monitoring Programs

The Federal Trade Commission (FTC) warns that identity theft is a devastating crime, both financially and emotionally. Victims are often turned down for credit cards, loans and other financial transactions and job opportunities while they try to fix the damage. Many turn to services like credit monitoring programs to protect themselves without realizing that such services help in certain ways but do not stop theft. Definition Credit monitoring programs track a person's credit records on a regular schedule, such as monthly or bimonthly,...

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Credible Credit Reporting Companies

A credit report is a comprehensive set of information that shows your loans, balances and payment behavior for those accounts. It is used by lenders to determine your credibility and interest rates when applying for loans and credit cards. There are many companies out there that promise free credit reports but lack credibility. With identity theft and fraud on the rise, it is important to know who you can trust with your credit reporting needs. AnnualCreditReport.com By law each person is entitled to one annual free credit report from the...

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Does Being Denied For a Mortgage Loan Affect My Credit?

Credit rating agencies collect everything about your financial history, so it seems reasonable that a denial would be a piece of information they want to know about. Being denied for a mortgage probably won't hurt your credit rating that much, but a denial is a sign of poor credit. You can mitigate the damage to your score, when applying for a mortgage, by consolidating your inquiries into a short period of time. Identification A mortgage...

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Do Garnishments Affect Your Credit?

Wage garnishments mark the end of the long, painful road of debt repayment. To be garnished, a creditor must file a lawsuit, obtain an order of judgment then seek an additional court order that forces a debtor's employer to withhold a certain amount of the debtor's paycheck. By the time a debt gets to the garnishment phase, a significant amount of credit damage has already been done -- but a garnishment itself represents a mixed blessing for the...

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How to Change My Credit Score in One Week

Improving your credit score can be a long process involving dedication and hard work. There are things you can do right away to help improve your credit score in just one week. With a clear picture of your finances and credit score, and a dedication to paying bills on time and making smart decisions, you can improve your credit score starting today. Instructions 1 Order a copy of your credit report and credit score for free (see Resource)....

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How Canceling a Lease Affects Credit

A lease is a contractual obligation for you to make regular payments in exchange for the reasonable use of a piece of real estate or property. Once you have agreed to the conditions of the lease, breaking or canceling it will usually result in notification of credit agencies as well as penalties or other fees. There are, however, legitimate reasons for canceling a lease, as defined in the leasing contract. Leases are Contracts The purpose...

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How Often Do Collection Updates Get Updated on Credit Reports?

Your credit reports are updated continually and reflect your credit use, including open and closed accounts, credit lines and balances. Perhaps most importantly, the reports show whether you pay bills on time and if you have ever let an obligation lapse until it was charged off or sent to a collection agency. Collection accounts and other delinquencies make it very difficult to open new accounts. Definition A collection account is a bill...

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Does Opting Out of Credit Offers Help Your Credit Score?

Many credit card companies find potential customers by sending credit card offers in the mail to select people. The companies use the credit bureaus to find prescreened individuals who meet specific credit criteria and are likely to be approved for the card if they apply. If you do not want to receive offers, you can opt out without affecting your credit score at all. Soft Inquiry When a company sends you a credit offer, it usually prescreens you by accessing your credit report. However, this does not affect your credit score at all. This...

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How to Request a Copy of My Credit Report & Score Online

Your credit score, which is based on your credit report, is a very important number because it can determine whether you can rent an apartment, whether you can get a mortgage to buy a house, whether you will be approved for a car loan, and whether you can get a credit card. Credit reports are valuable not only for monitoring your creditworthiness but also for making sure you have not been a victim of identity theft. Requesting a credit report and score on the Internet is a relatively quick process. Instructions 1 Locate a credit report website...

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Does Having a Job Increase Your Credit Score?

If you have a job and have adequate income you may be able to pay your debts. Having a job does not increase your credit score. Other factors will help increase your credit score. Misconceptions Having a job and a reliable, consistent, and better than average income will increase your chance of being approved for a loan but it will not help your credit score. Expert Insight Your credit score can be helped by paying your debts on time. Approximately 34 percent of your score is based on how you pay your debts, according to MyFICO.com....

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How to Rebuild One's Credit Fast

Problems managing credit are reflected on your credit report, which determines your credit score. Having a bad credit score can make it difficult for you to obtain credit. Unfortunately, there is no guaranteed way to rebuild your credit right away. The time it takes depends on what sorts of credit problems you have had and whether you are in the financial position to fix them. There are a few ways you might be able to boost your credit score significantly within a month or two, but otherwise, rebuilding your credit will take time. Instructions...

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What Is Considered Excellent Credit Scoring?

To qualify for the best rates on loans and credit cards, it's important to keep your credit score as high as possible. Currently, two credit scoring models are on the market, and while the Fair Isaac Corporation is the leader in credit scoring, VantageScore may also be used by lenders to determine your creditworthiness. Fair Isaac Score When most people think of their credit score, they are thinking of the scoring system put out by the Fair...

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Credit Rating & Employment

Job seekers who have poor credit histories may have a hard time finding employment as companies use credit checks to weed out job applicants. A potential employer is supposed to tell applicants if their credit histories prevented them from being hired. Job seekers have little recourse if they're rejected due to negative credit histories, but they can dispute negative credit information if it's incorrect. Credit Checks A 2010 MSNBC article titled "Bad Credit Sidelines Some Jobless Workers" notes that a survey by the Society of Human Resource...

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Credit Rating Consequences of Debt Relief Consolidation Programs

Paying down multiple credit lines with steep interest rates can be a daunting prospect, which is why some people turn to debt relief consolidation programs for help in managing and simplifying these payments. Debt relief consolidation programs help consumers by consolidating different bills into one monthly payment, according to Debt Consolidation Care. This consolidation frequently lowers the monthly payment for consumers, making it easier...

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How to Explain to an Employer Why Your Credit Is So Poor?

While banks and credit card companies routinely check applicants' credit reports, some employers do so as well. According to Bankrate, in 2004, over a third of all employers conducted credit checks before hiring. If you suffer from poor credit, it doesn't have to cost you a dream job. You can make yourself appear more desirable to a potential employer by properly explaining your past credit mishaps. Instructions 1 Request your free annual...

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If You Pay a Collection Agency, Will It Mess Up Your Credit?

Unpaid debts often end up being sent to collection agencies. If a collection agency inserts a collection account on your credit report, your credit will suffer. While paying old debts demonstrates responsible financial behavior, it is imperative that you do so carefully to avoid additional credit damage. Facts Many consumers pay off collection agencies believing that doing so will improve their credit. While submitting payment on an account that is in collections won't result in the account being removed from your credit report and won't...

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Does Paying Rent Affect Credit?

Paying rent can affect your credit rating if your landlord reports the payments. Commercial rental agencies typically file monthly reports to at least one credit reporting agency TransUnion, Experian or Equifax. Independent property owners may not report the rental payments to a consumer credit reporting agency. If the payments are not reported, they will not affect your credit. What is a Credit Rating? A consumer credit rating, also known as a credit score and a FICO score, is a numerical representation of financial health at a certain...

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Simple Ways to Fix Your Credit Score

Prior to applying for a home loan or vehicle loan, it helps to check your credit score to see if you're eligible for a loan. The criteria and minimum credit score requirement for a loan varies amongst lenders. However, a score of 650 or higher can help you qualify. Fortunately, even if you have a low credit score, simple measures can help boost a low score and help you qualify for financing. Stay Organized Forgetting due dates or losing credit...

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Do Pre-Approval Checks Show Up on Your Credit Score?

Your FICO credit score ranges from 300 to 850, according to myFICO. Lenders and other credit issuers often offer pre-approvals to consumers as a way to market their products and attract new customers. Such pre-approvals may require lenders to access information in your credit report, so it's beneficial to understand whether such inquiries impact your credit score. Inquiries When you apply for credit, the lender will often check your credit by viewing your credit report. This check appears as a hard inquiry on your credit report. According...

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How to Tell If There Is a Judgment Against You for Credit Debt?

Checking your credit report twice a year is prudent and free in most states. If you have access to the Internet, you can see the complete report from the three main credit reporting agencies online in just minutes. You'll be able to check for inaccuracies and dispute incorrect information. If you have a judgment against you, it will appear in the Public Records section of your credit report. Instructions 1 Go online to AnnualCreditReport.com, or click the link below to access all three credit reports at the same time (Equifax, Experian,...

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Do Credit Checks Hurt Your Credit

A credit check is when a potential lender, landlord or employer obtains a copy of your credit report to see if your credit is good enough to qualify. Some types of credit checks lower your credit score slightly, so you should apply for credit only when you need it. Types of Inquiries Credit inquiries fall into two major categories: hard inquiries and soft inquiries. Hard inquiries are made after you apply for any type of credit, such as a mortgage, auto loan, student loan, credit card or charge card. These affect your credit score. A soft...

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How to Estimate Your FICO

Your FICO score is your credit score; which is one of the most important numbers you need to know. Lenders look at your FICO score when you want to rent a home or apartment, buy a home, buy a car, apply for credit or make any other major purchase. The score was developed by Fair Isaac Corporation and ranges from 300 to 850. The higher your FICO score, the better your credit. Lenders can buy your score from three major credit reporting agencies: Experian, TransUnion and Equifax. Estimating your FICO score can help you know where you stand financially....

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How Do I Request My Credit Reports From a Legitimate Site?

Knowing your credit score is vital to being able to obtain the best interest rates on car loans, home loans, school loans, and any future credit cards. There are many sites out there touting free credit reports. However, there is only one site that will offer you free annual scores from the credit rating companies. Free credit report Under the Fair Credit Reporting Act, you are entitled to one free credit report every 12 months. The three nationwide credit reporting companies--Equifax, Experian and TransUnion--must provide you with a copy...

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How to Establish First-Time Unsecured Credit

Establishing credit from scratch can prove challenging because creditors prefer a credit history when reviewing your application. But even if you don't have a credit card or other type of credit line, you can establish credit and receive an unsecured account. Secured credit like an auto loan is easier to acquire with no credit history because the car serves as collateral. But if looking to attain an unsecured credit line, consider your options. ...

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What Is an Equifax Credit Rating?

Equifax is a credit reporting company. An Equifax credit rating is a numerical representation of a borrower's credit history. Lenders use the credit rating, or score, to determine a borrower's creditworthiness to repay a new debt. Significance A credit rating, or score, reflects a borrower's debt repayment history. The higher the credit score, the more likely a borrower is to repay the debt. Function Not only do lenders use a credit...

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How Low Is Too Low for a Credit Score?

Although in theory there is no credit score that is too low, the reality is that there is usually an area in the credit score spectrum that even the loosest lender won't touch. And even if you can get credit, a low score might mean your terms will be less accommodating. Identification The credit reporting agencies and the companies that create credit scoring algorithms have nothing to do with any lending decision, so the floor for what is too "low" for a credit score has no definite answer. One lender may refuse to approve anyone with a...

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How to Rebuild Credit After Making Late Payments

Your credit history is the fundamental key to getting a loan for an automobile, a house and, in some cases, getting a better job. Consistent late payments an greatly damage your credit history and, in turn, damage your chances of receiving that loan. There are several steps you can take to turn your credit around. Remember, though, it will take time and some patience. Instructions 1 Start paying your debts on time. It sounds simple, but make...

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Can You Delete Bankruptcy Off a Credit Report?

If a bankruptcy appears on your credit report, it has a strong negative impact on your credit score, especially if the bankruptcy was recent. Although many companies advertise that they can repair your credit and delete the bankruptcy, there are only a couple of situations in which you can legally delete a bankruptcy from your credit report. Incorrect Report If your credit report states that you filed bankruptcy but you never actually did, you can dispute this item and have it removed from your credit report. Write a letter that states...

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How to Contest a Debt With the Credit Bureau

Your credit report can contain many inaccurate pieces of information, which may affect your credit score negatively. Credit scores are used by lenders to determine your level of risk. Therefore, you should take the necessary steps to contest any erroneous debts you find on your report. You can request a free copy of your credit report, once a year, for all three credit-reporting agencies, including Equifax, Experian, and TransUnion. Instructions 1 Determine which information should be disputed. Review your credit file to see if any information...

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Changes That Affect Your Credit Score

Your credit score determines credit approval with lenders, insurance rates and may even affect employment. Higher scores mean better lending opportunities and lower interest rates. While creditors base lending on various pieces of information on your credit report, your credit score provides a picture of your overall financial responsibility. Your credit report adjusts over time as you pay down debt and acquire new loans. A range of financial changes affects your credit score. Payment History At 35 percent of your credit score, your payment...

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The Average Interest Rate on Cars for People With Average Credit

Auto loans make it more affordable to own the car of your dreams, but not without a price. Interest can add thousands to the cost of your car, so it's your financial responsibility to shop for the lowest rate. As with any loan, your credit score can raise or lower the interest rates available to you. Average Credit According to National Score Index, a website by Experian, as of 2011 the average credit score in the United States is 692. Since lenders prefer scores of 700 or higher, this is fairly high. Credit score averages vary between...

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Understanding a Credit Rating

When you apply for credit, whether it is for a car, a home, a credit card or any other type of loan, the lender will order your credit report to determine your credit rating before making a decision. This is also known as a FICO score. The rating or score is a number that estimates how likely you are to repay the loan and use credit and ultimately helps determine your credit worthiness. How Are Credit Ratings Developed? Credit ratings typically range from 300 (high risk) to 850 (low risk), and the higher your score, the more likely it is...

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Will Lowering Credit Limits Increase a FICO Score?

Your credit score is a measure of your financial health, and your scores can affect whether you will be approved for a mortgage or car loan, in addition to the interest rates you will pay on borrowed money. FICO scores reflect how effectively you manage your money and pay your bills. If you ever receive a recommendation to lower your credit limits to increase your credit score, be warned that this may not be the best advice. Elected Credit Limit...

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Basic Credit Score

When people refer to your basic credit score, they are talking about a credit score calculated and reported by one of the three major credit bureaus: TransUnion, Experian and Equifax. Each of these credit bureaus use the FICO credit scoring system developed by Fair Isaac Corporation. Scores vary with each of these bureaus because of the differences and timeliness of information that is reported to them. How Your FICO Score is Calculated There...

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