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Will Settling a Credit Debt Affect My Credit Score If My Credit Is in Good Standing?
by SpunkyJones in Personal Finance
Lenders use credit scores to determine whether you're likely to repay a loan. A person with a good credit score can obtain a new loan more easily than someone with a low score. However, if you have a good score and settle a credit card debt, your score will suffer. Credit Card SettlementWhen you settle a credit card debt, you and the lender agree that you will pay a portion of the total debt yo

Does a Credit Limit Not Being Shown on a Credit Report Hurt the Credit Score?
by Oli in Personal Finance
Your credit score plays a critical role in helping you qualify for new loans and credit cards. In addition, people with good credit scores are typically offered lower interest rates than people with bad credit scores. One of the many elements that goes into calculating your credit score is your credit utilization ratio. When a credit limit is not shown on your credit report, this can negatively af

Will Cancelling Credit Cards With High Available Credit Hurt My Credit Score?
by taviso in Personal Finance
Your balances owed account for thirty percent of your credit score, according to the Fair Isaac Corporation. Part of this category includes the ratio between you debt and your available credit. Debt to Available Credit RatioYou calculate your debt to available credit ratio by dividing your outstanding balances on your credit cards by your total credit limit. For example, if you have four credit

Will it Hurt My Credit Score If I Ask to Lower My Credit Limit on My Credit Card?
by baylisscg in Personal Finance
Asking the credit card company to lower your limit could be an effective way to control spending, but this might damage your credit score and make you appear to be a worse borrower. The percent of your credit limit which you use is an important ratio in the FICO score calculation, and one you have much control over. Instead, request a higher limit. IdentificationLosing available credit hurts yo

Can Closing a Credit Card Hurt Your Credit Score if You Have Stellar Credit?
by Mark in Personal Finance
Financial experts like Dayana Yochim of The Motley Fool tell consumers not to cancel credit cards because it will hurt their credit rating, but closing a credit card account might have no effect on your credit rating -- at least in the short-term -- if you already have stellar credit. However, there is no need to close to your account if you can manage credit well. IdentificationNobody knows ex

When You Ask for a Credit Increase on Your Credit Cards, Does It Affect Your Credit Score?
by PliotronX in Personal Finance
Whether you pay off your credit cards in full each month or carry a balance, you may want to up your credit limit. Asking the lender to increase your credit line should not affect your credit score. An extra credit check may lower it by a couple of points, but a lower debt-to-credit ratio should help. Calculating Credit ScoresEvery time you borrow money, the lender reports it to one or more cre

How to Fix Bad Credit & Reestablish Good Credit With Credit Repair Experts
by kema in Personal Finance
Credit repair experts can help repair and reestablish credit. When you fall behind on your monthly payment obligations, a reputable credit repair agency can assist you in consolidating debt and making settlement arrangements. There are various types of credit counseling and repair services offered. Some companies charge outrageous fees and make false promises, warns the Federal Trade Commission (F

Why Do Credit Bureaus & Credit Cards Rule a Credit Rating?
by dante in Personal Finance
Though it may seem as if credit bureaus and credit cards rule a credit rating, the truth is that consumers are ultimately in charge of their own credit status. Credit bureaus are information clearinghouses and credit cards are only one aspect of a credit rating. A credit rating is a three-digit number that lenders, insurance companies and some employers use to determine if a consumer is a good cre

Does Having a Credit Dispute on Your Credit Report Hurt Your Credit Score?
by tdowg1 in Personal Finance
Your credit reports display information about your past financial activities, including credit card debt, student loans, automotive financing and mortgage accounts. Employers use your credit report to help decide whether to hire you, and companies use your credit history to decide whether to approve you for mortgages, loans or credit cards. Although the consumer bureaus usually add correct informa

Definitions of Consumer Credit, Retail Credit & Cash Credit
by Vlad Sirenko in Personal Finance
The buy-now-pay-later world of credit is tightly woven into the fabric of today's economy. Credit can be used to replace a broken appliance even when cash is low. It can buy a new car with a price sticker that would challenge the most dedicated saver. It can indulge a whim without regard for practicality, and it can be essential in starting or expanding a business. But credit is not one-type-fits-

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