Questions tagged [credit-score]
A credit score is a weighted number computed to determine your credit worthiness, and is relevant when arranging for credit or a loan. This tag is to be used for questions related to understanding how things would impact your credit score. Related tags are credit-history, credit-rating and credit-report.
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How much does credit score matter?
The higher your credit score, the better. If you ever had the choice of two different credit scores, you are always better off preferring the higher one.
However, while the utility of a higher score ...
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Is it ever a good idea to close credit cards?
I have a bunch of credit cards with no balance, while others have fairly high balances. I'd like to close the 0 balance cards, but I know that will reduce my overall balance and hurt my credit rating, ...
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Are multiple hard inquiries for a specific loan type okay?
I'm researching mortgage options for my first home purchase, and I recently had a long call with a loan officer where he encouraged me to get pre-qualified (requiring a hard credit inquiry) as soon as ...
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How will going from 75% Credit Utilization to 0% Credit Utilization affect my credit score?
I currently have a 75% credit utilization, which I know is not favorable on about 35,000 revolving credit. I am getting my year end bonus and plan on using that to completely pay off all of my credit ...
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Achieving ideal credit card utilization above 0%
So everyone is aware of the general rule that you should keep credit card utilization below 30% of your credit limit. It's also a good idea to keep this utilization above 0%.
It's very easy to stay ...
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Why is a US credit score based on credit utilization?
As a European citizen I am somewhat puzzled by how American credit scores work. The US is one of the few, possibly the only country where such a strong focus is put on the utilization history of ...
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What is the optimal ratio of used credit to credit limit for your credit score?
I have been told to never go over 50% of my credit limit on any credit card even if I pay always off in full for each statement, in order not to hurt my credit score. Is this true? What is the ratio ...
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How bad would maxing out my credit card once a year affect my score
I just got approved for a $1500 cash secured credit card from Wells Fargo.
This means I have no credit history whatsoever, and am going to use this card to establish one.
With fall semester at ...
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Should I really pay off my entire credit card balance each month or should I maintain some balance?
I've heard two conflicting things:
One is that you should pay your entire credit every month, and the other that you should maintain roughly %30, %50 (it varies by who you ask) of your available ...
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Does the history of credit utilization affect FICO score?
Most people are aware that the debt to credit limit ratio is a vital part of the FICO score. The FICO score is updated every time new information is received by the credit bureaus. However, is it ...
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Multiple mortgage pre-approvals and effects on credit score
Background Info: My wife and I are looking to purchase our first home/condo. Given our combined gross annual income of ~$100k and lack of any actual debt, we're looking at properties in the $200-250k ...
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How is your credit score related to credit utilization?
A few questions:
Is it better to use your card and pay off the bill completely every month? [I prefer building the credit score over paying interest]
How is credit utiltization calculated? Is it ...
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Optimal way to use a credit card to build better credit?
I have a credit card with a $700 limit and I am curious how to optimize credit gain with it. Right now, I use it once a month (usually on something small like a drink from a convenience store or ...
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What happens to my credit history if I pay before my credit card bill is generated?
I've read that keeping one's credit card utilization below 20% improves your credit score.
If for some reason I have an expense that is greater than 50% of the credit limit and I pay by credit card, ...
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What can I actually do with a high credit score?
I recently checked my credit score via two of my credit card providers. It seems to be hovering between 790 and 815. One service brands the score it provides as a FICO score and the other specifically ...
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