Clik here to view.
Can Your Thin Credit Report Be Scored?
Every industry has its own unique terminology and the credit industry is no exception. One of the common terms used to describe credit reports is “thin,” which is a description of the amount of...
View ArticleClik here to view.
Why Won’t A Lender Let Me Provide Them With My Own Credit Reports and Credit...
I got a fabulous consumer question today regarding a lender’s use of an “RMCR” credit report and why lenders won’t use credit reports provided by consumers for risk assessment. “John, I’m trying to...
View ArticleClik here to view.
Are Charge Cards and Credit Cards the Same Thing?
They look the same, they’re used the same way, most retailers accept both…so credit cards and charge cards must be the same thing, right? Not really. Most people don’t realize that there is a...
View ArticleClik here to view.
How Late Can I Be On a Payment Before My Credit Scores Get Damaged?
I received the following question from a reader asking about how late payments make their way to credit reports. “John, I just converted from paper statements to email statements for my credit cards. I...
View ArticleClik here to view.
What is the impact of a credit dispute on my credit reports?
When you get a copy of your credit report you should review it for accuracy. If you find any errors on your credit reports you should contact the credit bureaus and dispute the information. The credit...
View ArticleClik here to view.
Will Settlements Hurt My Credit?
I received the following excellent question from a Twitter follower yesterday. You can follow me on Twitter at @johnulzheimer. “John, I have about $8,000 in credit card debt and a company called me...
View ArticleClik here to view.
How Much Do Credit Inquiries Impact my Credit Scores?
Credit inquiries occur when a company pulls your credit report, which is usually the result of you seeking credit. The company name, their industry (i.s. auto, mortgage) and the date they reviewed your...
View ArticleClik here to view.
How Can I Fix My Credit Scores?
I received the following question from a reader late last week and, frankly, couldn’t wait to write an article responding since it’s such a great question. “John, I am in the middle of refinancing my...
View ArticleClik here to view.
Can My Age Lower My Credit Score?
Some of the key components of the credit score are based upon on length of credit, how currently you pay your bills, how much of your credit card credit limits you use, inquiries, and other minor...
View ArticleClik here to view.
Can Medical Bills Hurt My Credit Scores?
Medical providers such as hospitals, doctors, and clinics don’t normally send information to the credit bureaus. Medical bills are not usually reported to the credit bureaus unless the bills have been...
View ArticleClik here to view.
What If My Credit Limit Is Not Being Reported On My Credit Report?
Your credit limit is the predetermined upper most boundary of your credit card spending capacity. So, if you’ve got a $10,000 credit limit that means you can charge up to $10,000 worth of products and...
View ArticleClik here to view.
Can A Balance Transfer Help my Credit Scores?
First, what is a balance transfer? Credit card issuers want to increase their share of your wallet and will offer you low interest rates in exchange for you transferring the balance from another...
View ArticleClik here to view.
Why Did The Credit Bureaus Deny My Credit Application?
The credit bureaus denied my credit application!! Wrong! This is one of the common fallacies abut credit bureaus. Credit bureaus compile the credit information supplied by data furnishers such as...
View ArticleClik here to view.
Why Didn’t My Credit Scores Go Up After I Paid My Tax Lien?
I received the following question regarding the influence of paid tax liens on credit reports and scores. “John, I had a Federal tax lien in 2010. I paid it in 2012. I was under the impression that my...
View ArticleClik here to view.
Do FICO or VantageScore Sell Scores to Lenders?
FICO is the company that invented credit scores. VantageScore Solutions builds the VantageScore credit score, which is sold by all three credit bureaus (as are FICO’s scores) Since FICO invented them...
View ArticleClik here to view.
When Is It Okay To Close One Of Your Credit Cards?
We’ve all heard the warnings…don’t close your old credit cards because your credit scores will go down! That warning is part truth and part myth. And, there are certainly times when you can safely...
View ArticleClik here to view.
Does Buying Your Credit Report or Score Online Lower Your Credit Scores?
“John, I have heard in the past that buying a credit report, credit monitoring service or a credit score from any of the retail credit websites will hurt your credit scores. I would like to monitor my...
View ArticleClik here to view.
Buzz kill…Here’s Why Your Credit Score is Meaningless to Lenders
700, 680, 545…we’re all focused on our credit scores and with good reason. Credit scores can determine whether or not we can get credit to buy a home, a car, an education. Credit scores can determine...
View ArticleClik here to view.
If I Pay or Settle a Collection Will it Improve My Credit Scores? A New...
A collection account results from an unpaid bill that is usually past due 150 to 180 days (5 to 6 months). When the creditor determines that the account is uncollectable, they usually charge-off the...
View ArticleClik here to view.
Why Can’t I Get My Credit Score?
Credit scores are derived from data on your credit report…and that’s it. They are based upon mathematical formulas that predict future credit behavior using both current and historical credit...
View Article