How long should I wait before applying for another credit card?
The answer can vary, depending on a variety of life events you can expect to happen over the next few months or years.
Home or car purchase on the horizon?
Wait until you lock in your loan. Your credit score plays the biggest role in your financial future when you're about to finance a major purchase. Locking [...]
How much does your credit score go down when your credit is checked?
That really depends on how you're managing your current credit and who's checking your report.
According to our contacts at FICO, the company that helped originate the credit scoring process, inquiries on your credit report fall into two broad categories:
A "soft pull" happens when a company you're already dealing with wants to pre-qualify you for a [...]
If my debt has passed the statute of limitations in my state, how do I get the debt off my credit report?
Ever since the recession caught consumers at all income levels by surprise, state officials have taken stronger stances to ensure their residents don't get crushed under the burden of old debt. However, just because a lender can no longer pursue a "time-barred debt," that doesn't mean it can't haunt your credit report.
Time limits on debt [...]
I have a credit score of 635, and I'm self-employed. Does this hurt my ability to get a credit card?
With a little research and some flexibility, you should be able to find an account that can help you improve your credit score.
Because your question didn't reveal specifics about how your credit score got to be 635 and what you're intending to do with a new line of credit, I'll make some assumptions. Entrepreneurs and [...]
What does it mean if I have a FICO credit score of 696?
A credit score of 696 means you're just on the bubble of getting better credit card deals from banks, along with better deals on insurance quotes, mortgages and car loans. That's assuming we're talking about a standard FICO scale with a maximum possible score of 850, you're just about to cross the line into "good [...]
What is the range for an excellent credit score?
Until recently, many credit card issuers considered a traditional FICO score higher than 720 an "excellent" credit score. However, with lenders making more conservative decisions about borrower risk, you might not qualify for your bank's best rewards credit card unless your score tops 780. If your bank refers to FICO's "Next Gen" scoring model, an [...]
How is your credit score calculated?
According to insiders at FICO, one of the country's best-known credit scoring services, five areas of your financial life make up your credit score. Although the exact weight of each ingredient varies from person to person, they generally rank this way, from highest impact to lowest impact:
Your payment history
The largest piece of your credit score [...]
My credit scores are above 750, but I applied to American Express, and they rejected me due to a bankruptcy. I’ve had an American Express card before. What card would you suggest?
With just a handful of exceptions, American Express declines new charge and credit cards to former cardholders whose accounts fell into delinquency. However, you can still get many of the features and benefits you love about American Express by mixing and matching some alternative cards.
American Express prepaid cards. American Express has taken an aggressive approach [...]
I've have never had a credit card, so should I check my credit score?
Yes, but it may be more important to check your credit report before checking your credit score. According to analysts at the Federal Trade Commission, only about 1 in 5 Americans bother to check their credit reports in a given year, even though the law requires credit reporting agencies to give out free reports every [...]
Six years ago, someone opened a gas card under my mother's name. Is there any way to fix the damage to her credit report?
Yes, credit reporting agencies have committed to helping victims of identity theft, but you'll need to follow some basic rules.
According to officials at the Identity Theft Assistance Center, your mother has joined the ranks of consumers who have had their financial lives disrupted by someone who exploited another person's good credit. ITAC officials say that [...]