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A zero credit score is the sign of a financially responsible person, one who does not borrow money, one who saves and invests regularly, and pays with cash. In other words, no history of having and paying off debt. Not worshiping at the alter of the great FICO.
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∙ 14y ago
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How can you get a zero as your credit score?
Typically, if you see a "zero" or nothing as a credit score it is due to the consumer having no credit or not having any positive credit that would contribute to the scoring system. A consumer can have nothing but negative credit on their report and this would not generate a score. A score is normally generated when the consumer has had a loan and/or credit card history.
Will leaving zero balances on open credit card accounts help your credit score or should they be closed to help your score?
Yes!! As long as they are at zero, you do not need to close them to help your score. Just don't open any new ones!!!
How can I build my credit with a score of 0?
First, credit scores don't go down to zero. The only way to improve credit score is to obtain credit, use it wisely, pay it on schedule.
Does your credit score go to zero when you file bankruptcy?
Interesting Question! A credit score of Zero occurs for a variety of reasons-most due to no credit history, but not due to bankruptcy. Zero credit score can occur because you have not had any credit within the past seven years; you have never had any credit; you have had your credit account suspended due to report of identity theft or fraud; or you were convicted of a felony. There may be other reasons for a zero credit score not mentioned here. The normal range of score is around 300 - 850 (depending on your information source). After bankruptcy, a FICO score in the mid to high 400 range, but after a couple years, this tends to come back up to the 500s, even low 600s (depending on how many accounts were included in bankruptcy). Hope this helps!
How can a repossession with a zero balance affect a credit score and can it be removed?
A repossession will significantly lower your credit score, regardless of the balance. It will take around 7 years before the repossession is removed from the credit report.
How can you get a zero as your credit score?
Typically, if you see a "zero" or nothing as a credit score it is due to the consumer having no credit or not having any positive credit that would contribute to the scoring system. A consumer can have nothing but negative credit on their report and this would not generate a score. A score is normally generated when the consumer has had a loan and/or credit card history.
Will leaving zero balances on open credit card accounts help your credit score or should they be closed to help your score?
Yes!! As long as they are at zero, you do not need to close them to help your score. Just don't open any new ones!!!
How can I build my credit with a score of 0?
First, credit scores don't go down to zero. The only way to improve credit score is to obtain credit, use it wisely, pay it on schedule.
Does your credit score go to zero when you file bankruptcy?
Interesting Question! A credit score of Zero occurs for a variety of reasons-most due to no credit history, but not due to bankruptcy. Zero credit score can occur because you have not had any credit within the past seven years; you have never had any credit; you have had your credit account suspended due to report of identity theft or fraud; or you were convicted of a felony. There may be other reasons for a zero credit score not mentioned here. The normal range of score is around 300 - 850 (depending on your information source). After bankruptcy, a FICO score in the mid to high 400 range, but after a couple years, this tends to come back up to the 500s, even low 600s (depending on how many accounts were included in bankruptcy). Hope this helps!
Is a credit score of 709 good?
This is an OK score. If you get the score up to 770 and higher, you'll qualify for lower interest rates on loans. Over 800 and your a near-zero credit risk.
Will you get a two thousand dollar loan with credit of 649?
It depends on where you get your loan, how much collateral, and why your score is 649. Don't be fooled by credit scores. They don't mean what they say they do. I have a credit score of zero and my credit is excellent.
Beacon score zero what does that mean?
This means that you have no credit history according to equifax and thus they were not able to produce a beacon score.
How can a repossession with a zero balance affect a credit score and can it be removed?
A repossession will significantly lower your credit score, regardless of the balance. It will take around 7 years before the repossession is removed from the credit report.
What types of things can zero percent interest apply to?
It applies to a type of credit cards that gives you zero percent interest when they are used. They are recommended for people with a good credit score.
Will your credit score drop if you close a zero balance credit card that has been open for only four months?
There are many factors in credit scoring. Closing an account should not make it drop in score. Especially if it is a small amount of credit available.
What is the credit score impact of transferring your entire balance from a credit card to a new lower rate card account while keeping your old accound open with zero balance?
I've heard that if you keep your old account open (even with zero balance) can actually improve your credit score. The longer you keep credit card accounts open with out generating massive debt the more likely you'll get a better credit score. Depending on how large your balance is will really determine rather your credit score will get hurt or not (some will argue that it will not change your credit score but the answer varies from one opinion to the other) . You will be charged a fee by your previous credit card company though. Do not close your previous credit card account if you wish to improve your credit score, for some credit score companies may use it as a penalty against you (e.g. FICO).
If you close open accounts will your credit score go up?
NO! THE OPPOSITE HAPPENS, YOUR CREDIT SCORE WILL LOWER. KEEP YOU ACCOUNTS OPEN EVEN IF YOU HAVE A ZERO BALANCE. NEVER, CLOSE AN ACCOUNT IF YOU CAN AVIOD THIS.
