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== == Yes, when you transfer a balance you are required to close that account. Closing an account decreases your score up to 20 points. You then increase the balance of a new account. Opening a new account decreases your score up 20 points. If you have a balance on an account that is already open and your transfer more money into that account you are increasing your balance; which will decrease your score up to 20 points. So, be careful with this process, and be aware of the affects.
What else can I help you with?
Do returns effect your credit history?
No - no more than the balance of your credit card does. Individual returns are not reflected on your credit report, only the balances of cards, high limits, etc.
Does your credit score go down if you close a credit card account but do not have any credit card balances?
No. The only thing that has any negative effect on your score is missed payments, insufficient payments, over limit fees, late fees etc.
Does a out of court settlement effect your credit?
An out-of-court settlement itself typically does not directly affect your credit score, as it is not reported to credit bureaus like a loan default or bankruptcy would be. However, if the settlement involves unpaid debts that are reported as settled or charged off, it may impact your credit report. Additionally, if you were sued and a judgment was entered against you, that could negatively affect your credit. Always check your credit report for any entries related to settlements to understand their impact.
Is someone cosigns for you does it help your credit or theirs if payments are made on time?
It will be reported to the credit bureaus under both names, but will have a greater effect on the primary borrower's report. If payments are made on time, it will never indicate which party actually made the payment.
Does canceling a credit card effect credit rating?
Canceling a credit card my have a negative effect on your rating if it has not been open very long. What lenders like to see is a steady and lengthy payment history. So it is a good idea to keep it open and keep the balances very low. After having the account for 2+ years I would say it is safe to cancle only if the card is bad for you, for example it may have annual fees, high APR, low credit limit etc.
Can medical bills effect your credit while making payments on them?
Yes, this is only reported on your credit report if it is a collection account.
Can an unpaid balance on auto insurance effect your credit?
Unpaid balances owed to insurance companies will be sent to collection agencies and will count against your credit.
Do returns effect your credit history?
No - no more than the balance of your credit card does. Individual returns are not reflected on your credit report, only the balances of cards, high limits, etc.
Does transferring a home equity loan to a lower interest unsecured credit card have a positive or negative effect on one's credit rating?
It helps because when you transfer the loan, you are actually "paying it off".
Will not paying for a timeshare give you a bad credit?
Yes. It is a debt and if defaulted on will most likely be reported to one if not all the major CRA's. Yes. It will affect your credit reputation. If you still have money on your bank account, it is possible that it can be collected through this. It can be reported to a credit agency as it is considered a debt. The effect on the owner is that he will have a bad reputation to lenders. Yes, it will give you a bad credit. If it will be reported to a credit reporting agency, you will have difficulty making a loan in the future.
How will voluntary repossession of my home in Texas affect my credit?
The effect on your credit will depend on how the lender chooses to report it to the credit bureau. Sometimes a lender will be willing to report it 'paid as agreed' or 'settled' entry on the credit report rather than an actual repossession. If it is reported as an actual repossession or foreclosure it will be on your credit for seven years and negatively effect your rating.
Does your credit score go down if you close a credit card account but do not have any credit card balances?
No. The only thing that has any negative effect on your score is missed payments, insufficient payments, over limit fees, late fees etc.
Does a out of court settlement effect your credit?
An out-of-court settlement itself typically does not directly affect your credit score, as it is not reported to credit bureaus like a loan default or bankruptcy would be. However, if the settlement involves unpaid debts that are reported as settled or charged off, it may impact your credit report. Additionally, if you were sued and a judgment was entered against you, that could negatively affect your credit. Always check your credit report for any entries related to settlements to understand their impact.
If you're refinancing your house but the contractor who was renovating is putting a lien on the house because you still owe him a small amount of money will that affect the refinancing and your credit?
If the lien is reported to your the 3 credit reporting agencies or even one as a collection it will effect your credit. If the lien is just on your home it will not effect your credit however you will have to pay the lien off when you sell or refinance your property. Also some of these liens have running interest which can be a shock in the future.
Is someone cosigns for you does it help your credit or theirs if payments are made on time?
It will be reported to the credit bureaus under both names, but will have a greater effect on the primary borrower's report. If payments are made on time, it will never indicate which party actually made the payment.
If you do not pay the cleaning move out fees to the leasing company can they report you to the credit bureaus?
LEASING COMPANIES CANNOT REPORT YOU TO THE BUREAUS. SO, NO THIS WILL NOT BE REPORTED TO ANY OF THE BERUEAS. YOU WILL HAVE A DEBT THAT NEEDS TO BE PAYED OFF EVENTUALLY, BUT IT WILL NOT REFLECT NOR EFFECT YOUR CREDIT RATING.
If a debt has been sent to collection company does it mean that it will automatically effect your credit?
If the OC has reported it to your reports as delinquent and the CA adds a negative entry as well, your score will be greatly affected
