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What impact does 1099-C have on your credit report i want to buy a car in a few months will this effect in qualfying for a loan?
Your credit report shows your credit useage patterns, it has nothing to do with the quality/source of your income.
1099 is used to report income stuff to the IRS. The credit bureaus won't know about it.
What else can I help you with?
When you have had perfect credit with no negatives how does a past due from a store card effect your credit?
Credit scores are calculated based on ALL the information showing in a report at the time they are requested. That having been said; any derogatory information, like a late payment, that gets reported within the past 12 months would have a significant impact on the score. This impact would be most notable on a consumer's report with no other derogatory information.
Does it hurt your credit score if you open 1 or 2 credit cards with a 12 month deferral of payments and interest with the intent of paying these off from a mortgage refinance within that 12 months?
The deferral option itself will not have a significant effect. The debt to credit ratio that might be incurred during the time period, will definitely change a credit score. Therefore, deferred accounts can have a negative impact on the CR.
If you are two months late on a house payment or car payment how will that effect your credit and how long will it show up on the credit report?
History on your credit accounts, especially what has taken place in the last twelve months, accounts for 35% of your credit score. This can mean a 200 to 300 point deduction for late payments. The derogatory information stays on your credit report for 7 years. But it will start to affect your score less and less after that critical 12 month period is over.
How long is your Credit score impacted after missing a personal loan payment?
Most negative tradelines due to missed payments will have an impact for about 24 months. If the missed payments are not caught up (e.g., 60 days late, 90 days late, etc.) the impact may last as long as 36 months.
What credit card company gives extra credit after three months?
There are no companies that give extra credit after three months. First of all, credit cannot be associated with credit cards. Second of all, if one is referring to rewards, then most extra bonus rewards come from purchases within the first 3 months, not after.
Is it true that a collection that has been paid off will not effect your score after 18 months?
That is not true. It does affect your credit score, but after 12 months, the amount of impact begins to decline. How much of a decline is based on ALL the factors which impact credit scores.
How long does a credit inquiry stay on your credit report?
A credit inquiry typically stays on your credit report for two years. However, its impact on your credit score diminishes over time, and it usually does not have a significant effect after the first year.
How will renting two apartments at the same time effect your credit?
If you are paying rent on time for both apartments, there will be no impact on your credit report or credit score. Landlords use credit bureaus to check the credit of potential renters, however, they very rarely report abuse until the renter is many months behind. Having two rental units should not impact your credit score unless you have missed a number of rent payments.
When you have had perfect credit with no negatives how does a past due from a store card effect your credit?
Credit scores are calculated based on ALL the information showing in a report at the time they are requested. That having been said; any derogatory information, like a late payment, that gets reported within the past 12 months would have a significant impact on the score. This impact would be most notable on a consumer's report with no other derogatory information.
Can you remove inquiries from credit report?
No, inquiries from your credit report cannot be removed. They typically stay on your credit report for up to two years but only impact your credit score for the first 12 months. Multiple inquiries within a short period may have a temporary negative effect on your score.
Does it hurt your credit score if you open 1 or 2 credit cards with a 12 month deferral of payments and interest with the intent of paying these off from a mortgage refinance within that 12 months?
The deferral option itself will not have a significant effect. The debt to credit ratio that might be incurred during the time period, will definitely change a credit score. Therefore, deferred accounts can have a negative impact on the CR.
How significant an impact does a late payment make on a credit rating?
A late payment on your credit card bills can gradually ruin your credit card rating if you continue on failing to meet the bills for consecutive months. The penalties will be carried on month after month, thus ruining your score.
If you are two months late on a house payment or car payment how will that effect your credit and how long will it show up on the credit report?
History on your credit accounts, especially what has taken place in the last twelve months, accounts for 35% of your credit score. This can mean a 200 to 300 point deduction for late payments. The derogatory information stays on your credit report for 7 years. But it will start to affect your score less and less after that critical 12 month period is over.
With the new credit card laws going into effect, are retail credit card processing centers adjusting well?
With the new credit card rules only recently having gone into effect, it is difficult to determine the long-term implications for retail credit card processing centers. However, in the short-term, these processing centers have had to make the same adjustments that bank credit card companies have had to do and they've had several months to make the adjustment as afforded by the law.
How long do i have to have a credit card before i get a credit score?
6 months
How long is your Credit score impacted after missing a personal loan payment?
Most negative tradelines due to missed payments will have an impact for about 24 months. If the missed payments are not caught up (e.g., 60 days late, 90 days late, etc.) the impact may last as long as 36 months.
What does too many inquiries in the last 12 months means?
"Too many inquiries in the last 12 months" typically refers to multiple credit checks initiated by lenders or financial institutions when you apply for credit, such as loans or credit cards. Each inquiry can negatively impact your credit score, as it may signal to lenders that you are seeking too much credit or may be a higher risk. Generally, having several inquiries within a short timeframe can raise red flags in your credit profile. It's often advised to limit applications for new credit to maintain a healthier credit score.
