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You did a credit simulator and it said if you paid off all revolving debt your score would go down Why?
Deductions are not generated just by "negative" information. Deductions are triggered by factors that denote RISK to lenders. There are a number of things (like this example) that are not negative in and of themselves, but which convey risk, and therefore cause your score to decline. Credit scoring software needs to see activity in order to calculate how a consumer is paying their financial obligations. No activity means no information = Higher RISK for a potential lender. Maximum points can be achieved by having between 2 and 4 revolving accounts, paying them on time consistently, having them open for a long period of time and keeping the balances between 1& and 9% of the highest credit ever used. The industry term for this is utilization. This makes it looks like you are spending a small portion of your income. "Good" activity means good information = Less RISK for a potential lender.
What else can I help you with?
How to bring my credit score up 60 points in 30 days?
The two biggest things that can hurt your credit score are not paying your credit on time and holding too much of a balance on revolving accounts. The best way to bring up your credit score 60 points in 30 days would be to make sure you pay all of your accounts on time and to pay down as many revolving accounts as you can.
If you have three credit cards would it hurt your credit score to close two out of the three cards?
It may. The target range for maximum points to your score is two to four revolving accounts. Managed properly and paid on time will cause points to be added.
Does home HELOC show on your credit report and does it affect your revolving debt?
A HELOC usually shows on your credit report as a mortgage, although sometimes it can report as revolving. Sometimes the same loan can appear differentl for each of the three different credit bureau companies. Generally it will affect your revolving debt on your credit report just the same as it would a credit card if it appears as revolving to a particular bureau. If it appears as a mortgage, then it will of course affect your score as a mortgage. The differences are not too great, but can widen the range of a tri-merge report. It is impossible to say exactly how much any one thing will affect your score as the formulae used to determine your scores are kept as closely held trade screts by these companies. It is extremely complex mathematics though and it is unlikely that any one type of loan would significantly effect your score more than another since the bureaus look at the overall credit profile.
How does 753 fico score rank?
would a credit score of 753 be considered a good credit score?
Is a credit score of 9002 bad?
9002 is not a valid score. A credit score would be a three digit number.
How to bring my credit score up 60 points in 30 days?
The two biggest things that can hurt your credit score are not paying your credit on time and holding too much of a balance on revolving accounts. The best way to bring up your credit score 60 points in 30 days would be to make sure you pay all of your accounts on time and to pay down as many revolving accounts as you can.
If you have three credit cards would it hurt your credit score to close two out of the three cards?
It may. The target range for maximum points to your score is two to four revolving accounts. Managed properly and paid on time will cause points to be added.
Does home HELOC show on your credit report and does it affect your revolving debt?
A HELOC usually shows on your credit report as a mortgage, although sometimes it can report as revolving. Sometimes the same loan can appear differentl for each of the three different credit bureau companies. Generally it will affect your revolving debt on your credit report just the same as it would a credit card if it appears as revolving to a particular bureau. If it appears as a mortgage, then it will of course affect your score as a mortgage. The differences are not too great, but can widen the range of a tri-merge report. It is impossible to say exactly how much any one thing will affect your score as the formulae used to determine your scores are kept as closely held trade screts by these companies. It is extremely complex mathematics though and it is unlikely that any one type of loan would significantly effect your score more than another since the bureaus look at the overall credit profile.
How is your credit score affected if a credit card company closes your account because of inactivity?
Your credit score is affected by ALL the information in your credit history. Specifically, a recently closed, inactive, revolving account would impact the amount of credit available to you, thus changing your debt-to-available-credit ratio. If this particular acccount was the oldest account in your file, closing it would also shorten the history of your open credit accounts. The amount of impact to your current score would depend upon what remained open in your file and, once again, ALL the data showing, not just this one account.
How does 753 fico score rank?
would a credit score of 753 be considered a good credit score?
Is a credit score of 9002 bad?
9002 is not a valid score. A credit score would be a three digit number.
How do you fix a credit score of 514?
1> Pay your bills on time. 2> Reduce the number of open accounts that are revolving accounts. 3> Reduce the number of inquires for you credit. 4> Keep low balance on your credit cards. You would have to stay consistent doing this for 2 to 3 years.
Is it possibleto get an auto loan with a 547 credit score?
It is unlikely that a bank would give a person a loan who has a credit score of 547. A good credit score for a loan would be between 700-800.
Does paying off your mortgage early affect your credit score?
Yes, it would help your credit score.
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.
Is 215 a good score?
If you are talking about credit score, understand that I am not a credit expert, but since a credit score of 620 is bad, 215 would be a terrible credit score. If this is for a test like the SAT, this is also horrible. The average score of the SAT is about 500, and even that isn't that good of a score.
How is 636 for a credit score?
A score of 636 in most credit scoring systems would be considered below average.
