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What is the difference between credit score and credit rating?
The difference between credit score and credit rating is simple Credit score (or credit history) is the history of paying back debt where as credit rating the the reputation for paying back money owing
How long does it take for credit score to go up in rating after paying off debt?
How long does it take for credit score to go up in rating after paying off debt?
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 opening a new credit card affect your credit rating?
Yes. Any new credit account or loan will effect your rating.
Will not paying cell phone bill affect credit rating?
yes
If your spouse co-signs for someone will it affect your credit too?
No, your credit rating is separate from your spouse. If he or she cosigns it will only effect his or her credit rating.
Does paying bills improve your credit score?
Yes, payment history accounts for 35% of your credit score. So paying your bills on time will help you maintain a good credit rating.
Is it possible to buy a cellular phone with bad credit?
It is possible to buy a cellular phone if you have a bad credit rating. If you purchase a pay as you go phone, there will be no checks on you what soever.
Does it boost your credit rating if you pay for a new car in full?
Cash transactions do not normally have any effect on a consumer's credit rating.
Will paying a charged off credit card debt to an outside collection agency help your credit rating?
No, not unless you pay the full required payments without default, which is the same as paying for the card normally. Once you default on a payment your credit rating starts to drop.
Do you need good credit for an auto loan?
For the more expensive cars you will need a good credit rating,you credit rating is a way of letting the lender know how much he or she can lend you with the probability of you paying it back.
How can one improve their credit rating with no credit cards?
The best way to improve one's credit rating is to pay all of one's bills on time. This is the biggest factor in determining a credit score. Paying off loans, such as mortgages and car loans, can also help one's credit rating.
