Trying to get approved for that new car you’ve been eyeing? What about a home loan? Or even just a credit card? Every time you apply for new credit this shows up as an inquiry, which makes up 10% of your score, and can cause it to go down. Applying for credit too frequently is a red flag to creditors. If you want to keep track of how often you’re applying for credit, or want to make sure you haven’t been a victim of identity theft, we can help. See it now »
There are only certain factors that can affect your credit score. Some of those factors are your payment history, credit utilization rate, credit age, account types, and the amount of credit inquiries you have on your account. More importantly, it also matters that type of inquiries that occurred. If it was a simple soft credit check, that Credit Sesame performs, your credit will not be affected. On the other hand, if you have had a hard credit inquiry, for example applying for a loan, will slowly reduce your credit score. Typically, the reduction in your credit score will be minor and rebounds afterwards.
After getting approved for refinancing, the new loan may be reported to the credit bureaus, which could lower your average age of accounts. Your other loans will be paid off, but they could stay on your credit reports for up to 10 more years. Your overall installment-loan debt will stay the same, and as long as you continue to make on-time payments, your score may improve over time.
Your credit score uses data on how you’ve handled debt in the past to predict your likelihood of repaying a future loan or credit card balance. The higher your score, the better you look to potential creditors. Your score affects whether you get approved for credit and sometimes the interest rate or other charges you’ll pay. Check your free credit score to see where you stand.
You’ve decided to take the plunge and review your credit reports. (Good call. Credit impacts so many aspects of our lives. It’s important to know where you stand.) The first part — getting your free credit report — should be easy. Just hop over to AnnualCreditReport.com and request them online, by telephone or by mail. Once you have them, the fun begins. You get to read and try to understand all the information the three major credit bureaus have compiled about you. That may seem daunting at first. After all, most reports consist of pages and pages of information. But there are ways to keep your eyes from crossing.
You've probably seen commercials for a "free credit report" (you may recall that guy playing his guitar in the seafood restaurant lamenting his predicament). Be aware that these companies will give you a free credit report and/or credit score initially, but they will also most likely also ask for your credit card number. If you don't cancel within a certain time, they'll charge you for membership.
Carrying a balance on your credit cards because you can’t afford to pay off the entire amount is understandable. Carrying a balance in hopes that it will improve your credit score is a huge mistake and one of the biggest credit myths out there. You don’t need to carry a balance to build credit – the balance reported to the credit bureaus is from your last statement, not what is carried over to the next statement.
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Your credit reports are broken into several different parts, and you’ll want to review each one carefully for errors and omissions regarding all of your key identifying information. This information includes your name, current and former addresses, your employer (if it’s available), credit card and loan payments, inquiries, collection records and public records such as bankruptcy filings and tax liens.
Annualcreditreport.com and the nationwide credit reporting companies will not send you an email asking for your personal information. If you get an email, see a pop-up ad, or get a phone call from someone claiming to be from annualcreditreport.com or any of the three nationwide credit reporting companies, do not reply or click on any link in the message. It’s probably a scam. Forward any such email to the FTC at firstname.lastname@example.org.