Repair Credit Score

Posts Tagged ‘finance’

Question: AMX canceled my credit with them because of non-use. Will Credit Score suffer?

I've been a member of American Express for 15 years but haven't used the card in many years. I had no balance. My Credit Score is 770s to 790s depending on the reporting service. I never carry a balance on any of my other cards (3 others) and have not missed a payment in more than 10 years.

Answer: Do not close the card cause it lower you available credit line. You also can use this service to pre-estimate future scores for different scenarios of credit card payments. - freecreditreport.hotusa.org

Credit Card Debt Information : Does It Hurt a Credit Rating to Cancel a Paid Off Credit Card?

Question: where can i get a home loan 18 months post Chapter 7 Bankruptcy with perfect credit since?

my annual household income is $65,000 - $70,000. my Credit Score is 620-650. i have 3 revolving accounts open and 1 installment. i havent had any late payments on nothing including rent. i have been at my current job for 6 years. do i have any hope?

Answer: You need to find a sub prime lending company or a alternative lender. I know RBC has a alternative lending program. And Accredited is a sub prime company (bad credit, high debit, self employed people). If you have a home I'd say contact Maple Trust or First National, they have good sub prime lenders to do some refinancing through CMHC. I hope this helps. Good Luck.
P.S both programs may insist that you get a special insurance policy to insure the lender

Will I Ever Have A Healthy Credit Score After Bankruptcy?

Question: How is Credit Utilization calculated and effects Credit Score?

I have a few questions regarding how credit utilization affects the Credit Score.

Answer: Utilization counts for 30% of your score and how it affects it is how much debt that you have versus how much available credit that you have. So to answer the questions in the order that you asked:

1. A mortgage does affect your score (utilization), but it does have a positive effect on the type of credit you have. (which is 10% of your score)

2. Whether you have it spread out on 2 or all of them, it doesn't matter actually. Me myself, I would keep them all at a 0 balance. There's no need to pay extra money (in interest) on something that I could've paid off a long time ago. That money could be reallocated towards other things.

3. If you're barely paying off the mortgage, what would you want to borrow against the equity for? I would be cautious about borrowing against the equity of your home. Anytime that you would use up 3/4 of any credit line, it's going to drop your score.

The Credit Score Blues