Exactly what kind of things can affect your credit score?

Question

I know credit cards,mortgages,and renting can affect your score. But what else? Can not paying medical bills,library late fees,phone bills,newspaper fees due, and cable bills, and also I bought a book from Reader's Digest, and didn't finish paying it off. Could all of these things affect my credit score?

Answer 1

As far as the things you listed above it is very unlikely that a library book or a newspaper fee would ever show up on your credit report - it's just not worth it in most cases to go after you for a few bucks.

Now medical and utility bills can and usually do go on your credit report - but only when you do not pay. (If they are in good standing you will never see them on your credit report.)

Here is an article to keep handy titled, "Factors That Influence Your Credit Score".

http://www.fastlender.com/article/factors-that-influence-your-credit-score.aspx

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Answer 2

I am a lender and review credit files daily. The questions your pose above could be answered yes for the most part. Credit cards enter with not only the promptness of payment history but also whether you are at your max credit limit.
Renting generally will not show up unless there was cause to have you evicted. Then it will depend on the landlord & their choice to report and whether legal action entered the picture.
Medical bills, unpaid phone or other utility bills might appear in your credit file as well. Some unpaid subscriptions occasionally show up as well.
So, yes - those things do affect your score - but so do other things. For instance - the number of credit cards you have - the number of delinquent payments - how credit active are you? - have there been a lot of inquiries into your credit recently. Inquiries are generally there when you apply for credit to a lender. Credit scores are sometimes used as a bankruptcy predictor; by calculating the likelyhood or risk of your seeking protection under bankruptcy - due to info such as the above items as measured in your credit file.
Hope this info helps.

Answer 3

Great question! I'm a banker, so I'll do my best to answer.

All of the things above can affect your score, but the library, newpaper and Reader's Digest won't report to the credit agency.

The real question to ask is whether the company will report to the credit agency. Some companies will check your score, but won't report (as it costs them money). You can call and ask their customer service, they'll tell you.

When you are applying for credit, most banks will throw out things that don't apply to real "lending". I always throw out medical or anything regarding small bills (i.e. telephone, etc.).

Other things that can affect your score are:
- 5 point deduction for credit inquiry (if you apply for credit). You'll get the points back in 60 days.
- Tax liens
- Legal judgements against you
- Bankruptcy

Hope this helps.

Good luck!

Answer 4

Your FICO score is calculated by thousnads of factors, the primary factors are:

1 Payment History
2. Amounts Owed
3. Length of Credit History
4. New Credit
5. Types of Credit Used.

Here is a diagram and a really intresting article that breaks it down it great deatil for your viewing pleasure: http://www.expert-credit-advice.com/credit_score.htm


Anything that reports to the credeit bureaus will impact your score.

If you are trying to improve it, I would reccommend reading this other article on the same site: http://www.expert-credit-advice.com/building_credit.htm

Read it carefully! Your credit will affect anything you finance for the rest of your life, your insurance rates, your home, vehicles, credit cards, maybe even your job!!!


Hope this helps.

Have a wonderful day!

Answer 5

Late payments on credit cards, mortgages, utilities. Medical bills not paid or being taken care of thru court. Applying for a credit card or any credit at all, it seems pretty well anything anymore can affect it.

Answer 6

Closed money owed in sturdy status do no longer adversely influence your credit. in case you close up your oldest credit card account, you should be last that background. sturdy charge background improves a credit. Are you donning balances on your credit enjoying cards? The degt to accessible credit shrink ratio has a great influence on your score. save you balances below the 30% mark. Payin in finished each and each month is much extra helpful.

Answer 7

The link below is the answer from the company that developed the formulas used by the 3 major US credit bureaus.

Answer 8

Check out my site at:

http://www.thetruthaboutmortgage.com

Click on "understanding your credit report" and "how to fix bad credit" on the left-hand navigation panel.

Answer 9

of course...you need a financial advisor, but they cost money too. I suggest you stop spending.