will applying for checking at your credit score online reduce your score?
will try to get pre-approved for mortgage hurt your score? (since i am planning to get a house in like 7-10 months, not right away)
also if i ALWAYS pay my creditcard debt at least the minimum payment (most of the time i doubled it) will that increase my score? that wont hurt my score right?
Please answer ONLY if you are sure
Thank you for reading
2006-12-06 11:57:52 · 6 answers · asked by hatchiiii 1 in Business & Finance ➔ Credit
It won't hurt your credit score but it will hurt the liabilities section in the "full documentation" policy for a mortgage. Getting pre-approved for a mortgage won't hurt, unless in the process you use loans to pay off long-outstanding bills (IE "instant credit fixes") to pay off liabilities.
For example if you have a credit card debt of $1000 and it has a rate of 14% interest rate and pay a $20 rate you will have to pay well over $3000 at that rate to pay the $1000 principal plus interest (which means many years of those "tiny payments"). And if your liabilities to assets ratio is are more than about 40% lenders will question if your income will overcome your spending habits.
Another good way to get by a lot of this is to get a 20%+ down payment for the mortgage, each increase in down payment can lower the interest rate tremendously.
2006-12-06 12:12:41 · answer #1 · answered by M S 5 · 0⤊ 0⤋
yes, When every time you applying for a credit card, your credit score will be deducted by 2 points. Well, if you really want to improve your score, pay off the balance every time. If you're just paying the minimum, that mean you're only paying for the interest and it will increase your score, but it increase very slow - not much of a change. The only way it will hurts your score is you pay late or not paying at all. Other than that, you're in good shape.
2006-12-07 04:41:58 · answer #2 · answered by a9113257311 3 · 0⤊ 0⤋
No financial institution will pull a credit report if you apply for a checking account. No credit is needed for checking because you can only spend what you have. Each time your credit report is pulled it goes down a couple of points (anywhere from 3-12 points). While it does help that you are always on time with your credit card payments, you should try your best to always pay them off so you have a 0 balance. If not try to pay down you credit cards as much as you can. Being late on payments always lowers your score. Just keep being on time and try not to have a huge credit card balance. Hope this helps.
2006-12-06 20:03:31 · answer #3 · answered by kcslammer13 3 · 0⤊ 0⤋
Checking your own score will not affect you.
Getting pre-approval from a bank that runs your credit score will put a mark on your report and lower your score a couple points.
Paying your cards on time is good but what really affects your score is your debt ratio. Make sure your balance is at most 25% of your total available credit when you go to shop for a mortgage.
2006-12-06 20:03:02 · answer #4 · answered by Harushnakarvikonivonich Hakopyan 4 · 0⤊ 0⤋
Go to: http://www.mycreditkeeper.com .
I have been using them for years... you get 1 credit report a month (all three agencies) for $9.95. Checking your own credit does not go against your credit score.
Its pretty nice.. I always know my credit score. Also it really is good to check your credit often - what with so much identity theft going on.
2006-12-06 20:01:22 · answer #5 · answered by Mike 3 · 0⤊ 0⤋
If you show me your's i'll show you mine
credit Score lol
2006-12-06 20:00:21 · answer #6 · answered by Mysterious 4 · 0⤊ 1⤋