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As you already know, when you pay for something on your credit card, you eventually have to pay the bill off with real money. So your credit score is based on if you pay back that bill, and if you pay it back on time. And say you own a house you have to pay mortgage, if you don't pay your bills on time, then you credit score will be bad as well. But be careful because have a bad credit score can ruin a lot of things for you. Like buying a good car or house. Because having a bad credit score tells people that you are unreliable to sell something to that involves a monthly payment. So if you expect to buy a house or car with bad credit, you would have to bu it using a check or cash. This is why I suggest using a debit card for everyday using like grocery shopping, because it only allows you to use the money that you have in the bank therefore you cannot go over. Hope I helped, sorry for such a long response.
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∙ 12y ago
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What is max credit score?
The maximum credit score based on FICO is 850.
Does your low credit score affect your new husbands credit?
No, your low credit score should not affect your husband's credit score, unless the lender/bank uses both your information for the loan. Credit score is based on each individual's information.
What is the average expected credit score to receive a mortgage loan?
There is not an average expected credit score to receive a mortgage loan. You may have a low credit score, and an high income and still be able to qualify. Loans are not just based on credit score.
How do you get your credit score without a credit card?
There's no need to have a credit card to get your credit score. You can use various web based services in order to get your credit score for free -- no credit card required. See the source links for links to sites that can help provide more information on checking your credit score.
How do you check credit without affecting your score?
Your credit score is based on your credit history. It is not the affected by the number of times you check your own credit rating. However, many credit scores factor the number of times someone else checks your credit and it may lower your score.
What is max credit score?
The maximum credit score based on FICO is 850.
Is a credit report the same as a credit score?
A credit report tracks your credit reliability based on your history of making payments on your loans and other debts. A credit score is a numeric value based on a weighted formula and your credit history. To find out more on both your credit report and credit score go to http://cashmoneylife.com/credit-score-credit-report-difference/
Does your low credit score affect your new husbands credit?
No, your low credit score should not affect your husband's credit score, unless the lender/bank uses both your information for the loan. Credit score is based on each individual's information.
Does your credit score drop at a certain age?
credit score is not based on age but how you handle your credit....handling your credit well and your score goes up.....handle your credit bad, as in having a lot of debt and not paying on time brings your score down.
What is the credit score you start off with if you have no credit?
If you don't have credit, you **can't** have a score, since they are solely based on your use of your credit. The bureaus return a report saying "no credit information on file".
What is the average expected credit score to receive a mortgage loan?
There is not an average expected credit score to receive a mortgage loan. You may have a low credit score, and an high income and still be able to qualify. Loans are not just based on credit score.
How do you get your credit score without a credit card?
There's no need to have a credit card to get your credit score. You can use various web based services in order to get your credit score for free -- no credit card required. See the source links for links to sites that can help provide more information on checking your credit score.
Do you loose you credit points if you had acredit card debt in collections?
Of course. Your "credit" score will be lowered if you become a debtor who doesn't pay your debts. Your credit score is based on your behavior as a person who owes money. If you don't make your payments on time you are a poor credit risk.Of course. Your "credit" score will be lowered if you become a debtor who doesn't pay your debts. Your credit score is based on your behavior as a person who owes money. If you don't make your payments on time you are a poor credit risk.Of course. Your "credit" score will be lowered if you become a debtor who doesn't pay your debts. Your credit score is based on your behavior as a person who owes money. If you don't make your payments on time you are a poor credit risk.Of course. Your "credit" score will be lowered if you become a debtor who doesn't pay your debts. Your credit score is based on your behavior as a person who owes money. If you don't make your payments on time you are a poor credit risk.
How do you check credit without affecting your score?
Your credit score is based on your credit history. It is not the affected by the number of times you check your own credit rating. However, many credit scores factor the number of times someone else checks your credit and it may lower your score.
What factors would make your credit score change?
Your payment history makes up 35 percent of your 3 digit fico score. Your debt to income ratio makes up 30 percent of your fico score. 15 percent is based on length of credit history. 10 percent is based on new credit and the other 10 percent is based on the types of credit used.
What are the 3 credit agencies that make up the FICO score?
Credit bureaus don't make up a FICO score. FICO score are based on the information on a consumber's credit bureau file. There are 3 credit bureau's are: Equifax Trans Union Experian
How does credit affect an individual financial standing?
Your credit can raise or lower your credit score. It is what consumer credit for buying a house or car is based on.
