Credit Q&A

Find the answers to the most common questions about credit and credit cards or submit your own question. All answers and recommendations are provided by experts in the credit and credit card industry. Join the discussion today.

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Credit Questions

Does your credit get restored after 7 years and when will you know?

If you are waiting for negative marks to fall off your credit report, your credit will not necessarily "restore" immediately - but it will help your credit score over time. Certain bad credit marks, such as charge-offs, delinquent accounts, and tax liens,.. More

Share | Asked on March 01, 2010

How do I challenge items listed on my credit report, and will this help my credit score?

If you are challenging items erroneously listed on your credit report, make sure to dispute the items in question to all three credit bureaus. Clearing up mistakes on credit reports typically boosts credit scores anywhere from 5 to 50 points, though there.. More

Share | Asked on March 01, 2010

I used to have a lot of various collections on my credit report, but I have paid all of them off except for my medical bills. My credit report shows them as paid and closed but my credit score hasn’t improved. Will I have to wait for them to be removed from my credit report in order for my score to go up? I feel like I’m working so hard to get things under control with no positive results.

Depending on how you resolved your credit collections, these negative marks will reflect in your credit score even after you've paid them off. According to FICO's recent disclosure of credit score damage points, a late credit card payment can cost you 60-.. More

Share | Asked on March 01, 2010

My Credit Karma score hasn’t moved in 3 months. With the deletion of several negative accounts and late payments, my TransUnion FICO score has increased by 50 points. Why is this?

Credit scores are determined by a combination of your personal credit data and a bureau-specific algorithm to score the data; typically credit scores do not match from one provider to another because the credit data and the scoring algorithm are very like.. More

Share | Asked on March 01, 2010

I have no credit. How do I start to build my credit if no one will approve me for a line of credit?

The best route for first-time credit users to build credit is with a secured credit card. Secured credit cards are similar to credit cards except they require a security deposit from the cardholder, and are effective at building good credit history becaus.. More

Share | Asked on March 01, 2010