AllDayStrong

22 Contributions 18 People Helped Top Contributor

Member Since: January 2018

Most Helpful Contribution

I'm about 6 months into paying for my car.How will refinancing or trading it in affect my credit?

Sep 02, 2018
Depends on what you do.
Helpful to 8 out of 8 people

If you refinance and get your APR lowered and in turn lower your amount owed then it could bump your score. But if you trade it in then you will have to transfer the leftover debt to a new loan which will blow up your total borrowed. The dealer will never give you enough for your trade-in to cover your whole loan. You say you're only 6 months in so that means you haven't paid off much of your current loan.

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I'm about 6 months into paying for my car.How will refinancing or trading it in affect my credit?

Sep 02, 2018
Depends on what you do.
Helpful to 8 out of 8 people

If you refinance and get your APR lowered and in turn lower your amount owed then it could bump your score. But if you trade it in then you will have to transfer the leftover debt to a new loan which will blow up your total borrowed. The dealer will never give you enough for your trade-in to cover your whole loan. You say you're only 6 months in so that means you haven't paid off much of your current loan.

how will getting a car insurance quote affect my credit score

Sep 02, 2018
I don't think it will affect your score.
Helpful to 4 out of 4 people

When you apply for credit is when it drops your score.

how accurate is the score simulator?

Sep 02, 2018
These scores can vary by 50 points
Helpful to 2 out of 2 people

Or more depending on who is calculating it. Each credit bureau uses different calculations. And then banks do additional calculations which differ even more.

What will happen to My score if I open a new Credit Card account?

Sep 02, 2018
At first it will drop your score
Helpful to 1 out of 1 people

But then your score will go back up because you have increased your open accounts and decreased your percentage of credit used.

Manual payment reporting

Sep 02, 2018
I've never heard of a way to report that
Helpful to 1 out of 2 people

I think that you have to call the company and remind them to report your payments to your file. I doubt there is any way to report payments yourself. You might be able to file a dispute and explain that you are making your payments on time.

What should my credit score be to buy a house

Sep 30, 2018
Try for a 720 or better

If you want a low down payment and low interest rate, you'd better have a great score.

what is the best banks

Sep 30, 2018
I use Chase banks.

I've never really had a problem with Chase compared to others. They can't provide a refund if you purchase something overseas and it arrives damaged. The customer service said I would have to mail it back in order to get the refund.

I paid off and closed account why did my credit score drop

Sep 30, 2018
You closed a credit card account?

I'm not sure why they drop your score for closing credit card accounts, but it happens to everyone. I've read some advice that says don't close your accounts right before you plan to apply for a home/auto loan cause it'll hurt your score.

how often are credit scores updated

Sep 12, 2018
Sometimes two months to see a change

But usually one month for me anyways.

why is my transunion score different

Sep 12, 2018
Each company has different equations

Even though they are both using Transunion, Credit Karma applies additional math to your score to determine the one you see.

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