Posts Tagged ‘affect’

I understand that credit score isn’t necessarily based on income but here’s my situation. I have about 16,000 in revolving debt with a 600 credit score. My yearly income has recently increased 10 fold which obviously improves my debt to income ratio. How long after this increase should I see improvements in my credit score and by how much. Also what triggers the credit bureaus that this increase in income has occurred?

I am on a debt management plan however all of my accounts are now current on the plan. Will this affect my ability to rent a new apartment?
Just to clarify, I did not file bankruptcy but am simply on a debt management plan for making payments.

For some reason they all have the right credit info but cant get my personal info correct. Why?
How hard is it to get it straightened out and can I just call them to fix the problems?

I know it affects your credit score negatively everytime you APPLY for something (car, loan, credit card) and they check your credit report to see if you qualify and you end up not qualifying.

But does it affect your credit score if you request your own credit report just FOR YOUR INFORMATION, to make sure everything is accurate? I know it costs you money, but does it affect your credit score?

Your credit score is determined by looking at a combination of information from credit cards, available credit, payment history, and other financial information. Negative information like bankruptcies and liens can drastically lower your credit score, but the information won’t stay there forever. After a certain number of years bankruptcies and liens will stop affecting your credit score. Late payments and the amount of available credit can also strongly affect your credit score.

Debt relief without bankruptcy is important because bankruptcy puts a black mark on personal credit. Use debt consolidation instead of declaring bankruptcy withhelp from a business analyst in this free video on financial planning and debt management. Expert: Terry Kuykendall Bio: Terry Kuykendall is currently a budget analyst for the military in Washington. She is an accountant who has worked at firms helping people deal with personal and business debt. Filmmaker: stephen kuykendall

I want to get a frequent flyer credit card but I already have 3 credit cards with generous limits. I don’t need these credit cards and I would like to cancel them and have this “possible credit” to go towards the new card. I heard once that canceling a credit card has a negitive effect on your credit score. Is this true? If so, how do I switch credit cards and avoid affecting my credit score in a bad way?

I want to eliminate the rest of my credit card debt. I see the ads for debt management services where they work with your creditors to reduce your interest rates, then combine all of your debt together, where you pay them one payment per month. My husband thinks this will reflect negativly on our credit report. Has anyone ever done this, and were you succesful in eliminating debt? Did it affect your credit rating in a nigative manner? I think that most people in America today, have alot of consumer debt, but I see many poeple who aren’t worried about it, and only pay the monthly minimums each month. I have been there before, but I am ready to pay it all off. What do you think? I would love to hear from anyone who has used these services before, or any other great idea to pay it all off, without taking out any more loans. Thanks!

In words that I will be able to understand, can anyone explain to me the correlation between the banks, the housing crisis, and the stock market. And how does the stock market affect the economy itself? I am just beginning to understand what the stock market is, so numbers and statistics are really not helpful.

I heard that the housing market being low in sales and with the forclousure market crashing, it is affecting investors so much that they are moving money out of equities (stocks) and investing more in safer investments. Thats why the stock market has been down so much in the past week.

How does this happen? I was reading about it, but I didn’t really understand. Are investors pulling out their stocks from big lenders? How exactly does it affect the stock market? I need help understanding it in normal terms that make sense.

Please advise, thank you!!