Posted on July - 18 - 2010
This Week’s Top Credit Questions
What do on-time payments, bad scores, and recent immigrants all have in common?
All three of these interesting topics made it to our top Credit Advice Center questions! Check out this week’s standout credit questions and read what’s been buzzing around our community-powered Q&A. Feel free to stop by the Credit Advice Center yourself to post your own credit question or shoot the breeze with other Credit Karma members with smart answers of your own. You might just make it to our Q&A hall of fame next week…
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Question: Why, when I have 100% on-time payments, does my credit score keep going lower each month?
Your Responses:
- Someone please respond to this question, I’m having the same issue!
- Are you applying for new credit and getting inquiries? Did you pay off an old loan a while ago?…
- Maybe your credit card utilization percent is increasing?…
- I wouldn’t recommend going wild with a card unless you know that as much as you put on it you are able to pay off immediately, which is what you should do…
- Check out more answers here!
Question: How can a new immigrant better build their credit score?
Your Responses:
- Get a secured credit card. Those usually don’t have a credit requirement. A secured credit card will report your payment history to the bureaus and start your credit history…
- I do appreciate your advice. Now, does it make a difference that I apply for a secured credit card with my bank or can I apply with some other financial institution?…
- Any institution is fine. Just make sure that they report to the three credit bureaus and make sure they don’t perform a credit check…
- Thank you so much for your prompt reply. It is sweet & to-the-point. That’s exactly what I need now. I wonder if I can throw in another question…
- Read the rest of this conversation here!
Question: Why do we have a bad credit score when we always pay more and not late in the last 3 years?
Your Responses:
- The most likely reason: When you say that you have a “B” score on “payments on time” in the last 3 years, I’m taking this to mean that you DO have a late payment sometime before that…
- What I have found out is that even if you pay your bills on time, if the amount of debt you have out ways what you normally bring in or its over half of what you bring in, to creditors it looks like you are stretched thin and there is really very little “asset” left after you pay everything…
- Finish up these answers here.
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