John – I want to close an old credit card but I’ve heard it will lower my FICO scores. Why? Answer – When you close a credit card, assuming the balance is $0, that card will no longer count in the calculation of your revolving utilization percentage, which is an important component of your FICO …
How does closing a credit card impact my scores? Read More »
John – My dad wants to add me to his mortgage loan. Will that screw up my credit? I’m 21. Answer – It doesn’t matter if you’re 21 or 121, what your dad is suggesting is a horrible idea. When your name goes on the loan you’ll become just as liable for the debt as …
John – I was in a car accident and the driver of the other car hired an attorney who sent me a demand letter for $20,000. They have threatened to sue me if I don’t pay. Can this ruin my credit if I get sued? Answer – A lawsuit will not have any negative affect …
Do Settlements Hurt Credit Scores?
