John – I’ve heard you shouldn’t close old credit card accounts because older accounts are good for your FICO scores and closing them can hurt your scores. Is that true? Answer – That is absolutely not true. You’ve identified what I believe is the 2nd most common myth in credit scoring, right behind “employers using […]
The truth about what happens when you close old accounts? Read More »
Question – John, I was wondering if you had any advice for my wife who is originally from Colombia. She has been in this country for 4 years now and so far, she has no credit history. She’s never held a credit card or any kind of credit account in this country. We do share
How Do I Establish Credit as a New US Citizen? Read More »
John – I want to get my FICO scores. I’m confused about the options. What is the best and cheapest way to get all three of them? Answer – That’s a very easy question with a very complicated answer. There is no retail website where you can go buy your three FICO credit scores. It
What’s the Cheapest Way to Get All Three of Your FICO Scores? Read More »
John – My question is; I want to pay off some old debts in full. I would like to do “pay for removal.” Should I call them and say I am willing to pay off the debt but they must send me on a letter on company letterhead that spells out they will remove the
Can I Force Collectors to Delete Collections From Credit Reports? Read More »
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
Should I Let My Dad Add Me to His Mortgage? Read More »
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
Can A Lawsuit Ruin My Credit? Read More »
Do Settlements Hurt Credit Scores?
Do Settlements Hurt Credit Scores? Read More »
Hi John, If a collection account has been paid in full for a credit card, can either the credit card or the collection be removed from a credit report? It seems that is a double whammy. If I didn’t pay the issuer and they sent me to collections, my card account record shows a charge-off,
Why Does Defaulted Credit Card Debt Show Up Twice? Read More »
