finances

5 Important Credit-Related Questions to Ask Yourself

1. Can I earn a credit score without a credit history?

You might be surprised to learn that you can get a credit score without having had any prior history. There are four methods available for this, namely: securing a secured card, getting added as an authorized user on someone else’s account with their permission (and if they have good credit), applying for and being approved of your own loan under cosigner terms where the person who has agreed to cosign will benefit from better rates or other incentives in doing so; finally there is also nontraditional ways like renting cars through companies such as Enterprise CarShare which keeps track of rental payments instead of just loans and leases- no need here to assume responsibility since it belongs solely to them!

2. Does closing a credit card affect my credit?

The short answer is, it depends. If you have several credit cards, closing one shouldn’t harm your credit but if you only have one and are using more than 30% of its limit every month then close the account. The main thing to remember as long as this number stays below thirty percent or less pay off any debt that exceeds a third so at no point in time will there be too much outstanding on your card(s).

 

3. Does getting married affect credit?

Getting married doesn’t change your credit score because spouses have separate files. However, if you’re looking to get joint credit, it can be impacted by the spouse with poor scores! When one person has a bad history on their own they don’t always impact an application for both of them together so make sure that you know which accounts are in good standing and those who aren’t when applying jointly!

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Getting married will not affect your individual FICO® Score as long as each partner maintains his or her individual account independently from another’s. If pursuing joint lending options (which is often a great idea), understand any negative impacts they might incur.

4. Will bad credit affect a job application?

This is an important question. One misconception that many people have about their potential bosses, and even themselves as employees in the future, is how much of your professional success depends on what you do with money matters like paying bills or saving up for retirement later down the line – which has nothing to do with skillset at hand. When it comes time to apply for jobs (think any position from supermarkets clerks all the way up through CEOs), they’ll be looking not only at whether you’re qualified but also whether we think we can trust YOU when handling our company’s financials!

Many people are under the impression that a bad credit score will negatively affect your job prospects, but this is usually not true. Unless you’re applying for a position which has fiduciary responsibilities it’s unlikely to have an effect on the hiring decision in any way.

 

5. Can collection agencies collect on old debt?

In some states, there is a statute of limitation on debt collection. If you pay towards an expired debt, it restarts the debt and this could end up costing more than just letting the old bill go unpaid! Alternatively in most cases if not expires or too far back for any negotiation to take place then your best bet would be to contact the creditor directly about transferring ownership of that account so they can manage paying off their own debts themselves rather than trying to collect from you once again without success because good luck with that!

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