Comments on: Biggest Credit Score Myths – Lesson #4

By: VideoCreditScore-Andy

VideoCreditScore-Andy — Fri, 19 Aug 2011 23:31:25 +0000

They won’t disappear, but all inquiries in a 30 day window are treated as 1 inquiry. This approach allows consumers to shop around.

By: Tonya

Tonya — Wed, 13 Jul 2011 12:35:22 +0000

How long does it take for credit inquiries to disappear from your credit report. I shopped on line for a car and the website shopped my info. out to several dealerships and banks.

Thank you,
Tonya

By: James

James — Fri, 13 May 2011 02:12:33 +0000

Is it legal for a collection agency to report balance increases to a reporting agency every 2 weeks? I have an alleged account that has been charged off and sent to NCO for collections. I recently purchased Scorewatch and have been receiving alerts every week to 2 weeks because of balance increase to the acccount. They seem to be randomly increasing the balance from $5 to $6 dollars every two weeks. This seems illegal………

By: VideoCreditScore-Andy

VideoCreditScore-Andy — Sun, 06 Mar 2011 00:50:35 +0000

It depends. While it should help. Often times we see that people are getting dinged for the date reset. When you settle, the new date is posted and that can cause a score drop. This may recover fast however. When people are close to 6 years, I usually tell them to ride it out as it will be removed after 7 years.

By: VideoCreditScore-Andy

VideoCreditScore-Andy — Sun, 06 Mar 2011 00:41:13 +0000

It’s not the checking of your scores that causes the decrease. It’s the fact that a change causes a date reset and that often lowers the score. For example, fixing a 6 year old debt might seem smart, but the date will be reset and while the news will be good, the reset date often causes a decrease in score. The algoritms must show that users who make these changes are still at risk. A bummer. I know. But time will heal all.

By: John

John — Mon, 28 Feb 2011 01:55:09 +0000

We’re told that checking your credit score does not impact your credit score. Does checking your credit report inpact one’s credit score? And does disputing errors on your credit report impact your score?

I had to dispute errors on my credit report up to a dozen time in eighteen months. It took that many times to finally get several accounts corrected. Does that negatively impact my credit score. From what I’ve see, the more errors that I’ve corrected the and along with three years of excellent payment history, the more diverse my credit mix the more my score has decreased. I only have a 2% ratio of credit to income. One score has actually gone from good to poor without any derogatory informatoin being reported during that time period.

By: phil

phil — Mon, 21 Feb 2011 19:48:43 +0000

Does paying off credit card balances on accounts that are closed and over three years old help my credit score? If I settle these accounts for less than the full amount owed, will this help my score?

By: VideoCreditScore-Andy

VideoCreditScore-Andy — Sat, 29 May 2010 04:58:59 +0000

It's not an instant impact at falloff. Slowly your fico score rises as time passes. So your score shouldn't change that much from 6.8 years and 7 years, as an example. This is how people with bankruptcies can have great scores 2 years after a bankruptcy even though it won't fall off their report for 10 years.

By: Betty Brock

Betty Brock — Sat, 22 May 2010 19:34:14 +0000

So if the debt falls off in 7 years, do the points get added back to your score?

By: VideoCreditScore-Andy

VideoCreditScore-Andy — Wed, 12 May 2010 03:14:52 +0000

Scott, this rumor is crazy. Many people with great scores have more than two credit cards. Having 20 cards is a bad idea, but 3 – 4 is fine. It’s how you use the cards that matters more. Hope that helps!