Closing your youngest credit card does not have any bearing on the most important credit score calculations, nor does it have an immediate impact on the average age of accounts. Canceling any credit card typically has more potential to cause…
A remark such as “remark added to account” or “remark added to this account” is a note or comment to added clarification to your credit report. They are added to your credit report by a financial institution with which you…
Despite rumors saying otherwise, opting out of credit cards and other credit offers does not increase your credit score. You have the right to keep your name off promotional lists that credit bureaus sell to interested third parties, but it…
If your credit report shows an inquiry from miscellaneous reporting agencies, often listed as “miscellaneous reptg agencies,” it means a credit information provider gathered your credit information at someone’s request. These reporting companies perform hard credit checks for many creditors…
Early exclusion is an unofficial technique which involves requesting to have negative items removed from one’s credit report up to six months before the scheduled fall-off date. Requests are made by contacting the credit bureaus directly. Consumers have reported varying…
When determining your credit worthiness in purchasing a new car, dealers usually look at the following: If these red flags are found on your credit report, the dealer may raise their interest rates to cover the added risk. A top-notch…
If you see a hard inquiry on your credit report for “US SM Bus Admin ODA”, it means that a disaster loan from the U.S. Small Business Administration’s Office of Disaster Assistance (ODA) has been opened in your name. They…
The all zero except one (AZEO) method is an advanced credit utilization technique that focuses on having all revolving credit accounts report a zero balance, except for one account that reports a small balance. Since creditors like to see responsible…
If you see the phrase “too many accounts with balances” as a derogatory mark on your credit, this means that you have outstanding debt from an excessive amount of creditors. This often manifests in the form of credit cards on…
When a purchase is refunded to a credit card, the refund amount is processed as a deduction from the balance on the card. If the card has no outstanding balance, the refund is still processed. The amount of the refund…