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New Credit Users
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There were 13 articles found in this category:
 How do I order my free annual credit reports?
Under the FACT Act (also known as FACTA), all consumers are entitled by law to at least one free credit report every twelve months from each of the three credit bureaus. This important law also marks the first time in history that this information is available from a centralized source (AnnualCr ...
- Is it against the law for a landlord not to rent to you because you have a bad credit score? If so, how bad does your score have to be?
It’s not illegal for a landlord to deny your rental application because of your credit or credit score. That’s why they pull your credit information: to determine if they want to rent to you or not. It’s perfectly legal for them to use your credit in this way (it's called "perm ...
- Is it bad to pay off credit cards every month (not pay the credit card company any interest)?
Nope! It’s only bad for the credit card company, since they will make less money off of you (they still make a small amount each time you use your card, but they make this money off of businesses, not you as the consumer). Paying off your credit cards is great for you because you get to us ...
- I have no credit; what’s the best way to start out?
A common way to establish credit is to get your parents to add you to one of their credit cards as an authorized user. This may add their accounts to your credit reports, depending upon the credit card issuer’s reporting policy. Another way is to open a few retail store accounts. These ar ...
- What is the exact number of credit cards or any other type of account I should have in order to get the best credit score possible?
Unfortunately, there is no exact answer to this question. What may be good for you may not be good for someone else. In many cases, having an excessive number of credit cards or any other type of account is not good. However, the opposite could be true as well. Having too few of certain types of ...
- How will the CARD Act affect young consumers?
According to provisions in the CARD Act of 2009, no credit card may be issued to a consumer under the age of 21, unless he or she has submitted a written application to the card issuer that meets the following requirements: The signature of a cosigner, including the parent, legal guardian, spou ...
- When it comes to an authorized user account, is it better to include the authorized user's Social Security number on the account?
It really doesn't make a difference whether you include the Social Security number or not. The credit reporting agencies don't use Social Security numbers as the sole identifier for credit reporting. In fact, most credit card companies won't request the authorized user's Social when the primary ...
- Does adding an authorized user’s Social Security number make a difference in how the account history is attributed to the authorized user's credit reports?
Another good question in relation to this topic is, "Does adding an authorized user's Social Security number make a difference in the user's credit scores?" The answer to both questions is NO, not at all. Adding the Social Security number does not increase the chances or determine in any way whe ...
- If I add someone as an authorized user, will it help his or her credit score?
An authorized user account will help only if the account you are adding the authorized user to is managed properly and the balance isn’t too high. It’s also questionable as to whether or not the account will show up on the authorized user’s credit report(s). In July 2008, FICO ...
- How does an authorized user account help build credit history for the authorized user?
If an authorized user account is reported in the authorized user's credit report, the account will be included in the score calculation just as it would if they were the primary account holder as long as the account is a legitimate authorized user account (see FICO 08 authorized user update). ...
- Who is an authorized user?
An authorized user is someone who is added to someone else’s credit card account. He or she has a card and is allowed to use it but is not financially liable for any of the charges. An authorized user is simply legally permitted (authorized) to use someone else's card. You may have been an ...
- What is child identity theft?
Child identity theft is true identity theft in which the victim is a minor child. Because a child (or parent acting on behalf of the child) is unlikely to request credit reports or to try to obtain credit, the theft can go undetected for a long time. In fact, the theft may not be detected until ...
- Does your age affect your credit score?
There is no characteristic in the FICO scoring model that penalizes you or gives you points because of your age. What is age-related and does affect your FICO score is the average age of the accounts on your credit report and how old your credit history is. Therefore, while an eighteen-year old ...
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