25:["$","$L26",null,{"category":"$27","relatedArticles":[{"id":"cG9zdDo0MTY1Mw==","databaseId":41653,"postId":41653,"author":{"node":{"id":"dXNlcjo1Mw==","databaseId":53,"userId":53,"avatar":{"url":"https://secure.gravatar.com/avatar/e108c21a7f5933aad20a2fed390a87d8?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Amanda Dixon is a personal finance writer and editor with an expertise in taxes and banking. She studied journalism and sociology at the University of Georgia. Her work has been featured in Business Insider, AOL, Bankrate, The Huffington Post, Fox Business News, Mashable and CBS News. Born and raised in metro Atlanta, Amanda currently lives in Brooklyn.","additionalMeta":{"expertise":null,"__typename":"User_Additionalmeta"},"email":null,"firstName":"Amanda","fullName":"Amanda Dixon","lastName":"Dixon","name":"Amanda Dixon","postCount":{"pageInfo":{"offsetPagination":{"total":184,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"adixon","__typename":"User"},"__typename":"NodeWithAuthorToUserConnectionEdge"},"categories":{"nodes":[{"id":"dGVybTo5Mg==","children":{"nodes":[],"__typename":"CategoryToCategoryConnection"},"databaseId":92,"categoryId":92,"link":"https://smartasset.com/credit-score/articles","name":"Credit Score","postCount":{"pageInfo":{"offsetPagination":{"total":96,"__typename":"OffsetPaginationPageInfo"},"__typename":"CategoryToPostConnectionPageInfo"},"__typename":"CategoryToPostConnection"},"slug":"credit-score","ancestors":null,"parent":null,"__typename":"Category"}],"__typename":"PostToCategoryConnection"},"content":"$28","date":"2015-11-30T07:00:15","excerpt":"

Credit scores are pretty mysterious. Your score can change overnight and vary by credit bureau. While there’s no secret formula to obtaining a perfect credit score, there are certain actions you can take to give it a boost. On the other hand, there are some moves that actually won’t help your score at all. Check […]

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","

Check out our budget calculator.

","

1. Paying Your Utility Bills

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We all know it’s a good idea to pay your bills when they’re due. And while paying down credit card debt and other loans can potentially do wonders for your credit score, making on-time payments to your electric, cell phone or internet company won’t have an impact on your credit score.

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Sure, you can pat yourself on the back for keeping up with your utility bills but on-time payments won’t be your saving grace if your credit score is low. However, not paying those bills can hurt your score if a collection agency contacts one of the credit reporting agencies about your failure to pay up.

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2. Paying Your Full Balance on a Maxed-Out Card

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","

Your debt-to-credit ratio (also known as your credit utilization ratio) has a substantial impact on your credit. That’s the amount of credit card debt you owe relative to your credit line or lines. This ratio accounts for 30% of your credit score.

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Perhaps you think you can max out your credit card and then pay it all off. Even if you succeed in paying off a maxed-out card, your credit score could still take a hit. Why? Maxing out your card in the first place indicates that you’re not being responsible with your credit.

","

Trying to improve your credit? A better strategy is to keep your credit utilization ratio as low as possible. The people with the best credit scores tend to have debt-to-credit ratios below 10%.

","

Check out our credit card calculator.

","

Another trick is to pay off all your debt prior to the closing date printed on your credit card statement, as opposed to waiting until after you receive your bill. This will lower your debt-to-credit ratio (and help your credit score) as you’re paying off your balance before your information is sent to the credit bureaus.

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3. Applying for Multiple New Credit Accounts

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If you’re in a rush to build your credit, applying for multiple lines of new credit within a short time span is not the solution to your problem. In reality, it can only make matters worse.

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New credit makes up 10% of your credit score. Opening a few new accounts all at once can lower your score. If you have a thin credit file, it’s especially important that you avoid applying for lots of new credit. Doing so can negatively affect your score because it lowers the average age of all of your credit accounts.

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4. Closing a Credit Card Account

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Parting ways with an inactive account is one of the biggest credit card sins you can commit. There are certain circumstances where closing a card might make sense, like when you’re trying to avoid paying high fees. But if improving your score is your number-one goal, closing accounts is not the way to do it.

","

Rather than benefiting your score, closing an account can cause your score to drop. Cutting ties with a credit card company might send your credit utilization ratio up, which can then lower your credit score. Also, since FICO incorporates your mix of credit into your score, getting rid of a card could affect your score.

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5. Always Paying With Cash or Debit Instead of Credit

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If you’ve had a couple of slip-ups with your credit card in the past, vowing to never swipe it again won’t raise your score.

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You see, the key to having good credit isn’t avoiding credit cards altogether. It’s using them responsibly. Paying for most of your groceries, clothing and other personal items with the money in your checking account can help you manage your spending. That’s not going to get you closer to an excellent credit score, though.

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The Takeaway

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There are plenty of myths surrounding the subject of credit scores. If yours is below average or it’s keeping you from qualifying for a loan, doing any of the things we’ve discussed won’t raise your score. But keeping your debt-to-credit ratio low, paying off your debt in a timely manner and checking your credit report for errors can help.

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Photo credit: ©iStock.com/IuriiSokolov, ©iStock.com/stocknroll, ©iStock.com/IPGGutenbergUKLtd

"],"experts":null,"link":"/credit-score/actions-that-wont-improve-your-score","published":{"datetime":"2015-11-30","readable":"November 30, 2015"},"shareInfo":{"title":"5 Actions That Won’t Improve Your Credit Score","origin":"/credit-score/actions-that-wont-improve-your-score"},"isNewsArticle":false},{"id":"cG9zdDoxNDM5OA==","databaseId":14398,"postId":14398,"author":{"node":{"id":"dXNlcjozMQ==","databaseId":31,"userId":31,"avatar":{"url":"https://secure.gravatar.com/avatar/4f83b7fc5d16958da260ac860dca4404?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Harry Campbell is an aerospace engineer by day and personal finance blogger by night. He runs his own personal finance blog at Your PF Pro and is a freelance writer. Harry's expertise includes retirement, credit cards, home buying, higher education and side hustles like ridesharing. His work has been featured on Zillow, Credit Karma and CreditCards.com. Harry currently resides in Newport Beach, CA and enjoys biking and playing beach volleyball in his spare time.","additionalMeta":{"expertise":null,"__typename":"User_Additionalmeta"},"email":null,"firstName":"Harry","fullName":"Harry Campbell","lastName":"Campbell","name":"Harry Campbell","postCount":{"pageInfo":{"offsetPagination":{"total":11,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"hcampbell","__typename":"User"},"__typename":"NodeWithAuthorToUserConnectionEdge"},"categories":{"nodes":[{"id":"dGVybTo5Mg==","children":{"nodes":[],"__typename":"CategoryToCategoryConnection"},"databaseId":92,"categoryId":92,"link":"https://smartasset.com/credit-score/articles","name":"Credit Score","postCount":{"pageInfo":{"offsetPagination":{"total":96,"__typename":"OffsetPaginationPageInfo"},"__typename":"CategoryToPostConnectionPageInfo"},"__typename":"CategoryToPostConnection"},"slug":"credit-score","ancestors":null,"parent":null,"__typename":"Category"}],"__typename":"PostToCategoryConnection"},"content":"$30","date":"2014-03-26T12:30:42","excerpt":"

With all the talk about hurting or helping your credit score these days, there are probably a lot of confused consumers out there. Most credit monitoring companies try to portray your credit as a mythical entity but managing your credit doesn’t have to be a mystery. Check out our budget calculator. There are lots of […]

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","

Check out our budget calculator.

","

There are lots of actions that can help your score but there are just as many that can have the reverse effect. Obvious negative actions would include things like defaulting on a payment or not paying your bills on time. But there are actually a few items that won’t have an impact at all.

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Let’s explore three actions that won’t affect your credit score:

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1. Pulling Credit for Yourself

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Most people know that every time you apply for a loan or open a new credit card, your credit score will take a hit. Whenever a lender or bank requests your credit report, there what’s called a hard inquiry against your account. It’s perfectly acceptable to have a few hard inquiries on your account, but once you start racking up too many, your credit score will start to reflect that. Lenders don’t like to see multiple inquiries since it signifies that you’re trying to access too much credit within a short amount of time.

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So while you don’t want to apply for too many lines of credit at once, there’s actually no penalty for personally requesting your credit score or report as often as you’d like. These inquiries are referred to as soft pulls since you are the one making the request as opposed to a bank or lender.

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2. Getting Denied for a Loan or Credit Card

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We now know that every time you apply for a line of credit there is a hard inquiry on your account but there’s actually no difference whether you’re approved or denied. And since hard inquiries are erased after 2 years, if you’re denied for multiple lines of credit, those inquiries will all be gone after 2 years. Your score may temporarily drop because of the inquiries but whether you’re approved or denied will have zero impact on your score.

","

Related Article: Easy Credit Isn’t Always Worth It

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3. Debit Cards

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A lot of people like to use debit cards because they are directly linked to your bank account. That means it’s pretty much impossible to fall into the ‘credit trap’ and spend more than you have. Once you do spend more than your account balance, your card will no longer work. Debit cards offer a lot of the same protections (purchase protection, fraud protection, etc.) as credit cards but they won’t do a thing for your credit, positive or negative.

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Since there’s really no line of credit being extended, banks won’t even report a debit card to the credit bureaus. Some banks will however initiate a hard pull to open a checking account (which would be linked to a debit card) so be sure to ask about that before applying for a new account.

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The important thing is to be informed about what your credit score is currently and what actions can hurt or improve it in the future.

","

Photo Credit: jannet162011

"],"experts":null,"link":"/credit-score/3-things-that-wont-affect-your-credit-score","published":{"datetime":"2014-3-26","readable":"March 26, 2014"},"shareInfo":{"title":"3 Things That Won’t Affect Your Credit Score","origin":"/credit-score/3-things-that-wont-affect-your-credit-score"},"isNewsArticle":false},{"id":"cG9zdDo1NTY2OQ==","databaseId":55669,"postId":55669,"author":{"node":{"id":"dXNlcjoyOA==","databaseId":28,"userId":28,"avatar":{"url":"https://secure.gravatar.com/avatar/c2129e3c852ac8063af4562fe9605e22?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Rebecca Lake is a retirement, investing and estate planning expert who has been writing about personal finance for a decade. Her expertise in the finance niche also extends to home buying, credit cards, banking and small business. She's worked directly with several major financial and insurance brands, including Citibank, Discover and AIG and her writing has appeared online at U.S. News and World Report, CreditCards.com and Investopedia. Rebecca is a graduate of the University of South Carolina and she also attended Charleston Southern University as a graduate student. Originally from central Virginia, she now lives on the North Carolina coast along with her two children. Rebecca also holds the Certified Educator in Personal Finance (CEPF®) designation.","additionalMeta":{"expertise":null,"__typename":"User_Additionalmeta"},"email":null,"firstName":"Rebecca","fullName":"Rebecca Lake, CEPF®","lastName":"Lake, CEPF®","name":"Rebecca Lake, CEPF®","postCount":{"pageInfo":{"offsetPagination":{"total":1252,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"rlake","__typename":"User"},"__typename":"NodeWithAuthorToUserConnectionEdge"},"categories":{"nodes":[{"id":"dGVybTo5Mg==","children":{"nodes":[],"__typename":"CategoryToCategoryConnection"},"databaseId":92,"categoryId":92,"link":"https://smartasset.com/credit-score/articles","name":"Credit Score","postCount":{"pageInfo":{"offsetPagination":{"total":96,"__typename":"OffsetPaginationPageInfo"},"__typename":"CategoryToPostConnectionPageInfo"},"__typename":"CategoryToPostConnection"},"slug":"credit-score","ancestors":null,"parent":null,"__typename":"Category"}],"__typename":"PostToCategoryConnection"},"content":"$38","date":"2016-11-07T13:00:38","excerpt":"

Being turned down for a credit card or a loan is never a pleasant experience. But it could happen, particularly if your credit score isn’t up to snuff. A rejected application can be a setback, but it doesn’t have to permanently prevent you from buying a home or making another major purchase forever. Here are five steps […]

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","

Check out our credit card calculator.

","

1. Understand Why Your Application Was Rejected

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Credit card companies and lenders consider a number of factors when deciding whether to approve a credit application. For example, they tend to look at things like your income, employment status and your credit score. A denial for new credit could result from issues like a serious delinquency or a high credit utilization ratio. (That’s how much of your total credit line you’re using.)

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Get to know why a lender or credit card company denied your loan or credit application. It could increase your chances of approval for new credit in the future. For example, if they cite a history of late payments, you can focus on paying your bills on time going forward.

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2. Check Your Credit Report

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","

In some cases, information on your credit report is faulty. This incorrect information could prevent you from qualifying for new credit through no fault of your own. If there’s an account on your credit report that you never opened, that can hurt your credit score.

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Any time you’re denied for credit, you’re entitled to a free copy of your credit report. So it’s a good idea to take the opportunity to review your credit history and make note of any errors. If you notice any mistakes, don’t hesitate to dispute them. That way your report can reflect your history more accurately.

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3. Make Your Case for Credit Approval

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Perhaps you don’t have any negative information on your credit report, but your application was still denied. In that case, there may be another reason. Reaching out to the creditor and explaining your financial situation in more detail could help turn things around.

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For instance, lenders see you as more of a risk if you’ve just switched jobs and your income decreased. The credit card company or the bank may not know that you’re anticipating a big pay raise in the near future. Try keeping them in the loop and letting them know that your income will soon increase. That way, you could persuade them to give you a second shot at taking on another loan or a new credit card.

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4. Evaluate Your Credit Options

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","

Just because one company turned you down for a credit card or loan doesn’t mean another lender won’t give you a fair shake. Different lenders have different requirements, so doing a little detective work might pay off.

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For example, let’s say you’re denied for a rewards credit card from a big bank. You could then try approaching your local bank or credit union instead. They may be willing to grant your request for new credit. They can see you even more favorably if your bank accounts are in good standing and you’re a longtime customer.

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You might also want to look into secured credit cards. These kinds of cards are usually easier to qualify for since they have low credit requirements. The only catch is that they tend to come with higher interest rates. So you’ll need to be careful about which one you choose if you don’t always pay your balances in full.

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5. Focus on Getting Your Credit in Shape

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If your application for new credit is denied, it’s a good idea to make an effort to improve your credit score. One of the best ways to do that is to make sure you’re paying your bills on time. Payment history accounts for 35% of your FICO score, which is the credit scoring model lenders use most often.

","

It’s also wise to work on paying down the balances on your other credit cards and loans. Thirty percent of your FICO score depends on how much you owe compared to your total credit limit. Just keep in mind that closing credit accounts when you pay them off might hurt your score.

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Finally, it’s best to limit how often you apply for new credit. These simple steps can help you get approved for additional credit in the future.

","

"],"experts":null,"link":"/credit-score/ways-to-rebound-when-youve-been-denied-credit","published":{"datetime":"2016-11-7","readable":"November 7, 2016"},"shareInfo":{"title":"5 Ways to Rebound When You’ve Been Denied Credit","origin":"/credit-score/ways-to-rebound-when-youve-been-denied-credit"},"isNewsArticle":false},{"id":"cG9zdDo2ODI4OQ==","databaseId":68289,"postId":68289,"author":{"node":{"id":"dXNlcjo3NQ==","databaseId":75,"userId":75,"avatar":{"url":"https://secure.gravatar.com/avatar/772aededd0a011cdb46e2aac7321981e?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Lucy Lazarony has been writing about personal finance for more than a decade. Lucy's a credit card expert. She is a freelance writer and award-winning journalist living in South Florida. Lucy earned a bachelor’s degree in journalism from the University of Florida. Her work is featured on Credit.com, CardRatings.com, MoneyRates.com and Art Hive Magazine.","additionalMeta":{"expertise":null,"__typename":"User_Additionalmeta"},"email":null,"firstName":"Lucy","fullName":"Lucy Lazarony","lastName":"Lazarony","name":"Lucy Lazarony","postCount":{"pageInfo":{"offsetPagination":{"total":7,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"llazarony","__typename":"User"},"__typename":"NodeWithAuthorToUserConnectionEdge"},"categories":{"nodes":[{"id":"dGVybTo5Mg==","children":{"nodes":[],"__typename":"CategoryToCategoryConnection"},"databaseId":92,"categoryId":92,"link":"https://smartasset.com/credit-score/articles","name":"Credit Score","postCount":{"pageInfo":{"offsetPagination":{"total":96,"__typename":"OffsetPaginationPageInfo"},"__typename":"CategoryToPostConnectionPageInfo"},"__typename":"CategoryToPostConnection"},"slug":"credit-score","ancestors":null,"parent":null,"__typename":"Category"}],"__typename":"PostToCategoryConnection"},"content":"$40","date":"2017-12-07T10:00:59","excerpt":"

It’s not always easy to keep up with our spending. Sometimes, before you know it, you’ve ignored your credit card bill for way too long and your issuer sends the debt to collections. That’s gonna hurt your credit. But how long does negative information stay on a credit report? The exact length of time is […]

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","

How Long Does Negative Information Stay on My Credit Report?

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The length of time that a piece of negative information stays on your credit report may depend on the entry. For starters, there are collection accounts, or charge-offs. These are one of the worst items you can have on a credit report. A charge-off happens when you have failed to pay back a debt for so long that the lender passes off the debt to a collection agency. The agency then continues after you to get you to pay the amounts back. A charge-off will remain on your credit report for seven years. This period begins on the date the account first became past due and was sent to collections.

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A tax lien is another type of negative information on your report. This lien is the government’s claim on your property when you fail to pay your taxes. You should pay this back as soon as you can. Once you pay it off, the lien will remain on your report for seven years from that date. If you leave the lien unpaid, it will remain on your report indefinitely. This is why it’s so important to work out a payment plan with the IRS if you cannot pay your taxes in full.

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The longest time a piece of negative information will stay on your credit report is 10 years. This term length occurs when you file for Chapter 7 or Chapter 11 bankruptcy. A non-discharged or dismissed Chapter 13 bankruptcy also falls into this category. However, a discharged Chapter 13 bankruptcy will remain on your credit report for seven years. These entries remain on your report from the date you file for bankruptcy.

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Other types of negative credit information include foreclosures, unpaid credit accounts, defaulted loans and public records of judgments against you. Unpaid credit accounts include unpaid credit card bills. Judgments against you include situations like you being sued for unpaid rent sent to collections. These types of information will typically remain on your credit report for seven years.

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It’s important to note that certain states, like New York and California, have exceptions to these rules. In New York, satisfied judgments will remain on your report for only five years from the date filed. Paid collections will also remain for only five years from the date of last activity or the date you paid the collection. In California, paid or released tax liens will remain on your report for seven years from the date released or 10 years from the date filed. Otherwise, unpaid or unreleased tax liens will remain for 10 years from the file date.

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The Impact of Negative Information on Your Credit Report

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Needless to say, having negative entries in your credit report harms your credit pretty badly. This is especially true if you have multiple negative entries. Plus, seven to 10 years seems like a long time for something to keep causing damage. But there is some good news. As time goes on, each negative entry will have less of an effect on your credit. So after six-and-a half years, for example, a charge-off will matter less than it did when it first appeared on your report.

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So as your negative information ages, you credit gets to repair. Of course, that won’t happen without any action from you! You’ll need to make sure you avoid any other negative credit outcomes. It won’t hurt to add more positive entries either.

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How to Dispute Negative Information

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There is always the possibility that a piece of negative information on your credit report is actually incorrect. In that case, you can dispute the entry. You can do this by sending a letter about the entry to the credit bureau and the creditor that submitted the entry. For example, let’s say you see on your Experian credit report that your credit card issuer sent your debts to collections. However, you know that you paid off your debts to the issuer directly. In that case, you can reach out to both Experian and your credit card issuer to dispute the entry.

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It will always help to provide copies of any documentation that support your argument. In this example, that would include statements and receipts showing your debts as paid. This will strengthen your case, especially if a creditor cannot back up their own claims. If you win the dispute, the entry should be removed from your report. (You’ll want to double check that it is removed.) If your dispute is denied, you can add a statement to your credit report, detailing the circumstances of your negative entries.

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How to Boost Your Credit

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While negative info can stay on your credit report for seven years, good entries can stay for up to 10 years. This means your paid debts and loans will reflect well upon your report for longer than a negative entry will. Doing good goes a long way with your credit, while the bad stuff becomes less damaging to your credit over time.

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If you need to clean up your credit, you can start by finding if there are any errors. Then you can dispute those errors to have them removed by the bureaus. Of course, you can’t really dispute negative entries that you caused. In that case, decide how you can lessen the harm an entry does. For example, will an entry loosen up if you pay it instead of leaving it unpaid? It can help to get rid of the bigger debts first, then move on to the more trivial ones.

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Finally, if you have a habit of missing payments or falling into debt, definitely work on improving those credit habits. Spend only what you can afford when using a credit card. Pay back your debts on time, and if you can, pay them in full. That way, you can stop carrying balances and more easily avoid falling into debt.

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Bottom Line

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Negative information can stay on your credit report for a long time, hurting your credit and your financial opportunities. While each entry’s harm lessens over time, you can’t rely on time to heal your credit report’s wounds. You should take as much action as you can to repair your credit, like repaying debts and building good credit. That way, you can more actively fight the harm a piece of negative information does to your report.

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Tips for Maintaining Good Credit

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It can be easy to fall into credit card debt. You spend and spend on your credit card, knowing that money isn’t coming directly out of your checking account. Then all of a sudden you get your credit card bill and you owe way more than you realized. It’s important to use your card only for what you can truly afford. That way, you can actually afford to pay your credit card bill and avoid carrying over debt.
Should you end up with a negative entry on your credit report, like a charge-off, you should immediately see what you can do to fix it. You can’t always reverse it. Plus, that usually can only be done by paying in full and negotiating with the creditor. However, it can still help to talk to the creditor and pay back what you can.

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