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Credit Score FAQ’s

If you want to know all you can about credit score, then you are the right place. Here you can get answers to some typical questions about credit score.

How frequently is there a change in my credit score?

Your credit score changes whenever there is an update on your credit report. If you check your score during the day, it might have gone down but there is every possibility that it might increase before nightfall. This is common with the score rating of almost all credit bureaus. Lenders and creditors have the tedious job of making changes to your report all round the month and the score that you receive changes according to these updates.

Is there a link between credit score and cell phone payment?

In most cases, these two are individual entities and one does not affect the other in any way. In some cases however, unpaid bills can be troublesome to your credit score if there is a third party that acts as a collection agency.

Will my credit score get affected if I close my credit card?

There is an allocation of 30% of the credit score for the utilization of your credit i.e. the balance that is there on your card for your usage. Once you cancel your card, you will be left with no balance and your utilization becomes 100%. This will definitely result in the dropping of your credit score. It is better to use the balance on your card before you cancel it.

What are soft and hard inquires on my report?

Every time a business or organization checks your credit report, you get an inquiry on your report. These appear in a separate section in your report. These inquiries are divided into soft and hard inquiries. A soft inquiry is placed at times when you check your report or a business that you are connected with checks your report.

These inquiries do not affect your credit score in any way. Hard inquiries however, are responsible for 10% of your score rating. They are placed at times when you apply for a loan, credit card or other credit services.

These generally remain on the report for close to two years but their affect on the score is visible only for the first year. Creditors will not see the soft inquiries when they check your report, but will see the hard inquiries only.