'your credit score'

your credit score

sherry from somewhere out there -

Everybody think that your credit score is important, it is, but there is an even more important number you need to know about. This is called your FICO score. FICO score is what your bank and most major creditors use. It is very hard to calculate your fico score by hand.

I keep an eye on my FICO score. Your FICO can drop because of to many inquires on your credit, or your debt ratio. So be very careful applying for credit. Because this could do more damage to your credit.

Comment #1 Olivia from Online -

Yes, inquiring about your credit can definitely harm you. We purchased a new vehicle over the summer and had our credit history looked up several times. In October we refinanced and yet again they made an inquiry about our credit history. They warned us about to much inquiring about your credit will definitely lower your FICO score so be aware.

Comment #2 Delino from California -

It's tough to know the right thing to do, but you really should keep an eye out on your credit report because of identity theft and delinquent accounts. I had an issue with an old bill which I actually had paid, but the creditor claimed I hadn't an it lowered my score dramatically until I sorted it out. Had I not noticed it, I would have been in trouble.

Comment #3 Martin from Kansas -

When you get denied credit you have the right to get a free copy of your credit report (which doesn't show as an inquiry).

You can also get copies online (usually for a monthly fee so you can check anytime)... those don't count as inquiries either. Of course they are usually promoted as "free" copies of your credit report, but you usually end up paying a monthly fee.

Comment #4 Conyngham from the windy city -

We have a young relative who has come to study long-term in the US. Naturally she wants to start building up a credit history so that eventually she'll be able to use credit facilities. She has opened a student bank account and received a debit card, but the idea would be to get a credit card as soon as this is possible too. Any ideas on how to start her off the right way?

Comment #5 jnights from Watching my back -

yes Conyngham, I have some experience in this department. She should try and get a job at the university helping out faculty. In turn she will be issued a SSN which can then be used to apply for a credit card. She must NOT apply for just any card. She should either opt for a secured card where she has to deposit the money in the account first, or go for a card that has an annual fee. These are typically easier to obtain, but will still help her build a credit history of time. Good luck!

Comment #6 Conyngham from the windy city -

Thanks for that tip jnights. It seems that there is actually quite a bit of work available on campus and we'll definitely follow this up. Do you mean that she will actually be issued with a Social Security Number even on a student visa? That is amazing if it is so.

Comment #7 George from Montana -

Non-residents will not be issued an SSN. However, foreigners will be issued ITIN (International Taxpayer Identification Numbers). They are of the same format as an SSN and do not overlap in numbers.

ie: they are an SSN for tax purposes. If you open an interest bearing bank account you would need one for the bank to report your interest to the government.

If you credit report is run with an ITIN rather than an SSN there is a notation of some sort made. US Banks that will open an account online for someone with an SSN (and credit history) don't seem to like ITIN's.

Whether it is the ITIN flag or the lack of a credit history isn't clear. Once you get an ITIN, you can probably use it on a credit card application in place of an SSN.

Comment #8 Kimberly (63.176.159.232) - Wed Oct 15 23:43:27 2008

If you wanna know your credit score for free you can either go to your local bank and ask or go to freecreditreport.com and they give you a free credit reading, but you also know, everytime you get your credit score it lowers your credit a little bit.

Comment #9 George from Montana - Thu Oct 16 04:25:44 2008

Not all inquiries lower your score. When you receive a free annual credit report (or when you've been turned down), or pay for a copy of your own report, it doesn't affect the score.

If you bank gets a copy (they probably won't show it to you), then it will lower your score.

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