Comments on: How Do You Improve Your Credit Score When Credit Companies Close Your Account?

By: Ryan

Ryan — Mon, 28 Nov 2011 20:19:38 +0000

Glenn, payment history goes a long way toward improving your credit score. If you are a sole-proprietor, then the loan is probably in your name, and not in the name of a business or other entity. It should probably be on your credit report. If it isn’t, then you can contact the credit bureaus and try to get it added to your credit profile. It is possible doing this could have a positive effect on your credit score if your payment history on this loan is good.

By: Glenn

Glenn — Sun, 27 Nov 2011 15:07:06 +0000

I noticed that the credit reports for my wife and I have nothing on them concerning the building and property that we bought 11 years ago to operate our sole-proprieter business in. I was convinced by a professional that if I worked to have that loan and it’s good payment history included on our credit reports, the scores would improve. Is this correct?

By: Ryan

Ryan — Tue, 15 Mar 2011 16:46:44 +0000

It can, Gail, because you aren’t carrying a balance from month to month. Your credit utilization (amount of credit used vs. amount available) is part of the equation when determining your credit score. That said, there are many other factors to consider, so you can’t look at that in a bubble. It needs to be considered with other factors, such as those listed in this article.

By: Gail

Gail — Tue, 15 Mar 2011 15:28:08 +0000

Question; I recently heard that if you pay your full credit card bill before it is due your credit rating improves. Is that true? Do you have a source for your answer?

By: Ryan

Ryan — Sat, 30 Jan 2010 15:24:37 +0000

I've heard that before related to hard credit pulls, but I'm not 100% certain if that applies to loan applications. For example, if you are out car shopping and you go to a couple dealerships, chances are they will all want to do a credit pull to check your score to see what kind of loan you qualify for. It would be unfair to consumers if their credit score took a big hit because of that. But that is a credit check, not a loan application. If you apply for multiple loans in the same day it will change your debt to income ratio, age of credit and other factors that affect your credit score. Here is more information about: How to Improve Your Credit Score How is Your Credit Score Determined? Hard Credit Check vs. Soft Credit Check I hope this info helps.

By: Moro Bento

Moro Bento — Sat, 30 Jan 2010 14:04:25 +0000

Ryan, I just have an other petit question to ask you sorry; Is it true that if I apply for multiple credit cards at the same day it only counts like only one inqurie? I already heart that from two different sources and I just wanted to confirm it with you. Thanks, Moro.

By: Moro Bento

Moro Bento — Fri, 22 Jan 2010 13:33:10 +0000

Thanks Ryan, I will follow all your advices for sure. Good luck to you too.

By: Ryan

Ryan — Fri, 22 Jan 2010 06:25:52 +0000

Moro, You may find it helpful to contact the credit card company you closed the card with and ask them to remove the late penalties from your record. You can also dispute credit report errors if you believe they are in error.

Other than that, you will need to continue paying your bills on time and maintaining a low credit utilization ratio (amount of debt used versus amount of credit available). Just as important as all of these is adding time – the more time you have with positive credit, the better. Best of luck.