Remove Credit Application Remove Credit Card Companies Remove Credit Scoring
article thumbnail

Why Is My Credit Score Low After Getting a Credit Card?

CreditStrong for Business

You’ve worked hard at building your credit and you now have a good credit score that can be used for applying and getting approved for the credit card you’ve always wanted. But a few weeks after you activate and begin using the new card, you may notice that your credit score takes a dip.

article thumbnail

How Do Tradelines Work?

CreditStrong for Business

Your credit report shows a list of accounts that you’re responsible for. To credit industry workers, these are known as tradelines. The tradelines you keep and how you use them help determine your credit score, so it’s important to know how these work when you want to move your score to the next level.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

How Long Do Hard Inquiries Stay on Your Credit Report—The Timeline Explained

CreditStrong for Business

While the presence of hard inquiries on your credit report can significantly impact your overall creditworthiness, applying for credit or loan-related services will inevitably lead to a hard inquiry being recorded. But how long do hard inquiries stay on your credit report?

article thumbnail

Declined for a Credit Card: What to Do Next

CreditStrong for Business

If you only missed one credit card payment a few years ago, it’s likely that something else contributed to your application denial. Too Much Outstanding Debt How much debt you owe is worth 30% of your FICO score. Each of these lowers your FICO score, and too many in quick succession is a red flag to lenders.

article thumbnail

How to Fix My Credit to Buy a House

CreditStrong for Business

Prospective homebuyers seeking a mortgage loan may use several strategies for improving low credit scores. Examples include reviewing credit bureau reports for possible credit account errors, avoiding late payments, paying down debt, and getting a credit builder loan.

article thumbnail

Credit Card Churning: The Rewards Hack That Banks Hate

CreditStrong for Business

This gets expensive when you’re talking about credit cards. If you’re juggling multiple cards and miss a payment by one day it results in late fees that average about $34. Late payments will also put a dent in your credit score. Depending on the type of card you get, you could be paying a few hundred dollars.

article thumbnail

Are CPNs Legal? What You Need to Know

CreditStrong for Business

Improving your credit score can be challenging, especially when you’re trying to rebuild it after making some mistakes. Let’s explore what you need to know about CPNs, including how they work, why you should avoid them, and what to do to improve your credit instead of buying one. Unfortunately, that’s always a bad idea.