Why Is My Credit Score 442 Who Is It So Low

Does replacing a lost credit card lower your credit score?

No. Replacing a lost credit card will not affect your credit score. When a credit card is stolen, lost or compromised, you will need to inform the credit card provider and ask them to block your card. Banks will offer you a replacement for that card. Your credit score will not go down if you lose your credit card as the replacement of the credit card will still be associated with your old account. The information from your old credit card gets transferred to the new credit card and hence your credit account remains the same.However, once you lose or misplace your credit card, make sure to remove it from automatic bill payments as you might miss your payment which can hamper your credit score. Make sure to change the old credit card number with the new credit card number for all your automatic bill payments.

How can I take my credit score from 755 to the lower 800's or even more?

Credit Score ScamDon’t make the mistake of falling in love with your credit score. It has been said that your credit score should be called your gullibility score since it means you have made extensive use of credit over a long period of time. People with little to no debt and that pay for everything when they buy it actually have a very low credit score. I have seen guys with $50M in the bank brag about their 550 credit score. Any score over 720 is considered Excellent.My highest score ever was 801. When we paid everything off in 2005 we had recent loans, the house, all the cars, all credit cards, everything was all paid off. Mine was 801 and not 850 because the credit inquiry to buy our next house, even though we paid cash for it, was still a factor in getting pre-approved to make the offer. My wife on the other hand had a credit score of 850 when everything was first paid off due to no inquiries and most of the credit not in her name but getting credit or the pay off of the $800,000 mortgage.Your score of 755 is already well into the Excellent range. The real challenge is not to open any more credit. Not to close any accounts since that will also count against you. You have to pay everything off and never have been late on any payments. If you have ever missed anything then you will never get over 800. I have not missed a payment on anything in 25 years and that helps. Unfortunately, due to owning my own businesses, there are frequent annual credit checks by most of our financial partners and that counts against me.The real tap is what happens after I paid off everything. So every balance we had was $0. Then didn’t get cash out of the bank before weekend shopping before Christmas that same year and my score dropped 86 points in one month from 801 to 715 because I bought Christmas presents for the kids. In all about $2,600. We paid the bill immediately when it posted, but by the time it posted it was too late. I got the e-mail with the credit alert warning. “Your balance in one account has increased by 2,600%”. Hahaha. Yeah, from $0 to $2,600. Geez. It took 6 months for it to go back up to 795 but never did get back to 801.So, don’t get too wrapped up in your credit score. It is all a scam anyway.

How can my credit score go down by 78 points in month's time, I have not made any late payments though? Could this be because the other banks are accessing my details in the name of offering credit card?

Ha ha ha!You don’t have to do anything wrong for your credit score to go down.That is to say: you don’t have to apply for credit, you don’t have to make late payments, you don’t even have to carry a balance from one month to the next.What’s the explanation? You used your credit card more than you normally do.Using your credit card causes increased utilization. And if you believe the folks at FICO (I don’t!), utilization accounts for 35% of your credit score.Utilization is based on your closing balance. So if you have a $1,000 credit limit, you paid off the previous month’s balance in full, and you charged $400 during the month, your utilization wil be 40%.When my utilization goes up to 1% (it’s normally under 1%), my score drops by 2-3 points. So if you made more purchases than normal, it’s easy to imagine that if your utilization increased by 25%, your score would drop 78 points.The good news is that your utilization in one month will have no effect on the score you get in the following statement cycle.Assuming you pay your credit cards off in full each month, there are a few ways to address this utilization issue:cut back on your purchasesrequest credit limit increasesapply for more credit cardspay down your balance before the closing date on your statementThe last is the one I do. Several days before the closing date of each account, I log in to each credit card and pay down the balance. If they allow me to overpay, I will pay additional amounts so that I have a credit balance. This helps because there are often some additional transactions that post before the statement closing date.

How do you qualify for a home loan with poor credit?

f you are not in good financial shape when you apply for a mortgage, you will likely be turned down.You should get pre-approval so you can figure out what your payments will be. Do your shopping to see what rates you can get. Once you find out this information, you can easily calculate your monthly payments.Next, Have all financial documentation organized before applying for a loan. If you go unprepared to a bank without necessary paperwork such as your W2 or other income documents, you will not get very much accomplished. Your lender is going to want this material; if you have it handy, you can save multiple trips down to finance office.Even if you are far underwater on your home, HARP might be an option for you. Prior to the new program rules, homeowners would apply and get denied for a new mortgage. See if it can benefit you by lowering your mortgage payments.Also, it's beneficial to Learn the property tax history of the home you are planning on buying. Know what the property taxes are before you sign any papers. If the assessor thinks your home is worth a lot, your taxes may go up a lot.Friends can be a very good source of information when you need a mortgage. You will likely learn a lot from their prior experience. You can avoid bad situations by learning from their negative experiences. If you discuss your situation with a number of different people,you will learn a lot.Reach out for help if you are having trouble with your mortgage. If you cannot seem to make the payments each month, look for counseling services. Your local housing authority will have recommendations for credit counseling services that you can use. By using HUD-approved counselors, your chances of going into foreclosure are lower. Call HUD or look on their website to locate one near you.Most people endure the stressful process of applying for a mortgage in order to purchase a home. However, you shouldn’t stress out about this. If you just go through the key components of mortgage approval process things start to ease to a greater extent. Use the tips shared here and get through the process in a smoother manner.Apply for mortgage online

How do I get a personal loan without a CIBIL score? My CIBIL is poor, and I am in urgent need of cash.

A personal loan without CIBIL score is unimaginable. CIBIL score is the first and the foremost factor that is considered by a lender before approving your loan application. The score is important because;It helps the lender assess the risk factor involved in approving a particular loan application. Assessing the risk factor is essential since personal loans are unsecured in nature, and the lender has absolutely nothing which they can use to retrace their money back to themselves.It determines the borrower’s repayment capacity. A good score means you’re a credible borrower and have a good repayment capacity and vice versa.It is also used to decide the applicable interest rate and the loan to value ratio of the applicant.Summing up, a personal loan without CIBIL score is very difficult. Having said that, you can still try if your score is zero. In that case, you can get yourself declared into the ‘No CIBIL’ category and then apply for the loan. In such circumstances, the lender will assess your eligibility for the personal loan based on your monthly income and your net financial worth.Otherwise, if your CIBIL score is above 0 but not up to the mark, you can try different lenders offering the facility and avail the loan at a higher interest rate. Or you can apply for mortgage-based credit schemes.Here are a few interesting references about the ways to improve your CIBIL rating:4 Easy Ways to Boost Your CIBIL Score3 Tips to Include in Your CIBIL Score Boosting Strategy