Top Credit Questions: How Will This Affect My Credit Score?
Check out the conversations buzzing around what is likely THE MOST asked question around the Credit Advice Center…. “How will this affect my credit score?”
Stop by the Credit Advice Center to ask your own curious financial question, or browse the topics and see what the rest of the Credit Karma community has to say!
Would it change my credit score if I changed my auto loan? Asked by marekins18
Most likely, yes. Applying for an auto loan will result in a hard inquiry, which can knock points off your credit score anywhere from a few points (if you apply for one loan) to more significant damage (if you apply for multiple loans). But, adding a new loan could help your credit score as well. Check out Credit Karma’s Credit Simulator, where you can take your real credit score and simulate how adding a new auto loan could change your credit score to a specific predicted score.
Will my score go down if I negotiate with card companies to reduce balance? Asked by bidwiapapa7
Yes, if you settle your debt for less than you owe it negatively impacts your score because it shows on your report that you DID NOT pay as agreed… — SDobson22
Unless you are several months behind in your payments (and therefore your score is already impacted) the CC companies will not negotiate with you.-– shifafah
It doesn’t hurt to try to negotiate though. If you can document that you are unemployed, have medical issues (medical leave from work), etc., ask about special programs and reduced interest rates. -– SequoiaEast
How can I get rid of my car loan? Under my mom’s name, I bought a car with a loan. I can no longer afford the payments but I still owe $17,000 on the car. I don’t want to ruin my mom’s credit. What can I do? Asked by xemptynights
You can’t really get rid of the loan, have you thought about trying to sell the car and pay off the loan with the money you get from it? –- Tweetymac
It is unlikely you will be able to get $17k from most used cars. Unless you can find a way to pay off the debt in whole, other than making the payments, your mother’s credit will be hurt. There is no way you can get rid of the loan without paying it off. –- phnxangell
Park it in a bad area and hope you have gap insurance? JK, but the best thing you can do is get help. Your mom’s credit is at risk; perhaps she would be willing to help you until you can get it sold, or your financial situation improves. –- SDobson22
As a bonus… Here’s a concern other consumers would LOVE to complain about:
How can I increase my score from 797? It seems difficult to get it any higher. Asked by pstyr
Credit scores are logarithmic so it actually goes get harder and harder to go up. Kind of pointless to work on making it any higher than your current score. — hardeight
797 is an excellent score. Wanna take it further higher, I guess you can use a ladder. lol — Surinder5651
Have the right mix of credit i.e. maybe 3 credit cards with a mortgage and auto loan, 0 balances on the revolving credit, no inquiries, and an aged credit report. If you have everything above it will eventually go up over time. — camalott4
Show-off. – genieoh
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