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Five common questions about credit
Credit has a lot of influence on our lives. Even if we choose to ignore it, or find ourselves uneducated about how it works, our credit history impacts our ability to get financ-
Q: Is it going to hurt my score that I had four credit checks in two days?
A: The credit bureaus have also become more sophis- ticated when it comes to consumer shopping. If you have a few credit pulls within a quick timeframe for a similar request, they will count them as one in-
quiry. Hope you are enjoying the new car!
Q: I just got promoted to sergeant and I’m think- ing of treating myself to a new motorcycle. I want to make sure I get the best rate available. How soon
ing, the rates which we’re offered and even our ability to get a job. While your credit score may feel arbitrary or mys- terious, there’s no reason to feel over- whelmed. Below, we answer some com-
mon credit related questions:
Q: I shopped around to find my new car. Everything went well, but I was confused because each time my credit was pulled I got a different score. Is that normal?
A: It is completely normal for your score to vary. There are three different credit bureaus and not all creditors re- port to all three. Depending on who is pulling your cred- it, they may be getting a slightly different picture of your payment history. Also, scores are weighted differently based on who is pulling them. For instance, car dealer- ships may put more importance on your history of repay- ing auto loans as opposed to other types of credit.
GWEN HAWKINS
Finance
will my credit score reflect the raise in my salary?
A: Congratulations on your promotion. Surprisingly, your credit score does not factor in your income. While things like payment history, amounts owed, length of credit and percentage of new credit all contribute to your score, credit bureaus don’t receive salary information. Your lender will still review your income if he or she cal- culates your debt-to-income ratios, but the pay bump will
not have an effect on your score.
Q: My brother has been a bit down on his luck and needs
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