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Ask Creditnet: Can Paying Taxes Late Hurt My Credit Scores?

April 16th, 2012

IRS tax extension

Dear Creditnet: I’ve procrastinated filing my income tax return and just found out from my CPA that I’ll probably owe a lot more than expected this year.

I know I’ll have to pay penalties and interest if I file an extension and fail to pay what I owe in full by the 17th, but can paying taxes late hurt my credit scores too? I want to buy a home later this year and simply can’t risk hurting my credit. More »

Posted By: Joshua Heckathorn | Comments (0)

Ask Creditnet: Is an 800+ Credit Score Worth the Extra Effort?

April 11th, 2012

fair isaac

Dear Creditnet: I already have pretty good credit scores in the 790′s, but it kind of bothers me that I can’t seem to break the 800 mark. I’ve tried for years and I just seem to be stuck where I am.

Is it really worth the extra effort to try and raise my credit scores above 800?

- Megan from TN More »

Posted By: Joshua Heckathorn | Comments (0)

Ask Creditnet: How Many Credit Cards Should I Have?

April 6th, 2012

Colorful credit cards

Dear Creditnet: What is a good number of credit cards to have in order to optimize my FICO credit scores? Is it possible to have too few or too many credit cards?

- Jenny from UT More »

Posted By: Joshua Heckathorn | Comments (0)

Ask Creditnet: Pay Off Credit Cards vs. Installment Loan

March 26th, 2012

american express card stack

Dear Creditnet: Will it be better for my credit scores if I pay down my credit card debt (I have about $8000 in balances) or pay off an installment loan of $10,000?

I am looking to buy a home in the next year and I need to improve my credit score about 50 points.

- Pete from GA More »

Posted By: Joshua Heckathorn | Comments (0)

Ask Creditnet: How Long Will a Bankruptcy Last on Your Credit Reports?

March 19th, 2012

debt

Dear Creditnet: I filed Chapter 7 bankruptcy on April 1, 2009, and I’ve avoided any type of credit since then. I haven’t even checked my credit scores in years.

When will the bankruptcy fall off my credit reports, and will it happen automatically? If it doesn’t happen automatically, what do I need to do to convince the credit bureaus to remove it?

- Jake from WI More »

Posted By: Joshua Heckathorn | Comments (0)
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