• About Us
• Your Credit Rights
• Order Credit Reports
• Bankers, Realtors,
  & Professionals
• Credit Newsletter
• Business Credit Repair
• Credit Education Seminars
• Credit Blog
• Credit FAQ's
• Privacy Policy

Call us today:
Phone: 914-524-8300
Fax: 914-524-5014 info@northshoreadvisory.com

F.A.Q.

Does ordering my credit hurt my credit scores?
When a third party pulls a consumers credit it can reduce the scores up to 5 points each time. When shopping for mortgages, car loans, leases, as well as student loans inquiries (pulls) reduce the scores differently within certain periods of time called windows. When a consumer pulls their credit directly the score does not decrease. A consumer can pull their own credit 80 times in a day and the score will not reduce.

If I am only 5 days late on my credit card why does it show up as a 30 day late payment on my report?
If you are 5 days late over the grace period which is different with each creditor, it will reflect on the credit report in the 30 day late payment category. There are different catergories of late payments: 30, 60, 90 and in some cases 120. It can only reflect these groups. This means if you are late over the grace period by one day it is considered a 30 day late payment.

Why did my score go down 80 points when I was only late once for $10 on a Macy's card?
Any new late payment can reduce the score dramatically. It does not matter if it is a $1,000,000 mortgage payment or a $10 Macy's payment: If it is late, the score will reduce dramatically because of the newness of the delinquency.

Why is the score I pulled online different from the score pulled by my Mortgage Bankers?
There are many different scores available online and most of them do not make clear that they are not Fico Scores. These varied scores also have varied ranges. What this means is a 740 score with Vantage, Plus, or Credit Kharma may be a totally different number when the banker pulls a Fico Score on the same person.

Does closing an account hurt my credit even if I close it rather than the credit grantor?
Yes, closing credit can reduce your scores up to 60 points no matter who closed it.

Does opening credit hurt my credit?
Yes, opening credit hurts the credit the same way closing credit does.

How much can high balances drop my scores?
Depending on the type of credit, the limit on each revolving account, the amount of the balance and the score prior to the balances becoming high, a score can drop 20-100 points.

I heard that negative information cannot be removed from a credit report. Is this true?
NO, this is not true. Negative credit can be removed prior to the 7 year or 10 year period it legally can be placed on the report for. There are laws that apply to credit and creditors, courts, collection agencies and credit bureaus that must be followed for them to keep derogatory information on your report. If they do not uphold their legal responsibility they are forced to remove this information from the report.

Once you go Bankrupt your credit is ruined forever. Is this statement true?
The answer is NO. Credit is not terminal. As long as the consumer is breathing credit can change.

Is it true that if I have NO credit I will never be able to get credit?
No. You can get credit but you must know which cards to apply for that will accept a consumer with no credit.

How can I get a free copy of my credit report?
You are entitled to a free copy of all three credit reports annually. Go to www.annualcreditreport.com and make sure to print out each credit report. There are codes and numbers you will need if you want to revisit your reports online. Printing your reports will help you to go back and revisit them later on.

Are there ways to protect my Identity and Credit from ID Theft?
Yes there are many ways to block ID Theft and protect your credit. Please contact us at 914-524-8300 to discuss this.

Does a collection account come off once I pay it?
No, just because you pay a collection does not mean it will automatically be removed. The only legal responsibility the collection agency has is to update the credit report that the collection is paid. In most cases a paid collection will not increase your scores.

If I am late on a credit card and the creditor agrees to waive the late fee does that mean they will not put a late payment on my credit?
Just because your creditor agrees to waive a late fee does not mean they will do anything about removing the late payment on the credit report. A late fee is an extra charge for being late and has nothing to do with the credit report. A late payment and a late fee are two totally different things.