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Can I create a new credit file with a new social security number?

Federal law has made it illegal to use an alternative social security number when applying for credit. By using another social security number and new identification you cause the credit bureaus to generate another report for a person that does not really exist, and then use that new report to obtain credit. One of the problems with this technique is that it requires that you lie on applications for credit, which in most states is a criminal offense.

What is home equity?

Home equity is the difference between the market value of your home and the amount you have paid towards that value.

What are the three Credit Bureaus and how do they affect my credit?

In the United States, Equifax, Experian, and Trans Union are the three major credit bureaus that provide nationwide coverage of consumer credit information. Many national lenders report consumer credit information to all three. However, smaller banks, most credit unions and other credit grantors may report to only one, or none. Therefore, the information you receive from one credit bureau may not be the same as what you would receive from another credit bureau.

How long can I wait to pay a bill before it shows up on my credit report as being late?

Payments must be at least 30 days late before they can appear on your credit report. Since this is not a long period of time, it is best to pay your bills as soon as possible or in a timely manner after receiving them.

What is the difference between a home equity loan and a home equity line of credit?

While both are considered second mortgages, with a home equity loan all funds will be paid at closing. A home equity line of credit provides you with a credit line that you can borrow against where your home is used as collateral.