With the economy down and it impossible to get credit. Do you think it is a good idea to lower the credit standards so that it is easier to get credit. For example. Those that currently have high credit scores should be able to pay no interest on any loans. And those that have fair credit scores should enjoy the low interest rates of the people that had excellent credit. And for those that have poor credit, they should have decent rates, not sky high rates. In other words if they get rid of high interest on loans, do you think the economy will improve?|||I'm all for that, and if for the economy to improve people need to be able to spend, I think it would work. Where I was living they checked credit for everything ... jobs, rentals, etc. in addition for loans, credit cards and the normal stuff.
Surprisingly, a girl we know received her first Visa Card about 2 days after turning 18. She didn't even apply for it, and only works part time ... for the minimum wage. She had been on a co-signed checking account, and they just sent the Visa (only $1,000 ... but still). I guess they want everybody spending.|||Well, first of all a group top economist today said that the economy is due to recover in the first quarter of 2009, and the results will be seen when the numbers come out in march at 3.7% growth.
People borrowing money that can't pay it is bad, and the interest debt could cause the end of the middle class the same way it did in Mexico.|||Sure...(but the other side of the coin would be...)
That it might worsen the economy because it would cause millions of more people getting into debt up to their eyeballs, and...
...nuf said...|||That sounds like a great idea|||sounds good...but pocket protectorate has a point!!!
Thursday, December 15, 2011
What credit agencies do most mortgage lenders use?
We are looking to refinance our house soon. My husbands average fico score is 697 and his average credit score is 740. Why is this such a big difference and will the lenders use the fico score or the credit score?|||It depends on the lender. Every lender has different risk parameters. Back in the 90's, the bank I was with practically gave money away. If your FICO was 640 and the loan was under $150k, it was approved. They are not around anymore.|||Major lenders DO NOT look at the credit scores.
They will review all the reports in detail and make their own decisions.
They will only tell you the score if they turn you down - that way they don't have to explain everything in your credit reports to you.
When that happens people start arguing item by item.
A score is priceless when turning someone down - they tell it to the person - and they are done.
/|||hi ,
While I was looking for credit report, I found a web-site , that offers this service for free (no catches) .They also offer credit monitoring, anti fraud alert, and many more benefits.
Visit: http://CreditReportFrees.info and join free (no catches) .
hope that helps|||If I remember correctly, mortgage lenders look primarily at the FICO score.
They will review all the reports in detail and make their own decisions.
They will only tell you the score if they turn you down - that way they don't have to explain everything in your credit reports to you.
When that happens people start arguing item by item.
A score is priceless when turning someone down - they tell it to the person - and they are done.
/|||hi ,
While I was looking for credit report, I found a web-site , that offers this service for free (no catches) .They also offer credit monitoring, anti fraud alert, and many more benefits.
Visit: http://CreditReportFrees.info and join free (no catches) .
hope that helps|||If I remember correctly, mortgage lenders look primarily at the FICO score.
How do you access the Credit Line of a Credit Card without directly buying anything?
I have one credit card with a credit line of 400(cash line of 80$). I know the max I can draw from an ATM is the 80$. But is there any way I can go into the bank and get the credit line deposited into my bank account?|||The only way would be to do a cash withdrawal, then put the cash in your bank account.
Of course, the APR on a cash withdrawal is usually INSANELY high, so make sure you're willing to throw that money away in the form of finance charges.
Some cards will occasionally offer checks that you can write against your credit card balance, in which case you could probably write one to "Cash" and cash it, but those aren't that common.|||Hi,
I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It's legitimate and free consult.I came across this company on NBC News Special Edition.Check it out here:
http://flingk.com/b4briu0
Of course, the APR on a cash withdrawal is usually INSANELY high, so make sure you're willing to throw that money away in the form of finance charges.
Some cards will occasionally offer checks that you can write against your credit card balance, in which case you could probably write one to "Cash" and cash it, but those aren't that common.|||Hi,
I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It's legitimate and free consult.I came across this company on NBC News Special Edition.Check it out here:
http://flingk.com/b4briu0
No credit card payments were made for 3 mos because I was unemployed. How do i raise my credit score?
I am now employed and ready to pay off 2 or 3 of my 4 cards. My credit score was very high and is dropping by the second. I need to have a good score in order to buy a car or a house.|||If you only missed three months, then your accounts should still be with the original creditor. Contact the creditors and work out a payment plan with them. Before you call them, sit down and make a budget. Rent, car payment, insurance, weekly gas expenditures, groceries, utilities, etc. to see how much you will be able to pay on your debt each month. Don't go over your budget.
Once you get caught up, pay off your lowest credit card first, then when your pay that off, apply that payment to your next lowest card. It's called the Snowball Effect (Dave Ramsey, Financial Peace).
Example: You owe JCPenney $500, Sears $800, and Visa $1000. If you pay $50 a month to JCP and $30 to Sears, then when you pay JCP off, put that 50 bucks to your Sears balance making it a monthly payment of 80. It works, trust me.
Also, go to your local library and check out Dave Ramsey's book on financial management. It is awesome!
Good luck!|||Capital One secured credit cards have completely changed the meaning of secured credit cards. Capital One secured credit cards provide very reasonable interest rates and perks that many other secured credit cards do not offer, ..http://www.freewebs.com/getanswer/CapitalOneSecuredCreditCards.html
|||Hopefully the credit cards are still with the original creditor and not sent to collections. If the original creditor still has the accounts, you should be able to work with them to keep the accounts open and active. You need at least 24 months of consistent, on time payments to off set the late payments. Pay the cards off. Then use them for small purchases and pay in full every month.
If the accounts have been charged off and/or sold off to collection agencies, the derogatory will stay on your credit for 7 years.
|||Pay your bills. That's the best thing you can do to improve your credit score.
First, get a copy of your credit report. It will show all loans, and whether they are current or overdue. Make sure it's accurate, and correct any errors there.
Next - contact the lenders, and tell them that you are working now, and will be paying on the accounts. Tell them your plan to pay them off, or at least pay the overdue amount as soon as possible. Your plan might look something like this:
List all the loans and accounts you have. Break them down first into the overdue ones, and those that are current. Then sort each group by the total amount due. Pay the minimum payment on all of them, except the overdue account with the smallest balance. Put every single spare nickel you can towards that each month, until it's paid off, then close the account, and ask the lender to update your record with the credit reporting agencies.
Now do the same thing with the overdue account next largest balance due. Add the money you paid on the previous account to the payment on this one. Continue doing this with all the overdue accounts until they are paid. Then do the same thing with the ones that are current.
Then get a copy of your credit report, make sure it shows that everything is paid up. Now think about buying a house or a car.|||you need to contact the lenders and try to work something out with them. tell them your situation and see if you can at least get the default knocked back a bit (as of now, you have a 90 day late on your report. that is serious). any delinquency is on your reports for 7.5 years, unless you can bargain with the lender to remove it.
once you do this...actions speak louder than words. you need to pay ontime, all of the time for the next couple of years. if you do that, and keep your balances low...your credit score will start to go back up again.
i would not apply for any car or home loans until you have gotten some of this sorted out...if you can wait that long.|||Make it your priority that none of the cards go into charge-off status....Send them whatever you can immediately and pay online. Communicate with them and let them know that you can resume payments.
You need to understand that the you'll live with the consequences of the late pays for about 24 months...as your credit score is most heavily weighted on what has occurred in that time frame. You cannot undo the damage of multiple 3+ months late pays overnight....only time will heal the damage.....sorry.
Once you get caught up, pay off your lowest credit card first, then when your pay that off, apply that payment to your next lowest card. It's called the Snowball Effect (Dave Ramsey, Financial Peace).
Example: You owe JCPenney $500, Sears $800, and Visa $1000. If you pay $50 a month to JCP and $30 to Sears, then when you pay JCP off, put that 50 bucks to your Sears balance making it a monthly payment of 80. It works, trust me.
Also, go to your local library and check out Dave Ramsey's book on financial management. It is awesome!
Good luck!|||Capital One secured credit cards have completely changed the meaning of secured credit cards. Capital One secured credit cards provide very reasonable interest rates and perks that many other secured credit cards do not offer, ..http://www.freewebs.com/getanswer/CapitalOneSecuredCreditCards.html
Report Abuse
|||Hopefully the credit cards are still with the original creditor and not sent to collections. If the original creditor still has the accounts, you should be able to work with them to keep the accounts open and active. You need at least 24 months of consistent, on time payments to off set the late payments. Pay the cards off. Then use them for small purchases and pay in full every month.
If the accounts have been charged off and/or sold off to collection agencies, the derogatory will stay on your credit for 7 years.
|||Pay your bills. That's the best thing you can do to improve your credit score.
First, get a copy of your credit report. It will show all loans, and whether they are current or overdue. Make sure it's accurate, and correct any errors there.
Next - contact the lenders, and tell them that you are working now, and will be paying on the accounts. Tell them your plan to pay them off, or at least pay the overdue amount as soon as possible. Your plan might look something like this:
List all the loans and accounts you have. Break them down first into the overdue ones, and those that are current. Then sort each group by the total amount due. Pay the minimum payment on all of them, except the overdue account with the smallest balance. Put every single spare nickel you can towards that each month, until it's paid off, then close the account, and ask the lender to update your record with the credit reporting agencies.
Now do the same thing with the overdue account next largest balance due. Add the money you paid on the previous account to the payment on this one. Continue doing this with all the overdue accounts until they are paid. Then do the same thing with the ones that are current.
Then get a copy of your credit report, make sure it shows that everything is paid up. Now think about buying a house or a car.|||you need to contact the lenders and try to work something out with them. tell them your situation and see if you can at least get the default knocked back a bit (as of now, you have a 90 day late on your report. that is serious). any delinquency is on your reports for 7.5 years, unless you can bargain with the lender to remove it.
once you do this...actions speak louder than words. you need to pay ontime, all of the time for the next couple of years. if you do that, and keep your balances low...your credit score will start to go back up again.
i would not apply for any car or home loans until you have gotten some of this sorted out...if you can wait that long.|||Make it your priority that none of the cards go into charge-off status....Send them whatever you can immediately and pay online. Communicate with them and let them know that you can resume payments.
You need to understand that the you'll live with the consequences of the late pays for about 24 months...as your credit score is most heavily weighted on what has occurred in that time frame. You cannot undo the damage of multiple 3+ months late pays overnight....only time will heal the damage.....sorry.
What is the diffrence between a credit union and a bank?
What are the advatges and disavantage and beniffites of both?
The only thing that is that my bank "BB*T" is extreamly close to my house like walking distance but my credit union wich I am thinking of joining "Fairfax Credit Union" is about 10-15 miniutes from my house so what would you advice me to do? Stay with my bank or move to the credit union or keep my bank and just open a new account with my credit union? Like what are the advatges over a credit union then a bank?|||Here are some other things you should know about banks and credit unions:
Credit unions may often offer you a higher interest rate on the money you deposit (your savings), and a lower rate on the money you borrow (your loan), than banks.
Credit unions are nonprofit and are owned by the people, or “members,” who use their services. Members pay a one-time membership fee (can be as little as $5), and can vote on how the credit union is run. Banks are for-profit, publicly-traded companies that are owned by the stockholders (who vote), but the bank is used by the customers. There is no membership fee at banks.
Credit unions used to be just for people who had the same employer, but now they’re also for members of the same school, church, organization, or community. Banks don’t have any requirements on who can use their services. Here are two sites that can tell you how to find a credit union to join: Credit Union Match Up and 7 Ways to Join a Credit Union
Credit unions are usually smaller than banks, may not have as many branches or ATMs, and may not offer the large variety of services that banks offer. But many credit unions belong to a network of credit unions, so members can use the services of other credit union branches and ATMs instead of just their own.|||The key difference between the two is that a credit union is managed by it's members (customers) regardless of how much money you have in account(s) with them. Each member has one vote in determining the Board of Directors. Whereas, with a bank only those customers with huge amounts of money on deposit are allowed to vote/serve on the BOD. Banks typically charge all sorts of stupid fees that credit unions "typically" fail to charge their customers.
There are exceptions of course to most rules. Federal Credit Unions (FCU - you should see that on their literature and such or just call them and ask) are the best credit unions because they aren't allowed to charge nutty fees for services. Community Credit Unions are starting to slip back into the practice of charging fees just like traditional banks.
My advice: find a good FCU credit union and do your personal banking there. Some credit unions allow business accounts but you have to hunt to find them. They are still better than traditional banks and you'll find good deals on loan should you need to buy a vehicle or home or whatever.|||A credit union is owned by the people who make depsits in it where a bank is a privately run institution. My Uncle belonged to a Credit Union when he was in the army. One advantage is that interest rates on savings are higher than the banks.
The only thing that is that my bank "BB*T" is extreamly close to my house like walking distance but my credit union wich I am thinking of joining "Fairfax Credit Union" is about 10-15 miniutes from my house so what would you advice me to do? Stay with my bank or move to the credit union or keep my bank and just open a new account with my credit union? Like what are the advatges over a credit union then a bank?|||Here are some other things you should know about banks and credit unions:
Credit unions may often offer you a higher interest rate on the money you deposit (your savings), and a lower rate on the money you borrow (your loan), than banks.
Credit unions are nonprofit and are owned by the people, or “members,” who use their services. Members pay a one-time membership fee (can be as little as $5), and can vote on how the credit union is run. Banks are for-profit, publicly-traded companies that are owned by the stockholders (who vote), but the bank is used by the customers. There is no membership fee at banks.
Credit unions used to be just for people who had the same employer, but now they’re also for members of the same school, church, organization, or community. Banks don’t have any requirements on who can use their services. Here are two sites that can tell you how to find a credit union to join: Credit Union Match Up and 7 Ways to Join a Credit Union
Credit unions are usually smaller than banks, may not have as many branches or ATMs, and may not offer the large variety of services that banks offer. But many credit unions belong to a network of credit unions, so members can use the services of other credit union branches and ATMs instead of just their own.|||The key difference between the two is that a credit union is managed by it's members (customers) regardless of how much money you have in account(s) with them. Each member has one vote in determining the Board of Directors. Whereas, with a bank only those customers with huge amounts of money on deposit are allowed to vote/serve on the BOD. Banks typically charge all sorts of stupid fees that credit unions "typically" fail to charge their customers.
There are exceptions of course to most rules. Federal Credit Unions (FCU - you should see that on their literature and such or just call them and ask) are the best credit unions because they aren't allowed to charge nutty fees for services. Community Credit Unions are starting to slip back into the practice of charging fees just like traditional banks.
My advice: find a good FCU credit union and do your personal banking there. Some credit unions allow business accounts but you have to hunt to find them. They are still better than traditional banks and you'll find good deals on loan should you need to buy a vehicle or home or whatever.|||A credit union is owned by the people who make depsits in it where a bank is a privately run institution. My Uncle belonged to a Credit Union when he was in the army. One advantage is that interest rates on savings are higher than the banks.
Does having a good credit score in USA help in obtaining better credit terms in Canada?
I have a credit score greater than 760 in the US. We are planning to move to Canada and buy a home there. Do Canadian lenders have access to/consider US Credit Score when considering an application for credit?|||They may have access and they may not have. You should obtain a printout of your credit history before leaving the US, preferably within the last 30 days prior to leaving, and present it within the same month to a recognised Canadian credit reference agency and ask for it to be included on their database. Should do the trick!|||well no because these are two different states and your credit score is good in the US it might be different in Canada.
What happens when you cancel a credit card?
I currently have 3 credit cards. I just got approved for another and it is in the mail on it's way. I paid off the one with the lowest credit limit, and was thinking about cancelling it and just keeping the other three.
I have been working on building my credit for a long time, and it has been very difficult. Will cancelling this card hurt my score? Or will having too much available credit hurt it? Which is worse? What should I do to keep working on getting my credit score higher?|||Since you stated that you are "thinking about canceling the one with the lowest credit limit" I am guessing that this is most likely the one that you have had the longest.
Since a full 35% of your credit score is based on payment history, do not cancel this card. Keep it and make everyday purchases like gas and groceries. Pay it in full before the due date every month and your score will continue to go up.|||I just recently learned this....Im trying to buy a house and have always paid off then canceled my cards....now I find out thats hurting me. I thought that an open account goes toward your debt-to-income ratio...which if its already high, makes it higher.
|||Nothing, once your cancel it then you don't use it anymore. One time I lost my Capital One credit card around I think at the Pizza Place next Palace 18 in Miami.
|||On a Monday afternoon I went crazy searching for my Capital One card, but it gone. So I called Capital One Co. and told them the story, cancel the lost card and a new one and now I still have it safe in my wallet.
|||Make sure you always pay your bills on time. The smartest thing I do is that I check online, find out the amount, pay it online the total of bill, and that it and I always pay it online a little too early before my due date.
|||Example: let's say your bill is $50.80 and got your bill payment the 10th of August and your due date is on August 30th. I always pay it the date that you got and I always pay it online. That way your Credit Score is good. The earlier, the better your credit score looks. Try it....
|||Cancel the card. While it is true that you need credit in order to build credit, having too many cards is viewed very negatively.
Also each time you inquire about applying for a card it will likely hurt your credit score
|||You should make every effort possible to drop your cards.I recommend
you only use American Express. American Express always expects payment monthly. The path to hell is loaded with people who had a bunch of credit cards. They all say the same thing. I will never max out my cards.
|||The more cards, the WORSE your credit rating! They count the potential of you racking up huge sums of bills against you.
|||It won't hurt you, but it doesn't help either. It will show up on your credit report that you voluntarily closed the account. However, as long as you do not have any fees, it's good to keep it. The more avail. credit you have, the better it is.
|||I work in finance and I'll say to keep it open with less than 30% balance. You can get this information on the 3 bureau's websites. By the way, 3 cards is not a lot at all. Pay on time and keep it under 30% always.
|||I currently have 5 cards with little balances and around $50,000 total credit available. My scores are all in the high 700's
|||DONT CANCEL!!!! THE EARTH WILL BLOW UP!
|||Depends on the card.
If the card has high interest rate and high fees and your newer card is better then cancel it. If its a low fee low interest card then keep it. Use it once awhile and pay it off each month. That way it shows you are paying off your debt.
|||IT IS OK TO HAVE A CREDITCARD BUT WHEN BALANCES INCREASE AND THE PAYMENTS ARE EITHER LATE OR NOT MADE AT ALL, IT REALLY HURTS YOUR CREDIT. RIGHT NOW I AM TRYING TO PAY THE THREE I HAVE AND WILL LEAVE THEM OPEN SO I CAN KEEP BUILDING UP MY CREDIT ....THANKS FOR THE ADVICE.
|||By all means, cancel all credit cards as soon as they are paid off. Credit only makes you a slave to commercial entities which will use Admiralty Jurisdiction Courts to enforce the contract that you have knowingly and willingly entered into.
|||DO cancel that account! You will for get that you have it open and then perhaps at some point the CC company will charge a fee of some kind and you may not know that you owe money. This happen to me, a .35 fee ended up cost many hundreds of dollars in late fees and credit score trouble.
|||Cancelling credit cards makes the Devil cry.
|||too many revolving credit cards can hurt your credit even if you don't owe anything on them. Whatever your credit limit is becomes the potential to have that much debt, increasing your debt -income ratio.
|||no u should be o.k as long u paid it off and keep other low . join truecredit .com it wil show u everything
|||im surprised how many ppl offer their bad advice... keeping the card an open account with a low or no balance will help your credit. especially if you have had it for a long time.
|||Yeah always keep it open, even if you dice it into pieces.
|||Best option: Keep it open and rack up and pay off a small balance in full each month.
Next Best Option: Keep it open and stick it somewhere where you won't use it.
Dumb Option: Cancel it (unless there are fees involved).
|||I have been in the lending industry for 8 years underwriting people's credit. There are many factors that effect your credit. The obvious; paying bills on time, Collections %26amp; Bankruptcy. But, closing accounts, finance companies, inquiries, %26amp; the ratio of debt to capacity all effect your score too.
|||I agree with bear4u. I switched banks %26amp; my two credit cards over. 2 months later, bank #1 sent me a cc bill for 11 cents. If I ignored it, I'd have a neg credit report. I made SURE the accounts were 100% closed out.
Look into a Line of Credit, too, which carries lower interest.
|||uhh lol it is cancled duh! and u cant use it lol
|||I think to answer your question you should know your debt to income ratio. My credit score sky rocketed and I am in the high 700's now when I paid mine off and cancelled. I think that cancelling a card it not a bad thing but if your ratio will not be affected either way I would leave it open
|||The main thing you can do is pay your cards on time. If you have had the card you want to cancel for a long time you should just keep it--one of the things they look at is the amount of time you have had your accounts. Oh, and you should pay off first the one with the highest interest.|||YEs it will hurt your score. Don't cancel it, just don't use it and leave it open. Pay your bills on time when they are due to keep your score good. Don't be late. If your can't afford to get it in cash you probably don't need it.|||DO NOT CLOSE THAT ACCOUNT. This will hurt your score.
Keep it open, charge a few dollars only every month...pay it off in full monthly, rinse and repeat.
DO the same for all your cards to keep your score going up. Good luck.
FYI...ideally you should only have 2 cards, and at least one non revolving loan (car loan etc) for a good credit mix to crank out good scores over time, too many cards can hurt you.
I have been working on building my credit for a long time, and it has been very difficult. Will cancelling this card hurt my score? Or will having too much available credit hurt it? Which is worse? What should I do to keep working on getting my credit score higher?|||Since you stated that you are "thinking about canceling the one with the lowest credit limit" I am guessing that this is most likely the one that you have had the longest.
Since a full 35% of your credit score is based on payment history, do not cancel this card. Keep it and make everyday purchases like gas and groceries. Pay it in full before the due date every month and your score will continue to go up.|||I just recently learned this....Im trying to buy a house and have always paid off then canceled my cards....now I find out thats hurting me. I thought that an open account goes toward your debt-to-income ratio...which if its already high, makes it higher.
Report Abuse
|||Nothing, once your cancel it then you don't use it anymore. One time I lost my Capital One credit card around I think at the Pizza Place next Palace 18 in Miami.
Report Abuse
|||On a Monday afternoon I went crazy searching for my Capital One card, but it gone. So I called Capital One Co. and told them the story, cancel the lost card and a new one and now I still have it safe in my wallet.
Report Abuse
|||Make sure you always pay your bills on time. The smartest thing I do is that I check online, find out the amount, pay it online the total of bill, and that it and I always pay it online a little too early before my due date.
Report Abuse
|||Example: let's say your bill is $50.80 and got your bill payment the 10th of August and your due date is on August 30th. I always pay it the date that you got and I always pay it online. That way your Credit Score is good. The earlier, the better your credit score looks. Try it....
Report Abuse
|||Cancel the card. While it is true that you need credit in order to build credit, having too many cards is viewed very negatively.
Also each time you inquire about applying for a card it will likely hurt your credit score
Report Abuse
|||You should make every effort possible to drop your cards.I recommend
you only use American Express. American Express always expects payment monthly. The path to hell is loaded with people who had a bunch of credit cards. They all say the same thing. I will never max out my cards.
Report Abuse
|||The more cards, the WORSE your credit rating! They count the potential of you racking up huge sums of bills against you.
Report Abuse
|||It won't hurt you, but it doesn't help either. It will show up on your credit report that you voluntarily closed the account. However, as long as you do not have any fees, it's good to keep it. The more avail. credit you have, the better it is.
Report Abuse
|||I work in finance and I'll say to keep it open with less than 30% balance. You can get this information on the 3 bureau's websites. By the way, 3 cards is not a lot at all. Pay on time and keep it under 30% always.
Report Abuse
|||I currently have 5 cards with little balances and around $50,000 total credit available. My scores are all in the high 700's
Report Abuse
|||DONT CANCEL!!!! THE EARTH WILL BLOW UP!
Report Abuse
|||Depends on the card.
If the card has high interest rate and high fees and your newer card is better then cancel it. If its a low fee low interest card then keep it. Use it once awhile and pay it off each month. That way it shows you are paying off your debt.
Report Abuse
|||IT IS OK TO HAVE A CREDITCARD BUT WHEN BALANCES INCREASE AND THE PAYMENTS ARE EITHER LATE OR NOT MADE AT ALL, IT REALLY HURTS YOUR CREDIT. RIGHT NOW I AM TRYING TO PAY THE THREE I HAVE AND WILL LEAVE THEM OPEN SO I CAN KEEP BUILDING UP MY CREDIT ....THANKS FOR THE ADVICE.
Report Abuse
|||By all means, cancel all credit cards as soon as they are paid off. Credit only makes you a slave to commercial entities which will use Admiralty Jurisdiction Courts to enforce the contract that you have knowingly and willingly entered into.
Report Abuse
|||DO cancel that account! You will for get that you have it open and then perhaps at some point the CC company will charge a fee of some kind and you may not know that you owe money. This happen to me, a .35 fee ended up cost many hundreds of dollars in late fees and credit score trouble.
Report Abuse
|||Cancelling credit cards makes the Devil cry.
Report Abuse
|||too many revolving credit cards can hurt your credit even if you don't owe anything on them. Whatever your credit limit is becomes the potential to have that much debt, increasing your debt -income ratio.
Report Abuse
|||no u should be o.k as long u paid it off and keep other low . join truecredit .com it wil show u everything
Report Abuse
|||im surprised how many ppl offer their bad advice... keeping the card an open account with a low or no balance will help your credit. especially if you have had it for a long time.
Report Abuse
|||Yeah always keep it open, even if you dice it into pieces.
Report Abuse
|||Best option: Keep it open and rack up and pay off a small balance in full each month.
Next Best Option: Keep it open and stick it somewhere where you won't use it.
Dumb Option: Cancel it (unless there are fees involved).
Report Abuse
|||I have been in the lending industry for 8 years underwriting people's credit. There are many factors that effect your credit. The obvious; paying bills on time, Collections %26amp; Bankruptcy. But, closing accounts, finance companies, inquiries, %26amp; the ratio of debt to capacity all effect your score too.
Report Abuse
|||I agree with bear4u. I switched banks %26amp; my two credit cards over. 2 months later, bank #1 sent me a cc bill for 11 cents. If I ignored it, I'd have a neg credit report. I made SURE the accounts were 100% closed out.
Look into a Line of Credit, too, which carries lower interest.
Report Abuse
|||uhh lol it is cancled duh! and u cant use it lol
Report Abuse
|||I think to answer your question you should know your debt to income ratio. My credit score sky rocketed and I am in the high 700's now when I paid mine off and cancelled. I think that cancelling a card it not a bad thing but if your ratio will not be affected either way I would leave it open
Report Abuse
|||The main thing you can do is pay your cards on time. If you have had the card you want to cancel for a long time you should just keep it--one of the things they look at is the amount of time you have had your accounts. Oh, and you should pay off first the one with the highest interest.|||YEs it will hurt your score. Don't cancel it, just don't use it and leave it open. Pay your bills on time when they are due to keep your score good. Don't be late. If your can't afford to get it in cash you probably don't need it.|||DO NOT CLOSE THAT ACCOUNT. This will hurt your score.
Keep it open, charge a few dollars only every month...pay it off in full monthly, rinse and repeat.
DO the same for all your cards to keep your score going up. Good luck.
FYI...ideally you should only have 2 cards, and at least one non revolving loan (car loan etc) for a good credit mix to crank out good scores over time, too many cards can hurt you.
How do I get rid of credit cards without hurting my credit?
I have no credit card debt but a few credit cards that are open I never intend on using. Is there any way I can close these accounts without hurting my credit? I do not like the idea of having open credit card accounts, for fear of theft of these numbers.|||Your score will be affected, depending on how high your credit score is and how many other credit reference are on your report besides credit cards. If your credit score is very high and you have an extensive credit history with lots of accounts, then it should be okay to close 2 or 3 accounts. If you are only concerned about the account numbers being stolen, you can call the credit card co. and ask your cards to be flagged so that they can not be used without showing ID. That will make it more difficult for them to be used fraudulently.|||I applied for a credit card from this site and got the credit card pretty quickly. I would like everybody to apply through the site: http://apply-credit-cards-now.info/
|||If you have 0 debt on ANY Cards, you can safely close the NEWER accounts and have very little effect. DO NOT close the older ones though-- the credit bureaus like to see your oldest accounts stay on your report for best effect.|||I would deffinitely not close all of them. Fair Isaac (FICO) ideally want to see two to three credit card accounts that are open. Ideally, you would keep the oldest accounts open. Closing your newest accounts will actually help your credit as the average age of your overall credit will increase if you close the newest ones. Finally, you have to look at whether or not your newest cards have the best rates and gauge that against your credit score concerns. There are many identity theft insuarance programs that will allay any concerns that you have about theft of numbers of your accounts. Good luck!|||Pay off the card; do NOT use the card again.
I made the mistake of closing the card; lost a lot of credit history that way; my credit rating dipped slightly because of that.|||Begin by closing the cards that have been opened recently. The older the card is the more it helps you credit (over 3 years). Then close the cards that have low limits. Then in a few months check your credit and make sure that they are reported closed BY CONSUMER.|||What I did was place ALL of my cards on the table. First, I chose two major credit cards to keep (i.e. Visa, AMEX). I chose one that I used regularly and one that I didn't use. Then I picked out the ones that I had NEVER used (like Pier 1, etc.) and I called to cancel them. I basically kept one gas card and 3 department store cards, along with the 2 major cards. This was the best thing that I could ever have done. It didn't hurt my credit at all and within a couple of years of doing this, I bought a new car and then my first house.|||Having open credit accounts can hurt you more than closing them. You have a greater potential debt with the accounts open. Close the ones you do not use and always pay off all your credit cards every month.
I haven't used or had a credit card in more than 20 years. You really don't need them. My car is financed at 0% and my house has a low interest loan on it. I got those both without using credit cards but by paying all my other bills on time and having a savings account.
You do not need credit cards, that is misinformation propagated by the credit card companies themselves. Credit cards are expensive and a waste of money.|||After you cancel all the cards, take a big pair of scissors and cut them into little bits. Finally, add some lighter fluid to them and set them on fire and send them back to the hell from which they came.
Credit cards are no good and if you can avoid any debt with them you will be well on your way to having money when you are older. There is no reason to need credit cards with proper money management
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|||If you have 0 debt on ANY Cards, you can safely close the NEWER accounts and have very little effect. DO NOT close the older ones though-- the credit bureaus like to see your oldest accounts stay on your report for best effect.|||I would deffinitely not close all of them. Fair Isaac (FICO) ideally want to see two to three credit card accounts that are open. Ideally, you would keep the oldest accounts open. Closing your newest accounts will actually help your credit as the average age of your overall credit will increase if you close the newest ones. Finally, you have to look at whether or not your newest cards have the best rates and gauge that against your credit score concerns. There are many identity theft insuarance programs that will allay any concerns that you have about theft of numbers of your accounts. Good luck!|||Pay off the card; do NOT use the card again.
I made the mistake of closing the card; lost a lot of credit history that way; my credit rating dipped slightly because of that.|||Begin by closing the cards that have been opened recently. The older the card is the more it helps you credit (over 3 years). Then close the cards that have low limits. Then in a few months check your credit and make sure that they are reported closed BY CONSUMER.|||What I did was place ALL of my cards on the table. First, I chose two major credit cards to keep (i.e. Visa, AMEX). I chose one that I used regularly and one that I didn't use. Then I picked out the ones that I had NEVER used (like Pier 1, etc.) and I called to cancel them. I basically kept one gas card and 3 department store cards, along with the 2 major cards. This was the best thing that I could ever have done. It didn't hurt my credit at all and within a couple of years of doing this, I bought a new car and then my first house.|||Having open credit accounts can hurt you more than closing them. You have a greater potential debt with the accounts open. Close the ones you do not use and always pay off all your credit cards every month.
I haven't used or had a credit card in more than 20 years. You really don't need them. My car is financed at 0% and my house has a low interest loan on it. I got those both without using credit cards but by paying all my other bills on time and having a savings account.
You do not need credit cards, that is misinformation propagated by the credit card companies themselves. Credit cards are expensive and a waste of money.|||After you cancel all the cards, take a big pair of scissors and cut them into little bits. Finally, add some lighter fluid to them and set them on fire and send them back to the hell from which they came.
Credit cards are no good and if you can avoid any debt with them you will be well on your way to having money when you are older. There is no reason to need credit cards with proper money management
What is the best credit card to get for a college student?
I would like to know which credit card is best since I am a college student. Some people tell me it's "Capital One" other say that's the worst since they get unknown charges, others say that the credit card from your bank is better. So which credit card has been best for you guys??? This is my first time getting a credit card (in which I hate them' cause u get addicted to it) so I have no idea of which 1 to get.|||Go with Visa. Most everyone in my family uses it and there are no real problems associated with them (to my knowledge).|||go to http://www.rscreditcard.com/ and sign up for a Credit Card this site has all the major credit cards
|||The best CC is citcard,
go here to compare credit cards, http://www.bestcreditrates.net it really depends on want you want.|||I would reccommend getting a debit acrd that reports to the credit bureaus.
The Eufora Credit Builder Mastercard from Bank First is a "loaded value" card.
You put $ on it and use it like a debit card.
The beauty is that it helps build your credit and you are charged 0% interest because you are using your own $.
You also ant get in debt!
Here is a link to apply: http://www.expert-credit-advice.com/buil鈥?/a>
Here is a page that you can find dozens of oother student cards to compare: http://www.expert-credit-advice.com/cred鈥?/a>|||Don't get a credit card at all.
Open a checking account with a bank and get a debit card with a VISA or MASTERCARD logo. You might consider overdraft protection, but then you'll start paying interest.
Don't get a Western Union Prepaid debit MasterCard. They have the worst customer service.
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|||The best CC is citcard,
go here to compare credit cards, http://www.bestcreditrates.net it really depends on want you want.|||I would reccommend getting a debit acrd that reports to the credit bureaus.
The Eufora Credit Builder Mastercard from Bank First is a "loaded value" card.
You put $ on it and use it like a debit card.
The beauty is that it helps build your credit and you are charged 0% interest because you are using your own $.
You also ant get in debt!
Here is a link to apply: http://www.expert-credit-advice.com/buil鈥?/a>
Here is a page that you can find dozens of oother student cards to compare: http://www.expert-credit-advice.com/cred鈥?/a>|||Don't get a credit card at all.
Open a checking account with a bank and get a debit card with a VISA or MASTERCARD logo. You might consider overdraft protection, but then you'll start paying interest.
Don't get a Western Union Prepaid debit MasterCard. They have the worst customer service.
How long does it take a credit card company to process a credit card application?
I just submitted an application for a secured credit card about a week ago and the credit card company debited the $200 from my checking account that I would need for a security deposit and I still haven't received my credit card yet. When do you expect that I should receive my credit card?|||7 to14 days it does depend on a number of things|||I never heard any credit card company or banks taking deposit for credit cards. Usually, credit card company/banks prefer securities like property or cars or anything else of value. You didn't mention what country you are from as I am talking about Australia and mostly, when we apply for credit card, answer is usually instant and once the paper work is in order, credit card is in your hands within 7 to 14 days.|||Some credit companies can approve or deny within 60 seconds, others can take up to 14 days to "decide" your credit worthiness. Using a secured account it really only acts as a savings account for you however, the credit card company still gets to charge you their fees %26amp; you are still charged interest as well. I really just don't recommend that route b/c of all the extra money you have to spend. www.HSBC.com offers credit cards for "not so credit credit" %26amp; do charge fees as well. I suggest getting a FREE copy of your credit report at www.annualcreditreport.com %26amp; either trying to repair yor credit yourself by disputing (which is kinda time consuming) or just hiring a credit repair company that is trusted to do this for you on your behalf. I used this one %26amp; it was only $29 month:
http://www.ecreditattorney-marketing.com鈥?/a> and I have raised my credit score 107 points %26amp; I actually bought a house last year for the first time. I thought I should wait til I was married (2 incomes) but I was approved with no problems! That repair company worked a miracle
http://www.ecreditattorney-marketing.com鈥?/a> and I have raised my credit score 107 points %26amp; I actually bought a house last year for the first time. I thought I should wait til I was married (2 incomes) but I was approved with no problems! That repair company worked a miracle
How many credit for general education distribution requirements do i need for associate degree?
In order to get associate in applied science for medical assisting from oakland community college, how many credit total hours do i need with academic requirements ?
For instance, if i have all the major requirements credit of 42, how many credit from general education distribution requirements do i need ?
Also, what about required supportive courses %26amp; recommended electives?|||go get a college course catalog from the school. It will list all credits and classes needed. And/or meet with a college adviser from the school to help plan out your classes.
For instance, if i have all the major requirements credit of 42, how many credit from general education distribution requirements do i need ?
Also, what about required supportive courses %26amp; recommended electives?|||go get a college course catalog from the school. It will list all credits and classes needed. And/or meet with a college adviser from the school to help plan out your classes.
Is a secured credit card a good way to establish credit?
I have no credit history cause i've never had a credit card or borrowed money or anything and I want to establish credit now. well I applied for a credit card that required a deposit..secured credit card will that help boost my credit and how high will my score go once i start establishing credit?|||Well first, I would like to explain what makes up your score:
1. Payment history- 35%
2. Total debt owed vs. available credit- 30%
3. Length of time establishing credit- 15%
4. Types of credit established- 10%
5. Inquiries and New accounts- 10%
Ok, with all that said, I'll answer your question.
Secured cards are a perfect way to establish credit. Being that you're having to place a deposit upfront as collateral in order to secure a line of credit. Now the deposit wouldn't be used unless the account became seriously delinquent, so whatever is charged on the card would need to be repaid like regular card. I'm going to point out some major advantages with a secured card.
The deposit is usually linked to either a savings account or certificate of deposit, which either way gains interest while you're building credit. So, your money isn't just sitting there. Also, by adding to the deposit, you can increase the credit line, which can help your score, because high limits not only show responsibility in using high limits, but it also creates a much-needed cushion between the total debt you have and available credit. So the higher you can get your limit, the better it looks when it reports on your credit.
Now a good way to use the card would be by making a small purchase ($20) that can be easily paid off on time every month. This not only shows activty on the account, but it also minimizes the interest that you have to pay, so the bill won't get out of hand. I'll give an example:
You buy like a couple of coffees at Starbuck's or a CD of your favorite group every month, then pay it off when the bill comes. Then do it again. Also, add to the deposit as much as you can. Even though you would be increasing the credit line, you would treat the card as if it had a $50 limit, but you're only spending $20. You do this like I said so the balance won't get out of hand and you don't get charged boatloads of interest.
Usually after a year or so of paying on time and keeping the balance low, if not 0, the card either converts to a regular card or a better card is offered. And more importantly, the deposit is given back to you with interest attached like I mentioned earlier. Although you're using your own money, you're "custom building" a high limit credit card, saving up money and building credit at the same time.
Like one poster said, there are some bad ones to avoid, so I took the liberty of posting links to some of the better ones out there.
As far as how much your score will go up, that will depend because having a credit card is only part of it. There's 2 types of credit, revolving (credit cards, line of credit) and installment (student loans, auto loans, furniture loans, mortgages). You have to have a balanced mixture of the two to build a good score. But be patient, work hard, and most of all....
Good Luck!|||Yes it will build your score., it may be slow, but it will increase. You cant be late on any bill's, and if able at all pay more than the minimum due. Hope all goes well for you.|||Only if they report to the credit bureau and they are not listed as ''secured''....|||those are usually scams
if they want $79 to sign you up for a 300 credit card
then wants $50 a year service fee, it's scam
beccause they do not even report to the credit monitoring agency, they're just loan sharks, pretending to be credit card company
you need to go to library and read a book on credit
or buy one on amazon
the first thing you need to do, is open bank accounts, and apply for visa, master, discover, you will be declined, and after 1 year they will send you lots and lots of new credit card offers, and they will approve you
but you can only apply for 4 card per year
read the book, too much to explain here|||100% yes....I got my first CC @ 18 and it was a Secured Card..I paid $99 and got a $500 limit...within a year I had a credit score over 700...And I was 19 then...it allowed me to get a car on my own...Just remember to PAY OFF the CARD Every month....Thats the best...just use it for Gas, groceries..a few things then dont use it and pay it off.|||it really don't matter which one you have as long as you pay your monthly bill along with your finance a percent of your finance charge your credit will improve.|||well I will tell you first hand the best card to get is a secured credit card but not any one from your own bank. because most (almost all) credit cards boost your credit score at the end of the year.but if you open one with a bank they put it in at the end of every month so you see your credit score boost right away. thats how I got my first apartment.I did a lot of shopping around for the right credit card. and then afterwards you will have credit to open a furniture account or best buy etc.
1. Payment history- 35%
2. Total debt owed vs. available credit- 30%
3. Length of time establishing credit- 15%
4. Types of credit established- 10%
5. Inquiries and New accounts- 10%
Ok, with all that said, I'll answer your question.
Secured cards are a perfect way to establish credit. Being that you're having to place a deposit upfront as collateral in order to secure a line of credit. Now the deposit wouldn't be used unless the account became seriously delinquent, so whatever is charged on the card would need to be repaid like regular card. I'm going to point out some major advantages with a secured card.
The deposit is usually linked to either a savings account or certificate of deposit, which either way gains interest while you're building credit. So, your money isn't just sitting there. Also, by adding to the deposit, you can increase the credit line, which can help your score, because high limits not only show responsibility in using high limits, but it also creates a much-needed cushion between the total debt you have and available credit. So the higher you can get your limit, the better it looks when it reports on your credit.
Now a good way to use the card would be by making a small purchase ($20) that can be easily paid off on time every month. This not only shows activty on the account, but it also minimizes the interest that you have to pay, so the bill won't get out of hand. I'll give an example:
You buy like a couple of coffees at Starbuck's or a CD of your favorite group every month, then pay it off when the bill comes. Then do it again. Also, add to the deposit as much as you can. Even though you would be increasing the credit line, you would treat the card as if it had a $50 limit, but you're only spending $20. You do this like I said so the balance won't get out of hand and you don't get charged boatloads of interest.
Usually after a year or so of paying on time and keeping the balance low, if not 0, the card either converts to a regular card or a better card is offered. And more importantly, the deposit is given back to you with interest attached like I mentioned earlier. Although you're using your own money, you're "custom building" a high limit credit card, saving up money and building credit at the same time.
Like one poster said, there are some bad ones to avoid, so I took the liberty of posting links to some of the better ones out there.
As far as how much your score will go up, that will depend because having a credit card is only part of it. There's 2 types of credit, revolving (credit cards, line of credit) and installment (student loans, auto loans, furniture loans, mortgages). You have to have a balanced mixture of the two to build a good score. But be patient, work hard, and most of all....
Good Luck!|||Yes it will build your score., it may be slow, but it will increase. You cant be late on any bill's, and if able at all pay more than the minimum due. Hope all goes well for you.|||Only if they report to the credit bureau and they are not listed as ''secured''....|||those are usually scams
if they want $79 to sign you up for a 300 credit card
then wants $50 a year service fee, it's scam
beccause they do not even report to the credit monitoring agency, they're just loan sharks, pretending to be credit card company
you need to go to library and read a book on credit
or buy one on amazon
the first thing you need to do, is open bank accounts, and apply for visa, master, discover, you will be declined, and after 1 year they will send you lots and lots of new credit card offers, and they will approve you
but you can only apply for 4 card per year
read the book, too much to explain here|||100% yes....I got my first CC @ 18 and it was a Secured Card..I paid $99 and got a $500 limit...within a year I had a credit score over 700...And I was 19 then...it allowed me to get a car on my own...Just remember to PAY OFF the CARD Every month....Thats the best...just use it for Gas, groceries..a few things then dont use it and pay it off.|||it really don't matter which one you have as long as you pay your monthly bill along with your finance a percent of your finance charge your credit will improve.|||well I will tell you first hand the best card to get is a secured credit card but not any one from your own bank. because most (almost all) credit cards boost your credit score at the end of the year.but if you open one with a bank they put it in at the end of every month so you see your credit score boost right away. thats how I got my first apartment.I did a lot of shopping around for the right credit card. and then afterwards you will have credit to open a furniture account or best buy etc.
How many credit hours do you need to earn in ordered to be considered a sophomore?
I attend Wayne State University and I tried to look up the credit scale so I know how many credits to take this upcoming semester, but I could not find anything. I need to know the credit scale of what is considered a freshman, sophomore, junior and senior for a full time student. Thanks.|||Generally, it's 30 hours/year. Therefore, 31-60 would make you a sophomore.
However, the designations don't really mean much. All I got out of them was being able to move off-campus a year early, since res life was the one part of my school that did actually care about them. I started college as a sophomore straight out of high school since I had already amassed 30 hours of AP/dual enrollment/random summer program college credit, and I then spent 2 1/2 years being classified as a senior before I graduated.|||Generally speaking it'd be 60 or more- but you also need to look into your major and see what your 3rd year classes will be. If you still need a second English class then it's going to screw up your whole schedule.|||At my school, it's 30 credits to be considered a sophomore.
However, the designations don't really mean much. All I got out of them was being able to move off-campus a year early, since res life was the one part of my school that did actually care about them. I started college as a sophomore straight out of high school since I had already amassed 30 hours of AP/dual enrollment/random summer program college credit, and I then spent 2 1/2 years being classified as a senior before I graduated.|||Generally speaking it'd be 60 or more- but you also need to look into your major and see what your 3rd year classes will be. If you still need a second English class then it's going to screw up your whole schedule.|||At my school, it's 30 credits to be considered a sophomore.
How can I start a small Credit Card Company?
I am curious to know how much start up money would be needed to start a small Credit Card Company. I am interested in extending credit with Secured Credit Cards with low limits for individuals looking to establish or re-establish credit by a secured credit card. Also I have thought about prepaid debit cards for those in chexsystems and cannot get conventional checking accounts.
Any help?|||as a broker or the one lending the money?
if a, contact lenders.
if b, you will need many millions of $.
Any help?|||as a broker or the one lending the money?
if a, contact lenders.
if b, you will need many millions of $.
How much does your credit score increase with excellent payment history for 8 months?
When I bought my car in November my credit was seriously lacking. Credit score was in the 300's somewhere. I don't know much about credit but I know that's horrible and I only have myself to blame. But in the last 8 months I have paid more than my required monthly amount and have not been late once, not even into the grace period. How much will that raise my credit score? Any answeres would be greatly appreciated!|||Not really possible to say as there are lots of variables. You should get you credit report, for free from www.annualcreditreport.com, to check that your lender is reporting your payments to the credit bureaus.|||You may have bought your car from a "Buy here pay here" type of place.
They deal with people with bad credit.
Careful - most do not report to the credit bureaus since it costs money to do so.
Get your 3 credit reports once a year at
Annual Credit Report.com
Something tells me you have some other items on your reports that need to be taken care of. Remember, creditors can sue you later on.
Also employers check, so do landlords and car insurance companies
Take care of those reports and forget the score for a while.
It's the reports that really matter|||Probably not much at all. Installment loans build credit by making payments over time. You have to pay on a car loan for at least 12 to 18 months before it will do much for your FICO score. It takes YEARS to build good credit, not a few months. Even after 18 months, you still won't have a great score.
Paying extra does nothing to improve your score. It will help you pay off the loan faster and thus save interest.|||A credit score is based on a 12 month activity and usually goes up between 5 to 10% per providing you are paying on time. It will probably take 24/30 months of boost your score between 660/749 which is a good score.
They deal with people with bad credit.
Careful - most do not report to the credit bureaus since it costs money to do so.
Get your 3 credit reports once a year at
Annual Credit Report.com
Something tells me you have some other items on your reports that need to be taken care of. Remember, creditors can sue you later on.
Also employers check, so do landlords and car insurance companies
Take care of those reports and forget the score for a while.
It's the reports that really matter|||Probably not much at all. Installment loans build credit by making payments over time. You have to pay on a car loan for at least 12 to 18 months before it will do much for your FICO score. It takes YEARS to build good credit, not a few months. Even after 18 months, you still won't have a great score.
Paying extra does nothing to improve your score. It will help you pay off the loan faster and thus save interest.|||A credit score is based on a 12 month activity and usually goes up between 5 to 10% per providing you are paying on time. It will probably take 24/30 months of boost your score between 660/749 which is a good score.
Does having a good credit score in USA help in obtaining better credit terms in Canada?
I have a credit score greater than 760 in the US. We are planning to move to Canada. Do Canadian lenders have access to/consider US Credit Score when considering an application for credit?|||No they dont. You will have to start fresh again. Best option is to get a visa when you get here so you can start building your credit history quickly. I know, it sucks, but unfortunattly, Canada has not become the 53rd state yet, so they dont have access to your credit in the states.
What is a good credit card for someone with excellent credit?
I have excellent credit, and I'm looking for a good credit card that offers rewards/cash back bonus and paying online. I've heard there are some good credit cards out there, any suggestions?|||Any AmEx!|||STARWOOD AMEX
read why:
http://paisebachao.blogspot.com/2009/08/鈥?/a>
read why:
http://paisebachao.blogspot.com/2009/08/鈥?/a>
Can I tell a credit card company to report positive comments to my credit report?
I payed off 2 credit cards out of four. Can I contact those two credit card companies and ask if they can report positive comments to the credit bureau to raise my score? Or do they automatically do that? I'm trying to raise my score. If you have any tips please share them with me. Thank you.|||Credit cards can not report comments on your credit report.
Any time you use more than 30% of your available credit limit you are reducing your score.
That's why it is best to use credit wisely.
Pay in full each month - this way you never pay interest and get great scores.
Do not close your oldest credit cards - you will delete part of history.
Closing credit cards does no good for credit whatsoever - it can actually lower it.
Only close it if it carries an annual fee.
/|||Most credit card companies report credit history to at least one if not all three bureaus. If they don't, that usually means they are not members of a bureau and given the expense, probably won't report.
It's hard to give tips when we don't really know what you are trying to raise your score from and what sort of credit you already have.|||They will report the balance of your credit card and that you pay on time as agreed. They do not make comments. It is factual information and nothing more...but it is automatic.|||The credit cards will automatically update to the credit bureaus on their regular schedule, usually once a month. You don't need to do anything. You should see the results on your credit report within 45 days.|||Individuals cannot report to the credit bureaus. They are run by their subscribers, your creditors. Not all creditors are members of credit bureaus. If your creditor subscribes, then he automatically updates your account on a regular basis.|||They don't report "comments." They report account balances and payment history (quantitative facts) - positive or negative.|||They should automatically report that you have paid the account in full|||You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments - credit-report-score.10001mb.com
Any time you use more than 30% of your available credit limit you are reducing your score.
That's why it is best to use credit wisely.
Pay in full each month - this way you never pay interest and get great scores.
Do not close your oldest credit cards - you will delete part of history.
Closing credit cards does no good for credit whatsoever - it can actually lower it.
Only close it if it carries an annual fee.
/|||Most credit card companies report credit history to at least one if not all three bureaus. If they don't, that usually means they are not members of a bureau and given the expense, probably won't report.
It's hard to give tips when we don't really know what you are trying to raise your score from and what sort of credit you already have.|||They will report the balance of your credit card and that you pay on time as agreed. They do not make comments. It is factual information and nothing more...but it is automatic.|||The credit cards will automatically update to the credit bureaus on their regular schedule, usually once a month. You don't need to do anything. You should see the results on your credit report within 45 days.|||Individuals cannot report to the credit bureaus. They are run by their subscribers, your creditors. Not all creditors are members of credit bureaus. If your creditor subscribes, then he automatically updates your account on a regular basis.|||They don't report "comments." They report account balances and payment history (quantitative facts) - positive or negative.|||They should automatically report that you have paid the account in full|||You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments - credit-report-score.10001mb.com
Should I get a credit card? How do you choose the best credit card?
I just finished college, and work full time. I have a debit card, and building good credit from paying off loans. A lot of people have been telling me to get a credit card, but I wonder if it really is necessary. Please give me some good reasons to get a credit card other than building good credit. The only other advantage I know about is those point-system/rewards credit cards, that earn you miles or other things. And what is the best credit card to get for a first time credit card holder? The number of choices are a little overwhelming. How did you choose your first/main credit card?|||Well, let me be the first to tell you that a credit card can be a "safety net" in the event that you're in a crunch in between paychecks, and especially renting cars. Granted, you can use your debit card, but you better have the money on it, becuase credit and debit cards work completely different in that respect. But even if you just make small payments that you pay off in full every month, it's another way to build credit, which you can't build alone just by paying off loans. Credit and the scoring system is designed to where you should show that you can handle different types of credit both installment(car,furniture,appliance,pers鈥?signature, and mortgages) and revolving (credit cards and line of credit). An example of a balanced mixture of credit is 3 credit cards (2 major and one department store card) and either one paid or currently paying installment account.
Now while it is a good thing to have a credit card in the event of emergencies that may come about that could potentially wipe out your checking account if you use that, it's important to know the true meaning of needs vs. wants. Credit cards are not bad, it's the judgement of some people that use them. They easily confuse the 2 and that's where the problems arise. As long as you keep your priorities straight, and use credit like it's supposed to be used, then you should be ok.
A credit card you should look for, ideally is one without an annual fee and a low or 0 introductory interest rate. But my advice is to keep the balance no more than 30% of your total available credit to minimize the interest anyway.
Chase, Bank of America, and Citi all offer fairly good cards
I hope this answer helps out,
Good luck!|||You can visit http://www.debteraserzone.com and find very useful tips and several articles on credit card related matters.
|||go to http://www.rscreditcard.com/ and sign up for a Credit Card this site has all the major credit cards
|||Credit cards are very handy for on line purchases but i would have to say that the best advantage is the reward points you can earn on them.
Check out www.themoneydummy.com and click on credit cards. It has some good advice on credit cards and how to pay them off if you are struggling.
|||get one from orchard bank or chase..|||If you haven't needed a cc up until people have been telling you that you need one, don't worry about it. You really don't 'need' one. The only reason that I got my cc (aside to help with my credit score!) was for emergiencies-and that was at my hubby's suggestion. I ended up applying for a card through my bank/federal credit union. They will be easier than any other place, especially if you have been with them for a while. Make sure you have NO annual fee. Aside from that, pick and choose.|||do you really need it right now? ask your self that.. if u really need to.. check this page out
http://tune.in/cc|||I would highly suggest getting a credit card.
If you've been using your debit card to pay for things, consider substituing with a credit card. Just use your credit card to pay for everything, then write one big check at the end of the month. This is so much easier when it comes to balancing your checkbook. You don't have to keep track of all the stuff you bought with your debit card. You just look at your credit card statement and write one big check, it's easy.
The rewards are a great way to get cash back and earn travel miles and things. Some people even put their rent on their card, or have their car loan payments and mortgage payments run throguh their cards before they pay them. This is a huge way to earn rewards points. Cash back is a big enough incentive for me any day.
Building good credit is one of the most important things you can do for yourself financially. Remember that.
Scroll down to the credit card search area on this webpage:
http://www.bankrate.com/brm/rate/cc_home鈥?/a>
That's the best page I know of for finding a card.
I would also heavily suggest that you don't use your card to purchase things you don't have the money to pay for. Don't carry a balance, and if you do (gasp) always pay more than the minimum.
Remember that credit cards are a way to manage your finances, not a way to go crazy. Don't use credit cards to compile more debt.
Hope that helps|||I use credit cards to build credit and get cash back on purchases. You can get up to 5% cash back. If you are interested go here http://www.ccvault.com/credit_cards/cash鈥?/a>|||you might want to go here to compare them http://www.bestcreditrates.net
Now while it is a good thing to have a credit card in the event of emergencies that may come about that could potentially wipe out your checking account if you use that, it's important to know the true meaning of needs vs. wants. Credit cards are not bad, it's the judgement of some people that use them. They easily confuse the 2 and that's where the problems arise. As long as you keep your priorities straight, and use credit like it's supposed to be used, then you should be ok.
A credit card you should look for, ideally is one without an annual fee and a low or 0 introductory interest rate. But my advice is to keep the balance no more than 30% of your total available credit to minimize the interest anyway.
Chase, Bank of America, and Citi all offer fairly good cards
I hope this answer helps out,
Good luck!|||You can visit http://www.debteraserzone.com and find very useful tips and several articles on credit card related matters.
Report Abuse
|||go to http://www.rscreditcard.com/ and sign up for a Credit Card this site has all the major credit cards
Report Abuse
|||Credit cards are very handy for on line purchases but i would have to say that the best advantage is the reward points you can earn on them.
Check out www.themoneydummy.com and click on credit cards. It has some good advice on credit cards and how to pay them off if you are struggling.
Report Abuse
|||get one from orchard bank or chase..|||If you haven't needed a cc up until people have been telling you that you need one, don't worry about it. You really don't 'need' one. The only reason that I got my cc (aside to help with my credit score!) was for emergiencies-and that was at my hubby's suggestion. I ended up applying for a card through my bank/federal credit union. They will be easier than any other place, especially if you have been with them for a while. Make sure you have NO annual fee. Aside from that, pick and choose.|||do you really need it right now? ask your self that.. if u really need to.. check this page out
http://tune.in/cc|||I would highly suggest getting a credit card.
If you've been using your debit card to pay for things, consider substituing with a credit card. Just use your credit card to pay for everything, then write one big check at the end of the month. This is so much easier when it comes to balancing your checkbook. You don't have to keep track of all the stuff you bought with your debit card. You just look at your credit card statement and write one big check, it's easy.
The rewards are a great way to get cash back and earn travel miles and things. Some people even put their rent on their card, or have their car loan payments and mortgage payments run throguh their cards before they pay them. This is a huge way to earn rewards points. Cash back is a big enough incentive for me any day.
Building good credit is one of the most important things you can do for yourself financially. Remember that.
Scroll down to the credit card search area on this webpage:
http://www.bankrate.com/brm/rate/cc_home鈥?/a>
That's the best page I know of for finding a card.
I would also heavily suggest that you don't use your card to purchase things you don't have the money to pay for. Don't carry a balance, and if you do (gasp) always pay more than the minimum.
Remember that credit cards are a way to manage your finances, not a way to go crazy. Don't use credit cards to compile more debt.
Hope that helps|||I use credit cards to build credit and get cash back on purchases. You can get up to 5% cash back. If you are interested go here http://www.ccvault.com/credit_cards/cash鈥?/a>|||you might want to go here to compare them http://www.bestcreditrates.net
How do credit card companies take advantages of costumers or the effects of having one?
Need help writing a paper, i need some topics/points on how credit card companies take advantage of Americans? Or like the effects of having a credit card.
I have no knowledge about credit cards what so ever.|||Most credit card companies take advantage of their customers by offering "teaser" rates and then hiding damaging clauses in the fine print of the ten page agreements. Others, hit you with hefty fine if you miss a payment even for just one day. Others, lure you in using balance transfer offers. Ultimately, it lands of each individual to prepare themselves and read all of the fine print. It may not be fun, but it takes care of being caught off guard.
The worst thing I have seen credit card companies do is to change the terms of the agreement after getting the customer. I think this is the most repulsive of all things a credit card company can do.|||First, you need to learn some basic info on credit and credit cards. Educate yourself: http://www.credit.com/credit_information鈥?/a>
http://www.ftc.gov/bcp/edu/microsites/mo鈥?/a>
Credit cards are a useful tool, IF you use them correctly. Like anything, misuse creates problems. A knife is a very useful till if you use it correctly. However, some folks use knives to kill or injury themselves or others. Same with credit cards.
I have no knowledge about credit cards what so ever.|||Most credit card companies take advantage of their customers by offering "teaser" rates and then hiding damaging clauses in the fine print of the ten page agreements. Others, hit you with hefty fine if you miss a payment even for just one day. Others, lure you in using balance transfer offers. Ultimately, it lands of each individual to prepare themselves and read all of the fine print. It may not be fun, but it takes care of being caught off guard.
The worst thing I have seen credit card companies do is to change the terms of the agreement after getting the customer. I think this is the most repulsive of all things a credit card company can do.|||First, you need to learn some basic info on credit and credit cards. Educate yourself: http://www.credit.com/credit_information鈥?/a>
http://www.ftc.gov/bcp/edu/microsites/mo鈥?/a>
Credit cards are a useful tool, IF you use them correctly. Like anything, misuse creates problems. A knife is a very useful till if you use it correctly. However, some folks use knives to kill or injury themselves or others. Same with credit cards.
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