 How many of you live of credit cards?? and what will you do when you are up to your credit limit?? |
england is very much living off credit and is very much in debt with bank loans etc ..i just wondered what every one who has credit cards and lives of them will do when their credit as run out ??
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 Is it a good idea to start establishing credit as a college student? |
| I am about to be a sophomore in college. I am not a big spender, but every once in a while I'll make a purchase that either requires a credit card or I would rather not pay with check or cash. I ... |
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 How do you work out 8.5% interest? |
on a debit card/credit card for monthly payments of car insurance?
say the amount is £353.95 how do you work out what 8.5% interest on top would be?
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 What are the top 5 ways to build or rebuild your Credit score? |
| I've seen a few suggestions on the board, and put a few up myself as answering another person's question, but out of all the techniques out there, what are the 5 or 6 you find most ... |
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 My mother has alot of debt...? |
| My mother has alot of debt, credit card, medical everything. When she passes away is all that debt going to fall on me? The only debt I have is student loans and I do not need over 200,000 dollars in ... |
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 What to do,i have two credit cards with id fraud help?? |
| i have two credit cards,mint and capital one,both have been used with out my knowledge or agreement, i only found this out when statements arrived. neither credit card company will freeze the ... |
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 How do i clear searches on my credit file? |
| i have recieved my credit file for the first time in my life and found no ccj's or anything like that but have found searches from as far back as 2002. nothing on there says iv'e missed a ... |
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 Is there a type of debt consolidation for payday loans? |
| I've met with a lawyer to start to file for bankruptcy. The two main components of my debt are a car repo, which for some reason I still owe around $6000, and some payday loans, which I owe ... |
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 Should I take this offer from a collection agency? |
Recently they sent me an offer for a credit card. Here are portions of the letter that I have edited to keep this short.
Midland Credit Management, Inc. has made an arrangement with J... |
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 Where can i find a good debt consolidation loan? |
| With not so great credit and do not own home for equity.... |
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 If BOFA put me on Chex systems because a bounced check for $4k, will it show up on my credit report? |
| Someone had deposited a check into my bofa acct. i used the funds, than realized the check bounced. They put me into Chex systems and closed my checking acct? If i try to apply for a loan, will it ... |
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 So I let my boyfriend use my credit card.? |
| We broke up, and now he won't pay about three grand, is it worth taking him to court. I know I'm stupid. He has the merchandise purchased with the card, and has been paying the bill on ... |
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 Car Loan Question? |
| I bought a car a couple months ago and took out a 6 grand loan for it. When I took out the loan they said not to pay it off sooner then a year or else it will hurt my credit score since its my first ... |
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 How do you tell the man you love he is ruining your credit? |
| I have been with my mate for 14 years and when we got together I had 30k in my bank account, my credit was excellent, I paid my bills on time and had money left over without touching my bank account. ... |
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 I messed up.? |
| we had a bill from 2006 in our old house. the gas bill was in my then 17 (in 2003) year old sons name, because I had an unpaid bill myself. I had a lot of health problems when we moved last year, and ... |
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Danielle B | Can I cancel my credit cards before the balance is paid off? |
Hi,
I just got out of graduate school and have a lot of credit card debt on several cards. A few have decent interest rates. It would be great to cancel all but a few and keep paying them off. I don't want to be tempted to use them in the future. Is this possible, or am I only allowed to cancel once the balance is paid off? |
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Mark A
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You have to pay your balance first and then cancel your credit card. |
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ScSpec
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Call the company and ask, or just cut up the plastic card, then you can't use it again. duh. |
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src50
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Yes, you can request the issuer to close them, but of course you still owe the balance. This may actually lower your credit scores as your debt-to-limit ratio could increase. |
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DoveyBuzzy
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you can cancel them before the balance is paid off, but why?
Keep them open. Your credit rating will look better with the lines open. Instead of cancelling them, just cut them up or shred them. |
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stan c
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You can cancel a card anytime. I closed several of my credit cards not because I was afraid I would use it again but because it the event I moved and I forgot about the credit card and it goes to the previous address where someone may use it. It's better to be safe than sorry later. |
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Radtech1996
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I would not cancel just cut them up if you change your mind you could always have them send you a new. |
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Jayelle
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Best thing to do is to transfer as much as you can to the lowest-interest card(s). Then, leave the other cards alone. DON'T CANCEL THEM!!! Just leave them in a safe-deposit box, or just don't use them.
By cancelling your card, it negatively affects your credit score. No one told me this, and I did EXACTLY what you are thinking about doing. Thought it would simplfy things, and I would have so much outstanding.
I've been rebuilding my credit now for over 8 years, and am not yet to 700.
Student loan consolidation is a good idea too, but this also puts a mark on your credit history. They DO NOT list the reason the account/loan was closed. |
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KevinStud99
 |
You most definitely do NOT have to pay off the balance -- you can cancel before paying it off, and then just continue making payments. People do it all the time. It is regrettable that people who don't know the answer insist on answering anyway with bad info.
However, it is also likely your credit history and scores will be better if you leave the accounts open; and even someday increase your credit limits. That will pay off years down the road.
If you don't trust yourself, then either just cut the cards (without canceling the accounts), or place them in a plastic bag full of water and and put in your freezer to encase them in a block of ice. |
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machini
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you have to pay yoour debt before the company allows you to cancel th credit card |
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Dhiren S
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No You cant!!! |
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