 Will paying off my loan early lower my credit score? |
| I have $140 montly due for my student loan, I want to pay the $1680 once a year insted of remembering to write a check (or worry about what is in my bank account if i set it up to withdraw ... |
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 Is it smart to get a credit card when i turn 18?!? |
im 17 now, and im thinking of getting a credit card to buy alot of stuff i want, plus of course college supplies etc.
what do you think??... |
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 I have a credit monitoring system and my recent credit score was 635? |
| I went to pull my report today and it dropped to 598 I had to charge some medical things for a family member for about 2,000 dollars and used a couple hundred on another card. DO you think that'... |
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 I was late on my credit card payments for three straight months. How much will that affect my credit score? |
| My credit score was 750 before this happened and I have not checked it since the late payments which were Mar,Apr,May of this year. My wife was handling the finances and payed a $50 minumum payment ... |
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 What is the best way to handle outstanding debt? |
| I have previously asked a question and have not got the answers i was seeking. I have a credit card debt that is over 9 years old. I understand all of the legalities of the situation concerning the ... |
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 Is there a possible way to live without credit? |
| Don't you hate being a slave to banks and credit card companies?Even when buying a house, which people think it's theirs but it actually isn't until it's completely paid off like ... |
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 Can a collection agency for a way over due payday loan call the cops on you have have you arrested? |
| Way back in Nov. I had taken out a payday loan, well when it came time to repay I didn't have the money so I took out another loan... I have 7 outstanding loans now..... BAD DEAL!! Well they ... |
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 Past Due Credit Card? |
| Hi. I have a credit card in which the minimum payment is now $800. It started out with an overdraft and a late fee, and the minimum was $150 which I could not afford, then it has just went up since ... |
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 Repairing my own credit report.? |
| I have decided to start repairing my credit on my own. I have a few paid collections on my credit report. Do I contact the collection agency who reported the bill or exquifax to have these items ... |
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 Im going to open a credit card acount to get my credit score up but I don't know any thing about the credit |
| termonology and where can I learn about choosing a credit card that's right for me and not to expensive?... |
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 My fico is 610, income 65,000/ fiance 680 income 50000. Should we apply for home loan together or just him? |
| Should he buy before we get married. my low FICO is due to past charge offs that are about 5 yrs old. We would probably qualify for more money if my salary were included, but we don't want to ... |
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 How many credit cards SHOULD I HAVE? |
I am 21, and have 1 credit card with a $1250 dollar limit.
I am just starting to build my credit, bought some furniture and I am paying it off every month. I also never miss any payments on my ... |
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 Will I be accepted? |
| Im 6 and a half months pregnant, I start my maternity leave in 2 months and I am going back to work full time when my baby is 6 months old, Will I be accepted for a mortgage as I am currently renting ... |
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 Does credit card debt add interest if unpaid? |
I had a credit card over 5 years ago that I used and only paid less than 10% of it back. I completely set it aside and forgot about it.
Let'd say my debt was $1000. Now, 5 years ... |
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 Old roommie opened credit card in my name? |
| Long story short, I checked my credit yesterday for the first time in years, and noticed a closed American Express card that is at collections. Shock to me! In researching, found out that my ex-... |
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Black | Can you build great credit, without credit cards? If so, how? |
I am about to have my first job ever, start paying taxes, grown up things you know. I don't want credit cards, I don't want to spend money that I haven't earned, and end up in debt, living pay check to pay check like most Americans. But, apparently, credit is good for certain things, so, how do I get a good score, without credit cards. |
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Alex R
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Open a bank account and do not overdraw. Take out small loans for an amount you can pay back. I would recommend taking our a loan for $300-$500, putting the money in a savings account and pay back the loan with that loan money. If you do this slowly, you will surely build your credit.
I assume you cannot be much older than 18 years old.
That being the case, make sure and remember that you have years to build your credit and it's relatively simple once you know the basics. |
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Chris B
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People who advise you not to have a credit card are those who do not understand how having a credit card will create your credit score and profile! Without it, you have no credit history or score.
Having one Visa, Master Card or Discover card isn't going to kill you. It will create you as far as the bureaus are concerned. You don't need a heavy credit line to begin with either. If you are that concerned about living from paycheck to paycheck, I'm certain you will remain aware of what you are doing. You charge things you can afford to pay back only. Remember, this is only to build your credit score so that you'll be able to purchase a new car or what have you in the future. Paying back loans on time is the thing that gives a person a great credit rating and a credit card balance is a loan! No one keeps track of cash in the world of credit. |
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Crazyjester9
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Sure you can do it, but it's not all that easy.
There is no reason to be scared of credit cards. If you are responsible and control your spending you will be just fine. Not to mention you will need a credit card for things like hotels and car rentals.
I'd suggest a secured card. Learn how to use a credit card responsibly while having the security to fall back on. Once you are comfortable with that, move on to regular credit cards. |
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heybulldog
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The only way to build credit is to borrow money and make payments on time.
Credit cards are the easiest way to do that.
It's a bad financial plan.
You have to borrow money and make payments on time to get a high credit score so that you can borrow more money and make payments and pay interest. It's a stupid game that people play. It makes no sense.
If you pay as you go.
If you live on less money than you make.
You will have money.
The only time you might have to borrow money is for a home. You can do that without a fico score. It's called manual underwriting. It's not a sub prime loan. It's the way home loans were givin' before all the fico score worship. You can get the lowest interest rates available.
New cars are a rip off. they go down in value and you lose money as soon as you drive off the lot. They keep losing value yr after yr.
Save up for a good cash car. Then you can put the money you save in the bank.
No payments=cash in the bank. |
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Roklimerchic
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Nope you have to use credit to build it. Do you have a car? A car payment through your bank is a great way to build credit. Ultimately the best thing to do would be to get a credit card and be responsible. You DON"T HAVE TO spend money you don't have . You can put things on it that you have money saved for and then pay it off immediately that way it will show that you are responsible so that one day when you do need credit (ex: buying a home/renting an apartment) you will have it! |
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Emily
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Ten years ago, I paid everything with cash and prided myself as living within my means without credit. However, within that period, I lost my job and my car broke down. Guess what? NOBODY would finance a car to me! WHY? Because I did not have a credit score and although I found a job shortly thereafter. I could not get financed if my life depended on it. I had the score of a 5 year old and it was embarrassing. Luckily my sister with perfect credit bailed me out.
Credit works for you when you pay on time and are responsible and you don't abuse it. The fact that you don't want credit leads me to believe that you feel you may be one of those "Americans" who end up living in debt. Well, all I can tell you is that credit is important and without it, I would not have bought my dream home. And, no I am not in debt.
So many others here say that you don't need credit. I for one would like to see an extensive website on how you can manage life without credit unless you're filthy rich.
Good luck on getting a good credit score without credit. I agree with one of the comments. You may want to try a secured credit card. After all, it's your own money. |
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sarahskinsley
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you achieved good credit by paying bills on time, no missing payment dates etc, and if you get credit cards they base this on this and if you miss payments on them your credit rating goes bad, same with mobile phone bills. you dig? pay your bills on time |
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silhouetteincounter
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you can take out secured loans and do it that way but cc's are always good expec. when it's un secured..it shows you are responsible enough to pay your bills on time |
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Rkymtnmike
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As a person who has granted credit on cars, homes and credit cards for over 3 decades, I can tell you that it is almost impossible to establish credit without credit cards. Credit card management tells a Lender a lot about you. It's like working from home you have to be discipline. You muts have at least three accounts for at least six months to even register a credit rating. This could be a auto loan and two cards. You should carry a small balance and always pay more than the minimun amount.
Having "no" credit is worse than having bad credit, and sooner or later you will need to get a credit card. |
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DebtFree
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pay your bills on time every month. never be late. over a long period of time, and you can build credit.
you are VERY smart for not using credit cards. save money like crazy for emergencies...
society (and banks) says that you need them. guess what? you can live life just fine not having a credit card. :)
you can get a secured credit card... you give the bank $500 cash... and they give you a card with a 500 limit..... if you don't pay the bill, they take your $500!. That would help you get credit..
but personally, I would not bother. You don't need credit cards.. operate on cash, save for things you want... if you can't pay for them you can't afford them.
http://www.daveramsey.com
http://www.daveramsey.com/etc/cms/baby_steps_2867.htmlc |
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Jimmy Nordon
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File for bankruptcy that will help you gain points. |
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