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-- American Express, limit of $12,100, a $2000 balance and I've had this credit card for 7 years
-- Bank of America, limit of $4000, a $0 ... |
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Additional Details
ok. let me add more to the question. There is no estate to take from.... |
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 What earns a higher credit score making the minimum or full payment on credit cards? |
I would like to know which method will result in higher credit score I have heard many different opinions.
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Baby Girl born 8/26/08 | Do you know of any Credit Card consolidation companies that don't charge fees? |
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dougzinboston
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Stay away from credit consolidation companies. Having that on your credit report is just as bad as having maxed out credit cards. You're better to pay off your own debts. Pay the minimums on all the individual debts except the smallest debt...then take all the extra money you can and use it to pay off the smallest debt. Once that debt is gone, you're eliminating a debtor, improving your debt ratios and increasing your credit score. You then move onto the next smallest debt and so on and so forth. Eliminate the debt yourself and it is better for you in the long run. |
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Laura J
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NO, and they are all scams. Your only hope is to pay them off and cut the financial fat you don't need... or if you own a home, refinance or get a bank loan, but it will have interest. |
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T J
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Yes, there are some non-profit ones, and that's what you should look for.
Credit card companies fund certain non-profits because they'd rather give you a reduced rate than have you declare bankruptcy.
The ones that advertise on TV are all looking to make a buck, but there are some that do not charge fees - they're funded by the cc company.
Call your credit card company and ask for a referral. Chances are your CC company knows you're in trouble anyway, because of your history with them. The non-profits can knock your rate down to as low as 5 or 6%. It will affect your credit rating, but not as badly as bankruptcy will. |
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cloothe
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You are much better off putting together you own credit consolidation plan. Most of the comercial companies that do this sort of thing require you to have a home that has some equity in it. If you have that, then go to your bank and talk to them about getting a home equity line of credit or a second mortgage (they are not quite the same thing). Use the money to pay off your own credit cards.
Home equity lines of credit almost never have a charge (except the interest you pay, of course). Second mortages do, but you can often incorporate that into the loan. Talk to the bank about which makes more sense to you.
If you are in too deep even for that, then your next step is a credit counselor. NEVER pay for one of those. The ones who charge for this service are always con artists. There are non-profit services--usually run by creditors--that do the same work for free. The way to find one of these, if you can't find one in the yellow pages, is to talk to one of the credit card companies, explain your payment problems, and ask for a referral to a credit counselor. These people can work out new payment options for you until you can get back on your feet. That might mean extending payments, or getting a break for a month or two on payments, or other kinds of arrangements. That creditors don't want you to default, and you don't either. So they will try to work something out with you if they can. The independent credit counselors can really help with that.
Good luck!! |
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Bodacious Baby
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NO THEY HAVE TO CHRG SOMETHING, HOW DO U THINK THEY STAY IN BUSINESS |
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Debt Guru
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Credit counseling operations are paid for and sponsored by the credit card companies themselves that is why people make comments about them negatively. I agree that a "non-profit" charging a fee is hinky however i look at it as you pay for what you get. Free help is only going to get you so far.
Also based on the amount of debt that you have will determine the program that suits your needs. |
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TheTruthAboutMortgage.com
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It is best to avoid credit card consolidation companies, or credit counseling companies.
They lock you into a payment plan and don't allow you to get any new credit until you pay everything off. It kills your credit score, and most creditors won't even look at you for years after.
Do your best to talk to the creditors individually and work out payment plans with them. They can be helpful if approached the right way.
Learn more about mortgage, credit, and finance:
http://www.thetruthaboutmortgage.com |
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Ajoy L
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There are two types of Debt Consolidation companies are in Market. The first is those who simply consolidates all your debt and provide you a low monthly payment. The second type, which is rare, are those who reduce your credit card debt by negotiating with your creditors and known as Debt Reduction Companies. This negotiation takes place on the interest accumulated on your principal amount.
Most of these companies keep your first three months payment as their fees. But there are few companies who does not charge so much. But, YES, they do charge otherwise they cannot survive. There are few companies who work on behalf of credit card companies but their percentage of reduction is very low. May be 5% or 8% max.
Learn more about Debt Reduction companies…..
www.debtfreeafterall.com |
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iritadragon
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How the heck do you expect them to stay in business? Jesus, you people who can't keep your spending under control expect to be handed money on a platter, don't you?
Credit card consolidation companies are doing you a favor by paying off your previous debt, and charging you a lower interest rate than those credit card companies.
Why shouldn't they earn enough doing so to pay their utility bills, and the salaries for their employees, and the monthly rental on their business premises? |
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