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 Pay off credit cards all at once, or gradually? |
| I just inherited about $30K. I've got $21K in credit card debt that I really want to pay off (since it's costing about $500 a month in minimum payments that aren't reducing what I owe).... |
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 Which of these credit cards is better? |
a card with an apr of 14.9% but a $19 annual membership fee
OR
a card with an apr of 19.24% but has no annual fee.
Additional Details
thanks martin,
i am ... |
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 Hey does anyone know where I can get $30,000.00 loan with extremely bad credit? |
| ...seriously....trying to make some business investments. but am in need of 30,000.00 to get the business off the ground......but my credit rating is below horrible....any ideas?... |
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 Low credit score? |
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| what is te best debt consolidation website, offering service for people that have a not so good debt to income ratio.... |
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 Will Blockbuster video take me to collections for a $6 late fee? |
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| I am looking for an auto loan to buy a used vehicle. I don't have bad credit but my credit is not established so I need help finding an auto loan.... |
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 A creditor has filed judgement against me after 6 years on credit report. is legal? |
I LIVE IN ALABAMA
VEHICLE REPOSSESSED IN 2000, ACCORDING TO MY
CREDIT REPORT. DUE TO BE REMOVED OFF MY CREDIT IN AUGUST 2007. CREDITOR HAS FILED JUDGEMENT IN JANUARY 2007. IS THIS LEGAL... |
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Shyamala | Does Cosigning a student loan lower your credit score? |
My sister needs me to cosign her loan. I have just graduted from college and worked myself up to a 700 FICO score (I know it's not perfect). I wonder if cosigning a $10K loan for four years in a row, will destroy what I have worked so hard for. I know I will do it either way, because I understand how important it is. But I guess I would like to know and not be surprised. Thank you in advance! |
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leahb1979
 |
it will raise your debt ratio and tie up some of your credit, however as long as it is paid it will eventually up your credit score. |
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Studly
 |
Most of the people responding here do not clearly understand how the FICO scoring system works.
Go to http://www.myfico.com and read their consumer information pages. This is the home site of the folks who developed the FICO scoring system.
By cosigning a loan, you will be increasing your debt ratio. Whether this hurts your credit score will depend on how much credit you currently have, how much is being used, and your overall score. For example, if you now have 3 credit cards with $10k in credit limit, and you are nearly maxed out on them all, then adding an additional $10k will drop your score a little. But if payments are made on time, it will restore itself in a few months, and eventually you will see an improvement overall.
I don't think you will even notice anything if your current credit cards balances are low.
But be warned (I don't think you need another person telling you this...) that if payments are missed, or if the loan is defaulted, it will completely destroy your credit. So think twice before ever co-signing on a loan. |
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granny
|
Yes... As far as credit score is concerned, that debt is considered to be your debt, even though you might never have to pay it back. |
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Naomi S
|
It will alter your debt to income ratio and may reduce your score. |
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jardin
|
Absolutely.
By cosigning, you are accepting full responsibility for your sister's debt if she does not pay as agreed.
A cosigned account will appear on both your credit history and your sister's credit history. All loans and credit card accounts that appear on your credit report will impact credit scores. |
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Wise ol' owl
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It's not a good idea to co-sign period. $10K is not a lot of money. What ever happened to the pay-as-you-go plan? A part-time job will not only build character and a greater appreciation for the degree sought, but it always inherently makes students study better. If a student's auntie pays for her education and she receives a "C", oh well, I'll try harder next time. If you pay for it yourself, those "C's" come far and few between, especially if you get a discount for maintaining a "B" average.
So back to your question and my answer. I would say, either give her the 10K, or help her raise it if she is incapacitated and can't work, which is option #1. |
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Prakash
|
Try the links in http://www.hot8sites.com/credit-repair/ |
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???
 |
As long as you pay it off, wouldn't it increase your credit score if anything? |
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xsvideo
|
If they don't pay it yes! |
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miss attractive
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Not sure read some tips on loan and more on this site to help you with it |
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