 Help! Should I use my savings for a down payment for a car or to pay off my credit card debt? |
My debt is $6200 and I have 7000 saved up. I am going to get a car regardless because mine is on its last leg.
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Signed an 8000 loan with fiance to pay for her last semester of school. We are splitting up and she is saying she wont pay for loan... what can i do?
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Yes I understand ... |
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 Anybody know where a 17year old could get a loan of £4000? |
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I could save but dont want to wait 3month for the cash paying it back will be no problem.... |
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 If I had $500k in credit cards with $250k available for cash advance what would happen if I did the following? |
| If I had 20 major credit cards with a total credit limit of $500,000 and a cash advance limit of $250,000. What if I wrote the cash advance checks for the $250,000 and put them in the bank and went ... |
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 Should all Americans boycott credit card companies and not pay their bills for 6 months unless they drop INT.? |
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 Will the bank give credit/a loan to a couple working full time that are renting? |
Its for a holiday, just wondering if they would....
Not massive wages either.. Any help much appriciated Thanks!!!
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Ages 20 & 23... |
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 How do I take a person to court for money I lend him? |
| I lend my friend $10,000 To buy a new motorcycle and retrive his License it's been 4 months since He agreed to pay me back a sumof 500 a month till the debt is covered he has not given me ... |
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lornahmiller | Does having lots of credit/store cards affect your credit worthiness positively or negatively? |
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aj's girl
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Here is how it works. You can have as many as you want, but- never charge over 50% of your max. Ex- Your limit is $2000 on a card-don't charge over $999 on that card. If you do you start losing "points" on your rating. Trust me, I know lots of the "tricks" to keeping great credit. I have an excellent credit score and have had my credit established over 20 years. And of course make payments on time. |
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In God We Trust
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Absolutely. You need no more than two credit cards that you dutifully pay "on time." Then you will maintain a positive credit standing. Peace and God Bless. |
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Sallie Mae
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It could be negative. It's good to establish a pattern of repaying your debts, but don't run the risk of "too much of a good thing." If you have many open credit accounts and/or credit from certain lenders (like finance companies), your score may be reduced.
Not only do lenders want to know how much money you owe, they are also interested in the ratio between outstanding debt and available credit. In other words, the closer you are to "maxing out" an account, the more negative the impact on your credit score.
Below are some tips on maintaining a good credit rating. http://www.salliemae.com/before_college/planning-wisely/debtsavvy/repayment/maintain_rating.htm |
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Craig T
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Well Lornah, your question is a bit too generic and broad. Having lots of cards in and of itself will not negatively or positively effect your credit worthiness. Your income, the amount of debt you are carrying on those cards and the percent of the credit limit on each card as well as the total percent to limits of the cards combined is what affects your credit score/worthiness.
People with the best scores have 30% or less of their limits used, up to 50% is still ok, as you go over 50% and the farther you go over 50% the more it has a negative effect, over 75% increases the negative effect.
So you see, it isn't a simple yes or no answer to your question |
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Raymond M
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That depends on a few factors.
How much is your total line of credit on all cards combined?
This could affect your debt to income ratio
What percentage of the balance do you carry on the cards from month to month?
This can negatively affect your credit score.
The newest FICO scoring model allows for 9% of the balance to be carried month to month, without paying off the card in full. In the past, over 25-30% would have hurt your credit score.
Lenders and the gov't dont want to many American't carring too much debt. Since foreclosure are thru the roof, and the average debt each of us carries has gone up so much, they are tightening the scoring associated with carrying debt.
It's good to have 3-4 credit cards, as this will help you build a solid credit history.
The newest credit scoring model doesn't allow for many late payments. Derogatory (bad) items on your credit will cost more point now than ever.
I hope this helps.
More information can be found at http://www.rayscredit.com |
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James K
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as long as you pay the bills on time it doesnt matter how many you have |
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sophieb
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what you need is only a couple of cards (like your checking debit card, one credit card (like Visa), maybe one store or business credit card....and keep them half full (use only half of the amount you are allowed) for your credit to look good on your credit report. |
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bdancer222
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There are several schools of thought. Basically it's more how you pay than the number of cards.
Personally, I think having a lot of credit cards is stupid. You have to monitor and secure them. There is just too much opportunity for problems. I recommend keeping the two oldest major credit cards without annual fees. Close all the store and gas charge cards unless you have some special reason to keep them -- they really don't add much to credit worthiness anyway.
Closing the cards will cause your score to dip but it will rebound quickly. Of course if you are planning to buy a house, wait till after you buy to close the credit cards. |
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Finance Expert
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If you have a lot of store cards and has a track record of always paying on time then this actually increases your chance of obtaining credit as it shows the company who are considering giving you credit your good payment history.
The only time it will affect your credit history negatively is obviously if you have missed or made late payments or you owe more out in credit than you have coming in (income), this is worked out when you apply for credit and give them your ingoing/outgoing expenditure |
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Bob D
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It affects you negatively particularly if you have high balances on them. Store credit cards are the worst. Generally no more than 2-3 credit cards that are kept below 80% of limit. Pay off and close the store credit cards. And make sure they are closed by checking a couple of months later. Stores are notorious for not closing them. |
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S a l m a
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Lornah Miller
As Long As you pay in time You Good , Also never charge
over 50% of your max. Okey . If you feel still in need for more
details go to Only Best Deals , I am Sorry I cant post the link
here so open google and type :
Only Best Deals
The First line open it and you there , Use the top search box
there which must lead you directly to your answers about how
to Support Your Credit Score & Increasing Points ,
Good Luck , I hope this help You . |
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Ted
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Yes, it hurts. Store credit cards, not so much, but more than two bank cards can lose some points. Remember: an open line of credit is money that you can borrow without any further approval, so having huge credit lines relative to your income can be a problem, even if you aren't using them fully today. (Note: a debit card has nothing to do with credit and doesn't show up.) |
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