 What's the best way to re-build credit? |
| After a bad divorce and bankruptcy, what's the best way for me to repair my credit score and move toward home ownership again now that I have my finances under control?... |
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 Does anyone know of a company that will give me a $5000 loan with bad credit? |
| I'm looking for a second chance on repairing my credit and paying off some dept that i have.... |
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 What happens if you don't pay your credit cards? |
| I'm in a major credit hole. I have about 25k in debt and only make about 28k a year. what happens if i stop paying my credit cards? can they freeze my bank account or take it out of my bank ... |
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 Need a loan but cant get credit? |
| ive tried to apply for a loan for xmas they all seem to get turned down except for ones with outrageous APR'S I WAS WONDERING IF ANY ONE COULD HELP ME... |
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 I need some serious advice on my credit report?????? at my wits end (UK only)? |
recieved my Equifax credit report and O2 (mobile phone company) have defaulted an account i apparently had with them for £10 in September 2003,
i had ordered a contract phone from them on that ... |
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 How Do I get A CO-Sighner For my College Loan ? |
| I live in USA, but I want to go study in EUROPE. Im thinking about applying for a Internation Loan. I graduated last year, and I saved some money for College by now. The problem is I need a CO-S... |
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 Any serious advice would be appreciated?? |
Should I work with a debt councillor or should I file for bankruptsy??? Which is more beneficial??
Big time debt, credit cards at max and creditors hounding us and we never have time to do the ... |
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 Can you use a credit card to buy gift cards? |
| I was told that all gift card purchases must be in ... |
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 Can a recovery agency attach your wages for a 6 year old credit card debt? |
| I got a call from a recovery agancy about a credit debt and they said if it isnt paid they can attach my wages. My wages are already attached for child support, I thought only the goverment could ... |
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 Who pays credit card bills in case of a relative's death? |
| My great aunt pass away. She has no living husband or children. Who will have to pay her bills? She also had no will.... |
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 How do you? |
| how do you build up your credit. I have no credit history and i have no clue about the whole credit thing. Can someone help me.... |
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 Is there a reason for this if so what? |
Hi,
I am trying to apply for a credit card and so far I have been refused!
I am 25 and work full time and rent a flat with my boyfriend. I did have some debt problems but got a ... |
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 Stolen credit card? |
| I had my credit card stolen this morning! I have cancelled the card but can anyone tell me - - I am going to New York in a few weeks and I booked tickets to see a show while im over there months ago.... |
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Mommy 2 Be | How do credit cards work? |
So,do you only get one amount of money one time on the card and once you've spent all of the money that was on the card you're done? Or do they keep adding money to it monthly or something? How much do they usually put on a card the first time?
Additional Details
To "That one guy" i should be asking.
If i want to own one and use it the right way,why wouldn't i ? Are you slow or something? |
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Tom O
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Credit cards work by whenever you spend money on it you are in debt to the bank kind of like an overdraft or loan. At the end of the month you pay the bill the credit card company sends you from a bank account like a current account etc basically you can spend anything up to the limit they have given you for that card probably something like £2000 but once you pay the money you owe the bank off you can continue using the credit card. The problems come when you don't have them money to pay off the credit card bill as companies nearly always charge interest on the amount you owe them which can quickly add up . |
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TWINPUMPS
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seriously if u dont know how they work dont use it.. you will just rack up finance fees.. that one guy is just looking out for u! grow up!
im 18 too :) |
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golferwhoworks
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you are approved to a certain limit. You make purchases and they send you a statement. The statement will reflect a minimum amount to pay. Just a word of warning, Most people don't know but just a $2,000. balance on a card at 18% interest and with no more charges placed on it if you make the minimum payment take 33 years to pay off.
Oh! by the way yes with timely payments they will raise the limit in time and again and again |
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techno
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1. the money is going to a bank account
2. u have a certain amount to spend on
3. after every month u pay a bill for everything u spent it on
4. u should get a atm card because u dont have to worry about monthy bills. and plus its good practice to not go over the amont of money. there wont be any fee if u do go over. |
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Been there before
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Firstly YOU YOURSELF have to keep topping it up, with monthly payments. These ae generally 5% of the total you owe (but it is wise to pay more, to reduce the interest amount).
If you are a good customer, paying on time, they will from time to time offer you a higher credit limit, as they can see you are someone thay can make a good profit from. You have to sign to agree to this.
New cards can start from $1000 up to about $5000, depending on how much they think you can afford, based on your income and previous payments history.
Keep away from internet offers of cards that don't care if you are unemployed or bankrupt: these promise $2500 but only give $250, of which they have already taken off about $180 in fees and charges...so you pay $180 to get $70 credit.
Cards are useful for regular payments that are directly deducted, or for true emergencies. People who go silly with them end up spending half their income just making the payments (so of course they have no cash left, so buy even their food on the cards) and something like a quarter or their income on interest. They can never get ahead. So be careful.
There are Visa gift cards, which work like a credit card but have been prepaid. These run out when the money is gone. |
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Tim
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There are different types of credit cards.
Prepaid and revolving. On a prepaid you put a certain amount on the card. When it is gone, it is gone unless you add more money to the card.
The revolving credit card gives you up to a maximum amount you can spend, say $1000. If you spend the whole $1000, that is it, until you start making payments. As the amount owed is decreased, it frees up the difference between the amount owed and the $1000 credit limit that you can spend again.
Just make more than minimum payments otherwise the $1000 you spend will end up costing you thousands of dollars with interest. |
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Brad K
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They will put a limit on how much you are ALLOWED (how dumb) to owe them, like $500 for example. if you spend 200 and pay back only 100. You still have 400 available, everytime you pay some, you have more available
My best advice, if you dont have the cash, DONT BUY IT
Credit card companies will do everything they can to skrew you and you will pay double or even triple in interest and fees. |
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hughmanwho
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Credit- You pay and then at the end of the month are given a bill for what you've spent. If used properly you save a small amount because you can keep money sitting in the bank(or stocks, or wherever) earning interest for an extra month. However you are not required to pay everything you owe all at once, which makes it extremely easy to get into credit card debt, because you are charged extremely high interest if you do not pay everything at once.
Debit- Put money in a bank account and then have it transfered to the store at the time of purchase. Put more money in anytime, however you are required to have more money in your account than the price of what you are purchasing. |
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that one guy
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first... if you are asking than you shouldnt have one
credit means you spend the money before you have it... there is different limits to it but thats the jist.
you need to pay back what you spent at the end of the month OR pay a minium fee and its like a loan at high intrest for the rest of your balance. |
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David S
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Credit cards have a credit limit. That's the maximum amount of credit (money) that you can charge to your credit account. If you go over that limit, they'll either charge you a fee for going over, or they'll raise your credit limit. You should use a credit card only in an emergency because when you use a credit card, you're actually borrowing money, and that can become expensive very quickly. Many people get into serious financial trouble by purchasing many things with a credit card that they can't afford to buy with cash, then they can't find they can't afford to pay off the credit card. |
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John Bradley
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You are given a line of credit. You can spend up to that amount. Once you pay off the balance, you can use it again. Example: if you have a $500 limit, you can spend up to $500. If you pay back the $500, you now have the $500 available again to spend some more. |
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