 Best credit card for an 18yr old? |
| Okay, so I recently turned 18 and I'm thinking of signing up for a credit card to build up my credit. I have an application for a Sovereign Bank Worldpoints Credit Card and I was wondering if ... |
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 I want to fix my credit...? |
| Ok here's the deal. I applied for 4 dif. store credit cards bc my mom said she would pay them to build my credit (yes I know not her responsibility, but she shouldn't have said that if she ... |
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 Really need credit help...overwhelmed.? |
| Can someone please tell me how to get rid of negative reports on my credit report and stop collectors wo are trying to collect on debts and re-aging accounts that are well past the zeven year mark ... |
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 I am having a 2nd interview for a job I really want. They will be pulling a credit report and I have negative |
| I have negative credit information including bankruptcy. How do I spin this in a good light to make sure they do not exclude me because of my credit?... |
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 Can you puplicize your bad debtors? |
| I work for a charity who has a couple of debtors who have had ccj's issued. I wish to tell the community who has not paid us. Can I witout fee of being sued!?... |
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 How do I stop Capital One from scamming me? |
| I am in quite a bit of trouble with crapital one and I have no idea how to stop them from scamming me. They added charges that placed me over the limit and then charged me over the limit fees and ... |
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 Can I stop a charge on my credit card for bad service at a salon? |
| I went into a high end salon, paid over $300 for color correction and left with three tones hair. It looks absolutely awful. I want to stop the charge from coming through until I get this worked out ... |
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 Gettinng credit report cleaned up? |
| I have things on my credit report over 9 years old How do i get them off my credit ... |
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 Collection Agency will only accept check by phone? |
| I am trying to pay off an old debt with a collection agency. I understand that I need to get it in writing that it will be settled before I pay them; however, they tell me that they will ONLY accept ... |
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 Is it financially viable for a debt collection agency to instigate court action-disputed amount of £76-re:? |
a energy supplier?
your answer is based on what?
thank you!
Additional Details
from april 6th the law states: that baillifs can only enter your property `if` the door is ... |
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 100 points to everyone who answers this: check notarization? |
| At work I work in the cash office and balance tills among many other jobs. Balancing the tills involves me putting the checks through a machine that prints a long number like.. 000000000913, for ... |
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 What are the requirements to get an FHA Loan? |
| Does anyone know what the interest rate, minimum credit score, and debt to income ratio would be?... |
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 Best way to get a credit card? |
| I'm ready to get a credit card. I've applied for a few online, and I have gotten no responses at all. It's getting a bit frusterating. Why is it taking them so long to respond, and ... |
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 We loaned my cousin money for a down payment on a motorcycle. He won't pay us. Can I put a lien on the bike? |
| We already took him to small claims court and he admitted that he owed the money. But now he still won't pay. I was hoping that I could put a lien against the motorcycle so that he would have ... |
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 Get out of debt? |
| I am sick and tired of paying high interest fees on credit cards. I have over 10,000 in debt from college days in credit cards and I can never seem to bring down the balance. I have tried to be ... |
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 Will collector's actually sue me? |
I owe over $130,000 and I no longer can afford to make payments. Some of it is credit cards and some of it is loans from Chase, Bofa, Capitalone and American Express.
I know the creditors ... |
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 Credit card ? ? |
i have a credit card if i put it in a glass of water and freeze it in the freezer then take it out a day later let it unmelt use a tea towl to dry it will it wotk again.
Additional Details<... |
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 Can I pay for school and living expenses entirely on credit card and with loans? |
| I want to go back to school full-time. I don't want to work full-time and crawl through school part-time. I will shoulder any high interest rate to make this happen. Is it possible? School and ... |
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Miruna S | How is your credit affected if you pay off and cancel all your credit cards? |
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SPIFIMAN1
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Well, considering that a full 30% of your score is based on your debt to credit ratio if you close all of your revolving accounts you will lose all of your debt to credit. |
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dadvice1
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Your credit can be affected if you cancel all your cards. It's better to pay them off and leave some open with a zero balance. |
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★Alexis B★
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If you pay off all your credit cards that's awesome, but DO NOT cancel them. If you cancel them it looks like you can not handle the credit you do have. Also, it lessens the amount of credit you have available to you, and if you were going to buy, say a car or a home, that doesn't look good if you have a whole bunch of cancelled accounts. It looks best if you have an extremely low, or even a zero balance versus a closed account. |
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Courtney
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One thing lenders look at is how much credit you have available. I occasionally charge things and immedately pay them off. More important to never be late on any payment and don't have too much outstanding debt (ie loans, credit cards, mortgage). |
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Sgt Big Red
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Not much, it does lower your financial liability which is good, but if you cancel the cards, then that is bad.
Credit reports are based on "history". If you pay off and close accounts, the closed account will be dropped from credit report then you will no longer have a history (unless you have an auto or mortgage payment).
But remember, you never know when you might need that credit card or the credit. You could suddenly be in need of it in an emergency. |
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jm4
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If you pay off all of your cards, your credit score will go up. However, if you close the accounts, it brings your score down. |
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M L
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believe it or not, i have heard that cancelling your credit cards can actually cancel your score because part of the score is the percentage of debt you carry compared to what you have available. If you carry $100,000 and have $50,000 in debt, somehow that it better than having $50,000 and nothing available. I do know that the more you have available the worse off you are because they look at that as money you could access and make it harder to pay off a mortgage for instance.
Personally I would focus on reducing your debt and outstanding credit and not worry about your score (that will get better over time). Reason: It will save you money. Why pay interest if you don't have to. As a rule of thumb, if your savings rate of return is less than the interest rate you are paying for loans then you should not be saving. If you think about it, even though you are saving, you are actually losing money if you carry credit card balances. It is best to pay off all debt (except maybe a mortgage) before you think about putting money in a savings account that is only earnings 4 or 5% (if that).
If you close a card or reduce the credit limit make sure to tell your creditor to put it down that the account was closed at YOUR request. I don't know why, but supposedly it makes a difference.
Good luck. |
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*****
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It doesn't. Credit ratings are NOT dependent on you keeping any credit cards you do NOT want. You keep paying your bills in a timely fashion, and your credit rating will be unaffected. |
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FUAsold
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It won't affect your credit rating, but is really hard to re-register that same credit card again. |
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