 My parents paid off my credit card for me and now I'm recieving all these offers for credit cards in the mail |
| can someone explain how I can keep these from coming? Because I don't need any more credit cards and this is just a waste of paper for them and I'm a little uncomfortable about my personal ... |
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 I need help my brother need wants to join but he hasnt got a credit card yet he 18 but he does now want one? |
I need help my brother need wants to join but he hasnt got a credit card yet he 18 but he does now want one so what sould he do reply thanks
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sorry i spelt loades of ... |
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 What is the difference between a bank and a credit union? |
| which one is more likely to aproove me for a personal loan?... |
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 Is this a good offer for a credit card? |
| Its a Mastercard from Capital One, the credit line is $300, 0% APR on purchases until May 2008 - 9.9% after that and a $59 annual fee. I have 1 other credit card, Visa from WaMu with a $500 credit ... |
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 Why should I care about the credit crunch? |
| If I didn't watch the news, I wouldn't even know about the 'credit crunch' or 'recession' - we even bought our first home this year! The only thing I've noticed ... |
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 I am unable to pay the personal loans that i have taken from banks? |
| what to do it is impossible for me to pay the bank loans which i have taken from diffrent banks .I have no property right now,but i want to pay the loans but i will be not able to pay the intrests is ... |
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 How in the world do you actually get a FREE credit report with out a credit card? I never had one.? |
So why cant i get approved for any thing? Not even a credit card they said that my credit is to bad. I havent even done anything to my credit to be bad.
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Thank you all. ... |
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 What are some of the best credit cards for someone to start a credit history? |
| This person is a student and will graduate soon and wants a card so he can establish credit. Any ideas on a good one for someone who has never had credit?... |
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 My sister opened a credit card in her name and my mom's, ran up a lot of debt. Is my mom legally responsible? |
| One of my sister's opened a credit card account in her name and my mom's and ran-up a lot of debt, all without telling my mom. The account is now delinquent and in collections and the ... |
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 I received a letter stating that my account had been placed with a National Collection Agency? |
| This is a medical bill apparently. The first sencence says Your account has been placed witha NATIONAL COLLECTION AGENCY. Our client has not yet received full payment from lab work your physician ... |
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 Credit cards /No credit history? |
I would like to establish some credit history since i have none.
Is there a credit card that will except me with no prior credit history?
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i see a limited credit ... |
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 Collection Agency Claims They Have a Warrant...? |
| I just got a phone call/message on my cell phone and my voice mail at work from a company called Delanor Kemper & Associates. They claim that a creditor that I dealt with almost 2 years ago is ... |
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 Money Question ? Help !!? |
| So i really need money but i cant get a big amount of money all the time i spend around $106 every month, do you think i should get an allowance for around $132 every month instead? but im such a ... |
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 Mother messed up my credit....? |
| I got my credit report and now I know why I haven't been able to get any credit. I'm 24 now and living on my own. When I was 18 my mother took out a phone and cable account in my name.M... |
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 Can a debt collector take a vehicle that has a lien on it? |
| I owe a small debt from a medical bill that's been turned over to collections, they are threatening to take my vehicle which is financed, it has a lien on it. Can they take it.... |
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 How to and where do u get a perpaid card? |
| I wan to buy a hockey stick online, but i need a credit card, im 16 and my mom doesnt want to use her card, even though i said ill pay for it. I found there is a something called a perpaid card and ... |
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Bill B | How will paying off my debt affect my credit report? |
I am past due on a $5000 student loan and past due on another $2000 personal loan.......I'm working a great job now and I have a lump sum of money coming in the next two months that will allow me to pay off both of these....My credit score is like 548 now...how will paying these off affect my credit report and will my score raise immediately or does it take a long time to affect it? Any help on this would be greatly appreciated.
Additional Details
Also, yes they have contacted the agencies...and for the longest part I've ignored them which is my own stupid fault, but eh we all make mistakes...I'm all about correcting them now. It's actually odd that when I did finally call the student loan place, they tried to chastise me like I was the worst person in the world. |
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Amazing_clarity
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MYTH #4: Paying off my debts will instantly repair my credit score.
Your credit score is a measure of your past performance, not your current debt load. Paying off your credit cards and settling any outstanding loans will certainly help, but if you have a history of late or missed payments, it won’t undo the damage overnight. Improving your credit score takes time, so after paying down your debts, make an effort to consistently pay your bills on time. |
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Sharon X
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It will definitely help it. Don't forget that the longer you have credit, the better your credit score is going to be and keeping up with any debt and paying on time will help your credit score tremendously as well. |
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sarah s
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Its gonna take time.... It will be a definatly a good idea to pay those debts off, and it will show on your credit report that you did pay them off ; but it takes 7 years for them to fall off your credit report. It will help but it takes time to repair .... Gl to ya |
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John T
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This kind of scenario is very tricky. First you should see how many open credit do you have. If that is the only accounts that you have open the best way is just pay so much but try to keep a small balance in the account. because if the credit bureau sees that you closed both accounts or paid it off you do not have an open credit or a credit with a balance. that will lower you credit score even more. this is the best way to raise your credit score, have 3-5 credit open and pay it off the blance on time or at least the minimum on time. that will raise up your credit score. also to maintain a great credit score you must try to keep a low balance on every open credit account that you have and pay it up on time. |
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stephanie
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It won't a lot at first. But your credit will get better A LOT sooner |
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David L
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people that you owe money to and haven't paid for a long time generally have no sense of humor. Since these are old debts, you can pay them off now and you will be finished with them. Your credit score is made of different factors. It looks at your outstanding debt, your payment history, and any derogatory entries.
Pay off the student loan first. Then make payment arrangements on the personal loan. Ask how much they will accept as payments and tell them you want to get it paid off. If it isn't too late, they will generally work with you. Also, if it isn't too late, it could help your credit score.
However, if the loans have been charged off, there is no help. Just pay them off and in the future, be careful with your payments. |
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jeanry_2000
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yes, it will make a huge defferent |
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onecutebyrd
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As soon as the money has gone through for both items your credit score will be increased. It takes about a month for this to happen. Good for you for paying off the debt in stead of taking the lump sum and spending it. Most people in this world keep spending even though they're in financial trouble. Kudos to you! |
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sothere!
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First off, have you contacted your creditors? The question is have they reported your delinquencies to the credit agencies. If they have, then unfortunately that stays on your credit history for 7 years (that you were delinquent). Sometimes, so long as you are in close contact with your creditors, they will not report you. That is why I asked. Delinquencies negatively affect your score.
Secondly, yes your credit score will improve once you pay off the debt. Any time you pay off a debt in full it is noted on your credit history as "Paid as Agreed" or similar. I do not know the excat amt that your credit score will improve though. |
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ladyfish
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One thing they like to see on your credit report is stability. Paying off an expensive balance all at once may not be your best bet. Spikes in your revolving debt can make you appear erratic...more of a risk. I am not sure if you're paying interest on that student loan yet, and not sure what you're paying in interest on your personal loan. If the personal loan is at high interest you should absolutely pay that off. Regardless, a safe option which will make your credit score look a lot better in the long run is to continue to pay these off. Establish some stability. It reflects well when you pay early, or pay more than what your minimum payment is for that month. It's great that you have this money coming to you and that you're working a good job, but you never know when you might have an emergency. My advice is to pay off half the personal loan (all of it if they're gouging you on interest), get caught up on your student loan, and stick the rest in the bank. If the money is really burning a hole in your pocket, pay a month ahead and then you'll always be a month ahead on at least these two bills. Again, I know it might sound odd to not pay it off right away, but it'll end up making your credit stronger in the future. Another option might be to open up a credit card account and transfer your balances onto it, and then pay that each month. Even with a credit score of 548, you should be able to find a good offer....look for one with 0% financing for as long as you can get it. This will keep you from paying unnecessary interest while letting you pay off your debt over time. Good luck! |
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smithjuli@sbcglobal.net
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I would run your credit report befor you pay off anything.
Some times paying things off lowers you credit score, look at the last reported date on the creditors, if they havent reported it in years your just going to bring that up to a current date, witch is not a good thing. Anything that you do pay off, have the creditors agree befor payment is made that they will in writing to you and all credit agencys that the bill is paid off. This sould be done within 30 days. try to get them all paid off in that 30 days, a short period of time is better than showing that you took 6 or 9 months to pay off.
Good luck with everything. |
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fillerdevoids
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It'll go up slowly. Paying off is a GREAT IDEA if you can afford to do so... |
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What, what, what??
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Cleaning up your debt will positively effect your credit rating...the longer you keep your bills paid and your debt clean, the better your rating will become over time. You need to have some cards open and active, as well. Use them and keep them paid off...late payments screw things up. |
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Nancy R
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Every time you pay off any debt, your credit score goes up. I assume that you will someday want to buy a car or house...right? So the more debts you pay off the higher your credit score will go. A good credit score is about 650 and up depending on what credit reporting agency the score is obtained. Now that you have that money coming, pay off what you owe and you will benefit in the long run. Good Luck! |
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