 Having too many credit cards will hurt your credit score? |
My friend told me that having too many credt cards will hurt my credit score. Isn't true
I have about 35 credit cards and most of them are applied through invitation. I pay my due ... |
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 How does bank make profit on credit cards? |
| Lot of banks are issuing free credit cards. How do these banks make profit by giving free credit cards. If we purchase something in credit card, the bank has to pay the money to the vendors and we ... |
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 I have a bill for $379 and a credit collection agency is sending letters. What will they do If I cant pay it? |
| I am struggling just to make rent and I have two jobs, this is a bill from an auto insurance company, I don't know what they will do. Any ideas of what can happen to me?... |
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 Has anyone used a legit credit repair company? |
I have tried to dispute items on my credit report and haven’t had much luck.
I have late payments, bad debts, and I have no good credit. Please give me links so I can research the ... |
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 How long do negative occurences stay on your credit report? |
| I mismanaged my finances back in 2001 and 2002. Now I'm fine. But I applied to a job that did a check on my credit report and they said there were some "negative things" on it so I ... |
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 What is the best way to stop credit card collections from calling?? |
| Although I do have some late fees, my credit card company continues to call more than 5 or 6 times in a day. This is ridiculous. Is there any way that I can have them stop this practice that will ... |
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 When a collection agency calls and ask you to pay the entire amount owed on a debt. Can I make payments? |
| My husband is on dissability and I can only make small payments. The lady who called was very nasty and very mean. Made fun of our income. so I told her I would send twenty dollars a month. Not ... |
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 Why is it that when you use a credit card sometimes you have to sign and sometimes you don't? |
| The gas station never requires a signature. The grocery store or retail store usually does. Even if the amounts are the same. Who determines when you need to sign, and when you don't?... |
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 I can't pay some of my credit cards anymore starting next month, what can they do to me? |
| I have depleted my savings that has supplimented my meager 600 a month take home pay. I have payed my cards for years with no problems but my life turned around completely a year ago and I have been ... |
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 When a creditor takes money from a bank account when the debt is already paid, how do you get that back? |
My husband had an outstanding credit card debt, that a creditor filed against our tax returns for, for the last several years.
A few months ago, a different collector bought the debt, and ... |
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 Does anyone know of any companies in uk that give mobiloe phone contracts to people with bad credit?? |
Additional Details
Ummm why do people assume things? I need this for a purpose not to show off with my mates!... |
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 About credit card debt. I have 5 major credit cards. I only owe 50.00 on one but much more on others.? |
| I know I should pay off the high interest rated ones first but since I only owe 50.00 on one that has a medium interest rate shouldn't I pay that off and close it leaving my card total down to 4?... |
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 Are debt settlement companies a scam? |
| I was thinking of signing up with a debt settlement company but I have heard the debt settlement companies not what they seem. They promise to settle your credit card and unsecured debt for half or ... |
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 Am I getting a good auto loan rate? |
| I'm taking out an auto loan for $32,000. My credit union has offered me 5.5% for 72 months. Is that a good rate? I have looked at several other places and they all want a minimum of 6.9%. My ... |
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 What happens if I do not activate a new credit card? |
| I applied for a new credit card, and got approved. I changed my mind and don't want it. The card has arrived in the mail. If I fail to call the number on the card, does that mean the card will ... |
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Tim | I am curious about paying off my credit cards, is it more benificial to pay them off in full or partially pay? |
I'm trying to improve my credit score |
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heybulldog
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Pay them off in full and save the interest they charge.
Cancel all the cards and don't play the credit card game. If you play the game sooner or late you will get behind and start losing (like you are doing now). Once you get behind its hard to get out of the game. High interest rates that they can raise for whatever reason. Outrageous late fees and over the limit fees. Not to mention Identity theft.
Pay as you go and live on less than you make and you will have money. If you have money you dont need to borrow money. If you dont borrow money you dont have to worship at the alter of the almighty fico score.
Thats all a high I love debt score is good for. Borrowing money and getting into debt.
You dont need a high I love debt score to get a home loan. Manual underwriting will get you a home loan. The way it was done before the I love debt score. You can get the best interest rates.
Of course if you borrow money and dont pay it back you are not gonna get a home loan with manual underwriting.
Debt free is the way to be!
It can be done! |
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franknbeans10
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full is best and saves you interest charges. |
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Matthew B
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pay them off as quickly as possible. If you are faced with multiple cards, with multiple balances and multiple interest rates, use the following strategy:
pay the minimum on all cards except the one with the highest interest rate, put as much on that as you can. Once that is paid off, take whatever you paid on that and add that on top of the minimum payment on the next highest card.
While this may take a bit longer than other strategies, it will, over time, end up costing you less in interest.
Also, don't cancel or close these accounts, especially ones that are in good status, that can negatively impact your credit score (part of which is a function of how much of your available credit you have in use). |
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manto
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onsolidation is the best solution available to the credit cardholders to improve their future credit. People go for debt consolidation for many reasons: prolonging the loan period from 5 - 15 years and reducing the interest rate. Consolidation allows you to go for a loan with lower interest rate than the one you are currently paying. Besides it simplifies the loan repayment as you are paying only one lender in place of various payments to different lenders.
http://debt-trap.com/category/Credit-Card-Debt-Consolidation.html |
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Renaissance Kid
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Beneficial for what goal? |
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robrarker
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Full. |
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Phyllis G
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I was advised to pay as much off as possible.
You can leave a small balance if you prefer.
The most important thing is that you make your payments on time & do not fall behind. That seems to directly effect your credit score.
Phyllis G. |
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Drea
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well, paying them off is better. but do not close the account. its kinda tricky...people who look at ur credit dont want too much or too little. if u have 4-8+ cards, close all but 3-4. keep the ones that u have had the SHORTEST> keep the longest. having to much open revolving credit is really bad cause one day u can owe nothing and tomorrow u can owe $10,000.00. so its really tricky. just do what i say and ur score will jump really high. if possible leave like $50.00-150.00 on the cards to show that u do pay on time and are resonsible. make sure u pay EVERYTHING on time cause that influences alot.....good luck! |
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souffledunange
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I agree with Matthew B.
Some experts advocate paying off the card with the highest rate first; others suggest paying off the one with the lowest rate first to bolster your confidence. Either way, pay more than the minimum on a card you know you can handle. Take it one card at a time. Once you've paid off a card, DO NOT CANCEL IT. This does negatively affect your credit score. If anything, cut it up and don't think about it again. Also, don't expect this transformation to take place overnight. This will take a lot of self-discipline and time. If you stick to your guns, you'll make it. Good luck! |
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mikeyl1212
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Well even though its great to have paid off credit cards, it helps to have open lines of credit that have been open for a while and show a good payment history. The balance on each credit card you have open is a big determining factor of credit score. It helps the most when you have a balance that is less than 30% of your credit limit. Too much open credit could hurt your score. But I know there are two calculations that go into calculating your score, there are many more, but the two im talking about is how ratio of how much your balance is compared to the limit on each card, and the ratio of how much balance you have compared to the limit of all open lines of credit as a whole. |
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sharmel
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My advice is to get out of the plural. Pay off all your outstanding credit debts as fast as possible, and shred every doggone card except one. There is absolutely no need to have a wallet full of credit cards. They are only a temptation to keep on using them and running up more debt. Unless what you are buying is a necessity of life, stop buying 'STUFF' The credit charges are mind boggling, and you end up paying far more for that item than you would if you just paid cash, and if you can't afford to do that, then do things the old fashioned way; save up for it till you can. Instant gratification is putting America up to its collective eyeballs in debt.
People do NOT need credit cards unless they are leading a pretty frenetic business life, with lots of travelling and the need to make a lot of fast payments. If you don't have the money for "stuff" then getting it with plastic is only doing one thing, putting you into a deep hole from which you will one day either have to dig your way out of very painfully, or else suffer some doubly painful consequences. It isn't worth it. |
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