 Why is it bad to get rid of your credit cards? |
I wanted to cancel all my credit cards, just completely get rid of them but my family is telling me to never do that. Why? What does it ruin your credit or whatever?
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 Need Help With Loan? |
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 Whats your credit card limit? |
At the moment mine is £10.000 but ive never used it and they keep upping the limit.
Don't they get the message I DON'T WANT IT.
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| I recently married and now I am being tagged for my spouses past debts. Is this legal? My name is not on any of the cards and I never signed anything.... |
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 $7000 Credit Card Debt At Age 19? |
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My company is a start up sales and marketing business specializing in vitamins and natural health products.
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 Credit card balance? when/how to pay? |
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 Why do people give such crappy advice? |
Some people who answer questions on here give the WORST advice. Seriously, you'd think they were just making it up on the spot.
ESPECIALLY when it comes to answering credit questions.
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| Killing a credit card is big process because banks are there to save them. Still so many people are having problems because of credit cards & so called charges which banks will take from your ... |
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 Can i cancel a direct debit for a debt if i believe ive paid it off but they still keep taking the money? |
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 Why am I not approved for a credit card? |
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confusedinhawaii | I got a credit card but, don't want to spend the amount will i still get credit? |
Okay i have bad credit but, got approved for a credit card, I want to fix my credit so I was only going to spend 10 or 15 dollars a month and just pay it off. But someone told me you had to spend the whole amount on the card every month and then pay it off every month to establish my credit back. Is that true? |
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ftlbear
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No, just use it and pay it off. If you pay ontime or early, it will help your credit. Do not spend to the credit limit unless you can pay it off.
It is best not to have credit, you have learned this already. If you cannot afford it, don't buy it!
My credit is the highest score possible, I not only live on a credit card, pay the entire balance every month, and get 1% back!! It took years to develop this dicipline.
You might like to listen on radio to Dave Ramsey, or check out his web site. He teaches you how to budget, has a financial peace course taught throughout the country and helps people understand the advantages of owing nobody. Good luck. |
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MR.biz
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No, your credit was just re-established when you accepted the credit card. Use it wisely!
Here's a tip for you....
1) later on you may want to purchase something like a car, or house. Make sure you pay on your credit card monthly but have not more then 30% owed on the card at this time. If your card limit is $500 then 30% is $150.
2) If you do find you are having trouble with the credit card then stop using it. Never, never cut it up or "Close" the account. Do like Oprah tells everyone - put it in a baggie and stick it in the freezer.
As long as the account is still open and in good standing then your credit score will be ok. Just as soon as you close that account your credit score drops.
Check out the website listed below. This is great information about credit and debt. |
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E C
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Credit Bureaus are forever changing their ways of computing the scores but from my understanding the things that matter for credit cards is the amount outstanding and the length of having the account. For example if you are over the 50% usage it starts negatively affecting your score. The best way to start fixing your credit is to start working on the negative collection items, otherwise they will always be there and the lender will want you to pay those items, especially in the case of a mortgage. When you have collection items that are not paid it is the equivalent of stealing in the lenders eyes and you are looked at in a risk based category and suffer paying higher rates because of it. If the items aren't yours, dispute them with the bureaus. Start here and check out https://www.annualcreditreport.com/cra/index.jsp to get your free annual credit report to see whats out there on you and start fixing it. It may take a little while but in the end it is worth it. So many things are based on your credit now, its important to keep it clean. Good luck!! |
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Brooklyn
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When u look at your credit report, under each credit card u will c credit card limit, high balance, balance, and late payments.
keeping a low balance : It explains that u know how good u manage your money.
High balance: Show how sucessful you can pay off your high balance.
so to my understanding its good to max out your card atleast once but on the other side keep ur balance low and only use ur credit card when u can go home and make the payments. Dont use ur credit card thinking that u will get ur salary next week and then u will pay it off, that dosent work. |
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I A
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No,,
Building Wealth by Reducing Debt
http://www.askaquery.com/Answers/qn1578.html
How to Manage Your Credit Card Debt?
http://www.askaquery.com/Answers/qn1579.html |
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john f
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try to "google" credit repair. There are a lot of things you can do for yourself to fix your credit score. The companies that do it for you charge you to do what you can do yourself. good luck, and spend wisely |
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~Trey
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Hi confused,
Wow, no wonder you're so confused with all these answers!!
Do not spend the whole amount my friend.
Only take your card up to what you feel comfortable paying back every month, you don't even have to pay all of it off every month, allow a little amount to roll from one month to another, but try to stay below approximately 30% of the credit limit.
For example;
$1000.00 credit limit
no more than $300.00 balance from month to month. = 30%
Pay $275.00, and allow $25.00 to go to the next month. Now don't get freaked out about this, you will pay interest on a revolving 25.00 balance, but not much, and the bottom line is creditors like to see MANAGED and RESPONSIBLE debt control.
What a lot of people do not realize is that credit cost money.
Good Luck,
~Trey |
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Yahoo
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And you believed them? No wonder you have bad credit. Your $10-$15 will get it started. |
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tonalc1
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Whoever told you that is an idiot. What they're looking for is your ability to pay regularly, on time. It's not a bad idea to pay it off every month. |
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smartsassysabrina
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No, it's not true. Most people couldn't do that, with credit limits getting higher and higher. What's important is your debt to credit ratio, and if you are paying off your balance every month (no matter what it is) you will have the best ratio possible. |
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chia_vampire
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No, that is not true.
You have to use the card to establish your credit, but not to the maximum amount.
Using it, even a little bit, then paying it off, shows that you are responsible, and that is what establishing credit is about - that you can borrow and pay it off. |
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SHAHAB6
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You don't even have to spend in a month if you don't want to.
But if you don't use it for one year it will get cancel.
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http://www.bestcreditrates.net
http://www.online-discount-pharmacy1.com |
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runningviolin
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No, that is not true. That would be stupid! |
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Raymond C
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Not true at all. You don't even have to use it every month. All that matters is that you have it and that you do not have any late payments on it. |
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Sonny
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That is not true, but 10 to 15 dollars won't be enough. What you are trying to show when you say "fix your credit" is that you are capable of being responsible with your payments, so you will have to keep a balance for about 6 months or so, but it doesn't have to be the entire amount. 500 or 600 is typical. Maybe even less, if that is too much for you for now. Again the important thing is that you show you are capable of being responsible paying your debt. You don't have to use the credit card. You can take out a small personal loan from a bank and simply pay it back with the money you borrowed to begin with. |
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Johnny
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No do as you planned. Charging near your limit will hurt your score. |
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wuwei
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Nonsense,
you can spend any amount under the credit limit and pay it off, every month. That will establish you as a good credit risk.
Have fun. |
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