 Credit Card for 18 year old? |
| Hi, i am an 18 year old senior in high school. I would like to start building my credit by applying a secured credit card at the bank. I have saved up to $1200 right now from my under the table job. D... |
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 Does anyone knows if my credit score will be affected if I don't pay my cell phone bill ? ... ever. Thank you |
| My company is charging me an amount I know it's not accurate ( but It has happened before and I always ended up paying for it, but this time I'm not willing to pay for it since I was ... |
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 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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III | If i consolidate my bills will i have a low credit score? |
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James H
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There is some useful advice here. |
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echo
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If you are talking about consolidating credit cards - you would probably see a big score drop if you close those cards after paying them off.
If you can get a loan with a smaller percentage rate than your cards have, you might think about doing that.
Again - DO NOT close the cards after you pay them off. If you do, your score will drop. How much depends on how long you have had the cards. Plus your utilization will suffer.
The best thing you can do is just stick them in a drawer and pull them out once every year or so and buy a tank of gas, then put them away. And pay the balance in full when you get your statement.
Also, I would suggest doing as one of the posters recommended, call the credit card companies and ask for a lower interest rate. |
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e3_e3_e3_e3
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Many things affect your credit score. One positive is having long standing accounts (over long period of time). So if you close your long standing accounts, that can have a negative affect on your cards. However, consolodating onto the lowest interest card and getting rid of all other cards is a step in the right direction if you have debt. The key is getting a card with the lowest interest rate so save you money every month.
Also, many people fail to realize that you can just call the credit card company yourself and ask for a lower rate. Explain to them your situation and that you are trying to pay off your debt and become a more resposible financially, and quite often they will lower your interest rate. |
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osmerh
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I did that and found that it negatively impacted my credit by several points because I still maintained a large quantity of credit lines. The object is to trim the fat. So, get rid of a few by closing them. I do not think a voluntary closure should hurt you. I also ran into this situation many years ago when trying to buy a home. |
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nova50
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It should raise your score when you have less accounts outstanding.
Unless you go through some kind of debt agency that says they will consolidate and lower your balances. That could ruin your credit if some gets writen off. |
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Lazy Charlie
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no, in fact, it will probably go up, especially if you are paying off large credit card debt(s). The idea of consolidating bills is to lower your payments and/or eliminate/substitute short term debt or high interest rates for longer amortization and/or lower interest rates and the tax deduction for the interest you pay. You can deduct a home equity or mortgage interest payment, but NOT credit card interest. So, it often makes sense to refi and dump some bills. Just don';t do it too often, and chew up all of your equity. Your home's equity is your retirement, for most people. |
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Biker
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No, not unless you are late on the payments |
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Mrs.Foster
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Check with a Credit Counsellor- they will be able to help you with that. |
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JayneDoe
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do you know what your score is now? ANYTHING that is 30 days late, 60 days late, 90 days late, 120 days late... they ALL take a toll on your score. IF you have never paid a bill late... but were just making your minimum payments they consolidation might be for you... just don't pay the payment late. ALSO, it will effect your credit IF A CONSOLIDATION COMPANY negotiates a "settlement" for less than what you owe on something. for example, if you owe 10,000 on a credit card and they negotiate it down to 6,000 your credit report will show a "charge off" and THAT effects your credit score. if a consolidation company just negotiates the INTEREST rate that will NOT show up on your credit report. charge offs show up on your report the same length of time as bankruptcy- 10 YEARS. if you are in doubt about what happens to your score, talk to a lender at a bank or financial institution BEFORE you pay for the assistance of a profit or (clearing my throat...) non-profit (clearing my throat again) debt consolidation company. |
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Miss Vira
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No actually it should make your credit score go up because, with consolidation you pay off all your debts and then you only pay one creditor. It makes your credit look even better than before. |
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rdhamm
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If you consolidate, you should think about actually closing some of the $0 balance accounts. That will give you less 'maximum debt'. There is a ratio that is looked at called dent to income. That debt is both what you owe and what you could owe if you ran all the cards to the max.
Consolidation is a good idea, closing accounts is better. |
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