 Will my credit get fixed if my ex files for bankrupcy? |
| My ex used up all of his credit card worth 47K. I was an approved user of his accounts but never even swiped my card on a purchase. If he filed for bankrupcy, will my credit be fixed as well? I know ... |
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 How young do you have to be to have a credit card? |
| i'm wondering if there is like a program you can sign up for so kids under a certan age can have a credit card or something, because I've heard about kids using their parent's credit ... |
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 How long does a chapter 7 bankruptcy stay on your credit report? |
| I filed for bankruptcy at the end of 2001 and it was charged off in 2002. I thought that bankrupycies last on your credit for 7 years and now I've heard 10. Does anyone know the true answer ... |
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 How can I check my credit score? |
| Is there a website that I can see my credit score for free? Also,Someone told me that my score l will lower everytime I look at it... is that true?... |
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 Late mortgage payment by 1 day?? please help? |
| I made a payment on the 28th psat business hours and the 30th fell on a sunday. So the payment did not post until the 1st which would make it a 30 day late payment. even though it was paid 2 days ... |
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 How do apartment people know your rental history? |
| How do they know without you telling them? Or do they even know?... |
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 My Identity was stolen, what should I do??? |
| How do I find out what all they are doing with my identity?... |
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 I owe $3500 to Bank of A. Can I settle with $1,000? |
| The original loan amount was $2000 and it is now $3500. They sold the debt to a collection firm called Phillips & Cohen. I have been able to raise $1,000. How can I settle with them with this ... |
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 I need a credit card I sort of have NO credit so I cant get approved! Where can I get one online? |
| I dont have credit..I have a full time job and Im a part time student...SO where online can I apply and most likely won't get rejected????? HELP... |
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 Why do people get so mad when bill collectors call them? Isnt it there own fault that they fell behind? |
| I know people have hardships, but when you think about it there was nothing in my contract with Citibank that I didnt have to pay if I lost my job..I was just wondering..... |
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| Can I pay to clear defaults on my credit rating? |
Instead of waiting 6/7 yrs can u pay to have the defaults removed?
I know it used to happen!
Additional Details
Please let me stress that I know people who have done it in the past.<... |
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 Is it true that Credit Debt will wipe itself out in 7 years? Or Should a person pay the debt to clean credit? |
I am 26 years old, and I have credit debt from the age of 19 years old, I paid a few of them off, but there is another $2,000 -$5,000 sitting on my report. What is the best course of action?
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 Pay in full and receive credit or settle and cease credit relationship? |
Account is in charge-off and reported to bureaus as so. Amex is giving me 2 options.
1. Pay in full($2180) and recieve a card with them to help reestablish credit.
2. Pay 60%(~$1200... |
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MeggieR | Question about credit cards...please read!!? |
My husband and I were in a lot of credit card debt, about 11,000 dollars. We recently acquired some money and are able to pay off all of our credit card debt. We have three cards; my husband wants to cancel all but one of them once we pay them all off, but I didn't think that was a good idea...doesn't it look bad on your credit score if you cancel a card once it's paid off? Please explain how this works! Thanks! |
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Muga Wa Kabbz
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Cancelling a credit card does not look bad on your credit score. Defaulting on credit card payments and irregular/late payments reflect badly on your credit file/score.
You husband may be right in cancelling 2 of your cards, in order to reduce both of your temptations. This is because with that high credit card balance it shows that you guys were being controlled by your credit, rather than you guys monitoring and using your credit wisely.
I'd recommend that after you guys clear your debts, you educate yourselves and learn how to use credit wisely, then you won't end up with mounting debts. |
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Beautiful1
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Not really. As long as you keep at least 1 or 2 open it will be okay. My suggestions is use the card on things that you have cash for ans then pay the baance righ toff. Your credit score will rise quicker than you think. |
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Studly
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This is a great example of people who don't have a clue, yet they try to answer questions on Yahoo. Nobody ever researches their answers.
Do not cancel your cards. Here is why.
1) A major portion of your credit score is calculated using credit and debt/credit ratio. When you cancel your card you erase that portion of your history, and you lower your debt/credit ratio.
2) In your case, if you think canceling your card will erase the negative information about being in collections or having late payments...it don't work that way. Your negative history will remain on your credit report for 7 years. Once you have paid off these cards, you must begin your next battle of trying to restore your credit again.
3) To restore your credit, you need to show a renewed history of paying on time. How you going to do that when you have canceled your credit sources? With a bad credit score you will have a hard time getting new sources of credit.
Therefore, here is your strategy. Before you pay these cards off, try to get the creditor to agree IN WRITING to delete any negative information from your credit reports once the debt is paid. Otherwise, all you are doing is paying them back but you will still have a bad credit report. What's the point?
Lower the credit limits on the cards you do not plan to use to around $500. Use those cards to pay bills you normally pay cash for (utilities, groceries) but PAY THE BILL every month. This will establish a good payment history on those cards, and will rapidly improve your credit in about 6 months.
Take some time to visit http://www.creditboards.com
This is a credit forum with a lot of very good information on restoring your credit, and ideas on how to do it.
Most important! Visit http://www.myfico.com and look at their consumer education information. This is the site of the folks who developed the FICO scoring system, so if anyone knows how to improve your score, they do! Lots of good info here! |
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spliceit
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Well, being in arrears looks bad. Having your credit account frozen looks bad. Cutting your card up and not using it doesn't look like anything since the bureau would not know.
If you have had credit card problems, the best thing is to either get rid of them or to call the credit card companies up and reduce your limit to $500.
Finally, never spend more than you can pay in one month. |
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my avatar's hot!
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It just doesn't add to your credit score any longer, you can't collect score "points" from a closed account. You're still better off cancelling them if you can't handle having them around, 90 percent of people charge them to the hilt again after paying them down, and THAT looks a hell of a lot worse on your credit history!
Keep the one with the highest available credit and the best interest rate. BEFORE you cancel anybody, after you pay them down to nothing call all 3 and ask for an increase on your limit and a better rate. Whoever makes you the best deal is your keeper card. |
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Michael L
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$11,000 in credit card debt does more harm to a credit score than canceling a couple of cards.
Since you have a previous history of credit debt, cancel the cards and learn how to properly budget and save, so you are not spending tomorrow's money today. |
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cork
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He is right........
close the evil things out.
Hold one and don't carry it with you..
use a debit card to pay any bills............cash ..
do not charge................ |
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Henry A
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Suggest keeping a Discover card. They pay you cash back bonus.
NEVER charge anything on a card that you don't have the money to pay for when the bill comes in. Keep track of your purchase receipts to make sure that you can pay it off when the bill comes in. Take money out of your checking account weekly as if you were writing a check and keep that money on another ledger so when the bill comes in you have the cash to pay it off. |
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Bob G
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You don't need credit cards for anything. You can establish good credit with car loans or utility bills just as readily. I haven't had a credit card in more than twenty years and have bought two houses as well as a number of new cars.
Put the money in the bank that you would have paid the credit card companies. You'll be able to buy things with cash and save a lot of money. In the long run, if you are careful you will find that you have accumulated a pile of money in the bank. |
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mikey
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If you have the discipline NOT to use them again after they are paid off then it is better to leave them open. But the fact that you were in trouble with them indicates you don't. Your credit score is partially based on your total credit available vs. your outstanding debt. For example, if you have three open accounts with 4000.00 limit and are only carrying a 300.00 balance on 1 of them, your score goes up. If, on the other hand, you only have 1 card with a 4000.00 limit and your balance is 300.00 that reduces your score.
I know it may sound confusing but that's the way the lenders have set it up and since they have the money and the rest of us don't, they get to dictate the terms. |
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Luke
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Keep your credit card balances low. High debt-to-credit-limit ratios drive your scores down.
Pay off debt, don't move it around. Owing the same amounts, but having fewer open accounts, can lower your score if you max out the accounts involved.
Don't close unused accounts, because zero balance might help your score.
Don't open new accounts that you don't need as a quickie approach to altering your debt-to-credit-limit ratios. That can lower your score
check out this link for more... |
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Mr Credit Card
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One of the credit score criteria is your debt to credit line ratio. By cancelling all your cards, you may hurt your score because then you will have "less credit lines".
Another factor that may hurt your score is the fact that the length of your credit history is important.
First list all the credit lines you have with the card. And also list how long you have had this card. If you want to cancel any card, the card with the lowest credit line and shortest history should be the one you choose.
If you are not paying any annual fees on these cards, you can just cut a couple up and do not use them (but don't cancel them). That way, you maintain your credit lines and history with the credit bureaus. |
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