 Question on Loan to repair credit? |
| my credit score is 580. I've been slowly repairing my credit. I'm 24 and messed it up when I was younger and didn't know any better then left it alone becuz I lost my job and couldn... |
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 Putting all credit card debt onto one card? |
| My husband and I are trying to get out of debt. We have a plan written down that would allow us to pay our credit cards off in a little less than 4 years. Sounds like a long time, but at least we ... |
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 Capital One 'cashback' Creditcard,are they a good idea? |
They offer you money back on purchases.4% for the first few months,dropping down to 1%.
I always pay my creditcard off each month,so this sounds great to me,so whats the catch?
Anyone have ... |
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 Yes loans have said my application was successful..? |
they said paperwork will be sent, and all i have do is sign for it..
when they mean sign for it will it mean i need to provide proof of earning etc? as ive never taken a loan out before..
... |
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 How high can your credit score go up after being very low? |
| My credit score is around 500. I'm 21 years old and I have made some pretty poor decisions regarding my financial obligations. (PLEASE, do not post any negative information or comments telling ... |
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 Is 522 a good credit score? |
| How good or bad is 522 as a credit score?... |
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 Does Anyone Know anyone who can repoair my credit? |
Does anyone know of any professionals who can assist me with repairing my credit file?
Additional Details
I live in Australia, so need advice relevant for here. I cant get a mobil phone ... |
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 I received a credit card in the mail at age 17 and I used it. Now, I have to go to court 8 years later, help! |
| I received a letter at my mom's house saying that I have to appear in court next week for an old credit card debt from Filene's or I will be arrested because there is now a warrent for my ... |
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 Credit problem? |
| my boy freind got a contract mobile phone and didnt pay for it so i cant get any credit to my house but i want to buy it can you ... |
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 Which UK credit card is best(please see details)? |
| My partner and I have been looking at buying a house but we can't get a large enough mortgage. It seems the only way to get a higher one is to get a higher credit score. I have never been in ... |
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 How can i make a complaint about my credit card company? |
On holiday in the USA i got billed by my credit card company for someone elses room bill. I payed170USD cash towards the bill.
This was not taken off the billed amount. The bill given to me at ... |
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 What is the best credit card for college students? |
| Can some one also explain what APR is and how that goes along with monthly payments? Are there contract? WHat happens if you break the contract?... |
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 What is the best credit card for me? |
| I'm a student.. so I cant have a big spending limit... and I plan to make payments on it instead of alll at once.... |
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 Would I be able to get a $ 10,000 loan using a credit card? |
| The amount would be to purchase a small home that needs some repairs. This is included in the amount that I would borrow. How much time would I have to repay this $10,000 loan off of a credit card? H... |
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mr.confused | Visa Credit Cards help? |
I just recieved my first credit card. I opened up a checking account at EastWestBank and got a visa check card/debit and another credit card. I was wondering whats the difference between the visa check card/debit and the other one? Which card is the one that builds up your credit? which should i use? |
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William D
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I currently work for a financial institution that offers both. The Credit Card (CC) will help you build your credit, the Check Card/Debit (CCD) will not. The best way to use them is as follows.... ( I actually teach this) Since the CCD card will automatically pull the money from your Checking account use that one for common things like fast food, gas, etc. Try as much as possible not to use you CC for little things. The CC should be used for items that require saving money, make sure you saved the money before you buy it. I know it sounds really stupid, but the #1 mistake that people make with CC is not paying the ballance with in the grace period (normally 25 days) It all depends on your financial cituation, if you are not working make sure that you have a savings account and do not charge anything on your CC that you can not pay quickly.
I could give you more tips but it would take to long. My suggestion is not to use your CC until is absolutely necesarry or until you plan and saved for a large item.
"All we are to the goverment is a Number and a Score."
your SS # and your Credit Score
Hope that helps you
El Flaco Salsero
PS here is an article that might help you..... be smart about it. |
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Rock Legends 1973 - 2009
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Helps explain the current worldwide credit crisis!!! |
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If you only knew
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Your credit history can make or break you when trying to convince lenders you’re a good risk. Here's how to build the best record you can -- before you need it.
Getting credit when you don't have any -- or when you're recovering from a credit disaster, like bankruptcy -- can be daunting.
Without a good credit history, it's hard to get new credit. But without credit, it's tough to build a good credit history.
Tough, but far from impossible. Every day, people take steps that establish and improve their image in the eyes of lenders. So can you. Here's what you need to do:
Open checking and savings accounts
Having these bank accounts establishes you as part of the financial mainstream. Lenders want to know you have a checking account available to pay bills, and a savings account indicates you're putting aside something for the future.
Opening bank accounts is something you can do even if you're too young to establish credit in your own name. Until you're 18, you can't legally be held to a contract, so any credit you get will have to be through an adult -- either someone who co-signs a loan for you, adds you to their credit cards or opens a joint account with you. Having bank accounts, though, gets you started on the right path and gives you practice in managing your money.
Get your credit report -- if you have one
Next, you need to find out how lenders view you. Most base their decisions on credit reports, which are compiled by for-profit companies known as credit bureaus. You are entitled to a free credit report from each of the three major bureaus each year.
Typically, a credit report includes identifying information about you, such as your name, address, Social Security number and birth date. The report may also list any credit accounts or loans opened in your name, along with your payment history, account limits and any balances you owe.
If you're young or newly arrived in the United States, you may not have a report or it may have little information. If you've had credit problems, your report will list them. |
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keiko
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The answers you have gotten are excellent, so I will add other things for someone who is getting the first card:
Be sure you have a credit card with no annual fee. Make sure your payment gets there on time or you will have a large amount of interest to pay and the percent of interest you have to pay may go up.
If you have a checking account, you should be able to pay your credit card online telling them to take out the correct amount from your checking account. You will have a chance to print our a receipt. Do it. My credit card emails another receipt when everything has gone through.
Before you pay with a credit card for an online bill from the gas company, etc. make sure there isn't an extra fee for the convenience. Sometimes they charge up to $5.00 for the privilege of using the card. Some companies will let you call in the payment to be taken from your checking account and not charge a fee.
If you find yourself buying more than you can pay for, put the card in a safety deposit box or don't carry it. You can get into impossible debt within the blink of an eye.
Try to get overdraft protection on your checking account in case you somehow write a check and the total amount isn't there - perhaps you made a mistake subtracting and have less money than you thought. Don't use it if at all possible. My bank charges about $6.00 a hundred which really hurts. |
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brakedown61301
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if you cant aford them burn them. the one that cost more with the biger name will give you better credit but only if you manige/use them wisely to not at all.id say burn them. and save and be frugell credit is for peole who need it if you dont dont. |
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Blind_Freddy
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A debit card uses your money from your account
A credit card uses their money in your account to a set limit.
If you use your debit card your fees will be lower and you will not have a debt.
If you use your credit card you will pay fees and have a debt.
The biggest trap of credit cards is they only work best if you pay the whole balance off by the due date. in which case you would have been smarter to use your debit card anyway.
If you pay only the minimum payment they will continue to add fess and charges which will negate your minimum payment and will effectively keep you on a never ending credit wheel where you have no funds available to spend but continuous repayments.
Burn the credit card or keep it somewhere for use only in total emergencies .....you will seriously regret it otherwise! |
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Asystole
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Debit cards don't build up your credit. An actual credit card would help with building credit as long as your responsible with the charges and payment on the bills. |
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Paige.
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To build up your credit i'd say use your credit card but so you don't screw up like the rest of my generation just charge 20 dollars on it a month and immediately pay it. Debit card comes straight out of your checking account and it does build but NOT as fast as a Credit card. Just remember it could be a 3 dollar bill and it will still build just as long as you pay it on time! |
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Terry G
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The check/debit card is tied to your checking account...when you use it, the money is automaticlly taken out of your checking account to pay for your purchase, the other is a regular credit card...if you are responsible with it, that will help build up your credit rating! |
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johnmba
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There are many factors in credit.
The only thing a checking account can do for you is help you show six to twelve months of average deposits in leiu of a W-2 or paycheck stub. This helps many free-lancers buy homes.
As far as your credit score,
the debit card has no effect
and the credit card can either
lower or raise your score.
There are two ways to maximize your score:
1) never charge more than 10%
and your score will go up with age
2) charge a lot at first and then
steadily pay it back down to $0
and ONLY then will your score go up
See link for many more tips. |
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