 Paying off old debts? |
Hello everyone,
I have debts from the last several years.
But my question is, is it better to settle on a debt if the collector is willing to, or pay off the entire thing?
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Additional Details
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 Does paying old debt help my FICO score? |
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acer7 | What is a good credit card for me? |
i have limited if not any credit at all. i just turned 18 last year in november. what is good credit card that will approve me with a decent apr? |
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sarahlizjudd
 |
I agree, start with a $500 limit, and go with one of the following companies:
Orchard Bank
Citibank
I've had very pleasant and easy experiences with them both, however...
Do NOT go with Capital One or Chase Bank, they will rip you to shreds and are VERY unaccomidating! Not to mention shrewd and lude!
Get a Visa or a Mastercard, as they're the most accepted cards out there and in my opinion, have the best protection against Identity Theft--although each CC company has their own way of gaurding against and dealing with that!
Don't buy into the extras--rewards take FOREVER to earn and are usually pointless (no punn intended!) If you do want rewards, well, they come with their own set of conditions, fees and experiation dates too, so be aware! Also, the little "clubs," and "discount" programs are pointless too--a straight credit card is the best! Because in order to use the clubs or discounts or points, you'd have to spend way more than you would want on your credit card and a measley 10%-15% discount on something isn't worth going into further debt for! Trust me, I've been there, really dumb!
Be wise, use the credit card wisely, and keep enough on the card for absolute emergencies, that's what they're really for anyway.
Be aware of the following:
Set Up Fees
Annual Fees
Late Fees
Cancellation Fees
Over-Limit Fees
Annual Percentage Rate (APR) can range from 8%-24%, try to get in the 13%-18% range, anything over 19% or 20% is a complete rip-off and totally not worth it!
Overall policies, learn the card's everything and read the very fine print!
Don't live off of your credit card and try not to get into debt.
Goodluck!
-Sarah :) |
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beauty s
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chase or orchardbank |
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Max
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I would avoid credit cards at all costs. Rather, open a bank account and get a debit card. These will often be from Visa or Mastercard, so will look like a credit card, but you won't be paying 25% interest. Credit cards are legalized scams, offering initial low rates to sucker you in, then jacking your rates up to usurious levels which are criminal for others to charge, but legal for credit card companies as they are exempt from the usury laws (they have a powerful lobby in Washington). |
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Kitty-Kitty
 |
my first credit card was/is to help me build credit with a $500 limit BofA gold card. I started with no credit like you, and now a few years later, credit scores great from that card.
It's helped a lot, but you can't be late on payments.
be careful and good luck |
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NT
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If you are a student, you can go to Bank of America and apply for a student credit card. You can still apply for a credit card at BOA if you aren't a student...and if you do qualify you might only get a $500 limit. When you get the credit card, be sure to only spend what you can pay back at the end of the month. That way your credit score will increase and you won't have to pay interest. Good luck! |
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MissV
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Try for one that has a limit of $500 until you get accustomed to handling debt. Be sure to not go over that amount, or you'll get hit with another fee. |
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John H
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Credit Unions offer the best rates because they work for their renumbers only. |
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jeepingurl69
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Apply at the bank that you or your parents go to. If you have an account there then you should get approval pretty easily. Make sure you pay off the balance every month, that will help with your credit. |
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