 Debit v. Credit Card - can u clairfy difference here? |
| Ok this is what I'm confused about. When at the grocery store or gas pump I will use my bank's ATM checking card that has the visa logo. Aside from flexibility of having merchants widely ... |
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 What credit cards to pay first? |
I have 3 credit cards:
A) This credit card is pretty much maxed out with a limit of $400
B) This card has a limit of $2,000, and I owe $1,500
C) This card has a ... |
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 My credit card is expiring in one month? |
| I still have balance, can you extend the expiration date if you can't make full payments?... |
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 Paying your credit card late? |
| I paid my credit card payment on the due date but it didn't process it until the next day, I got a late payment fee and it was considered late. Will that affect my credit score at all?... |
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 Credit Card for minors? |
| Does anyone know about any good creditcard or debit card services that a minor can use in india?... |
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 Credit cards? |
| what is the best store to get a credit card from? i want to build up my credit to buy a car later so i dont know i was thinking macy's or jcpenny? which one helps your credit the most? or what ... |
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 How can I buy from Mastercard/VISA only websites, when I only have a Discover card? |
| Can I buy a prepaid VISA, or MC with my Discover card? If so, where can I get a prepaid card?... |
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 I'm looking for a personal grant to get out of personal and a school debt.? |
| I have a student loan that is more than $10,000 and I've accrued a personal situation of more than $300,000 (which includes bills that have gone unpaid maybe since 1995). I also want to make ... |
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 A lot of people are saying credit card is evil and avoid it if you're a student but...? |
| isn't credit card needed to build credit score, which is needed in many aspects of life? For instance wouldn't a student with good credit score have a better chance of securing a job than ... |
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| Will having a high credit limit on my card increase my score? |
| i have a card with a limit of 2,000 and one with 500 pounds, im only 18. i really want to build a really good credit score for buying a house in a many years time. will asking my card issuers every ... |
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| I'm trying to rebuild my credit, just looking for "easy" to get credit cards, no secure ones. Thanks. |
| It's pretty much what I said, trying to rebuild, looking for credit cards that don't require much of a history and no secured ones. Thanks for any help or suggestions.... |
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 How do i establish credit in the USA? |
| having recently moved to the USA , how do I take out say a credit card or open a bank account here (in the USA). what do I need and does my credit from the UK affect any USA rating I may get.... |
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 Identity taken? please help, I think my neighbours have taken my son details and applied for credit!!!!!? |
| How can I find out if they have? I don't really want to pay, why should I? Can't really go into detail on here regarding my neighbours but this wouldn't be the first time they have ... |
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 How do i establish credit? |
| i have no credit and wanted to know how i would qualify for some type of credit card, i tried going to a bank credit union and they were having problems giving me an account since i had no credit, ... |
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 How much does a prepaid visa card cost? and how much can u put on it? |
Additional Details
also is there a expreation date of the card???????... |
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Matthew J | Which is best to clear first? Overdraft or Credit Card? |
Which would be best to clear first to improve credit rating? |
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Darren from Moneyfacts
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The rates on credit cards are typically much higher than those on an overdraft. It is always best to pay off the debt at the highest rate of interest first i.e. your credit card.
If you have £5,000 on a credit card at a rate of 15.9%, and just pay the minimum of 2%, min £5. You will end up paying an additional £7,447 in interest and it will take you 38 years to pay the debt off. It is therefore best to pay as much off your credit card as possible each month.
As long as you pay at least the minimum required each month and on time for all your debts your credit rating should steadily improve. |
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Neil M
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Which ever has the highest interest rate. |
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Derek A
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pay off overdraft but make sure and keep your credit card payment up to date.? then whenever you have it cleared shread it up and NEVER get another. |
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dougzinboston
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Whichever is the smallest amount. A few people have said the highest interest rate first, but they fail to tell you that your interest rate has absolutely NO BEARING on your credit report or score. What is weighing down your credit score is two things:
1) You have two creditors to whom you owe money
2) The amount of your debt
You'll obviously pay off the smaller debt first and that will raise your score becasue you've elimnated a debtor and some of the debt. If your overdraft is the smaller debt, you'll be in better standing with the bank, and give yourself money in case you run into an emergency situation that requires cash and not a credit card. Both of the debts could be the same interest rate and it won't matter a fraction on your credit score.
Anyone that has seen a credit score can tell you that they don't list interest rates becasue they are not relevant. They list who you owe money to and how much you owe. |
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agius1520
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well as long as you are meeting your credit card payments its best to clear overdrafts. People like to see your have money in your account. |
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bud
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credit card first you pay more interest on them, I was just wondering why you are bothered about your credit rating when you are already in debt, pay your debts off first, trust me I know |
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Ross T
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Hello,
in economic terms all you need to do is check which of the two has the highest APR (UK) or interest rate.
I have no doubt whatsoever that this will be the credit card so do the smart thing and pay that off first. |
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Kat
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Question for Cal M. Since I cannot email you, could you please explain how and electric bill or other utility for that matter effects a credt score? I never heard of such a thing. Those do not show on the credit report. Could you please explain? Or email me at lenderlady777@yahoo.com |
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CJ Mack
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Without a question your overdraft. You see..I am assuming that your overdraft is with a local bank of some sort and your credit card is with some type of department store or major creditor. (Am I correct). Local Banks / Financial institutions reports to the credit bureau is far worse on your score then a credit card report to the bureau. Clean up that overdraft first. Save your money and pay off your debt - it will be so worth it in the end! Good Luck! By the way...the persons comment above me....totally WRONG. Your local banks (checking / savings / loans, etc.) has a TON to do with your credit score. Even paying your electricity bill on time / late with your local electrical company helps / hurts your credit scrore. Oh, and it is not your credit to limit ratio that determines your score, it is more your debt to income ratio (along with history of payments / loans / etc.) that determines your score. |
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dick19532003
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usually a credit card has the higher interest rate. |
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