Tamborine


I have decent credit but I had cancelled all my cards when trying to get out of debt. I am now free of all unsecured debt but I need to have a card so in the future I won’t be hurt by having no credit.

I’m thinking I want a card with no annual fee and a low APR. The card would only be used very occassionally and paid off immediately. I have no desire to repeat previous mistakes.

Does anyone have any recommendations for a good card for this purpose?
Okay, as I said, but everyone is skipping, is that I have decent credit. My credit score is 700.

When I got into trouble I went into debt consolidation right away BEFORE my credit got screwed up.

But I do appreciate those of you who are taking the time to answer.

muchioooooooo


do we have to pay the credit card company if we are not using it even for a penny?

illusional_reveur


I’m soon to be 18 and am looking to get a credit card to help build credit. My dad said the best thing to do is to just use it to buy gas, but I’m not really all that up to date on how credit cards work and which ones are the best. Does anyone have any wise credit card wisdom to pass on to me?

My Army baby is Due in June !!


What is the average credit fico score for americans today??

AC


If I owe a creditor $2,500 and they offer me a settlement of $1,500 and I take it and pay the $1,500. Does that hurt my credit and FICO score because I settled and didn’t pay back the full amount?

turin


I once had a providian credit card that gives you free access to your FICO credit score online. Does anyone know if there’s other credit cards that offer their customers access to their FICO score?

Jennifer Morva


People often say that there is always a second chance. Loans for bad credit people are one of these second chances given to people with bad credit. The lenders who provide loans for bad credit people quantify you on the basis of your credit history and check for discrepancies like defaults in repayments, arrears, county court judgments and bankruptcy. Once you have any of the above discrepancies you are tagged as a bad credit holder. Even if you are tagged as a bad credit holder you are not denied of getting loans because there are lenders who provide loans for people with bad credit under certain modifications in the normal interest rates.

Understanding loans for bad credit people

Loans for bad credit people is basically classified into two types, they are secured loans for bad credit people and unsecured loans for bad credit people. In secured loans for bad credit people, you are supposed to pledge your house or any other valuable asset as collateral. The interest rates for such loans are low and the repayment tenure is long. The amount given for secured loans for bad credit people varies from ₤5,000 to ₤75,000, depending upon the value of the collateral you pledge. An unsecured loan for bad credits people on the other hand provides you money without any collateral submission. The interest rates in such loans are high since the lenders in this case need assurance that you pay the money back. The repayment tenure is also low in this case. Since there is no evaluation of property, the loan is given to you as fast as possible. However if you have any defaults in payment the lender can lawfully opt for the property. In such cases it is wise that you think twice or thrice about taking loans for bad credit people in secured format.

Precautions in taking loans for bad credit people

Before getting loans for bad credit people it is mandatory that you gather information about the interest rates offered by various lenders. The documents given to these lenders should be thoroughly read so that you can get the maximum benefit from such loans. You must also keep in mind that if you do not have any defaults in repayment your credit status can also improve. So don’t get depressed of bad credits and quench your financial needs soon with loans for bad credit people.

theedave17


I recently opened a new bank checking account.
When I tried to get a credit card through that same bank I was denied, due to having too high of a credit line & too many credit cards.
I have no debt at all & have over an 750 Fico score, but with such a high credit line I will have to cancel some existing cards.

JNate

I own a small business which often takes credit card numbers over the phone as a deposit. We recently had a customer no show, and she contested through her credit card company when we charged her (she claims it wasn’t explained when she gave us her #). The credit card company took her side and said it is policy to allow anyone contesting to get their money back if there is no signature. How can this be? So many hotels and services take card #’s as deposits!

Michail Fortione


How To Build Good Credit Scores

Credit repair, credit history, and credit scores will point out some interesting facts. Your situation will dictate if you can find a way out of any debt problem. Debt reduction can become very stressful leading to depression caused  by your situation. Our current economic enviornment is very tough and  daily lives are stressing enough, we don’t need to add anymore. When confronted, and  you admit there are problems you need to find workable alternatives.

A thorough evaluation of your current credit situation is needed start to plan the important tasks ahead with rebuilding your credit and repairing your credit file. You must also realize these same steps need to be evaluated to reduce credit debt. Be serious about repairing your credit and watch out for internet rip-offs “They’re Everywhere“. As complicated as the problem already is, as bad a situation you are in, you don’t want to make a mistake and get further into debt.

Anyone that tells you they can repair your credit in 3 easy steps or fix your credit report in 24 hours “PLEASE RUN”!  Your decision for solutions have to be researched and find a method that will work for you, let’s begin with some basics avenues for repairing, and rebuilding your credit.

Look at the first thing “How your credit score is generated”:

Credit scores are generated by assigning weighting models to different components.

 35 % is based on your credit history (more than 30 days late)

 30 % is based on amounts owed compared to total credit limit (debt ratio)

 15 % is based on length of credit history ( history and paying accounts on time means better scores)

 10 % is based in number of new accounts, inquiries ( looking for new credit could mean financial trouble)

 10 % is based on types of credit revolving, installment, consumer (a good mix of the 3 is great)

 

Each of these criteria depending on how good you handle them will generate a scoring range for you, and the risk level the lenders will take.

Ok, here is a pretty straightforward plan to build good credit scores, you need to remind yourself the bad credit situation didn’t “just happen”, when you accept this fact you are on your way to building  GOOD credit. Patience, documentation, and following up on everything is important.

Let’s get started…

Let’s clean up your credit report. Request your free reports http://www.annualcreditreports.com review the reports thoroughly and file disputes for each reporting error, with the respective agency for inaccurate information.

Look for some of the following:

 Missing accounts paid on time, prepare documentation of these accounts, and tell the agency or agencies to add theses accounts.

 Work information is wrong

 Never lived at address showing

 Wrong names, and aliases show up as you

 Possible identity theft

 Accounts not belonging to you (a biggie, name or city, state wrong (also SS number) etc…

If you find any of these errors dispute the errors with all three credit bureau’s Experian, Equifax, and TransUnion. It could take from 30 to 45 days to correct but be consistant and follow up.

Now, on to “Your Debt”, and “Building Good Credit”.

A budget outling spending will be needed:

 Write down all expenses, track spending and charges.

 Excel or word can create a spreadsheet for you to use in tracking, plain or graph paper works too

 Start on the 1st of the month to follow expenditures for the month

 Track every day seperately, carry a pad for notes if you are out

 Record payments by cash, atm, credit card, electronic bank withdrawal

 List the items paid for food, utilities, clothes, gas, etc…

 Do this for at least 3 months

Add all items to establish your monthly expenses.

 

Continue to track expenses for 3 months, this will show where the money is going, monthly, and quarterly expenses will be shown here like car insurance, taxes, vacations, professional services etc…

Next make a list of all income use a seperate spreadsheet to show all sources of income as it flows in:

 Salaries

 Bonuses

 Interest income

 Pension or social security

 Alimony or child support

 Public Assistance (Food stamps, welfare, unemployment)

List net amounts coming in, receipt of the income(weekly, monthly etc), total these number to produce monthly income.

Subtract expenses, from income, the results will show what is left is spendable cash, look to see if your spending more than your taking in. If the latter is true you need to make some tough decisions either cut down on expenses or secure more income.

“Credit Card Debt Reduction”



From having many credit cards to only one. This is a process I have done a few times when my own spending got a bit out of control.

 List all credit card accounts with credit limts, balance due, and monthly payment on a sheet of paper or in a spreadsheet. Pick the card with the highest rate of interest or the one you owe the least amount on (whichever is best for you). I just started with the lowest balance due, it let me achieve a goal sooner rather than later.

 Pick which card to start with, and increase the monthly payments ( plan when you will pay it off)

 Maintain the minimum payments due on all other accounts (On time)

  Pay more than the minimum due on the selected card

 Prepare to payoff the next highest card balance ( project a pay-off date)

 Continue to due this until you are either paid in full or you’re happy with the progress, and balances

Remember the above on debt ratio to available credit, by maintaining a 30 to 35 % balance due vs total credit limit an increase in credit scores should result by following these steps.

A different tactic you can use is to call each credit card company and ask for a reduced interest rate, inform them of your plans, some might lower the interest rate.

One very important lesson to be learned concerning the financial crisis, your credit score is the financial projection of your good name.

Good scores will save you money in the long haul, but you need to maintain, because a small slip up can be very costly.

In closing, if you need additional resources, or need a honest respected company to help rebuild your good credit score, see my personal recommendation at         http://www.mikescreditstory.com

Good Luck !

Mike