Compare Credit Cards Questions and Answers

credit cards?

Q) i started out with about 6 credit cards. all department store credit cards, and one regular visa credit card. i have paid them all off except for 2 credit cards, and im still paying on my student loan. in the duration of these 6 credit cards, they all went to collection agencies, and i slowly paid them off, in which, im down to 2 now. Is there a way to combine my 2 credit cards so they will get paid off, and by combining them, i can just pay that as a together amount since these minimum payments to them are killing my paycheck. i know theres balance transfers and debt consolidation. i wouldnt mind balance transfers to a different credit card, i just will not do the debt consolidation route. is there anything i can do to combine these 2 cards? even though i paid most of them off, is this hurting my credit since they were in collections then brought to current then paid off?

A) Well, a friend of mine, called the credit card companies and ask them what was the least they would take..to pay them off..sometimes they will let you pay a lot smaller amount..

Credit Cards......?

Q) Will closing out my credit cards (after I have paid them off) hurt my credit? I have (in order I recieved them) Capitol One, Chase, Providian, Applied Card Bank, Aspire Card Bank, Orchard Bank, and Wal-Mart. I am closing out Applied, Aspire, and Orchard. I am keeping Capitol One and Chase because they are my longest (I heard you need to keep your oldest) and I am keeping Providian because it has my highest credit limit (I was told you need at least ONE card with a good credit limit) and I am keeping the Wal-Mart card just because. I haven't used any of them in over three months and I have been working on paying them off (I am down to half the balance on all of them). I want to close out those three once I've paid them off but I am curious on if it will hurt my credit to have them closed? If it does hurt my credit, will having the others (on zero balance or paid off every month) help it more then closing will hurt it? Thanks!!!! Capitol One was my first credit card and I have NEVER had problem with them! They are my favorite!

A) Closing accounts can sometimes hurt your rating. See the first link below. You are right in keeping your oldest accounts open, as your credit score is partially based on how long you have had credit. The second link is Yahoo's information on improving your credit rating. The third link is Motley Fool's information on improving your credit rating. Good luck!

Credit cards?

Q) I'm going to start college soon, and I'm being told by many people that I should get a credit card and "establish my credit" by making payments on things on time. People have tried to scare me by telling me that if I don't buy a new car or a credit card via a store in the mall, I won't be able to purchase a house in the future, because I "won't have established good credit" and "won't be able to get a loan". My initial reaction is that they're lying to me in order to sell me credit cards, but is there something to their arguments? Is it possible to get home loans without a history of good, or any credit? What's the best option in a case like this? Why would I need a credit card if I don't plan on having credit in the future? I don't need credit, and I feel we've been brainwashed into thinking it's necessary. Are there home loans that are given based on proof of income or something other than credit history? It really seems as though people assume credit has to be a part of their lives; I'm not sure that's true.

A) If used responsibly, it's a great way to start building a lengthy and solid history. The trick is to not get in over your head. A credit card should be used for emergency purposes, or if you're able to pay off small purchases. If you're not able to pay it on time, or at all, then it's not a good idea. The benefits like being able to rent a car, make hotel reservations, establish credit in general may not compare to the disadvantages of harassing calls of collectors when you don't pay on time, not to mention hurting your chances of being able to get bigger things like, buying a car, a house, or even a job. Normally when you use a credit card, you have x amount of days before they start charging more money, or interest to what you already charged. That's called a grace period. After a certain date, you'll receive an itemized statement in the mail detailing what you charged, how much you owe, and how much additional money (finance charges) were added on. The key to using a credit card is to not to max it out, or charge it to the limit. That's where they'll get you. It's bad enough to borrow money that you can't pay all at once, but it's even worse when more money is added on every month for borrowing it in the first place!. Like I mentioned earlier, use the card for emergencies, charge only what you know that you can pay off every month. I'll even go as far to say that if you have the money to pay for something in cash and you use the card, put that cash that you would've used to buy it in a jar, cigar box, it doesn't matter, put it and use that money to pay the bill when the statement comes in. Another thing. Don't charge a lot to fast food. It's a common trap that me myself fall victim to from time to time. That Big Mac or Whopper or whatever your favorite burger is wouldn't taste so good when you're paying daily interest on it when you charge it. Keep that in mind. I would probably get one more and that's it. 1 in 7 Americans carry up to 10 credit cards, and the average American has 4. Me, myself I have 3 which I keep low balances and I pay off on-time, if not early every month. Another thing is that you can report your monthly payments on practically everything that you pay every month. There's a website (click this link) http://www.prbc.com/consumers that you can enroll in a program, that verifies, reports historical payments, and also has a bill-pay service that reports the current and future payments. The beauty of this is that this shows what the traditional credit reports do not: an accurate payment history. You can have things like rent, utilities, day care, storage, insurance, phone, cell phone, anything that you pay a month that you receive a statement for. The information reported is compiled in what's call a Bill Payment Score, or BPS. Under the FCRA (Fair Credit Reporting Act) you can have this taken into consideration when lenders are reviewing your credit to give an accurate picture of what your credit is really like.

credit cards?

Q) I have a capital one card and I just got anothe credit card that is a visa. This new card isn't a very popular company because I don't have good credit so i was wondering does it still look good that I have credit cards and making my payments? Thanks

A) This factor carries the highest weight in your credit report. How steadfast are you in repaying your loans, makes your credit report shine. Experts claim that this factor alone accounts for 35% of points in your credit score. So, if you falter on repayment front it is sure to be reflected poorly on your credit score. Outstanding debt The next comes your debt burden. How much you owe is a factor that according to experts carries about 30% weight in your credit score. This is 30% is based upon outstanding debt. To get a better score it is advised that you keep your outstanding debt to a minimum. Read more from: http://www.credit-card-gallery.com/article/204,5_critical_factors_affecting_your_credit_score

Credit Cards ................?

Q) How much is too much credit cards? bank credit cards -and- store credit cards? and which percentage should i look for to compare cards and see which one is better and has low interest? any opinion? thank you guys for all your comments; i will mention a bit more details; i already one card from MBNA (with $150 balance on it) and one from HSBC ($0) -but- i also have cards from kohls ($50), target($50), nordstrom ($0), best buy ($0) and macys ($0). what you guys think?

A) You can check here: http://www.edealinfo.com/creditcard/ The most popular ones are Citi Dividend Platinum Select MasterCard and Chase Cash Plus Rewards Visa Card. Both have no annual fees, 5% cash back on grocery stores, drug stores and gas stations, 1% on other purchases. The only difference is that Citi Dividend has a $300 limit on cash back per year. Having too many cards increases the possibility of identity theft and stolen credit cards, and most likely you will lose check of them. You don't really need specific credit cards for specific stores/purposes if you don't spend that much on them, because the benefit difference is not that much.

Credit Cards?

Q) My friend and I were thinking about crazy stuff, and came up with he topic of credit cards, and seeing as we are not experienced in credit cards we figured we'd ask for help with a question. I feel like an idiot for asking, but does a credit card cost money if there is nothing on it and you plan to put nothing on it?

A) Some cards charge an annual fee, others are free. If you have a zero balance, then there is no fee. If you charge on the card and pay it when the bill comes due, again, no fee. They make they're money off of folks who keep a balance on the card. Interest rates can be anywhere from 6.99% to 31.99% per year. A large percent of the adults in the US, are buried in credit card debt that they have little potential of ever getting out of, because of the high rates of interest. Don't get caught in the trap. Pay off each month or don't use 'em.

Credit Cards?

Q) I am 20, I have a Visa and Amex which I use for everyday things.I have a store credit card (express) which has been open for about 2 years and I have only used it twice. Should I close it. Yesterday I applied for a Macy's card and got it for 1 purchase. How long should I keep it, if I barely use it? Does it mess up my credit to have credit cards I dont really use?

A) actually, as long as you are responsible and don;t run up balances on the cards, it's good to keep them. use them very occasionally and pay them off. having the cards and the unused credit limits on them lowers your total debt ratio, example: you have four cards with a total credit limit of 10,000 and only have 2000 in balances, as opposed to closing those two seldom used accounts and having two cards with a total credit limit of 5000 and 2000 in balances. the higher credit limits and lower debt to limit ratio will actually help your credit score as it shows responsible spending behavior.

credit cards..??

Q) do you know if i maxed out my card and even maxed it out more than i was aspose to if i pay it back will they give me my credit back,they sent me 2 cards and i thought the credit limit was the same on both i was wrong they shut my card down..can i get my credit back now..?? i am so sorry j@SSon i spelled one word wrong does it make you fell good to cut one others..?? jimmy f all you have to do is at the top of the page their r 3 words ask answer discover click on ask and on the first line just like put a part of your question and then in the 2nd box down thats is where you ask tor question then hit the blue box ,check out what you wrote then hit sudmit ..hope that helps you. yes i sure will pay it all off asap. so then i will get my credit back.??

A) Do you mean that if you pay off your card or pay the minimum amount that you owe on your credit card, will they let you keep using it in the future and take the "hold" off your account? If that was your question, then the answer is YES! Even if you incur over-the-limit charges but you pay those off and get current on your card, then you will be able to start charging on your account again, as long as there is available credit. I would definitely pay it off and not just let it go and ignore it, because your credit rating will suffer if you do that.

credit cards?

Q) how do credit cards work? im 20 yrs old and wanting to get my first credit card. im good at paying my bills and all, i just havnt gone and got one yet. can't you get credit cards through your bank? i have a checking account at monroe bank and trust. what should i do?

A)

Credit cards???

Q) Hello, Im interstead in now looking at different times of credit cards, but Im after a certain one, Im looking for a credit card that will allow me to buy things over the phone and internet, but also doesnt use money that I dont have in there, in other words I want a card without an extarr $1000 that I can spend that ISNT mine, if you get what im saying? is this card called a debit visa or????

A) What you want is a secured Visa. You can get one from your bank. You put so much money in an account and they put a hold on it. Say $500. Then they give you a cc with a $500 limit. You use that card and pay it off just like a regular cc without touching the money in the savings account. If you don't pay your bill, they close the card and take the money from the account to pay the bill. Unless you want a Visa Debit card, in which case you just use the money out of your regular checking account. You can use it anywhere ccs are accepted.