No. Doesn't show up on your credit report.
https://www.annualcreditreport.com/cra/i...
Can changing utility company twice in a year affect your credit rating?
only if you have missed payments. otherwise no
Reply:only if you're not paying the bills :)
Reply:YES-IF YOU DIDN'T PAY YOUR PREVIOUS BILL.
Reply:If you pay your bills on time , how can it ?
Friday, November 6, 2009
How many points do you lose on your credit rating when you apply for a new credit card?
It depends on the rest of your credit report. Usually 2-8 points, although it could be more in some cases.
Lenders are looking for red flags to alert them to credit risks. They think that people who are trying to get lots of new credit all at once may be borrowing more than they should, so the risk rises and the score drops. If you have good credit, a long history, and you apply for one Macy's card to get the 15% discount that day, then you are probably OK. However, if you have been filling out every applicatio you can get and you don't have much (good) credit on your report to begin with - then watch out!
How many points do you lose on your credit rating when you apply for a new credit card?
Many "factors" are taken into consideration for each individual. It depends on how many inquiries you have on your report. For example: how many attempts at obtaining credit have you made recently, etc. Every time you fill out a credit application and the companies review your credit report that is an inquiry and it drops your score somewhat. Even if you are not approved, an inquiry goes on your credit.
Also, how many accounts you have, what are the balances? Are they revolving accounts? What is your income to debt ratio? Do you have any derogatories on your report, etc.
Reply:take into consideration that usually nothing really is lost but it depends on various things such as credit controll and membership warranty so i would say about 2 4 points oh big factor depends who your credit supplier is
Reply:o
Reply:2-5 points
Lenders are looking for red flags to alert them to credit risks. They think that people who are trying to get lots of new credit all at once may be borrowing more than they should, so the risk rises and the score drops. If you have good credit, a long history, and you apply for one Macy's card to get the 15% discount that day, then you are probably OK. However, if you have been filling out every applicatio you can get and you don't have much (good) credit on your report to begin with - then watch out!
How many points do you lose on your credit rating when you apply for a new credit card?
Many "factors" are taken into consideration for each individual. It depends on how many inquiries you have on your report. For example: how many attempts at obtaining credit have you made recently, etc. Every time you fill out a credit application and the companies review your credit report that is an inquiry and it drops your score somewhat. Even if you are not approved, an inquiry goes on your credit.
Also, how many accounts you have, what are the balances? Are they revolving accounts? What is your income to debt ratio? Do you have any derogatories on your report, etc.
Reply:take into consideration that usually nothing really is lost but it depends on various things such as credit controll and membership warranty so i would say about 2 4 points oh big factor depends who your credit supplier is
Reply:o
Reply:2-5 points
How do Short Sales affect your credit rating and your ability to purchase another home that you CAN afford?
well i will settle the difference it will hurt and hurt bad -- so i would not be looking to buying for a while!!!
How do Short Sales affect your credit rating and your ability to purchase another home that you CAN afford?
Hey Bird House, think you might like to know about this website, you can address any concerns there.
http://www.shortsalecomplete.c... Report Abuse
Reply:A short sale is going to ding your credit rating nearly as badly, if not as badly, as going through a foreclosure will.
When you do a short sale with lender agreement (of course), you have shown an inability or refusal to honor the financial obligation to which you agreed when you took out a mortgage.
Expect a short sale to make it tough to get another house for three to five years.
Reply:No, not at all, unless, I suppose, you lose or gain so much money that your overall financial situiation is affected.
tanning
How do Short Sales affect your credit rating and your ability to purchase another home that you CAN afford?
Hey Bird House, think you might like to know about this website, you can address any concerns there.
http://www.shortsalecomplete.c... Report Abuse
Reply:A short sale is going to ding your credit rating nearly as badly, if not as badly, as going through a foreclosure will.
When you do a short sale with lender agreement (of course), you have shown an inability or refusal to honor the financial obligation to which you agreed when you took out a mortgage.
Expect a short sale to make it tough to get another house for three to five years.
Reply:No, not at all, unless, I suppose, you lose or gain so much money that your overall financial situiation is affected.
tanning
I have really poor credit rating. I need a loan fast to pay of existing depts and bills. Do you no of any?
I have very very poor credit rating. I need a loan fast to pay of my depts and my overdue bills, so I only have that one monthly repayment. Do you know of any loan providers that will get me a loan? I have had YES loans and Advantage loans and Churchwood fiancial accept me but they are all scams!
I've tried getting agency work or a second job but no luck.
I only want genuine loan companies not the ones that rip you off or make you pay £50:00 processing fee!
Thanks
I have really poor credit rating. I need a loan fast to pay of existing depts and bills. Do you no of any?
Bank of Dad%26amp;Mom
Reply:you can check here to help you for your financial needs...
http://www.helpgetfunded.com
Reply:Check with your bank. Ask for a 'Personal Loan'.
Good Luck!
Reply:Do yourself a favor and avoid those scams. You can take advantage of credit counselling services to find ways of getting out of debt and getting caught up on your bills.
These services are free throughout the UK.
Reply:You owe so why would any smart bank or business man lend you more money? Think. Go see a credit counselor to help you straighten out your financial mess.
Reply:www.CashCall.com
Reply:If your credit score is above 520 try prosper.com
Reply:Write a letter to Debtors saying you need to pay them in smaller payments.Consolidate your bills.Get advice from a Financial Planner.Banks are legit,but your credit is poor so you need extra help and more information on this subject.
If you have free legal help seek that out.Maybe a friend who know about such matters.You can get a Lawyer File Bankruptcy for now.That cost less than borrowing more money plus interest.Best of Luck.
I've tried getting agency work or a second job but no luck.
I only want genuine loan companies not the ones that rip you off or make you pay £50:00 processing fee!
Thanks
I have really poor credit rating. I need a loan fast to pay of existing depts and bills. Do you no of any?
Bank of Dad%26amp;Mom
Reply:you can check here to help you for your financial needs...
http://www.helpgetfunded.com
Reply:Check with your bank. Ask for a 'Personal Loan'.
Good Luck!
Reply:Do yourself a favor and avoid those scams. You can take advantage of credit counselling services to find ways of getting out of debt and getting caught up on your bills.
These services are free throughout the UK.
Reply:You owe so why would any smart bank or business man lend you more money? Think. Go see a credit counselor to help you straighten out your financial mess.
Reply:www.CashCall.com
Reply:If your credit score is above 520 try prosper.com
Reply:Write a letter to Debtors saying you need to pay them in smaller payments.Consolidate your bills.Get advice from a Financial Planner.Banks are legit,but your credit is poor so you need extra help and more information on this subject.
If you have free legal help seek that out.Maybe a friend who know about such matters.You can get a Lawyer File Bankruptcy for now.That cost less than borrowing more money plus interest.Best of Luck.
What are some creative ways to re-establish your credit rating without having credit cards to use?
Pay your debts off in-full.
What are some creative ways to re-establish your credit rating without having credit cards to use?
To raise your credit score you need to do two things:
1 - add positive things to your credit records. Such as paying your bills on time!
2 - Remove negative things from your records. These may be mistakes made by the credit report companies or bills you haven’t paid!
If your problems aren’t too bad or too complicated than you can do this yourself. This review site gives you e-books to explain the process and guide you through it:
if your problem is complex - or you just don’t have the time or patience to do it yourself then you will want to use a credit repair company. This review site will guide you to the three best companies to use:
Good Luck!
Reply:Beginning in November 2007, PRBC and FICO began a new program called the PRBC Credit Report with FICO Expansion Score. It allows you to use rental payments, utility payments, etc. to build a credit report.
You can read more about it below.
Reply:get a secured loan form the bank for $1000 by putting $1000 down. Pay it off with interest in 2 months and do it for a while. You will need money to put down and it will cost you interest. Do it a few times and your credit will have some good entries.
Note : There is no quick way to re establish credit if you ask me. The gimmick will work but will cost you. In the end, NOTHING but responsible debt management will establish your credit for the long haul.
Reply:I heard of people adding their rent and other bills to their credit reports. Not sure how to go about it though. Contact your billing companies, utilities, phone etc... Ask them for more info on it.
I know it can be done, just not sure what the process consists of.
Reply:Bobba. This is a very open question
do you still have debt? do you have a bk? etc etc
Refer to agdebtconsultation.com for more info. We are always here for free advice
Just fill out the form
What are some creative ways to re-establish your credit rating without having credit cards to use?
To raise your credit score you need to do two things:
1 - add positive things to your credit records. Such as paying your bills on time!
2 - Remove negative things from your records. These may be mistakes made by the credit report companies or bills you haven’t paid!
If your problems aren’t too bad or too complicated than you can do this yourself. This review site gives you e-books to explain the process and guide you through it:
if your problem is complex - or you just don’t have the time or patience to do it yourself then you will want to use a credit repair company. This review site will guide you to the three best companies to use:
Good Luck!
Reply:Beginning in November 2007, PRBC and FICO began a new program called the PRBC Credit Report with FICO Expansion Score. It allows you to use rental payments, utility payments, etc. to build a credit report.
You can read more about it below.
Reply:get a secured loan form the bank for $1000 by putting $1000 down. Pay it off with interest in 2 months and do it for a while. You will need money to put down and it will cost you interest. Do it a few times and your credit will have some good entries.
Note : There is no quick way to re establish credit if you ask me. The gimmick will work but will cost you. In the end, NOTHING but responsible debt management will establish your credit for the long haul.
Reply:I heard of people adding their rent and other bills to their credit reports. Not sure how to go about it though. Contact your billing companies, utilities, phone etc... Ask them for more info on it.
I know it can be done, just not sure what the process consists of.
Reply:Bobba. This is a very open question
do you still have debt? do you have a bk? etc etc
Refer to agdebtconsultation.com for more info. We are always here for free advice
Just fill out the form
How does the cancelling unused credit cards affect the credit rating?
Once you cancel your unused credit card, the company stops reporting to the credit agency. If you have a credit card that you no longer use, you should cut it up(so you can't use it anymore) but leave the account open. Then the credit card company keeps reporting an open credit account in good standing to the credit agency. It will look good if you just leave it open and not use that card again.
How does the cancelling unused credit cards affect the credit rating?
I heard that even if you yourself cancel, it lowers your rating for some odd reason. I think that whole system is weird. It obviously didnt help with the mortgage lenders that got us into this crisis of foreclosures; so who gave them all that permission to have our data?????
Reply:You need to have those credit cards removed from your profile at equifax and if they won't make sure that they put a note that credit cards were cancelled by you and not the creditors.
Reply:You want to keep a good credit history. So further back (older card) accounts that are in good standing need to remain that way. Good solid record on a few accounts is better than many sporadic ones.
How does the cancelling unused credit cards affect the credit rating?
I heard that even if you yourself cancel, it lowers your rating for some odd reason. I think that whole system is weird. It obviously didnt help with the mortgage lenders that got us into this crisis of foreclosures; so who gave them all that permission to have our data?????
Reply:You need to have those credit cards removed from your profile at equifax and if they won't make sure that they put a note that credit cards were cancelled by you and not the creditors.
Reply:You want to keep a good credit history. So further back (older card) accounts that are in good standing need to remain that way. Good solid record on a few accounts is better than many sporadic ones.
Is it possible for me to borrow money from my American bank if my credit rating is on a medium rating?
I need it so me and my sis can go to travel in a few days, and I don't have that much income every month.
Is it possible for me to borrow money from my American bank if my credit rating is on a medium rating?
Probably, although you won't have an ideal rate.
Your rate will be even worse because it's basically an unsecured loan - there's no collateral. It's better to save for than to finance a trip. If the money were for an auto, a house - something with a tangible value - or for which there was a guarantor - ie, the U.S. govt for an education loan - that's a different story. But your medium credit rating and the non-collateralized non-productive nature of your loan makes it a high risk.
Reply:You can get the loan, at a high interest rate no doubt and I don't suggest you tell them that you need it for travel. Put up a collateral and tell them you are using it for home remodeling or for business.
Reply:Its posible, but you would get a high intrest rate. The worse the rating, the higher intrest rate, and harder it will be for you to get a loan.
Reply:Most banks actually will loan you the money, however they will charge you a higher interest rate!
floral
Is it possible for me to borrow money from my American bank if my credit rating is on a medium rating?
Probably, although you won't have an ideal rate.
Your rate will be even worse because it's basically an unsecured loan - there's no collateral. It's better to save for than to finance a trip. If the money were for an auto, a house - something with a tangible value - or for which there was a guarantor - ie, the U.S. govt for an education loan - that's a different story. But your medium credit rating and the non-collateralized non-productive nature of your loan makes it a high risk.
Reply:You can get the loan, at a high interest rate no doubt and I don't suggest you tell them that you need it for travel. Put up a collateral and tell them you are using it for home remodeling or for business.
Reply:Its posible, but you would get a high intrest rate. The worse the rating, the higher intrest rate, and harder it will be for you to get a loan.
Reply:Most banks actually will loan you the money, however they will charge you a higher interest rate!
floral
If my car is repossed, what will that do to my credit rating?
I have been making payments on my car for a year and a half and owe more that it was financed for. I am one payment behind and will be caught up soon. Payments of $430 a month and the fact I owe more than I financed after a year and a half is killing me. Any advise?
If my car is repossed, what will that do to my credit rating?
Owing more than a car is worth is the norm. The average 60-month loan requires 44-payments before the customer is in a equity position.
Do not let it repo. This is one of the worse things that can happen for your credit. Second only to bankruptcy. They will sell the car at auction for less than it's worth and come after you for the balance plus all fess for repossessing the car, storage fees, auction fees and lawyer fees. This will amount to several thousand dollars.
When you don't pay they will take you to court and get a judgment then they can attach bank accounts, garnish your wages (if your State allows it) and file liens on any other property you may own. Add this to the fact that all of this will show on your credit for 7-years and it will be next to impossible for you to get another car, home or personal loan without massive down payments, fees and sky high interest rates.
Avoid this at all cost.
Reply:trade it in or offer it for someone to take over payments...a repo is an I-8 only one rating is worse than that and that is an I-9 bad debt uncollectable..and whats worse when the repoman gets your car they are going to sell it and whatever they get out of that will go towards the car and you my dear will STILL OWE MONEY on the car..they will garnish your wages for the rest of the money...Repo aint a good option...just try and get someone to take over payments...
Reply:See if you can refinance at a lower interest rate which will lower your car paments and the length of your loan, which will make a huge difference. My cousin went from seven percent loan down to three percent loan and it shortened her loan time by almost two years. Do what ever it takes to keep up the car payments, you have invested a ton of money into the car by now. Also you can ask the lender to put the one payment you are behind back, you will still owe it just not right now, at the end o f the loan. Best Wishes!
Reply:Try to pay it off sooner than 1 1/2 years by paying more on the principal. It will wreck your credit if you allow it to be repossessed, as lenders will consider you risky and charge you a higher interest rate on future purchases.
Sorry, but those things happen. Alert family and friends to try to pay off a car in 3 years or less, rather than 4-5 year. Stretching out the payments may make it seem more comfortable with payments, however, as you've discovered, the value of a vehicle usually drops quickly.
Reply:Once you get caught up on your payments, exchange the car for something that you can actually afford.
DO NOT let yourself get so behind on a payment that your car is actually reposessed. It's easier to pay off your debts/month than to try and fix your credit once you start missing payments.
People do not understand just how important their credit score is. Do what you have to do, but DO NOT get behind on anymore payments!
Reply:surrender your car back to them.... call them and talk with them they may even lower the payments for you, if not surrender the car to them they will sell it at an auction and you will have to pay the shortfall if there is one.this happened my cousin and she didnt have to pay shortfall as they got good auction price for car... her rating was black listied for two years...if they take your car you will be blacklisted for five years or maybe more..
If my car is repossed, what will that do to my credit rating?
Owing more than a car is worth is the norm. The average 60-month loan requires 44-payments before the customer is in a equity position.
Do not let it repo. This is one of the worse things that can happen for your credit. Second only to bankruptcy. They will sell the car at auction for less than it's worth and come after you for the balance plus all fess for repossessing the car, storage fees, auction fees and lawyer fees. This will amount to several thousand dollars.
When you don't pay they will take you to court and get a judgment then they can attach bank accounts, garnish your wages (if your State allows it) and file liens on any other property you may own. Add this to the fact that all of this will show on your credit for 7-years and it will be next to impossible for you to get another car, home or personal loan without massive down payments, fees and sky high interest rates.
Avoid this at all cost.
Reply:trade it in or offer it for someone to take over payments...a repo is an I-8 only one rating is worse than that and that is an I-9 bad debt uncollectable..and whats worse when the repoman gets your car they are going to sell it and whatever they get out of that will go towards the car and you my dear will STILL OWE MONEY on the car..they will garnish your wages for the rest of the money...Repo aint a good option...just try and get someone to take over payments...
Reply:See if you can refinance at a lower interest rate which will lower your car paments and the length of your loan, which will make a huge difference. My cousin went from seven percent loan down to three percent loan and it shortened her loan time by almost two years. Do what ever it takes to keep up the car payments, you have invested a ton of money into the car by now. Also you can ask the lender to put the one payment you are behind back, you will still owe it just not right now, at the end o f the loan. Best Wishes!
Reply:Try to pay it off sooner than 1 1/2 years by paying more on the principal. It will wreck your credit if you allow it to be repossessed, as lenders will consider you risky and charge you a higher interest rate on future purchases.
Sorry, but those things happen. Alert family and friends to try to pay off a car in 3 years or less, rather than 4-5 year. Stretching out the payments may make it seem more comfortable with payments, however, as you've discovered, the value of a vehicle usually drops quickly.
Reply:Once you get caught up on your payments, exchange the car for something that you can actually afford.
DO NOT let yourself get so behind on a payment that your car is actually reposessed. It's easier to pay off your debts/month than to try and fix your credit once you start missing payments.
People do not understand just how important their credit score is. Do what you have to do, but DO NOT get behind on anymore payments!
Reply:surrender your car back to them.... call them and talk with them they may even lower the payments for you, if not surrender the car to them they will sell it at an auction and you will have to pay the shortfall if there is one.this happened my cousin and she didnt have to pay shortfall as they got good auction price for car... her rating was black listied for two years...if they take your car you will be blacklisted for five years or maybe more..
If my pre-approval for a mortgage is declined, does that affect my credit rating?
My bank arranged for a pre-qual letter and then I asked for a pre-approval letter. They declined the pre-approval because I was out of the country and did not supply more information about my funds which are mostly in Canada. Is this decline going to show up on my credit report?
If my pre-approval for a mortgage is declined, does that affect my credit rating?
Pre-quals just mean according to what you have stated on the application the lender believes you qualify for a loan. A pre-approval means you have given them the necessary documents to verify every thing is true and accurate.
Neither one has anything to do with your credit report and will not show up on it. Now if the lender pulled your credit report for the loan it may deduct a point or two, but that happens anytime you apply for a loan or credit card.
However when getting a loan your interest rate, and amount of your loan will be determined by your credit report/score , and income to debt ratio.
Hope this helps.
Reply:No, the decline won't show up on your credit file. They declined because you didn't give them all the documents.
If my pre-approval for a mortgage is declined, does that affect my credit rating?
Pre-quals just mean according to what you have stated on the application the lender believes you qualify for a loan. A pre-approval means you have given them the necessary documents to verify every thing is true and accurate.
Neither one has anything to do with your credit report and will not show up on it. Now if the lender pulled your credit report for the loan it may deduct a point or two, but that happens anytime you apply for a loan or credit card.
However when getting a loan your interest rate, and amount of your loan will be determined by your credit report/score , and income to debt ratio.
Hope this helps.
Reply:No, the decline won't show up on your credit file. They declined because you didn't give them all the documents.
How do I find out what my credit rating is in Australia?
Pretty sure family member has used my info to get bills, loans etc. How do I find out what debts I have?? Am located in Australia
How do I find out what my credit rating is in Australia?
www.vedaadvantage.com.au
purchase flowers
How do I find out what my credit rating is in Australia?
www.vedaadvantage.com.au
purchase flowers
Why does my car insurance company want to check my credit rating if I want to purchase renters insurance?
I have been with this company for over 20 years!
Why does my car insurance company want to check my credit rating if I want to purchase renters insurance?
It gives the company a better idea of the character of the person. If you don't pay your lenders back it shows that you are less responsible overall. I'm sure there are other reasons as well such as- wanting to know if you're going to make your insurance payments on time, will you lie about what items you own, who lives in the dwelling, etc.
Reply:isn't it crazy, I want to open a bank account to put my money into their bank and they wanted to do a credit check on me!!! I find it all so very invasive. I found another bank. Maybe it's time to find another insurance company.
Reply:Gypsy,
Even though you have had an account with this company for over 20 years, the nature of business is to ensure that they make a profit. They want to see how you pay your bills to see if you will pay theirs on time. Its not personal, just a pain in the a s s !
Why does my car insurance company want to check my credit rating if I want to purchase renters insurance?
It gives the company a better idea of the character of the person. If you don't pay your lenders back it shows that you are less responsible overall. I'm sure there are other reasons as well such as- wanting to know if you're going to make your insurance payments on time, will you lie about what items you own, who lives in the dwelling, etc.
Reply:isn't it crazy, I want to open a bank account to put my money into their bank and they wanted to do a credit check on me!!! I find it all so very invasive. I found another bank. Maybe it's time to find another insurance company.
Reply:Gypsy,
Even though you have had an account with this company for over 20 years, the nature of business is to ensure that they make a profit. They want to see how you pay your bills to see if you will pay theirs on time. Its not personal, just a pain in the a s s !
Does paying off your home loan lower your credit rating?
I have heard that I should not pay off my home loan before securing a loan for a new home. The reason I was told is that my credit score is higher if I have an existing home loan even if I only need a $100 to pay it off. Something about the payment history still showing up in the credit report if the loan is not paid off being a good thing. Can anyone confirm/deny this?
Does paying off your home loan lower your credit rating?
bolderdash! so long as you paid your note on time, everything works in your favor. believe me, a purchase as big as a house, with a long term mortgage, is going to show up for quite some time as a very fine indicator of your credit capabilities!
Reply:Your credit history from the morgage will increase your credit score but...
The way it works is your net worth. If you owe money to a bank (etc) you are in the negative. That means your ability to pay for other, debts is greatly reduced, especially on a homeloan. Your house can be held as equity if you own it yourself. The way they figure, the more money you owe then the less able you are to pay back, there for they will offer you less credit. It doesn't lower you score, but it does effect the credit you are offered over all.
-50,000 Home
-10,000 Car
+1,000 savings
equals 59,000 you are in debt
No matter how good you score is, what you owe does effect your purchase power (credit limit). You income and savings are also a factor in some cases, given a large quantity of either.
Does paying off your home loan lower your credit rating?
bolderdash! so long as you paid your note on time, everything works in your favor. believe me, a purchase as big as a house, with a long term mortgage, is going to show up for quite some time as a very fine indicator of your credit capabilities!
Reply:Your credit history from the morgage will increase your credit score but...
The way it works is your net worth. If you owe money to a bank (etc) you are in the negative. That means your ability to pay for other, debts is greatly reduced, especially on a homeloan. Your house can be held as equity if you own it yourself. The way they figure, the more money you owe then the less able you are to pay back, there for they will offer you less credit. It doesn't lower you score, but it does effect the credit you are offered over all.
-50,000 Home
-10,000 Car
+1,000 savings
equals 59,000 you are in debt
No matter how good you score is, what you owe does effect your purchase power (credit limit). You income and savings are also a factor in some cases, given a large quantity of either.
Will paying off and cancelling a credit card hurt my credit rating?
My account has never been delinquint.
Will paying off and cancelling a credit card hurt my credit rating?
I would say it might... Why not pay it off, keep it open. As long as you've paid on time, you should have great credit.
Reply:Paying it off will increase your score a little, but don't close it. Closing the account will mess up your debt-to-availability ratio which will bring your score down.
Reply:Yes it will. The best thing to do is to pay your balance off and keep the line of credit open. This shows lenders the availability of credit extended to you even if you don't use it. Credit cards are revolving accounts on your credit report. The less credit you use, the better it is for you.
Reply:YES, it will lower your score. There are many factors used in computing your score, 35% is payment history, if you close the account, the history ends.
Don’t close unused credit cards as a shortterm strategy to raise your FICO® score. Owing the same amount but having
fewer open accounts may lower your FICO® score.
Here is a link to find out more
http://pueblo.gsa.gov/cic_text/money/cre...
All about FICO scoring.
Reply:It'll lower it a little....
Send a few x-tra dollar's every month,and pay it off that way.
Credit Card Co. like long engagement's..They feel,loved and left,if ya leave too soon !!!!
Reply:Not at all, Paying off a credit card will increase your score by a few points .Closing the account might not affect but you must make sure you have at least one card opened under your name. Though you may have an established credit history once you close all your accounts it might be hard for you to get a loan.
fruit gift baskets
Will paying off and cancelling a credit card hurt my credit rating?
I would say it might... Why not pay it off, keep it open. As long as you've paid on time, you should have great credit.
Reply:Paying it off will increase your score a little, but don't close it. Closing the account will mess up your debt-to-availability ratio which will bring your score down.
Reply:Yes it will. The best thing to do is to pay your balance off and keep the line of credit open. This shows lenders the availability of credit extended to you even if you don't use it. Credit cards are revolving accounts on your credit report. The less credit you use, the better it is for you.
Reply:YES, it will lower your score. There are many factors used in computing your score, 35% is payment history, if you close the account, the history ends.
Don’t close unused credit cards as a shortterm strategy to raise your FICO® score. Owing the same amount but having
fewer open accounts may lower your FICO® score.
Here is a link to find out more
http://pueblo.gsa.gov/cic_text/money/cre...
All about FICO scoring.
Reply:It'll lower it a little....
Send a few x-tra dollar's every month,and pay it off that way.
Credit Card Co. like long engagement's..They feel,loved and left,if ya leave too soon !!!!
Reply:Not at all, Paying off a credit card will increase your score by a few points .Closing the account might not affect but you must make sure you have at least one card opened under your name. Though you may have an established credit history once you close all your accounts it might be hard for you to get a loan.
fruit gift baskets
Where can I find Intel's Credit Rating on the Web?
I'm also trying to find their credit ratings going back to 1999.
Where can I find Intel's Credit Rating on the Web?
As a company as a whole, they don't carry a credit rating per say. Debt (the issuance of bonds) is graded (A through C)by Standard and Poors and Moody's and it will depend on which type of debt you are looking at evaluating. Longer term debt usually carries a lower rating then short term debt due to short term debt standing a better chance of being paid off.
Where can I find Intel's Credit Rating on the Web?
As a company as a whole, they don't carry a credit rating per say. Debt (the issuance of bonds) is graded (A through C)by Standard and Poors and Moody's and it will depend on which type of debt you are looking at evaluating. Longer term debt usually carries a lower rating then short term debt due to short term debt standing a better chance of being paid off.
Can a private person report inf. to a credit bureau to help my credit rating?
I bought a house from the previous owner and they have the mortgage. I have made ontime payments for 22 months and I dont live there. someone else does. so it's not my address. but it would help my credit score I am sure. What do you think?
Can a private person report inf. to a credit bureau to help my credit rating?
Only registered credit reporting agencies may report to the credit bureaus. Reporting is all done via electronic information transfer.
Can a private person report inf. to a credit bureau to help my credit rating?
Only registered credit reporting agencies may report to the credit bureaus. Reporting is all done via electronic information transfer.
What interest rate could I get on a car loan with a credit rating of 594 to 605 and $1000 down?
I pay everything on time for the most part, but I have a lot of debt (3 mortgages and 1 school loan).
What interest rate could I get on a car loan with a credit rating of 594 to 605 and $1000 down?
you work and pay your bills new car you should get 0 deal if used 9 % or go to second chance it will be higher yet your almost sure to get accepted
Reply:Car loans are a dime a dozen, but which one should you go for? Especially if you are a prudent consumer with a balanced budget, getting the right auto finance can be quite a challenge, what with so many auto finance providers%26lt;!--thrusting their offers in your face. Your dealer may even offer to do it for you. While this sounds really tempting, it may prove to be a costly affair. So do your own thing and check out the auto loans yourself.
http://badcreditloans.awardspace.com/
You can get these loans from a variety of sources, like banks and financial institutions and online financing companies. Dedicated auto finance companies usually offer better terms if you approach them directly rather than--%26gt;through some middleman. You should also keep in mind that your credit rating affects the interest rates and the amount of advance you can easily get, so if the picture is not too good on that front, you can begin by working towards improving your credit rating.
Reply:Well you score isn't too good and you have a lot of debt (3 mortgages??)..if you even qualify for a loan you're going to pay a high interest rate. I would guess over 14% at least, and they will probably want at least 20% of the vehicle price as a down payment.
Reply:Between 12% to 16%..................
What interest rate could I get on a car loan with a credit rating of 594 to 605 and $1000 down?
you work and pay your bills new car you should get 0 deal if used 9 % or go to second chance it will be higher yet your almost sure to get accepted
Reply:Car loans are a dime a dozen, but which one should you go for? Especially if you are a prudent consumer with a balanced budget, getting the right auto finance can be quite a challenge, what with so many auto finance providers%26lt;!--thrusting their offers in your face. Your dealer may even offer to do it for you. While this sounds really tempting, it may prove to be a costly affair. So do your own thing and check out the auto loans yourself.
http://badcreditloans.awardspace.com/
You can get these loans from a variety of sources, like banks and financial institutions and online financing companies. Dedicated auto finance companies usually offer better terms if you approach them directly rather than--%26gt;through some middleman. You should also keep in mind that your credit rating affects the interest rates and the amount of advance you can easily get, so if the picture is not too good on that front, you can begin by working towards improving your credit rating.
Reply:Well you score isn't too good and you have a lot of debt (3 mortgages??)..if you even qualify for a loan you're going to pay a high interest rate. I would guess over 14% at least, and they will probably want at least 20% of the vehicle price as a down payment.
Reply:Between 12% to 16%..................
How can I check my credit rating?
is there a web site that can give credit ratings.
How can I check my credit rating?
Funnily enough, just answered this one:
I assume you mean for seeing what state your own record is in...
There's a nomimal fee from most credit agencies - typically £2 to cover costs.
As far as these things go, Experian and/or Equifax are the first port of call for most if not all banks and credit agencies.
Funnily enough, a search on yourself shows up on your report too, as do all searches in the past 6 months
Reply:You can check with the three credit bureaus:
Experian
Transunion
Equifax
They will all give you your credit rating. If you have had credit denied then you can get a report free from all three.
Reply:ask your bank they should be able to get you in touch with the people
Reply:Iwould think you can check on line.
Reply:there are loads of internet sites that will show you your credit rating but many will ask for a small fee for the service.
Reply:if you pay
Reply:www.checkmyfile.com, they give you a free report and also you can pay for one from Experian and Equifax which will show if you have any bad credit against your name.
Reply:try experian.com or equifax
Reply:go to www.freeannualreport.com and get a free report!
Reply:equifax.com is the agency most of the banks and creditors check when deciding weather to give you credit or not! you can pay a small fee and see exactly what they see on your credit report.
Reply:freecreditreport.com
Reply:One thing about freecreditreport and annualcreditreport. They won't give you your scores for free, only your credit history. In this way you can check and see if there are any mistakes or oddities in the reports.
If you want the score, you have to pay. Or get someone else to do a credit check on you (like if you apply for a loan), and by law they have to show the report to you.
Reply:have you not sent any emails lately ?go to yahoo email bottom left hand corner
Reply:www.annualcreditreport.com. It's a free service run by the credit agencies. You can check your rating once a year. Don't go to freecreditreport.com, they make you sign up for some stupid service.
Reply:try experian.co.uk or equifax.co.uk. you will have to pay a small fee £2-£5
Reply:hi jib
Reply:Just go to Freecreditreport.com and you can get a free credit report. You will have to provide credit card information because they will automatically sign you up for the service. You should just call them once you have looked at your report and cancel the service so you don't forget. There are many websites that provide this service, but just don't forget to cancel the service if you don't want to be charged.
ginkgo
How can I check my credit rating?
Funnily enough, just answered this one:
I assume you mean for seeing what state your own record is in...
There's a nomimal fee from most credit agencies - typically £2 to cover costs.
As far as these things go, Experian and/or Equifax are the first port of call for most if not all banks and credit agencies.
Funnily enough, a search on yourself shows up on your report too, as do all searches in the past 6 months
Reply:You can check with the three credit bureaus:
Experian
Transunion
Equifax
They will all give you your credit rating. If you have had credit denied then you can get a report free from all three.
Reply:ask your bank they should be able to get you in touch with the people
Reply:Iwould think you can check on line.
Reply:there are loads of internet sites that will show you your credit rating but many will ask for a small fee for the service.
Reply:if you pay
Reply:www.checkmyfile.com, they give you a free report and also you can pay for one from Experian and Equifax which will show if you have any bad credit against your name.
Reply:try experian.com or equifax
Reply:go to www.freeannualreport.com and get a free report!
Reply:equifax.com is the agency most of the banks and creditors check when deciding weather to give you credit or not! you can pay a small fee and see exactly what they see on your credit report.
Reply:freecreditreport.com
Reply:One thing about freecreditreport and annualcreditreport. They won't give you your scores for free, only your credit history. In this way you can check and see if there are any mistakes or oddities in the reports.
If you want the score, you have to pay. Or get someone else to do a credit check on you (like if you apply for a loan), and by law they have to show the report to you.
Reply:have you not sent any emails lately ?go to yahoo email bottom left hand corner
Reply:www.annualcreditreport.com. It's a free service run by the credit agencies. You can check your rating once a year. Don't go to freecreditreport.com, they make you sign up for some stupid service.
Reply:try experian.co.uk or equifax.co.uk. you will have to pay a small fee £2-£5
Reply:hi jib
Reply:Just go to Freecreditreport.com and you can get a free credit report. You will have to provide credit card information because they will automatically sign you up for the service. You should just call them once you have looked at your report and cancel the service so you don't forget. There are many websites that provide this service, but just don't forget to cancel the service if you don't want to be charged.
ginkgo
Does Late Car payment affect credit rating?
I am one month behind on my car note? does that affect my credit rating or they report you to creditors when you owe them more than one month.
Does Late Car payment affect credit rating?
Anytime you are 30 or more days late it gets reported to the credit bureaus as a late payment and of course if adversely affects your credit score and rating.
Payment history makes up a full 35% of your score so every late payment hurts a lot.
Reply:If you are one month behind on your car payment. If you can pay two payments to bring "current" so call your auto loan to ask remove the late fee. Most lender will remove the late fee as one time if it is your first late payment. You will be fine.
Reply:As told, the answer is yes, if you're up to date now, perhaps you can request a 2 month deferment so you'll be ahead.
Reply:Once you go over that 30 day mark it does start negatively effecting your credit rating.
Reply:Late anything is bad. Pay it now because it will get worse the later it gets.
Reply:Yes. It will show as a late payment.
Does Late Car payment affect credit rating?
Anytime you are 30 or more days late it gets reported to the credit bureaus as a late payment and of course if adversely affects your credit score and rating.
Payment history makes up a full 35% of your score so every late payment hurts a lot.
Reply:If you are one month behind on your car payment. If you can pay two payments to bring "current" so call your auto loan to ask remove the late fee. Most lender will remove the late fee as one time if it is your first late payment. You will be fine.
Reply:As told, the answer is yes, if you're up to date now, perhaps you can request a 2 month deferment so you'll be ahead.
Reply:Once you go over that 30 day mark it does start negatively effecting your credit rating.
Reply:Late anything is bad. Pay it now because it will get worse the later it gets.
Reply:Yes. It will show as a late payment.
If you have a debt with a debt collecting agengy and its on hold, does it effect your credit rating?
i've been with NTL/virgin media for just over a month, and after many troubles just getting it installed i got my first bill for just under £20. i paid it on saturday and whhen the post came in i had a letter from a debt collector who state i owe £173.43 to virgin!!! virgin say they cant find any outstanding balance, the accounts with the debt collecters is on hold while they sort it out. but does it effect my credit rating? my first baby is due anyday now and i plan to leave virgin. this is the icing on the cake
If you have a debt with a debt collecting agengy and its on hold, does it effect your credit rating?
No. You can breath easy until it's resolved you do owe the money...then you can contest it again.
Congratulations! Been a long while since the last virgin birth.
Reply:no its not affect your credit
If you have a debt with a debt collecting agengy and its on hold, does it effect your credit rating?
No. You can breath easy until it's resolved you do owe the money...then you can contest it again.
Congratulations! Been a long while since the last virgin birth.
Reply:no its not affect your credit
Will doing a voluntary termination on a HP agreement affect my credit rating?
I have been told it won't but want to check before I go ahead.
Will doing a voluntary termination on a HP agreement affect my credit rating?
depends entirely on the terms of the HP. read your contract
Reply:I assume this is for a car.
No it wont.
Reply:It should not adversely affect your credit rating if you liase with the lender to make sure the debt is repaid in full and keep up payments while arranging settlement.
However. it's possible to end up defaulting or in arrears while settling the debt if your settlement crosses a payment date or you don't take into account accrued interest or any penalties built into the arrangement for early termination.
Even if you are settling the debt you can get a credit "strike" if you cancel your repayments still owing money or default on a payment before the lender has processed the full and final payment.
Contant the lender and get a settlement figure in writing. Pay it well before your next payment date and don't cancel any repayment arrangements until the lender acknowledges the debt has been paid off.
It's very common with hire-purhase/lease-purchase type arrangements for people to trade-in or settle before the agreement matures, especially on motor vehicles, and shouldn't cause a problem if done properly.
Reply:Yes it will, done it a few years ago, and I found my rating dropped a fair bit, even though all payments were made on time. I got told that other companies will frown upon this when it comes to taking credit in the future, as they dont get their full fee this way, and not make enough money out of u!!!!
Will doing a voluntary termination on a HP agreement affect my credit rating?
depends entirely on the terms of the HP. read your contract
Reply:I assume this is for a car.
No it wont.
Reply:It should not adversely affect your credit rating if you liase with the lender to make sure the debt is repaid in full and keep up payments while arranging settlement.
However. it's possible to end up defaulting or in arrears while settling the debt if your settlement crosses a payment date or you don't take into account accrued interest or any penalties built into the arrangement for early termination.
Even if you are settling the debt you can get a credit "strike" if you cancel your repayments still owing money or default on a payment before the lender has processed the full and final payment.
Contant the lender and get a settlement figure in writing. Pay it well before your next payment date and don't cancel any repayment arrangements until the lender acknowledges the debt has been paid off.
It's very common with hire-purhase/lease-purchase type arrangements for people to trade-in or settle before the agreement matures, especially on motor vehicles, and shouldn't cause a problem if done properly.
Reply:Yes it will, done it a few years ago, and I found my rating dropped a fair bit, even though all payments were made on time. I got told that other companies will frown upon this when it comes to taking credit in the future, as they dont get their full fee this way, and not make enough money out of u!!!!
If you use credit card consolidation companies to help pay off debt, does this effect your credit rating?
I understand that no new credit lines can be open until debt is pain off using this service.
If you use credit card consolidation companies to help pay off debt, does this effect your credit rating?
I echo what P S says above, read The Total Money Makeover by Ramsey.
Consolidation companies (most) look like a bankruptcy on your credit report. Also if you don't fix the problem (over spending) consolidation just leads majority of people to get right back into debt via credit cards or the such.
You can do it yourself, you just need a budget and a game plan. Read the above mentioned book and you will be on your way to being debt free!
Reply:You can visit http://www.cashguru.info and find very useful tips and several articles on debt consolidation. Report Abuse
Reply:Please listen to the previous posters. They are absolutely correct. Do not use a credit counseling agency. All the home lenders view them the same they view a bankruptcy.
Get the book they mentioned and listen to Dave Ramsey on the internet or radio.
Reply:They do not trash your credit. What happens is all of your accounts show on your credit bureau as being "Managed by credit counseling".
This doe's make it harder to get more credit while you are in credit counseling but not impossible. I get people approved every week to buy a car that are in credit counseling.
I would recommend Consumer Credit Counseling Services. They will work with your creditors to lower both your monthly payments and your interest rate. I used them several years ago and was debt free in 36-months.
Reply:Yes it does. No company will actually give you a loan and consolidate your debt so you can pay one monthly payment.
First thing is...they do make an inquiry on your credit report and that adds a line. Doesnt look so appealing to creditors that you couldnt handle paying your own bills.
Next...they go about paying your bills in three different ways and all of them which trash your credit....
First is...they will call and strike deals for lower payments with your creditors...your creditors will give it to them because it will cost less than sending it to a collection agency but it will appear on your credit.
Second is...they wait for your accounts to end up in collections if they havent already and than they call the bill collectors and beg to settle for a less amount. Normally this pisses the bill collector off.
third is...they call the collection agency and ask for a payment plan which you could do yourself.
The thing is...Bill Collectors and Creditors hate these guys and have no respect for them. The reason is that they lie about your financial circumstances as if we are unable to check ourselves and find out and they beg like filthy animals that just makes us sick. Have a little prestige for God's sake. Who will have respect for people that beg half way crying to make a living?
So what happens is...you will see that most bill collectors will by pass your "credit manager" and tell them to F**k off. They will come to you directly and do what they need to do.
See the problem is that the creditor or the Agency do not have to take their deals, make deals with them or even accept offers.
Their arrangement is with you, not a third party. The "credit manager" can offer all they want but if the credit doesnt want it than thats it.
Also, they can not stop the creditors or bill collectors from filing a lawsuit or going after you.
So there is nothing they can do that you cant do. Do it yourself. Call the creditor or bill collector and explain why you can not pay...explain your financial situation. DONT LIE. Than ask for a convenient payment plan. They will in most cases hook you up with something reasonable.
If you have any questions email me.
Smile4cobra@yahoo.com
Reply:most times they trash your credit rating.
If you do a little work and stick to a plan, you can do it yourself and actually build your rating.
Get this book - Total Money Makeover by Dave Ramsey.
I got rid of over $70k in Debt in 16 months. I am now debt free.
azalea tree
If you use credit card consolidation companies to help pay off debt, does this effect your credit rating?
I echo what P S says above, read The Total Money Makeover by Ramsey.
Consolidation companies (most) look like a bankruptcy on your credit report. Also if you don't fix the problem (over spending) consolidation just leads majority of people to get right back into debt via credit cards or the such.
You can do it yourself, you just need a budget and a game plan. Read the above mentioned book and you will be on your way to being debt free!
Reply:You can visit http://www.cashguru.info and find very useful tips and several articles on debt consolidation. Report Abuse
Reply:Please listen to the previous posters. They are absolutely correct. Do not use a credit counseling agency. All the home lenders view them the same they view a bankruptcy.
Get the book they mentioned and listen to Dave Ramsey on the internet or radio.
Reply:They do not trash your credit. What happens is all of your accounts show on your credit bureau as being "Managed by credit counseling".
This doe's make it harder to get more credit while you are in credit counseling but not impossible. I get people approved every week to buy a car that are in credit counseling.
I would recommend Consumer Credit Counseling Services. They will work with your creditors to lower both your monthly payments and your interest rate. I used them several years ago and was debt free in 36-months.
Reply:Yes it does. No company will actually give you a loan and consolidate your debt so you can pay one monthly payment.
First thing is...they do make an inquiry on your credit report and that adds a line. Doesnt look so appealing to creditors that you couldnt handle paying your own bills.
Next...they go about paying your bills in three different ways and all of them which trash your credit....
First is...they will call and strike deals for lower payments with your creditors...your creditors will give it to them because it will cost less than sending it to a collection agency but it will appear on your credit.
Second is...they wait for your accounts to end up in collections if they havent already and than they call the bill collectors and beg to settle for a less amount. Normally this pisses the bill collector off.
third is...they call the collection agency and ask for a payment plan which you could do yourself.
The thing is...Bill Collectors and Creditors hate these guys and have no respect for them. The reason is that they lie about your financial circumstances as if we are unable to check ourselves and find out and they beg like filthy animals that just makes us sick. Have a little prestige for God's sake. Who will have respect for people that beg half way crying to make a living?
So what happens is...you will see that most bill collectors will by pass your "credit manager" and tell them to F**k off. They will come to you directly and do what they need to do.
See the problem is that the creditor or the Agency do not have to take their deals, make deals with them or even accept offers.
Their arrangement is with you, not a third party. The "credit manager" can offer all they want but if the credit doesnt want it than thats it.
Also, they can not stop the creditors or bill collectors from filing a lawsuit or going after you.
So there is nothing they can do that you cant do. Do it yourself. Call the creditor or bill collector and explain why you can not pay...explain your financial situation. DONT LIE. Than ask for a convenient payment plan. They will in most cases hook you up with something reasonable.
If you have any questions email me.
Smile4cobra@yahoo.com
Reply:most times they trash your credit rating.
If you do a little work and stick to a plan, you can do it yourself and actually build your rating.
Get this book - Total Money Makeover by Dave Ramsey.
I got rid of over $70k in Debt in 16 months. I am now debt free.
azalea tree
How long does it take for your credit rating to recover from a foreclosure?
Depending on how hard you work at it.
This can take 7 - 10 years..
Good luck to ya!
This can take 7 - 10 years..
Good luck to ya!
Do you have to have a good credit rating to set up your own buisness?
What do you need to do to set up your own business?
Do you have to have a good credit rating to set up your own buisness?
yes if you plan to get loans or grants to assist you in starting your business.
no if you have the funds available to you to start your business
if you have the funds decide what type of business you want to open, complete a business plan [include a cost projection, ]
and then look up city, county and state requirements to be legal, and irs good luck
Reply:we run our own buisness and it doesn't take a fortune take a look at our web site you could apply for the info its free
Reply:the short answer is no, however if you have a negative rating then you will find v. difficult to borrow money on business to finance it, also obtaining Merchant Services (taking credit card payments may prove difficult)
Reply:only if you need to borrow. You'll need a good business plan.
Reply:If you have loads of cash you will not need credit . They will look at your credit rating and as the owner of the company they will base alot on that . If you have a great credit score you will probably pay . If you have a lousy credit score chances are you will not pay and they will not grant you credit based on your history . My credit rating was 758 and i had no problem getting credit . I just picked the wrong product . I was the largest Black and white manufacturer of TVs in the world . I nebver envisioned color being so big . Then with the gas crisis I bought the largest { actually only } buggy whip manufacturer in the world and that went south too . Guess I am just a loser .
Reply:A good credit rating opens the bank doors brother and helps in business.
Reply:no lots of money because people do not pay you. forget business plans just have good accounts that chase the money all the time
Reply:No, you don't need any credit at all, in theory.
Most business fail because they don't have enough start-up capital. So basically you need enough money to keep above water until the business grows enough to be self sustaining.
Most start-up capital comes from personal savings, home equity (a very bad idea, IMHO) or venture capital.
Reply:No you don't have to have good credit but it does help. All you need to do is get a business license unless you are running a business that calls for human consumption. You can start most businesses on a shoestring budget if they are businesses you are starting from scratch. I would devise a business plan it does not have to be formal unless you are going to the bank for a loan. Thus there would be where you would have to have the good credit. Otherwise go for it. Good luck.
Reply:LOADS O MONEYYYYYYYYYYYYYYYYYYYYYY
Do you have to have a good credit rating to set up your own buisness?
yes if you plan to get loans or grants to assist you in starting your business.
no if you have the funds available to you to start your business
if you have the funds decide what type of business you want to open, complete a business plan [include a cost projection, ]
and then look up city, county and state requirements to be legal, and irs good luck
Reply:we run our own buisness and it doesn't take a fortune take a look at our web site you could apply for the info its free
Reply:the short answer is no, however if you have a negative rating then you will find v. difficult to borrow money on business to finance it, also obtaining Merchant Services (taking credit card payments may prove difficult)
Reply:only if you need to borrow. You'll need a good business plan.
Reply:If you have loads of cash you will not need credit . They will look at your credit rating and as the owner of the company they will base alot on that . If you have a great credit score you will probably pay . If you have a lousy credit score chances are you will not pay and they will not grant you credit based on your history . My credit rating was 758 and i had no problem getting credit . I just picked the wrong product . I was the largest Black and white manufacturer of TVs in the world . I nebver envisioned color being so big . Then with the gas crisis I bought the largest { actually only } buggy whip manufacturer in the world and that went south too . Guess I am just a loser .
Reply:A good credit rating opens the bank doors brother and helps in business.
Reply:no lots of money because people do not pay you. forget business plans just have good accounts that chase the money all the time
Reply:No, you don't need any credit at all, in theory.
Most business fail because they don't have enough start-up capital. So basically you need enough money to keep above water until the business grows enough to be self sustaining.
Most start-up capital comes from personal savings, home equity (a very bad idea, IMHO) or venture capital.
Reply:No you don't have to have good credit but it does help. All you need to do is get a business license unless you are running a business that calls for human consumption. You can start most businesses on a shoestring budget if they are businesses you are starting from scratch. I would devise a business plan it does not have to be formal unless you are going to the bank for a loan. Thus there would be where you would have to have the good credit. Otherwise go for it. Good luck.
Reply:LOADS O MONEYYYYYYYYYYYYYYYYYYYYYY
Does paying off a new 6 year 9% auto loan too early affect your credit rating?
I do not like having an extra payment and would like to pay it off as fast as I can. The salesman informed me not to pay it off before the first year or it could affect my credit rating. Is this true or is he just trying to make sure they get paid enough interest.
Does paying off a new 6 year 9% auto loan too early affect your credit rating?
Pay it off. If anything, your credit would go up. The only factor that I can see that this would possibly effect is the "age of your accounts" factor, which takes into account the average age of all of your accounts, but since you already opened the account, it's kind of too late to think about that anyway. I would say that your salesman is a bozo and pay it off if it makes you feel better. Any effect of paying this off is going to be minimal anyway (probably about 20 points at the absolute most) so I wouldn't worry about it. IF you have a 720 fico, 700 or 740 are still good and if you have a 600 score, 580 and 620 are still bad, so the effect on your credit is really not an important consideration in this case.
Reply:Yes, positively. When I was a mortgage broker, here's what I would see:
- Open credit accounts in the past 7 years with balances
- amount of late payments
- the minimum you were obligated to pay monthly.
So if you pay this off it will show that you borrowed $12,000 (or whatever you're borrowing) for an auto loan. You had zero late payments and are obligated to pay nothing monthly.
The result is a higher credit score, and a higher amount of money you'll be able to borrow for a mortgage.
Reply:The terms for car loans or any loans for that matter are based on time lines and your agreement to follow the guidelines which in turn is how lenders get paid. To pay a loan off early is beneficial for you but not the lender, when other companies look at that they see that you are certainly able to pay off the loan so they would not lose money on you but they will not gain any either. To refinance or adjust your terms with the same lender is better in the long run. If you could afford to pay the loan almost immediately, you would have been better off putting that money down initially and having a smaller loan and more than likely a better percentage rate.
Reply:Auto finance is what I do for a living and there is a lot of bad information here.
Car dealers do make whats called reserve and if they sell a warranty, gap insurance or life insurance they make huge profits off of these also but all of this is paid to them when the deal funds through whatever bank they sent you to and as long as the customer makes 3-6 payments depending on banks this money can not be taken back by the banks.
Now as far as your question goes it depends on how long you have been making payments, if you have made 12-18 payments then by all means go ahead and pay it off if you can, if not wait until you have made 12 at the very least.
Reply:It may affect your rating, but only in a positive way. I'm not sure about auto loans, but many home lenders have whats called a prepayment penalty. This is a penalty that the borrower must pay if the loan is paid off early. The lender what's that interest! Generally, prepayment penalties don't exceed 2% or 3% of the loan amount and rarely exceed 5%. Of course, this is for home loans. Check the fine print in your contract.
Reply:They want your interest payment.
My credit union's website shows interest rates for used cars as low as 5.2% for up to 48 months, 5.25% for up to 60 months, and 6% up to 72 months. If the car is over $30K, it's as low as 6.75% for up to 84 months.
First - think about refinancing this loan. If you have decent credit, you could save up to a third of your interest payment. Then use the savings to pay down this loan, and pay it off ahead of time.
Second - NEVER EVER finance a car for 6 years, especially if it's a used car! If you can't pay it off in 3 years, you can't afford the car. Get a cheaper car, instead. You should never finance a used car for more than 2 years, or you run the risk of the car dying before it's paid off. And if that happens, you're on the hook for the payments even after the car has been towed off to the junkyard.
Third - don't lease a car unless you have money to throw away. While it's true that leasing is cheaper than buying because you only pay for the portion of the car you use, you're paying for the most expensive part. 95 times out of 100, you're better off buying the car, and driving it until the wheels fall off.
Reply:It would affect your credit rating, in a good way! Creditors are weird, it's hard to definitely figure out the best way to raise your credit. Some banks prefer you making payments as some would prefer you to pay them off as quickly as possible. I'd say go for the gold and pay it off as quickly as possible. It's the safest way and really shouldn't hurt your credit score. The salesperson probably wanted to help the bank by getting the 9% interest.
Reply:Could just be wanting the interest. Good for you for wanting to pay it off. Call the lender directly. They will tell you. 6 years at 9% sounds very very steep. I would pay that off very quickly! It shouldn't affect your credit. Maybe if you paid it off in 2 weeks or something it might. In my opinion, if you paid it off after 6 months that would benefit your credit score. Call them. They will tell you. Don't ask the salesman, they don't know.
Reply:The only affect it will have on your credit is positive. The salesman knows that in most cases the first year or two of a loan are pretty much almost all interest. So if you can pay it off sooner more power to you. 9% ouch you will save a lot of money on interest the sooner it can be paid off make sure there is no prepayment penalties. Good Luck
Reply:Depends if you have credit or not. If you don't have credit and this is first major purchase...you want to wait a year with making your monthly payments....you can even pay more than what your monthly installment if for....for instance...if you have the money to pay off your loan right now...instead of paying it off in one lump sum...split it equally over a 12 month period. what u r doing is establishing credit history which is 35% of your credit score. This will raise your credit rating. You want to pay a little bit of interest...it's good for your credit score. Also, if you have bad credit this will help your credit score also. And if you have a 6yr loan @ 9% interest chances are you have no credit or bad credit (that's really high...especially for this market).
The jist is...pay it off in a year...if your loan is for $10,000...divide $10,000/12 which is 833.33/mo. I wouldn't really worry too much about adding in the interest...you'll take care of that with the inflated payment amt.
Reply:I've paid off several car loans early and all it did was improve my credit. Check the terms of the loan. Some loans have early payoff penalties and yes they are looking to collect interest. Actually making consistant ontime payments over a stretch of time can help improve your credit score. I don't think an early payoff will hurt you but not paying if off too soon can help. Check with both the credit bureau and the finace department. Don't trust the sales guy
Reply:go ahead and pay it off!!!
often times in "indirect lending" (the dealer arranges financing for you) there is a "chargeback period" (this means if you pay it off before a certain time the dealer loses some revenue).
i'd pay at least 4 or five payments and then pay it off.
no matter what it will show as a paid off loan on your credit and won't hurt it.
Reply:It won't technically hurt your credit rating or score but it can affect you from getting another loan in the future because when they pull your credit report to see how you paid previous loans they will see that you paid off early and could possibly say no because they see it as not getting as much interest out of you...been there done that
Reply:Ignore the salesman. Have you ever known a car salesperson to put your interests ahead of their own? The fact that they don't want you to pay it off suggests to me that they lose, you win, by doing so.
Having less debt can only improve your credit rating, if you ask me.
Reply:i have to pull credit reports all the time. what i look for when i pull one is when it was paid and how long they have been paying.... paying on it for more than a year makes you look financially stable. stability is something a lot of creditors look for. i would double up on my notes but make sure the account was open at least 1 year. but thats just me
Reply:There are some lenders that don't like to see the early repayment because it means less profit, but having the note paid in full, on time or early, will be good for your credit from most perspectives. Be very wary of early repayment penalties, though.
Reply:Yeah, it will definitely effect your credit rating if you pay it off early...but in a GOOD way!! Go ahead and pay it off...congratulations that you can afford to do that; sounds like the sneaky snake salesman doesn't need a few extra bucks in his pocket anyways!!!
Reply:There is some stupid rule, rule of 85 or something , that lets car dealers charge more of the interest during the first months of a loan.
You will save some interest, but not as much as you think.
Paying off things never hurts your credit.
Not paying on time hurts.
Reply:Yes it will effect your credit rating. It will make it higher. That is the funniest thing I have ever heard. It shows that you are a worthy candidate for another loan. YOur car salesman is full of crap. I sold cars for 8 years and have never heard such BS.
Reply:The only possible affect paying a loan off early might produce would be an excellent or improved credit rating for yourself. Other than some lending institutions that impose penalties for early repayment because they want all of the high interest they charge, there should be no adverse affects for you.
Reply:Pay it off!! Why do you have 9% at 6 years? Is your credit that bad right now? The only catch may be if your loan company has a penalty for paying off too early. These were popular in the past but are not that common now-a-days.
Reply:If it affects your credit rating, it will be favorably. That is a high interest rate (although not outrageously so), so it would be well to pay it off as quickly as is convenient.
Reply:Paying it off early can only help your credit.
Make sure there aren't any early pay off penalties in the contract.
Most times these only occur in large loans such as mortgage loans but check to make sure.
Reply:call the lender and make sure there is no prepayment penalty first. If there is this will probably cost you $$ to pay off early. If not then pay it off will not effect your scores only not making payments will effect them
Reply:The only way it will affect your credit rating is positively! You should absolutely pay it off as quickly as you can or want to. Good for you.
Reply:The dealer sometimes get a "reserve" on the interest. The longer you take to pay the more they make.
Pay it off and save some money.
Reply:paying the loan will help your credit score increase. so I would wait a little bit. unless your credit is established then in that case pay it off.
Reply:He's lying to you. Pay it off ASAP. This will improve your score by improving your debt ratio.
Reply:Most loans when payed off with 3~6 months are noted and can while not effecting your credit rating, the next time you go for a loan the lender will know you can pay it off early and might not offer you as good an interest rate as your credit score could get you. The main reason the sales person told you that it if the loan is through the manufacture, the manufacture will not make as much money over the term of the loan.
Reply:Could you invest money at 9% anywhere? They do want that interest.
but I question why you took a 6 year loan if you are in good financial shape. Borrow directly from a bank or credit union and pay it off at a lower rate as quickly as you want. Hint: never finance a car for more than 3 years or you will be "upside down" during part of that time
i.e. you will owe more on the car than its present cash value...
If you have the resources pay off a car as soon as you can.. like 6 months. But if you are just starting out it is good to finance a car..paying off the loan early will help establish your credit rating for the time in the future when you will want to buy a house or condo. And never ever become involved with a "sub prime" loan.
Reply:It looks as if you don't know how to use credit. You are better off to get a better loan and save $ on interest. That would look smart on your credit history and increase your credit burden responsibility.
Does paying off a new 6 year 9% auto loan too early affect your credit rating?
Pay it off. If anything, your credit would go up. The only factor that I can see that this would possibly effect is the "age of your accounts" factor, which takes into account the average age of all of your accounts, but since you already opened the account, it's kind of too late to think about that anyway. I would say that your salesman is a bozo and pay it off if it makes you feel better. Any effect of paying this off is going to be minimal anyway (probably about 20 points at the absolute most) so I wouldn't worry about it. IF you have a 720 fico, 700 or 740 are still good and if you have a 600 score, 580 and 620 are still bad, so the effect on your credit is really not an important consideration in this case.
Reply:Yes, positively. When I was a mortgage broker, here's what I would see:
- Open credit accounts in the past 7 years with balances
- amount of late payments
- the minimum you were obligated to pay monthly.
So if you pay this off it will show that you borrowed $12,000 (or whatever you're borrowing) for an auto loan. You had zero late payments and are obligated to pay nothing monthly.
The result is a higher credit score, and a higher amount of money you'll be able to borrow for a mortgage.
Reply:The terms for car loans or any loans for that matter are based on time lines and your agreement to follow the guidelines which in turn is how lenders get paid. To pay a loan off early is beneficial for you but not the lender, when other companies look at that they see that you are certainly able to pay off the loan so they would not lose money on you but they will not gain any either. To refinance or adjust your terms with the same lender is better in the long run. If you could afford to pay the loan almost immediately, you would have been better off putting that money down initially and having a smaller loan and more than likely a better percentage rate.
Reply:Auto finance is what I do for a living and there is a lot of bad information here.
Car dealers do make whats called reserve and if they sell a warranty, gap insurance or life insurance they make huge profits off of these also but all of this is paid to them when the deal funds through whatever bank they sent you to and as long as the customer makes 3-6 payments depending on banks this money can not be taken back by the banks.
Now as far as your question goes it depends on how long you have been making payments, if you have made 12-18 payments then by all means go ahead and pay it off if you can, if not wait until you have made 12 at the very least.
Reply:It may affect your rating, but only in a positive way. I'm not sure about auto loans, but many home lenders have whats called a prepayment penalty. This is a penalty that the borrower must pay if the loan is paid off early. The lender what's that interest! Generally, prepayment penalties don't exceed 2% or 3% of the loan amount and rarely exceed 5%. Of course, this is for home loans. Check the fine print in your contract.
Reply:They want your interest payment.
My credit union's website shows interest rates for used cars as low as 5.2% for up to 48 months, 5.25% for up to 60 months, and 6% up to 72 months. If the car is over $30K, it's as low as 6.75% for up to 84 months.
First - think about refinancing this loan. If you have decent credit, you could save up to a third of your interest payment. Then use the savings to pay down this loan, and pay it off ahead of time.
Second - NEVER EVER finance a car for 6 years, especially if it's a used car! If you can't pay it off in 3 years, you can't afford the car. Get a cheaper car, instead. You should never finance a used car for more than 2 years, or you run the risk of the car dying before it's paid off. And if that happens, you're on the hook for the payments even after the car has been towed off to the junkyard.
Third - don't lease a car unless you have money to throw away. While it's true that leasing is cheaper than buying because you only pay for the portion of the car you use, you're paying for the most expensive part. 95 times out of 100, you're better off buying the car, and driving it until the wheels fall off.
Reply:It would affect your credit rating, in a good way! Creditors are weird, it's hard to definitely figure out the best way to raise your credit. Some banks prefer you making payments as some would prefer you to pay them off as quickly as possible. I'd say go for the gold and pay it off as quickly as possible. It's the safest way and really shouldn't hurt your credit score. The salesperson probably wanted to help the bank by getting the 9% interest.
Reply:Could just be wanting the interest. Good for you for wanting to pay it off. Call the lender directly. They will tell you. 6 years at 9% sounds very very steep. I would pay that off very quickly! It shouldn't affect your credit. Maybe if you paid it off in 2 weeks or something it might. In my opinion, if you paid it off after 6 months that would benefit your credit score. Call them. They will tell you. Don't ask the salesman, they don't know.
Reply:The only affect it will have on your credit is positive. The salesman knows that in most cases the first year or two of a loan are pretty much almost all interest. So if you can pay it off sooner more power to you. 9% ouch you will save a lot of money on interest the sooner it can be paid off make sure there is no prepayment penalties. Good Luck
Reply:Depends if you have credit or not. If you don't have credit and this is first major purchase...you want to wait a year with making your monthly payments....you can even pay more than what your monthly installment if for....for instance...if you have the money to pay off your loan right now...instead of paying it off in one lump sum...split it equally over a 12 month period. what u r doing is establishing credit history which is 35% of your credit score. This will raise your credit rating. You want to pay a little bit of interest...it's good for your credit score. Also, if you have bad credit this will help your credit score also. And if you have a 6yr loan @ 9% interest chances are you have no credit or bad credit (that's really high...especially for this market).
The jist is...pay it off in a year...if your loan is for $10,000...divide $10,000/12 which is 833.33/mo. I wouldn't really worry too much about adding in the interest...you'll take care of that with the inflated payment amt.
Reply:I've paid off several car loans early and all it did was improve my credit. Check the terms of the loan. Some loans have early payoff penalties and yes they are looking to collect interest. Actually making consistant ontime payments over a stretch of time can help improve your credit score. I don't think an early payoff will hurt you but not paying if off too soon can help. Check with both the credit bureau and the finace department. Don't trust the sales guy
Reply:go ahead and pay it off!!!
often times in "indirect lending" (the dealer arranges financing for you) there is a "chargeback period" (this means if you pay it off before a certain time the dealer loses some revenue).
i'd pay at least 4 or five payments and then pay it off.
no matter what it will show as a paid off loan on your credit and won't hurt it.
Reply:It won't technically hurt your credit rating or score but it can affect you from getting another loan in the future because when they pull your credit report to see how you paid previous loans they will see that you paid off early and could possibly say no because they see it as not getting as much interest out of you...been there done that
Reply:Ignore the salesman. Have you ever known a car salesperson to put your interests ahead of their own? The fact that they don't want you to pay it off suggests to me that they lose, you win, by doing so.
Having less debt can only improve your credit rating, if you ask me.
Reply:i have to pull credit reports all the time. what i look for when i pull one is when it was paid and how long they have been paying.... paying on it for more than a year makes you look financially stable. stability is something a lot of creditors look for. i would double up on my notes but make sure the account was open at least 1 year. but thats just me
Reply:There are some lenders that don't like to see the early repayment because it means less profit, but having the note paid in full, on time or early, will be good for your credit from most perspectives. Be very wary of early repayment penalties, though.
Reply:Yeah, it will definitely effect your credit rating if you pay it off early...but in a GOOD way!! Go ahead and pay it off...congratulations that you can afford to do that; sounds like the sneaky snake salesman doesn't need a few extra bucks in his pocket anyways!!!
Reply:There is some stupid rule, rule of 85 or something , that lets car dealers charge more of the interest during the first months of a loan.
You will save some interest, but not as much as you think.
Paying off things never hurts your credit.
Not paying on time hurts.
Reply:Yes it will effect your credit rating. It will make it higher. That is the funniest thing I have ever heard. It shows that you are a worthy candidate for another loan. YOur car salesman is full of crap. I sold cars for 8 years and have never heard such BS.
Reply:The only possible affect paying a loan off early might produce would be an excellent or improved credit rating for yourself. Other than some lending institutions that impose penalties for early repayment because they want all of the high interest they charge, there should be no adverse affects for you.
Reply:Pay it off!! Why do you have 9% at 6 years? Is your credit that bad right now? The only catch may be if your loan company has a penalty for paying off too early. These were popular in the past but are not that common now-a-days.
Reply:If it affects your credit rating, it will be favorably. That is a high interest rate (although not outrageously so), so it would be well to pay it off as quickly as is convenient.
Reply:Paying it off early can only help your credit.
Make sure there aren't any early pay off penalties in the contract.
Most times these only occur in large loans such as mortgage loans but check to make sure.
Reply:call the lender and make sure there is no prepayment penalty first. If there is this will probably cost you $$ to pay off early. If not then pay it off will not effect your scores only not making payments will effect them
Reply:The only way it will affect your credit rating is positively! You should absolutely pay it off as quickly as you can or want to. Good for you.
Reply:The dealer sometimes get a "reserve" on the interest. The longer you take to pay the more they make.
Pay it off and save some money.
Reply:paying the loan will help your credit score increase. so I would wait a little bit. unless your credit is established then in that case pay it off.
Reply:He's lying to you. Pay it off ASAP. This will improve your score by improving your debt ratio.
Reply:Most loans when payed off with 3~6 months are noted and can while not effecting your credit rating, the next time you go for a loan the lender will know you can pay it off early and might not offer you as good an interest rate as your credit score could get you. The main reason the sales person told you that it if the loan is through the manufacture, the manufacture will not make as much money over the term of the loan.
Reply:Could you invest money at 9% anywhere? They do want that interest.
but I question why you took a 6 year loan if you are in good financial shape. Borrow directly from a bank or credit union and pay it off at a lower rate as quickly as you want. Hint: never finance a car for more than 3 years or you will be "upside down" during part of that time
i.e. you will owe more on the car than its present cash value...
If you have the resources pay off a car as soon as you can.. like 6 months. But if you are just starting out it is good to finance a car..paying off the loan early will help establish your credit rating for the time in the future when you will want to buy a house or condo. And never ever become involved with a "sub prime" loan.
Reply:It looks as if you don't know how to use credit. You are better off to get a better loan and save $ on interest. That would look smart on your credit history and increase your credit burden responsibility.
Do you need a good credit rating to get an Eftpos Machine???
I have started up my own business from home and want to get an eftpos machine as a lot of my customers like to pay using their credit cards.
I would like to know do i have to have a good credit rating to get one?
Do you need a good credit rating to get an Eftpos Machine???
G'day Melissa,
I have a friend who has just had one installed in WA. I get the impression that the credit rating is not too important... what is a priority is to be able to show that there will be a high usage of the ATM. They want turnover, not your credit rating.
Good luck with the new business.
lily
I would like to know do i have to have a good credit rating to get one?
Do you need a good credit rating to get an Eftpos Machine???
G'day Melissa,
I have a friend who has just had one installed in WA. I get the impression that the credit rating is not too important... what is a priority is to be able to show that there will be a high usage of the ATM. They want turnover, not your credit rating.
Good luck with the new business.
lily
If i dispute my credit rating is it true that while my dispute is being processed my credit ratting is cleared
i have been told that this can happen in nz.say if there is somthing in your credit history that isnt corect then if you were to dispute that particular thing your credit rating is cleared while they are sorting through and processing your dispute
If i dispute my credit rating is it true that while my dispute is being processed my credit ratting is cleared
I disputed something on my credit report 3 weeks ago, and I went to go look at an apt the other day and when they pulled my credit file, it was blank. I didn't say a word bc I know damn well it's not blank. I have 17 account in good standing and 2 in bad, but it seems to be true.
Reply:True but you have to have the right letter and verbage. Usually companies charge hundreds of dollars to simply pull your credit and send correctly worded dispute letters—this is the key…..people will tell you that you can do this yourself for free but the truth of the matter is that the credit bureaus will throw your letters away or simply reject them. There is an easy to use online kit that will deliver the results you want available for just $19.95 at the source website. A similar kit is being sold via infomercials and radio talk shows for seventy dollars more but they try to solicit you repeatedly for other services after the fact.
Reply:Nope that is false
Reply:No. It's not cleared. If you were to pull your credit report it would simply show up as an item in dispute.
Reply:If you have an item that really isn't correct you need to notify the credit bureau in writing with exactly what is wrong and why.
There used to be a scam where people claimed to "fix" your credit by contesting info on your report. They would flood certain offices of the credit bureau so they could not process all the problems very fast with the idea that your new credit request could slip through before your bad items were confirmed.
If i dispute my credit rating is it true that while my dispute is being processed my credit ratting is cleared
I disputed something on my credit report 3 weeks ago, and I went to go look at an apt the other day and when they pulled my credit file, it was blank. I didn't say a word bc I know damn well it's not blank. I have 17 account in good standing and 2 in bad, but it seems to be true.
Reply:True but you have to have the right letter and verbage. Usually companies charge hundreds of dollars to simply pull your credit and send correctly worded dispute letters—this is the key…..people will tell you that you can do this yourself for free but the truth of the matter is that the credit bureaus will throw your letters away or simply reject them. There is an easy to use online kit that will deliver the results you want available for just $19.95 at the source website. A similar kit is being sold via infomercials and radio talk shows for seventy dollars more but they try to solicit you repeatedly for other services after the fact.
Reply:Nope that is false
Reply:No. It's not cleared. If you were to pull your credit report it would simply show up as an item in dispute.
Reply:If you have an item that really isn't correct you need to notify the credit bureau in writing with exactly what is wrong and why.
There used to be a scam where people claimed to "fix" your credit by contesting info on your report. They would flood certain offices of the credit bureau so they could not process all the problems very fast with the idea that your new credit request could slip through before your bad items were confirmed.
Does your credit rating follow from Canada to the USA? I live in both countries.?
I would like to know if my good credit rating in one country will follow and be accessible in another country? Or not? I keep bank accounts and credit cards in both Canada and the USA. When I ask this question to bankers or others they don't know the answer.
Does your credit rating follow from Canada to the USA? I live in both countries.?
It's not that your credit reports are transferrable. Wherever you first lived is where you would have established a credit profile first.
If you are a Canadian you will have your own independent Equifax/Transunion profiles in Canada.
Once you go the the US and start banking and applying for credit then you will have independent profiles in the US with Equifax/Transunion/Experian.
If there is insufficient information available say on your US profile, lenders/banks may simply request a Canadian credit report from you.
Reply:Try this. It`s may help.
Does your credit rating follow from Canada to the USA? I live in both countries.?
It's not that your credit reports are transferrable. Wherever you first lived is where you would have established a credit profile first.
If you are a Canadian you will have your own independent Equifax/Transunion profiles in Canada.
Once you go the the US and start banking and applying for credit then you will have independent profiles in the US with Equifax/Transunion/Experian.
If there is insufficient information available say on your US profile, lenders/banks may simply request a Canadian credit report from you.
Reply:Try this. It`s may help.
How do you build your credit rating up from a poor rating?
is their a fast and painless way?
How do you build your credit rating up from a poor rating?
well you could go one of 2 ways. Have someone cosign a loan for you. Or apply for a credit card that deals with problem credit like orchard bank and make sure you pay your bills on time. And they report to the credit people. And it will slowly be restored.
Reply:Right off the bat - the first thing you can do is dispute any negative credit items you have, and then slowly build up positive accounts. There are completely free templates for this as well as a free credit repair guide at http://www.CreditDisputeLetterTemplates....
Reply:Appy for a credit card and try using it for only small purchases, something that you will be able to pay in full when the bill comes due. This will show responsibility and a good payment history. This site offers cards to people with bad credit.
http://morecreditoptions.NewCreditApplic...
Reply:Pay your payments on time and pay more than the minimum. Get a credit card and leave it open but do not use it or use it but do not use over 40% of the available credit and make payments on time. It will build your credit fast.
Reply:Do whatever you can to get a credit card - secured or non secured, Make all payments on time. On time payment history is a large part of your credit score.
Reply:Not even winning the lottery will help u build it fast. it took awhile to destroy it, so it will take a while to rebuild it.
Reply:no
Please dont report me!!
How do you build your credit rating up from a poor rating?
well you could go one of 2 ways. Have someone cosign a loan for you. Or apply for a credit card that deals with problem credit like orchard bank and make sure you pay your bills on time. And they report to the credit people. And it will slowly be restored.
Reply:Right off the bat - the first thing you can do is dispute any negative credit items you have, and then slowly build up positive accounts. There are completely free templates for this as well as a free credit repair guide at http://www.CreditDisputeLetterTemplates....
Reply:Appy for a credit card and try using it for only small purchases, something that you will be able to pay in full when the bill comes due. This will show responsibility and a good payment history. This site offers cards to people with bad credit.
http://morecreditoptions.NewCreditApplic...
Reply:Pay your payments on time and pay more than the minimum. Get a credit card and leave it open but do not use it or use it but do not use over 40% of the available credit and make payments on time. It will build your credit fast.
Reply:Do whatever you can to get a credit card - secured or non secured, Make all payments on time. On time payment history is a large part of your credit score.
Reply:Not even winning the lottery will help u build it fast. it took awhile to destroy it, so it will take a while to rebuild it.
Reply:no
Please dont report me!!
What effect does using one of these "debt consolidation" companies have on your credit rating?
Do they really help? Does your monthly payment really drop substantially? Did it work for you?
What effect does using one of these "debt consolidation" companies have on your credit rating?
Jimbo,
I listen to a radio show every day (Dave Ramsey ...look it up, it's pretty interesting). He says that debt consolidation does some damage to your credit rating, they're not good plans and sometimes the mess up. He also notes that if you don't change your behavior, you're going to get back in debt. He has a process where you pay minimums on every debt you have and then pay everything you can on the smallest. Then once that's paid off, work on paying off the next.
This is part of a bigger (but very simple) plan he details for free.
Reply:I have a friend that went in to this deal. They charge you a monthly fee, but it does work. Her credit rating went up, her payments are lower. What they do is if you have high interest rates, they will work with the banks to get you a lower interest rates (they have charts for the different banks). If your interests are lower than what they can offer you, do not go into it, stay put.
This is a web site you can look into and have someone call you to discuss your options.
www.cccs.net
If you decide this is not what you want to do but still need a plan to pay down your debt go to: www.bankrate.com and clik on the calculators tab and then on the debt management tab and look for debt pay-down adviser. I use it....
Reply:The credit rating is used by the lender or investor to assess the risk of lending or investing money to the individual or
the business.Credit ratings are usually calculated using the financial history of the person and also current assets and
liabilities.Want more information???plz check
http://www.acreditlibrary.com/creditrati...
myspaces.com
What effect does using one of these "debt consolidation" companies have on your credit rating?
Jimbo,
I listen to a radio show every day (Dave Ramsey ...look it up, it's pretty interesting). He says that debt consolidation does some damage to your credit rating, they're not good plans and sometimes the mess up. He also notes that if you don't change your behavior, you're going to get back in debt. He has a process where you pay minimums on every debt you have and then pay everything you can on the smallest. Then once that's paid off, work on paying off the next.
This is part of a bigger (but very simple) plan he details for free.
Reply:I have a friend that went in to this deal. They charge you a monthly fee, but it does work. Her credit rating went up, her payments are lower. What they do is if you have high interest rates, they will work with the banks to get you a lower interest rates (they have charts for the different banks). If your interests are lower than what they can offer you, do not go into it, stay put.
This is a web site you can look into and have someone call you to discuss your options.
www.cccs.net
If you decide this is not what you want to do but still need a plan to pay down your debt go to: www.bankrate.com and clik on the calculators tab and then on the debt management tab and look for debt pay-down adviser. I use it....
Reply:The credit rating is used by the lender or investor to assess the risk of lending or investing money to the individual or
the business.Credit ratings are usually calculated using the financial history of the person and also current assets and
liabilities.Want more information???plz check
http://www.acreditlibrary.com/creditrati...
myspaces.com
How to search credit cards by my credit rating?
Hi. I`m looking to get a credit card in the UK.
I want to filter the results using my actual credit score, before applying for one.
I can not find any comparison website that offers this service, do you know any?
thank you
How to search credit cards by my credit rating?
http://www.whogavemecredit.com
I want to filter the results using my actual credit score, before applying for one.
I can not find any comparison website that offers this service, do you know any?
thank you
How to search credit cards by my credit rating?
http://www.whogavemecredit.com
I applied for a loan. My credit rating is poor but it looks like i was accepted?
I am being sent a credit agreement. does this mean i was approved?
I applied for a loan. My credit rating is poor but it looks like i was accepted?
Yep. Congratulations on getting a chance to improve your credit.
Reply:Yes, sign it, send it back and spend.
Reply:Your most likley on a High APR.. And read the small print are you a houseowner?
Reply:Yes , good luck and don't spend it on useless things .... just sign it and don't rush using it ....
make plans on what you really want to use it on... think and spend it wisely !
Good luck and Open your Eyes , Think , plan and act .....lol
Reply:could be if you are it will be a high APR due to the bad credit and it will be for a low amount to if you get it make your payments don't be late and before you know it you will have a great beginning to good credit
Reply:YES.. CHECK YOUR INTEREST RATE..I BET IT'S HIGH AS HELL..READ CAREFULLY..
Reply:Unless they are asking for a "Security deposit' or "insurance pre-payment" requring you to send cash in front, you should be good
Reply:You are now going to be spending other peoples money. Do it carefully because it isn't a gift. They will want it back with interest. Do you really need the money that bad you are going into hock?
Reply:I would say yes. But check out the interest rate, since you have bad credit, your rate will be HIGH
Reply:It will be a form to fill in with additional detail than you have given so far. This will enable the loan company to make further enquiries into your credit worthiness. You will need to give your previous addresses and your present and previous employer. If you get it then be sure that you can pay back in the time agreed.
Have a happy and successful 2008.
Reply:yes, make sure you pay this loan off ,because your interest rates r probably high
Reply:Hi friend getting loan is one of the fighting challenge in our life.Go to different banks if you are denied at one bank.Don't ever rely on the online loan providers sometimes they wil surely scam you.Just take a look at this link to get the free quotes from the experts around the globe..
Reply:If you can't even read and understand an agreement that they want you to sign, you shouldn't have a card. Ask questions before you sign anything. They are probably charging you 28% interest and giving you a low credit limit to start with. Pay your bill at the end of every month until you are established. You must have learned something from your poor credit history.
I applied for a loan. My credit rating is poor but it looks like i was accepted?
Yep. Congratulations on getting a chance to improve your credit.
Reply:Yes, sign it, send it back and spend.
Reply:Your most likley on a High APR.. And read the small print are you a houseowner?
Reply:Yes , good luck and don't spend it on useless things .... just sign it and don't rush using it ....
make plans on what you really want to use it on... think and spend it wisely !
Good luck and Open your Eyes , Think , plan and act .....lol
Reply:could be if you are it will be a high APR due to the bad credit and it will be for a low amount to if you get it make your payments don't be late and before you know it you will have a great beginning to good credit
Reply:YES.. CHECK YOUR INTEREST RATE..I BET IT'S HIGH AS HELL..READ CAREFULLY..
Reply:Unless they are asking for a "Security deposit' or "insurance pre-payment" requring you to send cash in front, you should be good
Reply:You are now going to be spending other peoples money. Do it carefully because it isn't a gift. They will want it back with interest. Do you really need the money that bad you are going into hock?
Reply:I would say yes. But check out the interest rate, since you have bad credit, your rate will be HIGH
Reply:It will be a form to fill in with additional detail than you have given so far. This will enable the loan company to make further enquiries into your credit worthiness. You will need to give your previous addresses and your present and previous employer. If you get it then be sure that you can pay back in the time agreed.
Have a happy and successful 2008.
Reply:yes, make sure you pay this loan off ,because your interest rates r probably high
Reply:Hi friend getting loan is one of the fighting challenge in our life.Go to different banks if you are denied at one bank.Don't ever rely on the online loan providers sometimes they wil surely scam you.Just take a look at this link to get the free quotes from the experts around the globe..
Reply:If you can't even read and understand an agreement that they want you to sign, you shouldn't have a card. Ask questions before you sign anything. They are probably charging you 28% interest and giving you a low credit limit to start with. Pay your bill at the end of every month until you are established. You must have learned something from your poor credit history.
When paying old debts to clean up credit rating. Should one pay the original creditor or the collection agency
The bankruptcy is to expire in the next few months. In order to clean up my credit, I need to pay off old non-discharged debts and some incurred since the bankruptcy. Should I pay the money I owe to the original creditor or to the credit agencies that are contacting me about the debt.
When paying old debts to clean up credit rating. Should one pay the original creditor or the collection agency
Who died and put collection agents in charge??????
Unless the collection agency purchased your debt (not as frequent as you think), they were hired by the creditor to collect the debt.
You do not have any legal obligation to even talk to a collection agent. But the creditor also has no obligation to talk to you either. They can simply tell you to call the agency and deal with them, since they are "pro's" trained in dealing with debt negotiations. They spend many hours in class learning to say "No, pay up or else!".
So by all means call the creditor first and see if he will work with you. It's been my experience while helping people that they will work with you, and even cut you a better deal then the collection agency.
Keep in mind that Collection Agents do not make money by cutting deals...they earn their money by collecting debts, and as much of it as possible.
But be warned!!!!!
You are trying to fix your credit rating, remember? It does absolutely no good to pay off your debt if the creditor does not remove any negative inforamtion from your credit report. If they say they can't do it, they are lying! It can be done and I've had it done! There is nothing in the law, or the credit reporting agreements that says they can't!
Remember, the law is the "Fair and Accurate Credit Reporting Act"....is it fair to pay a debt and still have it shown on your credit report that you defaulted? Make them remove the negative information!
But you need to demand that they do it, and get this IN WRITING before you pay them a dime.
Reply:You have to pay the credit agencies that are calling you. The original store you bought your stuff from sold the Accounts Receivable to the credit agency, so you now owe money to the credit agency.
This happens alot. The original store hasn't been receiving the $1000 you owe. If they don't get paid, they will have a loss of $1000. However, the store has the option to "sell" that debt you owe them to a credit agency. When the store sells it, they sell it for like $400 and the collection agency collects $600 from you directly. This works out for both the store and the agency, because the store now only has a loss of $600 instead of $1000, and the agency profits $200 at the end of it all.
Reply:You have to pay the collection agency that now own the debt. I would contact this agency and bargain the payment down, because they will in 80-90% of the cases. Tell them you came into some money and you want to pay off as many debts as you can and they are one of the ones you want to pay off. If they are asking for $500.00, see if they will accept $150.00? They might say no at first but ask to speak to a manager and tell him that is all that you have to pay on this particular debt. Do this with all your debts. Don't antagonize them, finally agree on a settlement less than what you owe.
After you and the company has agreed on a payment tell them the payment is contingent upon them marking your credit report as "PAID" that is all you want on the credit report.
If necessary draw up a little contract for them to sign saying something like I agree to pay you the amount of ____ on account #_________This shall constitue full payment for this debt. A further agree to make this payment in the form of a money order or cashiers check payable to your company. You agree to mark my credit report with the annotation "Paid". You sign it after which you should send it to them for their signature before you mail the agreed on payment. When you get the agreement back immediately send them the funds you agreed to send them in the amount you agreed to send.
This might save you a little money as well as raise your credit score faster than normal.
I hope this has been of some use to you, good luck.
"FIGHT ON"
Reply:Once it goes to collection, you have to pay them. The account has been sold to them. They get to keep 50% of the amount they collect.
Reply:Won't make a difference. The credit collectors get their take anyway, no matter who is paid.
Reply:IF THE COLLECTION AGENCY HAS THE ACCOUNT REPORTED TO YOUR CREDIT AND YOU WANT IT LISTED PAID, YOU NEED TO PAY THE COLLECTION AGENCY. THE CREDITOR SIGNS AN "ASSIGNMENT OF ACCOUNT" TO THE AGENCY AND THEREFORE THE COLLECTIONS AGENCY NOW HAS ALL RIGHT TO THE ACCOUNT.
IF YOU PAY THE CREDITOR DIRECT, AND THE COLLECTION AS ADDED FEES OR INTEREST, THEN YOU NEED TO PAY THEM. IF YOUR ORIGINAL BALANCE WAS SAY $500.00 4 YEARS AGO, THEN THERE HAS BEEN 4 YEARS OF INTEREST ADDED TO THAT BALANCE. IF YOU PAY YOU CREDITOR THE $500.00 THEY WILL FORWARD IT TO THE COLLECTION AGENCY AND THEY WILL PAY THE INTEREST FIRST, THEN APPLY THE DIFFERENCE TO YOU PRINCIPLE, THUS LEAVING YOU WITH A BALANCE STILL BEING REPORTED TO YOUR CREDIT.
CALL THE COLLECTION AGENCY, AND SEE IF THEY WILL TAKE A SETTLEMENT OFFER.
ONE THE CREDITOR HAS PLACES THE ACCOUNT IN COLLECTIONS, THEY ARE NOT SUPPOSED TO DEAL WITH THE DEBTOR ANY LONGER AND THEY SHOULD REFER THEM TO THE AGENCY.
STATE AND LOCAL LAW DIFFER, BUT THIS IS STANDARD.
GOOD LUCK
Reply:you have to pay what ever you still owe to the credit agency because all your credit info was given to them .
Reply:I would pay it to the credit agencies that have contacted you, If you try to pay the place owed direct, they may have already sent everything to the credit agency.....Delinquent amount's, late fee's etc.....or try calling the company's, %26amp; see what they say............
When paying old debts to clean up credit rating. Should one pay the original creditor or the collection agency
Who died and put collection agents in charge??????
Unless the collection agency purchased your debt (not as frequent as you think), they were hired by the creditor to collect the debt.
You do not have any legal obligation to even talk to a collection agent. But the creditor also has no obligation to talk to you either. They can simply tell you to call the agency and deal with them, since they are "pro's" trained in dealing with debt negotiations. They spend many hours in class learning to say "No, pay up or else!".
So by all means call the creditor first and see if he will work with you. It's been my experience while helping people that they will work with you, and even cut you a better deal then the collection agency.
Keep in mind that Collection Agents do not make money by cutting deals...they earn their money by collecting debts, and as much of it as possible.
But be warned!!!!!
You are trying to fix your credit rating, remember? It does absolutely no good to pay off your debt if the creditor does not remove any negative inforamtion from your credit report. If they say they can't do it, they are lying! It can be done and I've had it done! There is nothing in the law, or the credit reporting agreements that says they can't!
Remember, the law is the "Fair and Accurate Credit Reporting Act"....is it fair to pay a debt and still have it shown on your credit report that you defaulted? Make them remove the negative information!
But you need to demand that they do it, and get this IN WRITING before you pay them a dime.
Reply:You have to pay the credit agencies that are calling you. The original store you bought your stuff from sold the Accounts Receivable to the credit agency, so you now owe money to the credit agency.
This happens alot. The original store hasn't been receiving the $1000 you owe. If they don't get paid, they will have a loss of $1000. However, the store has the option to "sell" that debt you owe them to a credit agency. When the store sells it, they sell it for like $400 and the collection agency collects $600 from you directly. This works out for both the store and the agency, because the store now only has a loss of $600 instead of $1000, and the agency profits $200 at the end of it all.
Reply:You have to pay the collection agency that now own the debt. I would contact this agency and bargain the payment down, because they will in 80-90% of the cases. Tell them you came into some money and you want to pay off as many debts as you can and they are one of the ones you want to pay off. If they are asking for $500.00, see if they will accept $150.00? They might say no at first but ask to speak to a manager and tell him that is all that you have to pay on this particular debt. Do this with all your debts. Don't antagonize them, finally agree on a settlement less than what you owe.
After you and the company has agreed on a payment tell them the payment is contingent upon them marking your credit report as "PAID" that is all you want on the credit report.
If necessary draw up a little contract for them to sign saying something like I agree to pay you the amount of ____ on account #_________This shall constitue full payment for this debt. A further agree to make this payment in the form of a money order or cashiers check payable to your company. You agree to mark my credit report with the annotation "Paid". You sign it after which you should send it to them for their signature before you mail the agreed on payment. When you get the agreement back immediately send them the funds you agreed to send them in the amount you agreed to send.
This might save you a little money as well as raise your credit score faster than normal.
I hope this has been of some use to you, good luck.
"FIGHT ON"
Reply:Once it goes to collection, you have to pay them. The account has been sold to them. They get to keep 50% of the amount they collect.
Reply:Won't make a difference. The credit collectors get their take anyway, no matter who is paid.
Reply:IF THE COLLECTION AGENCY HAS THE ACCOUNT REPORTED TO YOUR CREDIT AND YOU WANT IT LISTED PAID, YOU NEED TO PAY THE COLLECTION AGENCY. THE CREDITOR SIGNS AN "ASSIGNMENT OF ACCOUNT" TO THE AGENCY AND THEREFORE THE COLLECTIONS AGENCY NOW HAS ALL RIGHT TO THE ACCOUNT.
IF YOU PAY THE CREDITOR DIRECT, AND THE COLLECTION AS ADDED FEES OR INTEREST, THEN YOU NEED TO PAY THEM. IF YOUR ORIGINAL BALANCE WAS SAY $500.00 4 YEARS AGO, THEN THERE HAS BEEN 4 YEARS OF INTEREST ADDED TO THAT BALANCE. IF YOU PAY YOU CREDITOR THE $500.00 THEY WILL FORWARD IT TO THE COLLECTION AGENCY AND THEY WILL PAY THE INTEREST FIRST, THEN APPLY THE DIFFERENCE TO YOU PRINCIPLE, THUS LEAVING YOU WITH A BALANCE STILL BEING REPORTED TO YOUR CREDIT.
CALL THE COLLECTION AGENCY, AND SEE IF THEY WILL TAKE A SETTLEMENT OFFER.
ONE THE CREDITOR HAS PLACES THE ACCOUNT IN COLLECTIONS, THEY ARE NOT SUPPOSED TO DEAL WITH THE DEBTOR ANY LONGER AND THEY SHOULD REFER THEM TO THE AGENCY.
STATE AND LOCAL LAW DIFFER, BUT THIS IS STANDARD.
GOOD LUCK
Reply:you have to pay what ever you still owe to the credit agency because all your credit info was given to them .
Reply:I would pay it to the credit agencies that have contacted you, If you try to pay the place owed direct, they may have already sent everything to the credit agency.....Delinquent amount's, late fee's etc.....or try calling the company's, %26amp; see what they say............
Can I pay to clear defaults on my credit rating?
Instead of waiting 6/7 yrs can u pay to have the defaults removed?
I know it used to happen!
Can I pay to clear defaults on my credit rating?
some companies will let you pay for deletion. you have to call the company and get the agreement in writing that you will pay a certain amount and they will remove the trade line from you credit reports. otherwise a paid charge off is no better than an unpaid charge off, when it comes to credit score.
Reply:you cant change it....
Reply:No you cannot and people offering this service are fraudsters
Reply:No once yor default is entered into RBI software you cant
Reply:Bella is correct (sort of)....
First, understand that legally there are only two ways a negative item can be removed from your credit report.
1) The creditor must delete it
2) The creditor fails to respond to a dispute investigation from the credit bureau.
Therefore, your mission is to figure out how to convince the creditor to remove it. That will usually involve paying off the debt (if it hasn't been paid off yet),...
or "bribing" the creditor. He may just accept some money to help you fix your credit. Yes it's legal, but I have never heard of any creditor (especially a collection agency) that did it.
Reply:You can pay the amounts and have the ratings changed to something other than a default. You must contact the creditor and negotiate the rating. It could be changed to "unrated" or "contact member" or soemthing of that nature, depending upon the type of debt that is being cleared.
Reply:no
Reply:No they are a record to show how you manage you finances. Banks credit card companies use these to judge how much of a lending risk you are.
Reply:no. but it will make sure you dont get in to debt after there clear !!!!!!
Reply:Don't be fooled - anyone who says they paid to have it removed is certainly lying to you. The only thing you can do is:
- if you think the default was registered incorrectly, challenge the company involved and if they will not remove it, take it up to the financial regulator.
- if the default is genuine but there was a reason for it, ask the credit reference agency to include a note in there to explain the circumstances of you falling into a default. Companies will see this explanation when they search your credit file.
If you really feel you must pay, contact your local trading standards first. They'll be able to advice you if an offer for a service is genuine or a scam - lots of people have been had - don't be one of them, save your money.
Reply:You can Dispute any default on your credit, if they do not get back to you within 30 days, They have to remove it from your credit. I've disputed a few items and 3 were removed.
Reply:I've mailed letters of dispute to the credit bureaus, when the companies don't respond to them in 30 days, they are removed. I had 3 things removed that way. Then I joined Lexington Law for 3 months and I think3 things got removed. There is no guarantee. This was last year.
Genealogy
I know it used to happen!
Can I pay to clear defaults on my credit rating?
some companies will let you pay for deletion. you have to call the company and get the agreement in writing that you will pay a certain amount and they will remove the trade line from you credit reports. otherwise a paid charge off is no better than an unpaid charge off, when it comes to credit score.
Reply:you cant change it....
Reply:No you cannot and people offering this service are fraudsters
Reply:No once yor default is entered into RBI software you cant
Reply:Bella is correct (sort of)....
First, understand that legally there are only two ways a negative item can be removed from your credit report.
1) The creditor must delete it
2) The creditor fails to respond to a dispute investigation from the credit bureau.
Therefore, your mission is to figure out how to convince the creditor to remove it. That will usually involve paying off the debt (if it hasn't been paid off yet),...
or "bribing" the creditor. He may just accept some money to help you fix your credit. Yes it's legal, but I have never heard of any creditor (especially a collection agency) that did it.
Reply:You can pay the amounts and have the ratings changed to something other than a default. You must contact the creditor and negotiate the rating. It could be changed to "unrated" or "contact member" or soemthing of that nature, depending upon the type of debt that is being cleared.
Reply:no
Reply:No they are a record to show how you manage you finances. Banks credit card companies use these to judge how much of a lending risk you are.
Reply:no. but it will make sure you dont get in to debt after there clear !!!!!!
Reply:Don't be fooled - anyone who says they paid to have it removed is certainly lying to you. The only thing you can do is:
- if you think the default was registered incorrectly, challenge the company involved and if they will not remove it, take it up to the financial regulator.
- if the default is genuine but there was a reason for it, ask the credit reference agency to include a note in there to explain the circumstances of you falling into a default. Companies will see this explanation when they search your credit file.
If you really feel you must pay, contact your local trading standards first. They'll be able to advice you if an offer for a service is genuine or a scam - lots of people have been had - don't be one of them, save your money.
Reply:You can Dispute any default on your credit, if they do not get back to you within 30 days, They have to remove it from your credit. I've disputed a few items and 3 were removed.
Reply:I've mailed letters of dispute to the credit bureaus, when the companies don't respond to them in 30 days, they are removed. I had 3 things removed that way. Then I joined Lexington Law for 3 months and I think3 things got removed. There is no guarantee. This was last year.
Genealogy
My brother has a bad credit rating, how long will it take to make it better?
He has been paying all his bills and debts on time and not defaulting on payments for the past three months, how long will it take for him to qualify for credit again?
My brother has a bad credit rating, how long will it take to make it better?
A couple of things help improve your credit rating. The first is obvious, pay your bills on time ... consistently. The second is carrying less debt. So, have him work on paying things off completely before applying for more credit. If he is looking into buying a house you might want to go to a mortgage broker AFTER paying all your bills on time for 12 consecutive months. At that time he may discover some debts that he has defaulted on (that aren't active accounts he is being billed on anymore) will have to be settled before borrowing any money. Also, applying for credit causes the credit company or lender to run your credit score which often decreases the score in the process, so try to avoid that too.
Reply:Depends on the company where he is applying, but adverse items remain on the record for 7 years from the date of last activity.
Reply:It'll take him a solid 7 years, for any bad credit rating , i should knoww my is the pits, and i'm still stuggling, for my credit card i have a prepaid master card, i've used it too much already , so i have to slowdown, hope things will go well for him, tell him to keep up the good work, in making the payments , that way when they see thios it'll help him further.
Reply:Simple answer, long time. He can avoid lowering the score by not applying for credit cards and loans when he's pretty sure he won't get them. I had to come back from a bankruptcy, it took me about 2 years to get my credit high enough to get a loan, and having my wife on a home loan to improve mine.
Reply:as above
Reply:It depends on how bad his credit is. He can go to www.annualcreditreport.com to pull free copies of his credit reports from all 3 bureaus. If he wants to pay, he can order credit reports and credit scores from all 3 bureaus at www.myfico.com. This will cost about $40. Once he has the credit reports, he should dispute any inaccurate information. Removing negative information should help to improve his credit score.
He can also try to contact his creditors to see if he can work out a payment plan. Sometimes, if creditors see that you are making an effort to get out of debt, they can help by reducing interest rates, removing late fees or overlimit fees, or setting up a payment plan your brother can afford. He should try to avoid closing any open credit accounts, because creditors do look at the length of your credit history, and closing accounts can shorten your credit history.
If he can help it, he should not apply for any new credit while he is trying to improve his credit. Anytime you apply for credit, it shows up as an inquiry on your credit report. Inquiries stay on your report for 2 years, and will have a small negative impact on your credit score. However, if a lender sees that you have a lot of inquiries on your credit report, they will deny credit.
I can't give a specific length of time before he can apply for credit, but I would say at least 6 months. If he needs a credit card, Orchard Bank offers a secured MasterCard that is great for helping to build or rebuild credit. You need to open a savings account with them (anywhere between $200 and $15,000) but it is guaranteed approval, and they will report to the credit bureaus. If your brother opens a secured card through Orchard Bank, and makes payments on time, and stays under the credit limit, it will, in the long run, have a positive impact on his credit. More info is available at www.orchardbank.com.
Rebounding from bad credit is a long road, but it can be done. I wish your brother lots of luck.
Reply:Not all finance companies will refuse your request for credit. Each company differs from each other. I have a very good Credit History, but I got refused credit from one company and I applied to another company and was accepted. So keep trying.
Reply:it normally will settle after 3 years
Reply:Good question and one that is asked often. First of all, you need to take a close look at his credit report. You may get it at freecreditreport.com, or experian, or TRW. If he has been turned down on the last 120 days for credit you are entitled to a free copy from the reporting agency.There are three agencies used in the US. Experian, Equifax, or TRW.
Define bad for me. In other words, if has open loans has not paid on, he needs to be on time from here on out.
Collections? Talk with the companies and more often than not they are willing to settle for up to 60% off the debt.
Lastly, if the bills are more than two years gross salary I would recommend bankruptcy. It ia harder to do these days, but youmust go to a credit counselor and this could be a good thing for your brother.
Taking all of those into account, it wil take him approximately 18 months to 'fix' his credit, but 2 years to get a good rating.
He can help himself by going to credit cards like Orchardbank, and First Premier bank and get a card.
They are expensive!! You will owe fees equivalent to your maximum available credit at first but on time payments will build your credit. It is a high price but remember he has BAD credit.
Hope this helps.
Eric
Reply:As I improved my credit score, I notice that accounts that carry a high balance (i.e. maxed or close to maxed) and having too many open accounts really stumped my score. Inquiries have minimal impact on your credit scores. Having excessive amounts of inquires will slightly lower your credit score, however it is not weighted the same as a delinquent payment or a higher balance.
I recommend keeping a balance of no more than 20-25% of your credit limit. Most will say 30%, but at 20-25% you have the extra 5-10% as a cushion for purchases and finance charges.
Credit inquiries take a little more than two-years for removal. I say a little more because if the inquire was on 12/2/2004, the removal will post on January.
Credit does not build quickly. Most think they will build up a 700 score with a car loan and a few credit cards. You have to consider how much history you established and your financial behavior with those accounts.
Patience and good financial behavior is the key.
Reply:Bad credit is one of the worst problems to have... however there exists a solution.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :
http://umgarticles.atspace.com/debt-cons...
if it helps kindly remember me in your voting!.. cheers!
Reply:he could try now.if you are paying on time each month,it will change your credit score for the better each month.
Reply:here is what he needs to do
go to www.annualcreditreport.com
pull all three credit bureaus
pay all derog credit
dipute all derog credit
pay down balances on credit cards (revolving credit)
limit the amount of people that pull his credit (inquires)
Reply:There is some useful advice here.
My brother has a bad credit rating, how long will it take to make it better?
A couple of things help improve your credit rating. The first is obvious, pay your bills on time ... consistently. The second is carrying less debt. So, have him work on paying things off completely before applying for more credit. If he is looking into buying a house you might want to go to a mortgage broker AFTER paying all your bills on time for 12 consecutive months. At that time he may discover some debts that he has defaulted on (that aren't active accounts he is being billed on anymore) will have to be settled before borrowing any money. Also, applying for credit causes the credit company or lender to run your credit score which often decreases the score in the process, so try to avoid that too.
Reply:Depends on the company where he is applying, but adverse items remain on the record for 7 years from the date of last activity.
Reply:It'll take him a solid 7 years, for any bad credit rating , i should knoww my is the pits, and i'm still stuggling, for my credit card i have a prepaid master card, i've used it too much already , so i have to slowdown, hope things will go well for him, tell him to keep up the good work, in making the payments , that way when they see thios it'll help him further.
Reply:Simple answer, long time. He can avoid lowering the score by not applying for credit cards and loans when he's pretty sure he won't get them. I had to come back from a bankruptcy, it took me about 2 years to get my credit high enough to get a loan, and having my wife on a home loan to improve mine.
Reply:as above
Reply:It depends on how bad his credit is. He can go to www.annualcreditreport.com to pull free copies of his credit reports from all 3 bureaus. If he wants to pay, he can order credit reports and credit scores from all 3 bureaus at www.myfico.com. This will cost about $40. Once he has the credit reports, he should dispute any inaccurate information. Removing negative information should help to improve his credit score.
He can also try to contact his creditors to see if he can work out a payment plan. Sometimes, if creditors see that you are making an effort to get out of debt, they can help by reducing interest rates, removing late fees or overlimit fees, or setting up a payment plan your brother can afford. He should try to avoid closing any open credit accounts, because creditors do look at the length of your credit history, and closing accounts can shorten your credit history.
If he can help it, he should not apply for any new credit while he is trying to improve his credit. Anytime you apply for credit, it shows up as an inquiry on your credit report. Inquiries stay on your report for 2 years, and will have a small negative impact on your credit score. However, if a lender sees that you have a lot of inquiries on your credit report, they will deny credit.
I can't give a specific length of time before he can apply for credit, but I would say at least 6 months. If he needs a credit card, Orchard Bank offers a secured MasterCard that is great for helping to build or rebuild credit. You need to open a savings account with them (anywhere between $200 and $15,000) but it is guaranteed approval, and they will report to the credit bureaus. If your brother opens a secured card through Orchard Bank, and makes payments on time, and stays under the credit limit, it will, in the long run, have a positive impact on his credit. More info is available at www.orchardbank.com.
Rebounding from bad credit is a long road, but it can be done. I wish your brother lots of luck.
Reply:Not all finance companies will refuse your request for credit. Each company differs from each other. I have a very good Credit History, but I got refused credit from one company and I applied to another company and was accepted. So keep trying.
Reply:it normally will settle after 3 years
Reply:Good question and one that is asked often. First of all, you need to take a close look at his credit report. You may get it at freecreditreport.com, or experian, or TRW. If he has been turned down on the last 120 days for credit you are entitled to a free copy from the reporting agency.There are three agencies used in the US. Experian, Equifax, or TRW.
Define bad for me. In other words, if has open loans has not paid on, he needs to be on time from here on out.
Collections? Talk with the companies and more often than not they are willing to settle for up to 60% off the debt.
Lastly, if the bills are more than two years gross salary I would recommend bankruptcy. It ia harder to do these days, but youmust go to a credit counselor and this could be a good thing for your brother.
Taking all of those into account, it wil take him approximately 18 months to 'fix' his credit, but 2 years to get a good rating.
He can help himself by going to credit cards like Orchardbank, and First Premier bank and get a card.
They are expensive!! You will owe fees equivalent to your maximum available credit at first but on time payments will build your credit. It is a high price but remember he has BAD credit.
Hope this helps.
Eric
Reply:As I improved my credit score, I notice that accounts that carry a high balance (i.e. maxed or close to maxed) and having too many open accounts really stumped my score. Inquiries have minimal impact on your credit scores. Having excessive amounts of inquires will slightly lower your credit score, however it is not weighted the same as a delinquent payment or a higher balance.
I recommend keeping a balance of no more than 20-25% of your credit limit. Most will say 30%, but at 20-25% you have the extra 5-10% as a cushion for purchases and finance charges.
Credit inquiries take a little more than two-years for removal. I say a little more because if the inquire was on 12/2/2004, the removal will post on January.
Credit does not build quickly. Most think they will build up a 700 score with a car loan and a few credit cards. You have to consider how much history you established and your financial behavior with those accounts.
Patience and good financial behavior is the key.
Reply:Bad credit is one of the worst problems to have... however there exists a solution.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :
http://umgarticles.atspace.com/debt-cons...
if it helps kindly remember me in your voting!.. cheers!
Reply:he could try now.if you are paying on time each month,it will change your credit score for the better each month.
Reply:here is what he needs to do
go to www.annualcreditreport.com
pull all three credit bureaus
pay all derog credit
dipute all derog credit
pay down balances on credit cards (revolving credit)
limit the amount of people that pull his credit (inquires)
Reply:There is some useful advice here.
What factors (i.e. speeding tickets, credit rating) will affect your ability to get car insurance?
Let's assume you already have car insurance and you are looking for a company with a lower insurance rate? Will a new car insurance company accept you if you have one prior speeding ticket? How about if you have had one minor fender bender in which you were at fault? What if you have one or two parking tickets? Or a negative credit score?
What factors (i.e. speeding tickets, credit rating) will affect your ability to get car insurance?
Credit score. Geographic location. Driving record. Vehicle type. Prior claims history. Number of vehicles, number of drivers, age of drivers, experience of drivers. Coverage limits.
Most companies will accept you with one minor violation - where you're going less than 20 miles over the speed limit. If you have one accident AND one speeding ticket (minor is relative - in some states, it's under $1,000, others $5,000), you'll have a much harder time getting a competitive quote. A negative credit score will affect your rates in most states, and if it's low enough, in other states the carriers will refuse to write your coverage altogether.
If you combine a low score, at fault accident, and a ticket, you're probably best off where you are right now - or go to Progressive.
Reply:Yes for the most part you will be accepted for one tickey...all of the above factor in. try going to geico, and all the other online sites to get qoutes.
Reply:go to an INDEPENDENT insurance agent, and they can do the shopping for you - they represent multiple companies, and often have better deals than the single company insurance agents do.
Reply:All of the above.
Reply:Auto insurance is rated by moving violations and at fault accidents, some companies use credit as a rating factor. Also if you have prior insurance for at least 6 months will give you a better rate.
Reply:All the things you named will affect your insurance rates. Most companies have several companies (Standard or high risk) and will place you no matter what if you're willing to pay.
In addition to credit, tickets, accidents etc, if you don't have insurance already, that might make your premium higher. Your age, if you are a man, or a young woman might also make it higher. If you have homeowners or life insurance with the same comapany, that might make it lower.
What factors (i.e. speeding tickets, credit rating) will affect your ability to get car insurance?
Credit score. Geographic location. Driving record. Vehicle type. Prior claims history. Number of vehicles, number of drivers, age of drivers, experience of drivers. Coverage limits.
Most companies will accept you with one minor violation - where you're going less than 20 miles over the speed limit. If you have one accident AND one speeding ticket (minor is relative - in some states, it's under $1,000, others $5,000), you'll have a much harder time getting a competitive quote. A negative credit score will affect your rates in most states, and if it's low enough, in other states the carriers will refuse to write your coverage altogether.
If you combine a low score, at fault accident, and a ticket, you're probably best off where you are right now - or go to Progressive.
Reply:Yes for the most part you will be accepted for one tickey...all of the above factor in. try going to geico, and all the other online sites to get qoutes.
Reply:go to an INDEPENDENT insurance agent, and they can do the shopping for you - they represent multiple companies, and often have better deals than the single company insurance agents do.
Reply:All of the above.
Reply:Auto insurance is rated by moving violations and at fault accidents, some companies use credit as a rating factor. Also if you have prior insurance for at least 6 months will give you a better rate.
Reply:All the things you named will affect your insurance rates. Most companies have several companies (Standard or high risk) and will place you no matter what if you're willing to pay.
In addition to credit, tickets, accidents etc, if you don't have insurance already, that might make your premium higher. Your age, if you are a man, or a young woman might also make it higher. If you have homeowners or life insurance with the same comapany, that might make it lower.
I have bad credit and someone told me I can erase my credit rating by getting a new Social Security number?
A friend said that since credit bureau use your Social Security number to report people that I could eliminate my bad credit by getting a new social security number. Is that true? Is that legal?
I have bad credit and someone told me I can erase my credit rating by getting a new Social Security number?
That is not true. You can get in trouble for fraud. The best thing to do is file bankruptcy or just pay them off little by little.
Reply:I've already researched. SSA only issues new SSN's in extreme circumstances. Read their website about it.
Reply:I really don't know. All I do know is you have ONE Social Security Number,so I would have to guess that if you did somehow change your Social Security Number,then it would be illegal. But, this is just a guess,I really don't see how it would be legal tho.
Reply:the name of this game is fraud. You can go to jail !
If it is to good to be true it is.
Check it out on David Ramsey web site and see what he says!
Reply:Unless you're in Witness Protection or have an AWESOME reason, the govt. will not issue you a new SS#.
Reply:Your friend is correct. Since credit history is reported based on a persons Social Security number, the simple answer is yes. New number equals new history.
However, legally getting a new social security number is very hard to do. The only ways I am aware of are through witness protection and under extreme abuse in which creating an new identity is the only way to protect oneself, such as spousal abuse (this of course has to be documented).
Changing your Social Security number for the reason of getting out of debt or to create a new credit history is illegal, and considered fraud.
Reply:Forget about it, period. What you're asking for is trouble for commission of fraud, and that whole thing is illegal. Just deal with the bad credit problem by paying off whatever you owe the balance of the delinquent bill. Declaring bankruptcy will be the only other option you could go for. I'm sure your credit will improve over time. Think twice before doing something stupid that will throw you in jail and/or paying a huge fine.
Reply:Yeah...you can't just 'get a new social security number'...that's like saying "why doesn't our government just default on the national debt and re-form as a new country. If there isn't a system where people can be held accountable for action, all economic laws go default and the whole 'money system' would disappear.
Reply:Bad credit is one of the worst problems to have... however there exists a solution.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :
http://umgarticles.atspace.com/debt-cons...
if it helps kindly remember me in your voting!.. cheers!
Reply:I dont think that would work..when you pull your credit reports it has associations with all your previous addresses and alias's (like your name before marriage if your female %26amp; such) and i would think that even if you got a new ss number it would still associate you with the old one as well as the new one b/c when you went into the ss office you would have to show id as to who you are a give good reason for a whole new number instead of just getting a new card with the old number and even though they may give you an old number im sure it would have association with the old number especially on credit reports...besides the fact that this may be a huge fraud case and get you into alot of trouble...if things are so bad and you have very large amounts of debt i'd research bankruptcy instead....
Reply:No, that is highly illegal and is considered fraud. I've also heard of people applying for Tax ID #s (by using their SSN), and then trying to use that in order establish a 'fresh start' with their credit. Also a bad idea.
We live in an instatnt society - microwaves, emails, IMs, etc. and we never want to wait for things anymore. I'm sure your credit problems didn't appear overnight. They won't disappear overnight either. Take your time and fix it the legal way. You'll be glad you did!
I have bad credit and someone told me I can erase my credit rating by getting a new Social Security number?
That is not true. You can get in trouble for fraud. The best thing to do is file bankruptcy or just pay them off little by little.
Reply:I've already researched. SSA only issues new SSN's in extreme circumstances. Read their website about it.
Reply:I really don't know. All I do know is you have ONE Social Security Number,so I would have to guess that if you did somehow change your Social Security Number,then it would be illegal. But, this is just a guess,I really don't see how it would be legal tho.
Reply:the name of this game is fraud. You can go to jail !
If it is to good to be true it is.
Check it out on David Ramsey web site and see what he says!
Reply:Unless you're in Witness Protection or have an AWESOME reason, the govt. will not issue you a new SS#.
Reply:Your friend is correct. Since credit history is reported based on a persons Social Security number, the simple answer is yes. New number equals new history.
However, legally getting a new social security number is very hard to do. The only ways I am aware of are through witness protection and under extreme abuse in which creating an new identity is the only way to protect oneself, such as spousal abuse (this of course has to be documented).
Changing your Social Security number for the reason of getting out of debt or to create a new credit history is illegal, and considered fraud.
Reply:Forget about it, period. What you're asking for is trouble for commission of fraud, and that whole thing is illegal. Just deal with the bad credit problem by paying off whatever you owe the balance of the delinquent bill. Declaring bankruptcy will be the only other option you could go for. I'm sure your credit will improve over time. Think twice before doing something stupid that will throw you in jail and/or paying a huge fine.
Reply:Yeah...you can't just 'get a new social security number'...that's like saying "why doesn't our government just default on the national debt and re-form as a new country. If there isn't a system where people can be held accountable for action, all economic laws go default and the whole 'money system' would disappear.
Reply:Bad credit is one of the worst problems to have... however there exists a solution.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :
http://umgarticles.atspace.com/debt-cons...
if it helps kindly remember me in your voting!.. cheers!
Reply:I dont think that would work..when you pull your credit reports it has associations with all your previous addresses and alias's (like your name before marriage if your female %26amp; such) and i would think that even if you got a new ss number it would still associate you with the old one as well as the new one b/c when you went into the ss office you would have to show id as to who you are a give good reason for a whole new number instead of just getting a new card with the old number and even though they may give you an old number im sure it would have association with the old number especially on credit reports...besides the fact that this may be a huge fraud case and get you into alot of trouble...if things are so bad and you have very large amounts of debt i'd research bankruptcy instead....
Reply:No, that is highly illegal and is considered fraud. I've also heard of people applying for Tax ID #s (by using their SSN), and then trying to use that in order establish a 'fresh start' with their credit. Also a bad idea.
We live in an instatnt society - microwaves, emails, IMs, etc. and we never want to wait for things anymore. I'm sure your credit problems didn't appear overnight. They won't disappear overnight either. Take your time and fix it the legal way. You'll be glad you did!
Doe it affect your credit rating if you do not have a checking account?
I have a checking account and savings account, and have really been thinking about closing the checking. The overdraft fees can really kill ya! I have all of my big bills drafted from the savings anyway. I would just have to pay cash for food, gas, and daycare.
Doe it affect your credit rating if you do not have a checking account?
I have been told that yes to keep it open. It will show stability and if you watch what you write then you would not have any overdraft fees. Worse case is to find a free and use that one. Free I mean the kind that will not charge you if you have an autodeposit for that bank.
Reply:No, not having a checking account will not affect your credit rating but it will affect your chances of getting credit though compaines. Many look to see if you have a check and/or a savings account. I would keep one open and keep something in there even if you don't use it.
Reply:Checking accounts do not affect your credit rattings at all.
Reply:None whatsoever.
Reply:Technically it does not effect your credit score. But it makes a lender form an opinion which may not help you. If you are on the fence of getting approved or turned down for a loan the fact you have a checking account in good standing may make the difference.
lilac
Doe it affect your credit rating if you do not have a checking account?
I have been told that yes to keep it open. It will show stability and if you watch what you write then you would not have any overdraft fees. Worse case is to find a free and use that one. Free I mean the kind that will not charge you if you have an autodeposit for that bank.
Reply:No, not having a checking account will not affect your credit rating but it will affect your chances of getting credit though compaines. Many look to see if you have a check and/or a savings account. I would keep one open and keep something in there even if you don't use it.
Reply:Checking accounts do not affect your credit rattings at all.
Reply:None whatsoever.
Reply:Technically it does not effect your credit score. But it makes a lender form an opinion which may not help you. If you are on the fence of getting approved or turned down for a loan the fact you have a checking account in good standing may make the difference.
lilac
If i wanted to get a credit card for emergencies and to improve my credit rating?
would i have to pay anything for it, even if i never use it, i mean is there a monthly charge just for having the card or any hidden payments such as this?
And can anyone advise the best one to apply for that would suit what I am looking for?
Thanks!
If i wanted to get a credit card for emergencies and to improve my credit rating?
Well, like the first poster said Household and Orchard Bank, both owned by HSBC, are 2 that you can definitely try for. But the easiest card to get would be to a secured credit card. They might be offered where you do your banking. The reason I say a secured credit card, becuase you have a little more control over it than a regular card. You do have to put a deposit upfront that's usually tied to a savings account to get the same amount in a credit limit, but you're able to increase the credit line by adding to the deposit, instead of trying to request one. And the money you put in the deposit account gains interest while you're building credit, and as long as you pay on time every month, and keep the balance low, if not zero, usually you get the deposit back with interest attached to it. And if you raised the limit all this time, the higher limit will definitely look better on your report which will make you attractive to other lenders for future credit.
Reply:Some credit cards have fees they charge either annually or monthly...like $60 a year or $4-6 a month. Your best bet is to really read all those offers you receive in the mail. You want a credit card with a low APR (annual percentage rate) and no annual fee. Check with your bank first. Many offer Visa and or MasterCard credit cards (I'm not referring to your MAC card). If you don't like their percentage rates (look for 14.9% or less) then check out what you can get with companies like Capitol One, Citibank, or ChaseManhattan.
You should use your credit card at least once every couple of months and pay it off right away to keep the account active and to help build your credit. Charge small items like a $20 pair of shoes at payless or a package of socks at walmart....
Just having the card in your pocket (or at home in a desk drawer) doesn't help your credit and most cards require you activate them and the account by a phone call and at least one use.
Reply:Unfortunately if you have bad credit or no credit most likely having a credit card will cost you. You can look for a credit card with a low annual charge. If you use your card monthly and pay the balance in full monthly you should be able to increase your credit rating. You can look for the different card options here:
http://www.creditcards.com/bad-credit.ph...
Reply:There are a few cards that impose monthly fees - but these are usually only the 'primium' cards, such as 'Gold Cards' (and AMEX standard etc)
Most Banks offer Credit Cards - if you have a Bank Account, go on-line %26amp; look see what they are offering .. if you don't have a Bank Account, get that sorted out first :-)
Reply:you could send me details of your work ie what company you work for and a list of empolyees with out banking service and i could get you a credit card with your name on and others for those in your work force that need one also depending on the amount 1-400 at 9 usd i may also need a leter from the company with letter headed paper with the nature of the business business addeess company registrationand the first two months payroll
Reply:Here is a list of credit cards for people with no credit history http://www.ccvault.com/credit_cards/bad_...
I recommend Orchard.
good luck
Reply:Some credit card companies have annual fees, but the amount usually isn't more than $100.00 a year.
Here are two links of credit cards that you can apply on-line for.
Good luck......
And can anyone advise the best one to apply for that would suit what I am looking for?
Thanks!
If i wanted to get a credit card for emergencies and to improve my credit rating?
Well, like the first poster said Household and Orchard Bank, both owned by HSBC, are 2 that you can definitely try for. But the easiest card to get would be to a secured credit card. They might be offered where you do your banking. The reason I say a secured credit card, becuase you have a little more control over it than a regular card. You do have to put a deposit upfront that's usually tied to a savings account to get the same amount in a credit limit, but you're able to increase the credit line by adding to the deposit, instead of trying to request one. And the money you put in the deposit account gains interest while you're building credit, and as long as you pay on time every month, and keep the balance low, if not zero, usually you get the deposit back with interest attached to it. And if you raised the limit all this time, the higher limit will definitely look better on your report which will make you attractive to other lenders for future credit.
Reply:Some credit cards have fees they charge either annually or monthly...like $60 a year or $4-6 a month. Your best bet is to really read all those offers you receive in the mail. You want a credit card with a low APR (annual percentage rate) and no annual fee. Check with your bank first. Many offer Visa and or MasterCard credit cards (I'm not referring to your MAC card). If you don't like their percentage rates (look for 14.9% or less) then check out what you can get with companies like Capitol One, Citibank, or ChaseManhattan.
You should use your credit card at least once every couple of months and pay it off right away to keep the account active and to help build your credit. Charge small items like a $20 pair of shoes at payless or a package of socks at walmart....
Just having the card in your pocket (or at home in a desk drawer) doesn't help your credit and most cards require you activate them and the account by a phone call and at least one use.
Reply:Unfortunately if you have bad credit or no credit most likely having a credit card will cost you. You can look for a credit card with a low annual charge. If you use your card monthly and pay the balance in full monthly you should be able to increase your credit rating. You can look for the different card options here:
http://www.creditcards.com/bad-credit.ph...
Reply:There are a few cards that impose monthly fees - but these are usually only the 'primium' cards, such as 'Gold Cards' (and AMEX standard etc)
Most Banks offer Credit Cards - if you have a Bank Account, go on-line %26amp; look see what they are offering .. if you don't have a Bank Account, get that sorted out first :-)
Reply:you could send me details of your work ie what company you work for and a list of empolyees with out banking service and i could get you a credit card with your name on and others for those in your work force that need one also depending on the amount 1-400 at 9 usd i may also need a leter from the company with letter headed paper with the nature of the business business addeess company registrationand the first two months payroll
Reply:Here is a list of credit cards for people with no credit history http://www.ccvault.com/credit_cards/bad_...
I recommend Orchard.
good luck
Reply:Some credit card companies have annual fees, but the amount usually isn't more than $100.00 a year.
Here are two links of credit cards that you can apply on-line for.
Good luck......
Does opening many checking accounts effect my credit rating?
I have been consistently recieving offers from my bank to open new checking accounts which will have 100 dollars transfered into them upon opening them. They send one about every month. I've opened 2 so far for the cash and closed them, and I was curious, if I keep this up is there anything that can go wrong?
Does opening many checking accounts effect my credit rating?
No it doesn't affect your credit rating. However, there are checks and balances in place within the banking industry and if you are constantly opening and closing accounts, you are going to send up a red flag.
Reply:DDA accounts are not typically part of credit reports unless there is a credit line attached to them.
Reply:NO...............
Does opening many checking accounts effect my credit rating?
No it doesn't affect your credit rating. However, there are checks and balances in place within the banking industry and if you are constantly opening and closing accounts, you are going to send up a red flag.
Reply:DDA accounts are not typically part of credit reports unless there is a credit line attached to them.
Reply:NO...............
Can an unpaid library fine hurt my credit rating even though I am a minor?
The fine got turned over to a collections agency so I don't know what I should do.
Can an unpaid library fine hurt my credit rating even though I am a minor?
No--they never report to credit bureaus.
Reply:Yes, the collection agency will probably wait 120 days after it receives accounts before informing credit bureaus about outstanding bills.
Reply:No, I have a few late fees at
the library, and they are not
on my credit report.
Reply:Just pay them off you should be fine
Reply:No it won't. But most library fines have a cap of like 7 bucks.
Why don't you just go pay it? borrow it if you have to.
Can an unpaid library fine hurt my credit rating even though I am a minor?
No--they never report to credit bureaus.
Reply:Yes, the collection agency will probably wait 120 days after it receives accounts before informing credit bureaus about outstanding bills.
Reply:No, I have a few late fees at
the library, and they are not
on my credit report.
Reply:Just pay them off you should be fine
Reply:No it won't. But most library fines have a cap of like 7 bucks.
Why don't you just go pay it? borrow it if you have to.
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