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Great Credit Card Deal
Ronald Said:Can you negotiate a deal with a credit card company?
We Answered:Ask them. The worst they can say i no.
Christine Said:How and why is my credit card affected when I open and close a credit card?
We Answered:Your credit score is based on history. If you open an account, your score will temporarily go down. It will eventually recover from that.
Closing an account is a slightly different matter. Depending on how much total credit you have (add up the limits on all of your accounts), closing an account can cause your score to go down if it significantly reduces your total credit. From that standpoint, leaving the card active with a zero balance would help your score.
However having an account open can create another avenue for potential fraud. I, personally, close accounts I don't use for that reason. Many card companies will also close an account automatically after a period of inactivity; 3 years is common.
There are a lot of things that can make your score vary a few points. Honestly, don't worry about your score that much. Use credit responsibly, NEVER be late on a payment and pay it off every month. Your score will take care of itself.
Ralph Said:How can I pay off my credit card debt?
We Answered:You are right to be concerned. You have a lot of debt to be starting a life together with. I would seriously consider reducing any possible expense you have. Can you eat for less? Maybe cancel cable? You need to start taking some chunks out of this before the interest kills you. Cut up your credit card, or freeze it in a block of ice in the freezer. Time to live off of cash for while. With this much, I would contemplate a second job. 30k is too much debt to leave out there.
Maria Said:What is the best way to have great credit for a future home buyer?
We Answered:Pay off those older accounts that do not have desirable terms, but do not close them because that will not give you the best result with regards to your credit score.
Having them open but paid reducing your "balance to credit limit" ratios thereby increasing your credit score. Take the balance of 20k, if you only have 1 open account at 20K then that is 100%, same 20k balance with 5 open but 4 with -0- balance (other 4 were 1000 each credit limits) then you are 80%. The scoring system will not use closed accounts in this calculation.
I have provided a website from the Federal Trade Commission that is designed to assist consumers with questions regarding the credit scoring system. Hope it helps!
Katie Said:Whose getting the better deal, me or my credit card company?
We Answered:That balance transfer to a 0% card may cost you 3%-5% of the transferred amount. Read the fine print on the agreement. Almost all cards have that fee. So, if you transferred $2,000, you'll be hit with a $60-$100 fee (maybe more if there is a minimum that is higher).
Every time you open a new line of credit, your score will take a minor hit. But that's not the major thing here.
Banks have been running a credit card scam for years. They know human nature. Humans are impatient, egotistical, greedy, forgetful, lazy, not very good a math, and generally dumb. Banks work on that. They will give you the 0% card knowing that during that period, you may forget to make a payment on time. There goes the 0% rate out the window. Now you'll pay 19%, 24%, 29% on that transfer. Also, the transferred amount reduces your available credit for other purchases. Some think that the balance transfer is a separate account. It is not.
What ever the agreement is today, will not be the agreement tomorrow. They, in their agreement, have the right to change any part of the agreement at any time for any reason. So 0% today could be canceled and increased to 19% tomorrow, $0 annual fee could be $100 tomorrow. I don't trust any of them!
Tom Said:Do you have any Credit card advice?
We Answered:http://www.cardrewards.net/balance-trans… offers the best balance transfer cards with 0% apr for up to 15 months. Most cards are about 12 months, and have platinum credit lines so you can transfer large amounts over and save on interest fees.
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