Credit Debt Management

1 | Chrys

March 4th, 2010 at 6:31 pm

which ever card works for you is the one you should get and always pay in FULL or MORE than the minimum.

2 | Niner

March 4th, 2010 at 7:21 pm

Credit cards can contribute to a higher credit scores in a couple of ways:

1) Longevity. The longer you have a credit card account, the better. Never late, of course.

2) Available credit. The more unused credit you have, the better. For example, if you have a $25,000 credit limit and you have a near-zero balance, that improves your score.

That’s about it. Credit card history only makes up a portion of your credit score. Getting a card and using it alot is not going to do much to repair a bad credit score in the short term.

A history of paying banks back on secured loans is very important.

3 | L L

March 4th, 2010 at 7:37 pm

A secured card means you have to leave a certain amount on deposit, equal to the credit limit of your card. Your savings is the Security that the lending institution will recover their money.

In order to build credit history, you need to make reliable payments over time. Paying it off all at once will not really help your credit score. But you don’t really want to pay the minimum, as that will drag it out too long.

For instance, If you get a $1000 limit, you will need to deposit $1000 in a saving acct. Then you should make regular on-time monthly payments, of $100.

In addition, that $2000 you owe will remain on your credit score until you resolve it with that lender.

4 | Paige

March 4th, 2010 at 8:05 pm

A credit card that can be gotten with a poor credit rating is known as a bad credit card. These cards give those with bad credit a chance to improve upon the credit rating they have. For those people the cards act as a rescue like this.

http://www.worldbestloans.com/credit-card-for-people-with-bad-credit.htm

Profits are what business is all about and profits are put at risk by this. The balance on the account will normally earn interest from the bank or company providing the credit card. This should be checked with the company providing the card.

5 | punkkid917

March 4th, 2010 at 8:51 pm

The only two I know that are best are the ones by Bank of America and Wells Fargo. Just compare the APR and choose.

I wouldn’t make SUCH a huge purchase, your lender wants to see you spend your credit wisely, and as for payments. Depending how much money you put in the card, I have a strategy.

Lenders again want to see you make minimum payments because they get more money that way. My strategy is this, I pay 2 billing cycles with minimum payments, and then on my 3rd billing cycle, I pay double.

Example:

August – $20 minimum
September – $20 minimum
October – $40 Double
November – $20 minimum
December – $20 minimum
Jan. – $40

6 | Matt J

March 4th, 2010 at 8:52 pm

I did a quick search for you online, and found findsecuredcards had a great list. Rather than give you a list of cards, those banks seem to be legitimate.

I would look at each, and every card, and find one with low fees. You won’t find a secured card that doesn’t have any fees.

Treat this card like a normal credit card. Pay it off on time, and sooner or later you’ll have great credit to apply for a regular card in the future!

Good luck.