Finding Credit Cards Blog

I have two credit cards with debt of 7,000 with both cards combined. Is there a way that I can combine those credit cards and lower the payment and pay them in one lump sum? I just want to get rid of these cards so I can move on with my financial growth.

There are a couple of different ways you can combine debt. First you could do the balance transfer if you have a big enough line of credit on one card, but be warned, there is usually a fee for transferring balances so you could end up just adding more to your debt. Also those 0% interest offers look good, but if they are introductory offers, let’s say for 6 months, if you don’t get the entire loan paid off in 6 months you could be charged that 6 months worth of interest anyway. They’ll just tack it right on to your balance.
You could go to a bank and ask for a loan and pay the credit cards off, it will depend on your credit score whether you’ll get a good interest rate or a line of credit that is large enough.
I personally suggest paying off the credit card with the highest interest rate first. Don’t combine the cards, just take care of them one at a time. Pay the minimum on one card and the higher interest rate card send every xtra penny you can to them. Once that is paid off, take what you were paying on them and add it to the minimum payment on your last card. It’s called snowballing and will help you get your debt paid off quick if you stick to it. I used this method to pay off 10 thousand dollars in credit card debt in two years. Good luck.

I’ve heard both… my teacher said having a lot of credit cards will lower my score. But I also read that part of your credit score is based on the formula

how much you owe/ total credit , so in that case having more cards would be better. I have 7 cards and I only use 2 of them. Should I cancel my other cards?

having too many cards is bad for your credit score, yes having access to lots of credit is good but this should be due to having equity in a house. the biggest marker is your debt to income ratio, also you need to pay your bills on time and have a history of repaying loans in a speedy fashion

When I use my debit card at the store, it asks if I want like $0, $10, or $20 cashback. How does cashback work? And how would this cash back procedure work on a credit card?

Should I take a cashback amount when using my debit card? I see other people in line in front of me using their cards and when ask if they want cash back, some of them press no on the key pad.

Cashback only works on debit cards. Basically, if you ask for cashback, the cashier will give you that amount of cash, and add it to the amount that gets taken from your bank account. So for example, if you buy $5 worth of stuff and ask for $20 cash back, then they will subtract $25 from your bank account and give you $20 cash in addition to what you bought.

Cashback is basically a more convenient alternative to going to the ATM. It only works for debit cards, not credit cards.

I am wondering if there are any, decent, credit card companies out there that are issuing unsecured cards to people with bad credit. I am tryin to rebuild mine and already have a Premier Card. I need another to continue. Any suggestions?

Get a credit card from local bank and pay it in time. You also can use this service to avoid common mistakes while buiding credit and pre-estimate future scores for different scenarios of payments - credit-report-score.10001mb.com

I have 4 credit cards with approx. $25,000.00 worth of debt on them. I would like to get ahold of a non-profit debt counseling service in order to get rid of the high interest rates and pay them off alot sooner instead of only paying the interest and the over the limit fees. I have not used these cards for the past 5-6 years and the accounts are closed except for me making payments on them. I am not even touching the actual principal that I owe, although, I have probably paid enough on these cards to have actually paid off the actual principal. How is the best way to do this and what are some reputalbe non-profit agencies that will help achieve this? I have also heard that some credit cards will take a settlement on some accounts. Is this a good idea and how much of the amount owed do they usually want? I realize that this may hurt my credit rating but to be honest with you it isn’t worth squat now, so what is the difference? Does the debt consolidation hurt your credit as well?

You would want to get in with a company that is non profit as you stated in your question. Other companies charge you a fee for doing this for you, as much as 50.00 a month. Consolidated Credit Counselors is a company I used before the only problem I had with them is the agreement they have with the issuing banks it to make payments that is 5% of what you owe. That was too high for me so I had no other choice but to do a bankruptcy. In time your credit rating will improve. But by taking action and just not walking away will definately improve your credit rating.

I was going to consolidate two credit card onto a new lower interest card and cancel the old cards. However, I was informed that closing the old cards would not look favorably on my credit report. I thought this was strange as good credit reflects on your credit report for 10 years and keepin the old card open whould make your debt ratio higher. Can someone explain this to me?

What the other posters have told you is true. However, I personally don’t believe in keeping open all credit cards just for the sake of having them.

In your case, I suggest keeping the oldest card open and closing the other. That way you keep the history and higher limit but end up with only 2 major credit cards instead of 3.

I heard having too many credit cards can lower your FICO score even if you pay them full each month. How many can you get before they drop your score?

I had problem getting a credit card when I had no credit history and then after I finally got one, I had difficult time getting another one, because banks said I had "too few" revolving accounts. Now I have 5 credit cards and only 1 of them carry balance. My balance to credit ratio is 6% and my FICO score is 740.

the only reason they drop is inquires, you’re getting denied is a totally different thing. first of all 740 is an awesome score. what you really need to do is wait. you need to let your credit age a bit. besides credit score and on time payments, creditors look at established credit and the only way to get that is to let those trade lines age.

Both personal and small business credit cards would be helpful. Thanks!
I know through personal experience that American Express DOES require a SS# when adding additional cardholders (at least for personal cards), and that Advanta does NOT require a SS# when adding additional cardholders.

Personal experience with additional issuers would be helpful.
Please provide specific credit card issuers. Thanks!

As far as I know, most credit cards allow you to add an authorized user without a social security number.

Hello. I have a great credit score as of now, but things will certainly change once I fall to foreclosure on my home. 1) Will I lose my existing credit cards? 2) Will I be able to get new ones?

Also, does anyone know how many points you lose with forclosure?
Thank you.

your credit card companies are in the position of canceling any of them without a good reason due to the downturn in the economy
if you don’t use it much, they will likely cancel it, if your payment schedule has been not so good, they might cancel
more than likely they are not informed of your foreclosure
possibility of not getting a new card would be less if you had a bankruptcy
and the foreclosure will definitely affect your credit score

We are traveling from the United States and want to be prepared. Are credit cards accepted at most restaurants? Shops? Hotels?

AMEX and VISA yes, yes and yes. Call the credit card company ahead of time and tell them to note on your acount you will be traveling abroad because sometimes they could put a hold on your card when it is used overseas, thinking it may be stolen. Have fun!!