True…but not by much. Opening a credit card will only drop your credit score by a handful of points, usually about five points. This isn’t a big deal if you have a high score. But, if your score is in the 500s – 650 range, then you should focus on improving your score, before opening...
It used to be the only way for a collection item to disappear from your credit report was to wait seven years from the date it was first reported. But, now you can do a little bit more. If you want an item removed from your credit report, you can contact the collection agency and...
If you have credit card debt with high interest rates, then balance transfers are a great way to slash those high interest rates. Approval for transfers will depend on your credit score and good credit gets more attractive offers. If you have poor credit that’s below 600, you should work on building your credit to...
There are tons of ways to pay off a credit card debt. Some are bad ideas such as taking out a pay day loan, tapping into retirement savings, and using a different credit card for cash advances. But, there are other more favorable ways to escape credit card debt. They aren’t a quick fix, but...
If you are saddled with debt that you want to pay off, there are a few options available. One of those being, a home equity loan. If you are willing to put your home at risk and have the discipline to pay the money back, this might be a great idea. The advantage to this...
If you’re searching for a way to get rid of credit card debt, avoid going into your retirement savings. Anytime you touch the tax-advantaged retirement savings, you are taxed. So, you end up losing a lot more money. You’re going to have to pay the penalty of the 10 percent penalty for early withdrawal, and...
When you’re in credit card debt, you may be searching for a way to get out of it fast. The option of a payday loan might come to mind. The purpose of a payday lender is to offer a solution for short term emergencies. They aren’t meant to be a long-term fix for credit card...
If you’re swimming in a sea of credit card debt, you may feel desperate to get out of it by any means necessary. You’re going to get tons of ideas on how to escape. But, not all of them are going to be the best idea. One common way people try to get out of...
To pay in full or not to pay in full….that is the question when it comes to credit cards. Because in reality, you have a choice. Each time you make a purchase with your credit card, you are borrowing money. But, because you aren’t required to pay it back in full right away it may...
Read your credit card agreements carefully, because the contract is binding. Once you sign, you have entered into a legal contract where the terms of the contract include: • Credit limit. This is the maximum amount you may charge, and it includes interest and fees. • Annual percentage rate (APR). This is how much is...
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