for questions that relate to all forms of credit.

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8
votes
4answers
283 views

What effect will credit card churning for frequent flyer miles have on my credit score?

We've all heard about the people who have tons of credit cards - getting new ones for the sign-up bonus (25 to 50 thousand miles, typically), either never using them or charging minimal amounts and ...
9
votes
4answers
753 views

Leasing a car for a friend with low or poor credit history

Is it possible to lease a car in a friend's name who has low or poor credit history and lives in a different state than where I live utilizing my own good credit record? How does it work and what are ...
12
votes
11answers
2k views

Should I pay off the credit cards now or do the monthly payments thing?

I have 3 credit cards with a total balance of about $36k. Two of the cards are at 2% and the last one is at 0%. With the current payment structure, I'll be debt free in 25 months. I recently came ...
4
votes
2answers
260 views

Calculating the most optimal way to pay off credit cards

I have 3 credit cards which I am slowly paying them off. Card# Balance Monthly Interest Months to pay of Minimum Payment at current rate Payment 1 ...
5
votes
2answers
209 views

Personal financial implications of joining or not joining a class action lawsuit

I received a very random piece of mail inviting me to join the "Settlement Class" for a class action suit again the now defunct (and part of BOA) MBNA bank due to bad practices involving raising ...
9
votes
2answers
113 views

How to approach eliminating a record in my credit history that is hurting my score

I have a record in my credit history that shows a delinquency from 4/2005 that was paid off but was also marked as a "charge off." As of January 2011, this record no longer shows up in my file for ...
1
vote
2answers
23k views

What is the difference between Debit and Credit?

What is the difference between Debit and Credit AND purchase and sale? These terms are very confusing. I have some example questions to understand it more easily. If I run a shop and a ...
1
vote
1answer
554 views

How can I get credit inquiries bumped off my Equifax credit report?

I understand that there is a bug with Equifax such that if you pull your credit report enough times, you eventually will bump off older hard inquiries other than those for mortgages and cars. Please ...
2
votes
1answer
331 views

Why is my credit score now being ranked on a scale of 501 to 990?

Over the years, I've run several credit reports on myself inching my way closer to 750 then 800 on a FICO scale. Then, using TrueCredit to analyze my report, as I always have, I suddenly notice I'm ...
2
votes
3answers
4k views

Will paying off a loan early hurt my credit?

I recently purchased a vehicle and took out an Auto loan from the local credit union. I have run into some extra cash and can actually pay off the car completely. I have a very little credit ...
5
votes
4answers
950 views

Will paying off my car early hinder my ability to build credit?

I don't have much credit because I am young but I did recently purchase a car which I am paying 9% on. This seems ridiculously high to me and I was thinking about pulling out some of my stocks to pay ...
4
votes
2answers
209 views

Should I try to optimize my credit score before applying for a loan?

I am considering shopping for a house somewhere this year, which of course would involve shopping for a mortgage. And mortgage rates depend on the credit score. My credit history is clean from ...
4
votes
1answer
169 views

First-Time Homebuyer Credit: Did not get my housing tax credit yet. What should I do?

I feel that my new accountant has dropped the ball. In doing my taxes, he failed to get me and my wife the new home tax credit. In looking into it, those who never owned a home were to get $8k back ...
5
votes
4answers
2k views

Why activate credit cards? What is the purpose of credit card activation?

A number of credit card companies - almost all of them - ask to "activate" credit cards when sent to me. Usually it involves calling the phone on the sticker and typing in whole or partial card ...
7
votes
7answers
394 views

In a very tough credit/financial situation

So here is my situation. I have a car that is very dangerous to drive at this point. Like I am seriously worried that either I or the car won't make it through the upcoming winter months. Now, I would ...
12
votes
5answers
609 views

Why don't more people run up their credit cards and skip the country?

If I total up the amount available on my unsecured line of credit and the limits on my credit cards, it comes to over $100,000. This amount of money would last a long, long time in somewhere like ...
4
votes
1answer
71 views

How to keep an eye on identity theft while away and out of the country?

Greetings, I have been relocated by my company to the US and lived there for a few years. Now I'm back home. Being away I'm suspecting that I'm more susceptible to identity thefts. I'm looking for a ...
4
votes
6answers
13k views

Where can I get a car loan for roughly $2000?

I'm looking to buy a new car and have found one that I really like. It is priced at $4500 (with taxes). I currently have $2700 in my savings account. I would like to get a loan for $2000 (leaving me ...
7
votes
6answers
5k views

Should I get credit life or credit disability insurance with my auto loan?

Is it worth the extra $10 or so that would be added to a car loan in order to get credit life insurance and credit disability insurance? For a relatively young person looking to get the most out of ...
4
votes
2answers
209 views

How do I find a legitimate, premium credit repair service?

I'm trying to find a premium credit repair service to help work towards the goal of removing all included in bankruptcy trade-lines from my credit report. In the past I have dealt with disputing ...
13
votes
5answers
3k views

Is it true that it's better to have bad credit than no credit?

There's a popular saying: It's better to have bad credit than no credit. Is this true?
7
votes
7answers
46k views

Should I pay off my credit card online immediately or wait for the bill?

I'm a college student and I just got my first credit card (through Chase). The only reason I got the card is to try and build my credit score. I also have a checking account with Chase, and they let ...
7
votes
4answers
139 views

Should I have accepted the offer to double my credit?

I recently received an "invite" from my credit card company with a limited time offer to double my current credit limit. That's right, double! I didn't reply, and they later followed up with an ...
4
votes
1answer
818 views

Can I get a mobile phone contract if I am unemployed?

Can I get a mobile phone contract if I am unemployed?
8
votes
2answers
257 views

Can you calculate the ROI on your credit score?

I've heard it said from people who work in the industry that your credit rating isn't a measure of your ability to pay, but rather a measure of how profitable a customer you are. I've also heard ...
9
votes
4answers
419 views

What's a Letter of Credit? Are funds held in my bank for the amount in question?

Can someone easily cash one? Is it used for business only, or is there an advantage to consumers using them as well?
6
votes
3answers
199 views

Are there advantages to getting a “secured” credit card, if you have poor credit?

I've heard about "secured" credit cards - where you basically pre-pay the amount of your "credit card" limit - surely your use of this type of card is evident on your credit report, and the advantage ...
4
votes
3answers
141 views

How old must you be to apply for a bank credit card, store credit, or cash advance loan?

I am the parent to one child and one young teen, and I don't want either of them to be able to apply for credit (and potentially soil their credit ratings) before they are mature enough to take on ...