Credit Cards
Bright idea! Regina firm hopeful first credit card reader for PCs will result in big payoff.: An article from: SaskBusiness [H] [T] [M]
Paul Martin (Digital) Sunrise Publishing Ltd. 2009-02-01
Release date: 2009-07-07
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Answers
I would like to negotiate a lump sum payoff with a credit card co. myself. Not interested in all the companies willing to do it for me. I would like tips advice or experiences with this situation please and thanks.
Do NOT work with a third party when settling on your debts.
Third parties will let your account get charged off as a bad debt, which stays on your credit report for up to 10 years.
Banks legally have the right to collect on their debts for up to 7 months. Upon the last day of the 7th month the debt gets 'charged off.' In other words the debt is written off as a bank loss. This has severe consequences on your credit report and may end up for legal problems later.
Instead the further your account falls delinquent, most banks are willing to settle to cut their losses. 2~3 months past due is probably 75%, 4-5 months are typically 50%, 6-7 months can be anywhere from 40-25% depending on the bank.
One thing to keep in mind if you want to settle on an account is to make sure you don't have any recent charges or have any cash advances. Both of those hurt your chances of the settlements being approved.
If you carry a balance on one or more credit cards, you're not alone: according to the Federal Reserve, nearly half of American families do ...
In other words, a payoff calculator which will allow you to put in multiple credit cards and also the dates at which the interest rate will go up i.e. introductory rates end
I am wanting to buy a new vehicle but before I do so I am wanting to pay off all my credit cards so that I will have less debt out and a better score. The only question is I heard that Capitalone takes longer to report Payoffs, Is that true and how long do they take?
Paying off all your credit cards will not necessarily increase your scores and if you close out the accounts that will actually hinder your scores. This is because you will not be showing any active credit. The best way to increase your scores is to keep your balances below 50% of your credit limit and make you payments on time. Also limit the # of times you run your credit. As far as when a Creditor (capital one) will update your credit report they report to the 3 major credit bureaus every 30 days. If you call them and ask them when is the next time they will be updating the information with the credit bureaus they can usually supply you with that information.
Due to a family tragedy, my husband and I are currently in $26,000 of credit card debt. All of the payments are current and the cards are paid on time with the accounts still open (we are not still charging, though). We are looking to seriously pay this down before the interest eats us alive. My husband wants to take out a bank loan and pay the cards off that way, but I am wondering about the debt consolidation programs you hear about (I know some of those are scams and some are real). Any advice or experience?
A bank loan will require some form of collateral, like a house. If you can't pay the loan, you lose the house.
Debt consolidation will trash your credit score.
You are better off negotiating with each credit card. Mention to them that you may have to declare bankruptcy due to the high rate and could they lower the rate. In most cases, they would do that.
My house has appraised at 165K and I owe 129K. I want to refinance 150K and payoff my credit cards. Is this possible? I have been paying all my bills on time. My credit scores are from 635-720 depending which report you pull up.
I guess I should have said I HAVE to refinance. It's an ARM and I am paying 8.9 % I really want to payoff my cards which are at 12 %
don't do it; your mortgage is a secured loan, the credit cards are not secured loans....do not refinance your home to pay off the credit card debt..don't do it....leave them as unsecured debt ......if you want to refinance your home because you can get a much lower interest rate and lower terms (i.e., 20 years, 15 years) do it....but don't roll credit card debt into your home
How Can You Pay Off a Home Mortgage 10 Years Sooner By Getting Rid ...
Everyone is always looking to save money one way or another. This is especially true with their biggest bill of all, the house payment.
But is there a way to do this without having to cut back on the things that they really like to do?
For some homeowners it is a reality and the savings are, quite frankly, nothing short of amazing. The simplicity of this plan is laughable, and, at the same time, a stroke of genius. Here it is:
"Replace The Checking Account with A Home Equity Line Of Credit and It Will Save A Ton of Money."
That is pretty much it, but let's breaks it down a bit more.
A Home Equity Line Of Credit (HELOC) has 2 unique features that no other home loan offers that make this possible. They are:
...News
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msnbc.com - Dec 28, 2009
Start by estimating how quickly you plan to pay off the balance. Then figure out the interest charges you'll incur to keep the balance on your existing card and more »Los Angeles Times - Dec 27, 2009
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Northwest Herald - Dec 28, 2009
“Those who have already overextended need to put the credit card in a drawer,” Bronton said. “Don't carry it, and don't use it.” “Figure out how much youLos Angeles Times - Dec 27, 2009
Answer: If you pay for the rental with a gold or platinum credit card, you may well be covered for "loss of use" charges while the car is being repaired.Wall Street Journal (blog) - Dec 24, 2009
The government alleges Sujata Sachdeva embezzled company funds to pay off her personal American Express credit-card charges for the purchases of furs, Investigators Return To Home Of Woman Accused Of Embezzlingall 223 news articles »Philadelphia Inquirer - Dec 28, 2009
I hoped that the loan would go through in time to pay off the card balance without carrying it forward an extra month. Normally, I was told, a refinancing and more »