Posts Tagged Credit Debt
Can you help me get out of my massive credit card debt?
Nick asked:
I have about 7500 in credit card debt. I know this may not seem like a lot to some people, but I’m only 24 and I bought a truck that I probably shouldn’t have and the payments on that are what’s killing me. I’ve decided that the last thing I want to do is get rid of the truck. I have fallen behind on some of my payments and am acquiring late fees and higher interest rates, and my credit is being shot to hell in a hurry. I have applied for several personal loans to pay off my credit cards and get one lower monthly payment, but I’ve been denied every time because of my poor credit. I don’t really want to go through a credit counseling service yet, because that shows up on my credit report and will further reduce my score. I have worked thorugh my budget with a fine tooth comb and I’ve done calcualting with differnt loan terms/interest rates/etc. and I know I can afford one, but how do I get one? Any advice you can give would be greatly appreciated.
I would appreciate worthwhile answers only, please. I’ve only had the truck since March, so my loan would be way upside down, and with my credit what it is now, I wouldn’t get anything reliable for the loan I’d get.
April
I have about 7500 in credit card debt. I know this may not seem like a lot to some people, but I’m only 24 and I bought a truck that I probably shouldn’t have and the payments on that are what’s killing me. I’ve decided that the last thing I want to do is get rid of the truck. I have fallen behind on some of my payments and am acquiring late fees and higher interest rates, and my credit is being shot to hell in a hurry. I have applied for several personal loans to pay off my credit cards and get one lower monthly payment, but I’ve been denied every time because of my poor credit. I don’t really want to go through a credit counseling service yet, because that shows up on my credit report and will further reduce my score. I have worked thorugh my budget with a fine tooth comb and I’ve done calcualting with differnt loan terms/interest rates/etc. and I know I can afford one, but how do I get one? Any advice you can give would be greatly appreciated.
I would appreciate worthwhile answers only, please. I’ve only had the truck since March, so my loan would be way upside down, and with my credit what it is now, I wouldn’t get anything reliable for the loan I’d get.
April
How to Arrange Credit Checks on Individuals
Chris J Anderson asked:
The credit check is very important step for back ground check in HR. The credit worthiness of some candidate can have significant importance in the decision of hiring especially if there is some unexplained area. The access of credit check is however not that easy, there are easy to understand legal requirement regarding the privacy of person to protect the personal credit history. The request to bank for credit check can include the following documents.
1- Request for obtaining Credit Report
2- The key information (simple or comprehensive report)
3- Permission for obtaining the credit report (endorsed by the future employee)
The legal requirements for the check in case of employee assessment is that the person should endorse in writing the request for the credit report. The reason for issuance of this information might be to obtain the honesty and credibility of the future employee. The bank however should provide the partial credit information not the complete credit history of employee.
If some decision like promotion is done based solely on the report, the legal requirement is there to disclose that information to the employee. This will automatically give him the right to challenge if he is not satisfied.
There are some cases where the other person can easily have the access to the personal information especially the credit reports; these include the case where the person might have given the power of attorney to bank for obtaining it. The minor, children and legal hires can obtain the credit reports, the procedure will be to send a request with due documents attached stating the reason of obtaining this information.
The exceptional cases for obtaining of the credit report can also include the credit report relating to some transaction to assess the credit worthiness, for example the credit checks done for the re mortgage or credit debt settlement cases.
Another similar situation where the credit can be requested is in case of insurance, or assessment for credit worth for underwriting purpose. This request is normally provided to the bank with due reason, so in return the bank shares the particular information with the insurance company or the other financial institution involved.
The eligibility of someone for obtaining some official benefit can also be attached to it. The government benefits and licenses are some times attached to certain income groups, as the result the agencies responsible for dispersal of these benefits can ask for the credit report too.
Elaine
The credit check is very important step for back ground check in HR. The credit worthiness of some candidate can have significant importance in the decision of hiring especially if there is some unexplained area. The access of credit check is however not that easy, there are easy to understand legal requirement regarding the privacy of person to protect the personal credit history. The request to bank for credit check can include the following documents.
1- Request for obtaining Credit Report
2- The key information (simple or comprehensive report)
3- Permission for obtaining the credit report (endorsed by the future employee)
The legal requirements for the check in case of employee assessment is that the person should endorse in writing the request for the credit report. The reason for issuance of this information might be to obtain the honesty and credibility of the future employee. The bank however should provide the partial credit information not the complete credit history of employee.
If some decision like promotion is done based solely on the report, the legal requirement is there to disclose that information to the employee. This will automatically give him the right to challenge if he is not satisfied.
There are some cases where the other person can easily have the access to the personal information especially the credit reports; these include the case where the person might have given the power of attorney to bank for obtaining it. The minor, children and legal hires can obtain the credit reports, the procedure will be to send a request with due documents attached stating the reason of obtaining this information.
The exceptional cases for obtaining of the credit report can also include the credit report relating to some transaction to assess the credit worthiness, for example the credit checks done for the re mortgage or credit debt settlement cases.
Another similar situation where the credit can be requested is in case of insurance, or assessment for credit worth for underwriting purpose. This request is normally provided to the bank with due reason, so in return the bank shares the particular information with the insurance company or the other financial institution involved.
The eligibility of someone for obtaining some official benefit can also be attached to it. The government benefits and licenses are some times attached to certain income groups, as the result the agencies responsible for dispersal of these benefits can ask for the credit report too.
Elaine
Credit Rating Improved in 30 Days
Mike Clover asked:
Did you know you can improve your credit rating in 30 days? Most people don’t know what to do to get their rating up quickly. There are some tricks you can do to your personal credit report to increase your credit score with ease. In this article I am going to discuss how you can do this within 30 days. Keep in mind while you are doing this process I am about to discuss make sure you are not charging up your credit cards, and make sure you are not late on any of your obligations that report to all 3 credit bureaus.
Paying down credit card debt
Since amount owed on debt that reports to credit bureaus accounts for 30% of your overall credit score, this is what we will attack first. This is the quickest way to increase your credit rating if you are about to make a purchase and need that credit score higher. If you have some money in savings, take that money and pay down any credit cards that are above 30% of your allowed credit limit. If you can pay them off, your credit rating will sky rocket. Let’s assume you can’t pay them off, make sure you pay down the credit cards that have the highest balance owed.
Increase your credit card limits
This is a little trick that I have done for myself. I have increased credit limits at times when I did not have the money to pay down my debt at the time. The trick is to get your credit card balances below the 30% allowed credit limit threshold. Typically when you do this you will see about a 20 to 30 point increase in your overall credit rating. I know it sounds crazy to increase your credit limit on credit cards to get your score up, but it will do the job.
Get a letter to delete collections from creditor
If you have not done a credit check lately go ahead and do so. Once you have got a copy of your credit report with all 3 credit scores, look at it and determine if you have anything that has gone to collection. Always start with the most recent collections and small balances owed first. Typically medical and apartment collections are the easiest to get removed from a credit report. The reason is the collection companies usually are more willing to give you a letter once paid or settled to remove any record from TranUnion, Equifax and Experian. Once you have paid in full or settled on debt, make sure the collection company gets you a letter to delete. After you receive this letter you send a copy of the letter to all three credit bureaus to remove any record of the collection. This process will increase your credit rating around 10 to 15 points, depending on how many collections you get a letter for.
Once you have gone through this entire process make you do a credit check to see where you stand after 60 days. The results will surprise you because you will have an increase in your overall credit rating.
Veronica
Did you know you can improve your credit rating in 30 days? Most people don’t know what to do to get their rating up quickly. There are some tricks you can do to your personal credit report to increase your credit score with ease. In this article I am going to discuss how you can do this within 30 days. Keep in mind while you are doing this process I am about to discuss make sure you are not charging up your credit cards, and make sure you are not late on any of your obligations that report to all 3 credit bureaus.
Paying down credit card debt
Since amount owed on debt that reports to credit bureaus accounts for 30% of your overall credit score, this is what we will attack first. This is the quickest way to increase your credit rating if you are about to make a purchase and need that credit score higher. If you have some money in savings, take that money and pay down any credit cards that are above 30% of your allowed credit limit. If you can pay them off, your credit rating will sky rocket. Let’s assume you can’t pay them off, make sure you pay down the credit cards that have the highest balance owed.
Increase your credit card limits
This is a little trick that I have done for myself. I have increased credit limits at times when I did not have the money to pay down my debt at the time. The trick is to get your credit card balances below the 30% allowed credit limit threshold. Typically when you do this you will see about a 20 to 30 point increase in your overall credit rating. I know it sounds crazy to increase your credit limit on credit cards to get your score up, but it will do the job.
Get a letter to delete collections from creditor
If you have not done a credit check lately go ahead and do so. Once you have got a copy of your credit report with all 3 credit scores, look at it and determine if you have anything that has gone to collection. Always start with the most recent collections and small balances owed first. Typically medical and apartment collections are the easiest to get removed from a credit report. The reason is the collection companies usually are more willing to give you a letter once paid or settled to remove any record from TranUnion, Equifax and Experian. Once you have paid in full or settled on debt, make sure the collection company gets you a letter to delete. After you receive this letter you send a copy of the letter to all three credit bureaus to remove any record of the collection. This process will increase your credit rating around 10 to 15 points, depending on how many collections you get a letter for.
Once you have gone through this entire process make you do a credit check to see where you stand after 60 days. The results will surprise you because you will have an increase in your overall credit rating.
Veronica
Is it a wise decision to consolidate credit card debt with a personal loan?
Posted by admin in Personal Finance on December 29, 2010
likewhoa84 asked:
I recently graduated college and was unemployed for several months afterward. My savings, etc, quickly ran dry, and I began carrying a credit card balance to live. I’ve begun working (finally), but my credit card balance is quite high now. The interest rates on my two cards range from 11.9% to 16.9%.
I recently graduated college and was unemployed for several months afterward. My savings, etc, quickly ran dry, and I began carrying a credit card balance to live. I’ve begun working (finally), but my credit card balance is quite high now. The interest rates on my two cards range from 11.9% to 16.9%.
I’ve just finished paying for my car, so I now own it outright. The resale value is fairly high. I think I can get a personal loan through my bank to pay off my credit cards, especially if I use my car as collateral, at a rate of 8.9%.
I’m sure these compound differently, but I just don’t know enough about it to compare the costs. So, three questions:
1 – Would it save me money (in interest) to pay off the higher interest credit card balances with a personal loan through my bank?
2 – Is it wise to use my car as collateral?
3 – Does a personal loan “look better” on a credit report, compared to credit cards with high balances?
Thanks in advance!
Minnie
Credit Repair help! I have paid every bill owed on my credit report, meaning I am debt free, READ ON?
Utopia asked:
however even though all my debts are paid
(what a great feeling)
my credit report is a mess because these lousy creditors have not updated my report. So in reveiwing my report I am so over whelmed by the amount of items that are incorrectly reported, that I know have to fix. I simply do not have time to do this myself between work and school.
however even though all my debts are paid
(what a great feeling)
my credit report is a mess because these lousy creditors have not updated my report. So in reveiwing my report I am so over whelmed by the amount of items that are incorrectly reported, that I know have to fix. I simply do not have time to do this myself between work and school.
Does anyone know of a trust worthy compnay that can do this for me, please list a company that works to get these items either off my report or at least updated as paid.
Please list a company that you have had personal expirience with and can be relied on.
Ellen
Should I not pay taxes if I am paid with personal checks, and my employer does not report them?
Posted by admin in United States on September 5, 2010
kanshefle asked:
I am paid with personal checks, so I suppose technically I am an independent contractor. No taxes are taken out of the checks, so I have been saving 30% of each that I receive for taxes. I know it’s risky, but should I not pay taxes for the personal checks I have received if my employer does not report them? Would the IRS bother me (anytime soon) for $7000? I figure if they come after me years later, I can just negotiate and get on some sort of payment plan then. I really would rather use the money I have saved up to pay off my credit card debt. WaMu and Citibank have to be worse than the IRS, right?
Emma
I am paid with personal checks, so I suppose technically I am an independent contractor. No taxes are taken out of the checks, so I have been saving 30% of each that I receive for taxes. I know it’s risky, but should I not pay taxes for the personal checks I have received if my employer does not report them? Would the IRS bother me (anytime soon) for $7000? I figure if they come after me years later, I can just negotiate and get on some sort of payment plan then. I really would rather use the money I have saved up to pay off my credit card debt. WaMu and Citibank have to be worse than the IRS, right?
Emma