Posts Tagged Credit Debt
Are personal finances an indication of potential fiscal responsibility in office?
brickity hussein brack asked:
If they are what does that say about John McCain and his outrageous credit card debt?
If they are what does that say about John McCain and his outrageous credit card debt?
http://thehill.com/campaign-2008/mccains-report-more-than-100000-in-credit-card-debt-2008-06-13.html
This guy is married to $100 million, and is still putting off paying his credit cards? Maybe he’s taking the “I’m old, maybe I can just spend like no tomorrow because I’ll be dead soon” approach to personal finance. If he does that with his own finance, who’s to say he won’t do it in the White House?
Meanwhile, Barack and Michelle are carefully setting money aside for their children’s education down the line.
Alice
Debt Management Plan (DMP) vs. getting a personal loan?
awilliams365 asked:
I have credit card debt and want to know which option is more favorable (or if they are about the same). Also, will a DMP look bad on my credit report?
Betty
I have credit card debt and want to know which option is more favorable (or if they are about the same). Also, will a DMP look bad on my credit report?
Betty
I need a personal loan for $3000 over 12 months – have little credit, but am current on all payments. Help?
mstatl asked:
I’m having some trouble finding a personal loan for about $3000 to eradicate my credit card debt. I have been in the country for a year, and have had a difficult time getting credit/established. I’m a full-time employed professional, and although I have made more than the minimum payment on my cards every month, and have been on time with all payments, i’m still having trouble getting credit. I have checked my report, and there are no apparent issues. I have a plan to pay these debts off myself within the next six months, but would like to do it sooner if possible. If anyone can reccommend a lender who could help in my situation, i’d greatly appreciate it. Thank you!
Shannon
I’m having some trouble finding a personal loan for about $3000 to eradicate my credit card debt. I have been in the country for a year, and have had a difficult time getting credit/established. I’m a full-time employed professional, and although I have made more than the minimum payment on my cards every month, and have been on time with all payments, i’m still having trouble getting credit. I have checked my report, and there are no apparent issues. I have a plan to pay these debts off myself within the next six months, but would like to do it sooner if possible. If anyone can reccommend a lender who could help in my situation, i’d greatly appreciate it. Thank you!
Shannon
Personal Credit Report Rating – 3 Tips to Improve Score
Carrie Reeder asked:
Your personal credit report score largely determines the rates you can
qualify for with most types of credit. The higher your score, the
better rates you can get. To find your score, you can request it from a credit monitoring service or credit reporting agency. Most credit monitoring companies will provide it free with an introductory offer, but you will have to pay for it from a reporting agency.
With hundreds of factors determining your credit score, there are many
ways
to improve it. The follow three are the quickest ways to boost your
numbers.
1. Pay Off Short Term Debt
The less debt you have, the better your score. Actually, creditors look
at
your debt to income ratio. They also rate debt differently. So credit
cards
are seen as more negative that college loans or a mortgage.
Focus on paying off short term debt first, like credit cards. Paying
off the
other debt can come later. However, having credit cards and making
regular
payments is better than having no credit.
2. Spread Debt Around
Not only do lenders look at your general debt load, they also consider
specific accounts. Maxing out any account is seen negatively. It is
better
to spread that debt around to multiple accounts. Most advisors suggest
having no more than 30% to 50% of a line of credit in use.
Be hesitant to open a new credit card account though if you are
planning to
apply for a mortgage or car loan. Opening new accounts can also
temporarily
hurt your score.
3. Close Newer Accounts
While you are looking at your credit report, consider closing some of
your
unused, newer accounts. The more credit you have available, the less
new
credit you can get – even if you aren’t using it. However, the longer
you
have an account, the better your credit score.
One way to get around this is to close accounts, then wait a couple of
months to apply for a loan. This will give time for your credit score
to
jump back.
There are no quick fixes to credit scores. Time and good credit habits
are
the surest ways of getting to good credit standing and low rates.
Harvey
Your personal credit report score largely determines the rates you can
qualify for with most types of credit. The higher your score, the
better rates you can get. To find your score, you can request it from a credit monitoring service or credit reporting agency. Most credit monitoring companies will provide it free with an introductory offer, but you will have to pay for it from a reporting agency.
With hundreds of factors determining your credit score, there are many
ways
to improve it. The follow three are the quickest ways to boost your
numbers.
1. Pay Off Short Term Debt
The less debt you have, the better your score. Actually, creditors look
at
your debt to income ratio. They also rate debt differently. So credit
cards
are seen as more negative that college loans or a mortgage.
Focus on paying off short term debt first, like credit cards. Paying
off the
other debt can come later. However, having credit cards and making
regular
payments is better than having no credit.
2. Spread Debt Around
Not only do lenders look at your general debt load, they also consider
specific accounts. Maxing out any account is seen negatively. It is
better
to spread that debt around to multiple accounts. Most advisors suggest
having no more than 30% to 50% of a line of credit in use.
Be hesitant to open a new credit card account though if you are
planning to
apply for a mortgage or car loan. Opening new accounts can also
temporarily
hurt your score.
3. Close Newer Accounts
While you are looking at your credit report, consider closing some of
your
unused, newer accounts. The more credit you have available, the less
new
credit you can get – even if you aren’t using it. However, the longer
you
have an account, the better your credit score.
One way to get around this is to close accounts, then wait a couple of
months to apply for a loan. This will give time for your credit score
to
jump back.
There are no quick fixes to credit scores. Time and good credit habits
are
the surest ways of getting to good credit standing and low rates.
Harvey
Am I personally liable for my company’s debt?
Posted by admin in Corporations on October 30, 2009
heavyd asked:
I incorporated my company in Nevada last year then applied for several line of credits. My corporation is a C-corp. I used an agency to help me applying for the line of credits and according to them, I’m the personal guarantor of the debt even though the line of credits will not appear on my personal credit reports. Business is not going to well so I’m thinking about folding my corporation. If I am not able to pay for all the corporate credit cards’ debt, will it affect my personal credit score?
ERIK
I incorporated my company in Nevada last year then applied for several line of credits. My corporation is a C-corp. I used an agency to help me applying for the line of credits and according to them, I’m the personal guarantor of the debt even though the line of credits will not appear on my personal credit reports. Business is not going to well so I’m thinking about folding my corporation. If I am not able to pay for all the corporate credit cards’ debt, will it affect my personal credit score?
ERIK
Does marriage effectively tie your credit with your spouse’s?
Gretchen K asked:
Let’s say two people are getting married. They both have good credit, hurray! The wife keeps her maiden name. They have separate checking accounts, credit cards, and have utilities, etc. in separate names. They currently do not own a home together.
Let’s say two people are getting married. They both have good credit, hurray! The wife keeps her maiden name. They have separate checking accounts, credit cards, and have utilities, etc. in separate names. They currently do not own a home together.
From here on out, are their credit histories totally tied? If someone runs a credit check on her, does it also bring up his credit report? Or are the two credit reports meshed into one?
And what happens if one of them starts to run up credit card debt? If the husband does this in his name with his own card, will his debt also affect the wife’s personal credit rating?
ASHLEY