Posts Tagged Interest Rates
Can you help me get out of my massive credit card debt?
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
Is it a wise decision to consolidate credit card debt with a personal loan?
Posted by admin in Personal Finance on December 29, 2010
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
Totally Free Credit Report – View Your Credit History the Best and Most Cost Effective Way Possible
Many people are interested in monitoring their credit profile for various reasons whether it be for a loan, identity theft, or simply out of curiosity. One of the best way to view your credit score is by going online and obtaining a totally free credit report. Most credit experts out there advise that one looks at their personal credit report on a quarterly basis, once every 3 months. That way you will understand exactly what is going on with your personal profile.
It is very important to know what takes place with your credit history. Many who don’t care have found it shocking to see decreases in their scoring because of changes that can occur such as credit limits dropping, interest rates raising, or someone stealing your identity and maxing out your cards. This all can and has happened before without the card holder knowing for months simply because they did not care to check.
The internet offers a variety of ways to check your credit profile, some of which are site that can give you a totally free credit report. You may have to cancel between a select amount of days to make sure they do not bill you for the next month but it is definitely worth it. If you were to call your local bank or mortgage broker they will pull your credit but it will cost money and deduct points because it would be considered a hard pull. By doing it yourself you are able to view it without having to lose points from you score and you might even be able to do it for free!
Jerry
How Your FICA Score Effects Your Personal Credit History
Understand Your Credit
Trying to understand how credit works can be frustrating. Most people do not even know where to begin when trying to identify their personal credit rating. There are three major credit bureaus that report your credit status. These three credit bureaus are Equifax, Experian and TransUnion. All three also keep your FICA or credit score. This score can give you the best idea of how your credit ranks.
FICA…What Is It?
FICA scores range from 375 to 900. In general, the higher your credit score the better you will be able to obtain credit. A FICA score under 620 makes obtaining credit difficult. You should identify what your score is and if it isn’t a good number you should then work on making it better. Creditors use your FICA score to determine whether to give you credit and sometimes base interest rates on this score. It is a very important number to know.
Your FICA Score
To determine your credit score you should request your credit report from the three major credit bureaus. The new legislation passed that allows you one free credit report every twelve months does not require the credit bureau to give you your FICA score, so you will probably have to pay for these reports. The contact information for each bureau is as follows:
Equifax 800-685-1111 http://www.equifax.com
Experian 888-397-3742 http://www.experian.com
TransUnion 800-916-8800 http://www.transunion.com
You should receive a copy of your personal credit report that includes your FICA score. Your FICA score is listed along with a comparison to the general population. This lets you know where you fall on the scale from excellent to poor. The credit bureau may include information as to why your score is not higher. Once you have your score you can then determine what you need to do to make it higher.
Raising Your Score
Some simple things can be done to help raise your FICA score. Paying your bills on time, keeping a small amount of unused credit available, keeping your debt low, and avoid inquires to your credit report can all help improve your credit score. Some things like, length of credit history, length of time on your job, and length of time at residence are things you can do nothing about, but that will also affect your FICA score. Practicing good credit methods will help you to obtain a better FICA score.
If you are worried about your personal credit you should really check out your FICA score. Then work to improve it. It may take time, but everyone has the ability to have good credit.
Scott
How will a bad credit loan look on my credit?
Will getting a bad credit loan to pay off some credit cards look bad on my credit history? Does it show up as just a new account when my report is checked? If it does have an adverse effect, is it worse than being extremely behind on my credit cards? I know the interest rates are very high, but thats alright with me.
Also, any suggestions where to get a bad credit loan? I guess it would be a personal loan.
Thanks you in advance!!!!
Eugene
does this sound like a skam?
Posted by admin in Other - Internet on August 27, 2010
If this invoice has been paid for and you have received your item(s), we apologize. Please contact us so we can update your account.
As an Ebay Shopper, you may have a misunderstanding of the manner in which winning auctions that have become seriously past due are handled. We are a High Ranking Ebay Power Seller and list 100′s of auctions a day. Non Paying Bidders are a serious problem for us and cost us a tremendous amount of money in lost revenue and ebay fee’s. Because of this, we handle Non Paying Bidders in a different way than other smaller sellers.
We have contracted the services of RELIABID and the Collection Agency of HUNTER-WARFIELD to try and recoup these losses.
These are real companies and you can verify them at their websites.
http://www.reliabid.com/public/collection_process.html
https://collectnow.hunterwarfield.com/public/
I am not going to attempt to think of some clever phrase to get your attention. Neither do I wish to embarrass, intimidate or do any of the nasty things that are often done to encourage payment.
I am merely informing you that your account has reached a point where it must be turned over for Aggressive Collection.
You can read for yourself on the Reliabid.com website the process of collections and I will summarize it for you. Once it is turned over to the collection agency of Hunter-Warfield you will be treated as a Non Paying Customer of our business as if you walked into our store, purchased that item on credit and didn’t pay your outstanding bill. Your acquired information from Ebay will be placed in a National Skip Trace Database were more personal information will be obtained. At that point Hunter-Warfiled can and will place this non payment of your delinquent account on your Personal Credit Report. This may effect your credit score and may cause your interest rates to rise on your credit cards and loans and may even prevent you from getting new ones.
Hunter-Warfield will give you an option to avoid this drastic and final step by making a full payment or a final payment of 20% of the winning bid + $10.00.
We do not want to see this happen. We are offering you a way to avoid all this mess and make a flat rate payment of $19.99 to cover our losses and close your delinquent account before it goes to collections.
We want to make this as easy as possible.
How to Submit Payment:
Please go to paypal.com . Log into your paypal account. Click the Send Money Option and send $19.99 to restockingfee@ebaybuynow.com
Please copy and past your auction information from the top of this email into the Note Section of the paypal payment so we have your correct account information.
Your name will be removed from the collections list and your account will be closed.
If you do not understand how to send a payment and have a paypal account, please reply to this email asking us to send you a paypal request and the email address to send it to.
If you do not have a paypal account or have problems making payment, please reply to this email and request another form of payment.
If we do not receive a reply to this email we can only assume that you are not willing to settle your account and we will have no other choice but to turn it over to collections.
Once again, if this invoice has been paid for and you have received your item(s), we apologize. Please contact us so we can update your account.
Sincerely,
Billing Dept.
eBay-vividcam
43301 Osgood Road
Fremont, CA 94539
FINAL NOTICE. 5 DAY NOTIFICATION OF PAYMENT REQUIRED.
THIS IS NOT A SPOOF EMAIL.
CC: Realibid.com
CC: Collectnow.hunterwarfield.com
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Jacob