Credit Card offers- Onile savings account- personal insurance » Credit Cards http://www.cashorcredit24.com Find answers for all your financial problem Fri, 29 Apr 2011 17:58:04 +0000 en hourly 1 http://wordpress.org/?v=3.1.2 Closing a credit card account that is inactive? How much will it affect my credit report? http://www.cashorcredit24.com/closing-a-credit-card-account-that-is-inactive-how-much-will-it-affect-my-credit-report http://www.cashorcredit24.com/closing-a-credit-card-account-that-is-inactive-how-much-will-it-affect-my-credit-report#comments Mon, 26 Apr 2010 08:34:34 +0000 admin http://www.cashorcredit24.com/closing-a-credit-card-account-that-is-inactive-how-much-will-it-affect-my-credit-report credit card
jenahfah asked:


I’ve had this account for about two years, and I haven’t used it in a long time, and I’m thinking of closing it but I don’t know how it would affect my credit report. This is a secure credit card, with only a $300 limit. I have two other credit cards that I use a lot more often and I’ve been very responsible about paying bills on time.

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]]> http://www.cashorcredit24.com/closing-a-credit-card-account-that-is-inactive-how-much-will-it-affect-my-credit-report/feed 4 A good credit profile can make the difference http://www.cashorcredit24.com/a-good-credit-profile-can-make-the-difference http://www.cashorcredit24.com/a-good-credit-profile-can-make-the-difference#comments Fri, 18 Dec 2009 08:26:59 +0000 admin http://www.cashorcredit24.com/2579 build credit
A good credit record can make the difference between being happy and fulfilled on a daily basis and being depressed about your circumstances. I’m sure you would agree, if you at one time had the credit you required whereas now those days seems long gone.

I’m not just writing this while copying from some other article either, I have first hand experience, having been forced into bankruptcy two years ago.

Building my own credit rating back up on a hurry has not been my priority to be honest but I do know what it takes to get back on the right path. First though it takes a lot of patience. If you are just about to begin rebuilding your own credit you will meet with lots of frustrations and inevitable set backs along the way.

Nevertheless, building credit back up again can be done and if you follow a procedure then it becomes easier and less time consuming too.

First things first, get a free copy of your credit report, which can be found by doing a search on the internet for “free credit report” or something similar. You can also go to this website: www.AnnualCreditReport.com to get yours (I have no affiliation to the site). Check through it and make sure there are no errors on there. Its a proven fact that errors are commonplace and this alone can adversely affect your own credit rating.

If you find there are errors then you should contact the credit reporting agency who are in the position to be able to inform you as to how to go about removing them. The web address which can be used in the US is www.creditreporting.com and in the UK its www.creditreporting.co.uk and in Australia you can visit http://www.privacy.gov.au/faq/individuals/q17

Let’s now move on. Next you need to work out those areas of your current credit use that are affecting your rating the most and do something to change it, fast. One of the key things however is to make sure that you pay your bills off in time. So for example, if you have three credit cards make sure you at least make minimum payments to all three in advance of the required payment date.

Other than paying your bills on time, you need to make a list of all the things that are negatively affecting your ratings and work out a plan to tackle them. This plan does not need to be set in stone as it may be you are able to pay off more one month and maybe less the next month. As long as you keep paying off slowly and surely this is good progress to be made.

Over time, if you keep your patience and keep your wits about you, you can lower your debts while at the same time improving and rebuilding your credit.

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]]> http://www.cashorcredit24.com/a-good-credit-profile-can-make-the-difference/feed 0 What should my credit ratio be for my credit cards? http://www.cashorcredit24.com/what-should-my-credit-ratio-be-for-my-credit-cards http://www.cashorcredit24.com/what-should-my-credit-ratio-be-for-my-credit-cards#comments Thu, 29 Oct 2009 00:04:45 +0000 admin http://www.cashorcredit24.com/what-should-my-credit-ratio-be-for-my-credit-cards credit cards
soulweaponry asked:


I’ve always heard its good to keep your credit/balances at a certain ratio to improve your credit rating. What should mine be? I have 2 cards: one with a $200 limit and the other with a $250 limit. How much should i spend on each?

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]]> http://www.cashorcredit24.com/what-should-my-credit-ratio-be-for-my-credit-cards/feed 3 How your credit score is calculated http://www.cashorcredit24.com/how-your-credit-score-is-calculated http://www.cashorcredit24.com/how-your-credit-score-is-calculated#comments Wed, 28 Oct 2009 02:31:10 +0000 admin http://www.cashorcredit24.com/?p=2445 Credit score calculating is not easy, it involves complex formula. It is based on lots of information. There are infinite number of factors that the FICO score is based on. The basic purpose behind this that you should handle your credit more responsibly.

It’s usually easier to loose your points, but difficult to get it back. So you should always consider improving your score and protect them at the same time. The penalty is high if you have high score and any mistake.

The following five are the major factors that affect your credit score according to their relative level of importance. The level of importance varies with the individual score.

1. Your Payment History

This contributes about 35 percent of your credit score. Your payment history shows how responsible you are with your credit. Lenders wants to know how good you are in paying bills on time and more consistently. If you have never been late, you clean history will help maintaining good score.

2. How much you owe

This makes up about 30 percent of your score. The score is based on the total amount you owed on all accounts and how much you owe in different kind of account like credit card, personal loan, mortgage etc. The higher difference between your balance and limit, is better for your credit score.

3. How long you have had credit

This is around 15 percent of your total score. This relatively less important as compared to the previous two factors. You may have good score with a short history, but if you can maintain it for long run, that’s better. The score considers the age of your oldest account and the average age of all your accounts.

4. Your last application for credit

This is 10 percent of your overall credit score. Opening new account can lower your credit score. Opening too many accounts in short time is considered as negative sign for your financial situation.

5. The types of credit you use

This constitutes around 10 percent of your score. The FICO score gives importance on combination of different types of credit. It’s better to have mix of revolving debt like credit card and installment debt like auto loan, mortgages etc.

]]> http://www.cashorcredit24.com/how-your-credit-score-is-calculated/feed 0 What is the easiest way to consolidate credit cards w/out having to file for bankruptcy? http://www.cashorcredit24.com/what-is-the-easiest-way-to-consolidate-credit-cards-wout-having-to-file-for-bankruptcy http://www.cashorcredit24.com/what-is-the-easiest-way-to-consolidate-credit-cards-wout-having-to-file-for-bankruptcy#comments Mon, 26 Oct 2009 17:40:38 +0000 admin http://www.cashorcredit24.com/what-is-the-easiest-way-to-consolidate-credit-cards-wout-having-to-file-for-bankruptcy credit cards
Stepmom7 asked:


My husband and I have around $20,000 in credit cards and I want to get them all on one to only have one payment. Do I get another credit card and put them all on there, get a personal loan, or is there something else out there that can help us? We have good credit, so I don’t want to ruin that. Please help!!

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]]> http://www.cashorcredit24.com/what-is-the-easiest-way-to-consolidate-credit-cards-wout-having-to-file-for-bankruptcy/feed 1 How does a business start excepting credit cards that has never taken credit cards before ? http://www.cashorcredit24.com/how-does-a-business-start-excepting-credit-cards-that-has-never-taken-credit-cards-before http://www.cashorcredit24.com/how-does-a-business-start-excepting-credit-cards-that-has-never-taken-credit-cards-before#comments Fri, 23 Oct 2009 19:32:11 +0000 admin http://www.cashorcredit24.com/how-does-a-business-start-excepting-credit-cards-that-has-never-taken-credit-cards-before credit cards
Rainy asked:


we have a small business and want to start excepting credit cards as payment but don’t know where to start ?? do I call the bank or visa or master card ??

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]]> http://www.cashorcredit24.com/how-does-a-business-start-excepting-credit-cards-that-has-never-taken-credit-cards-before/feed 2 I have several paid up credit cards I want to close out, how will this affect my credit score? http://www.cashorcredit24.com/i-have-several-paid-up-credit-cards-i-want-to-close-out-how-will-this-affect-my-credit-score http://www.cashorcredit24.com/i-have-several-paid-up-credit-cards-i-want-to-close-out-how-will-this-affect-my-credit-score#comments Fri, 23 Oct 2009 15:11:57 +0000 admin http://www.cashorcredit24.com/i-have-several-paid-up-credit-cards-i-want-to-close-out-how-will-this-affect-my-credit-score credit cards
monicamellish asked:


I am working on paying off my credit cards because I am planning to retire in 3 to 5 years. Is it ok to close out these paid up cards all at one time or does it matter?

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]]> http://www.cashorcredit24.com/i-have-several-paid-up-credit-cards-i-want-to-close-out-how-will-this-affect-my-credit-score/feed 12 Credit cards already in collection and closed. Should i pay them off? http://www.cashorcredit24.com/credit-cards-already-in-collection-and-closed-should-i-pay-them-off http://www.cashorcredit24.com/credit-cards-already-in-collection-and-closed-should-i-pay-them-off#comments Fri, 23 Oct 2009 06:23:43 +0000 admin http://www.cashorcredit24.com/credit-cards-already-in-collection-and-closed-should-i-pay-them-off credit cards
J24 asked:


I have two credit cards, luckly only totalling about $1,500. Im a college student and used them for books. They are under collection and i still have the oppertunity to pay them off, which i am planning on doing anyway. BUT they are still going to be on my credit for the 7 years right? And If i pay them off, will it improve my credit rating atall, will they show up as paid off on my credit report? Or will paying them off do anything atall since they are so overdue.

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]]> http://www.cashorcredit24.com/credit-cards-already-in-collection-and-closed-should-i-pay-them-off/feed 8 How quick will paying down my credit cards affect my credit score? http://www.cashorcredit24.com/how-quick-will-paying-down-my-credit-cards-affect-my-credit-score http://www.cashorcredit24.com/how-quick-will-paying-down-my-credit-cards-affect-my-credit-score#comments Sun, 11 Oct 2009 05:01:21 +0000 admin http://www.cashorcredit24.com/how-quick-will-paying-down-my-credit-cards-affect-my-credit-score credit cards
xcr0vvx asked:


I have 2 credit cards that are both past due pretty bad. Im in the process of selling my car and i plan on putting the money from the car into the credit card debt. My goal is to get a loan for a motorcycle.

After paying down my credit cards, how quickly will my credit score be affected? Should i wait a few months?

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]]> http://www.cashorcredit24.com/how-quick-will-paying-down-my-credit-cards-affect-my-credit-score/feed 4 Which secured credit cards can you continue to add money after it is opened? http://www.cashorcredit24.com/which-secured-credit-cards-can-you-continue-to-add-money-after-it-is-opened http://www.cashorcredit24.com/which-secured-credit-cards-can-you-continue-to-add-money-after-it-is-opened#comments Sat, 10 Oct 2009 18:53:15 +0000 admin http://www.cashorcredit24.com/which-secured-credit-cards-can-you-continue-to-add-money-after-it-is-opened credit cards
littlemissmay asked:


I want to increase the limit 1000 dollars a month but I am trying to find a secured credit card that will allow me to continue to add money. After they give me the secured account I will use the money to get another secured card at another bank. Is that a good idea? I plan on saving $10,000 and making both of the cards that limit.

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