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yiyangliu58
Joined: 25 Jun 2009
yiyangliu58's page
Posts: 2
40 Magic Points
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Subject: backup credit score
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Thu Jun 25, 2009 8:17 pm
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hi ! l do have too many credit card ,since last yaer my creit scort from 740 falling to 630. and l has balance on my credit card.so how can l backup to hight score ! and if l like to buy house to be loan .can l,or can't
thankyou foryour time ! |
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yiyangliu58
Joined: 25 Jun 2009
yiyangliu58's page
Posts: 2
40 Magic Points
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Subject: hi
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Thu Jun 25, 2009 8:21 pm
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| l m unhappy to lost my way! |
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rachael
Joined: 11 May 2009
rachael's page
Posts: 244
6581 Magic Points
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Fri Jun 26, 2009 4:24 am
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Hi yiyangliu,
Off course you can get a loan to buy a home. But first you will have to improve your credit score. It is difficult to handle too many credit cards, as you have to remember the repayment dates of all the cards. In case you forget one of them, the default payment will adversely affect your score.
I would suggest that you transfer the balance (of all your cards), to the card that has the lowest interest rate. By doing this, you will have to make only a single payment every month. If you transfer the remaining balance of all your cards, into a lower interest card, you will also get rid of all your high interest cards.
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Looking forward to a debt-free life. |
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scott
Joined: 28 Jun 2006
scott's page
Posts: 462
10934 Magic Points
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Fri Jun 26, 2009 4:49 am
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Hi yiyangliu,
I agree with rachael. Credit card companies generally charge a fees for balance transfer, but transferring balance is still a good option. The reason being that you will have to pay the balance transfer fee only once, but you will have reduced payments (because of your low interest on your card), from your next billing cycle onwards.
There are 5 steps you should follow to transfer the balance of all your cards to the one that has the lowest interest rate. They are as given below:
1) Make the minimum payment for the cards from which you are transferring balance.
2) Fill out the balance transfer form of the card into which you are transferring balance.
3) The CC company will inform you that the balance has been transferred.
4) You should confirm whether the billing statement of the cards shows $0 balance.
5) You should contact the card issuer and send them a written letter to close the accounts.
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SCOTT
Use your credit account responsibly and enjoy a debt free life. |
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internet15
Joined: 16 Apr 2009
internet15's page
Posts: 51
2439 Magic Points
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Fri Jun 26, 2009 10:03 am
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Your credit score will go up immediately as you pay off your debt, as soon as it's reported to a credit bureau. I paid off one credit card and my score went up within 24 hours. Your credit report will show your previous debt for 7 years, but it will show it as paid off. After 7 years when it's gone from your credit report, you're credit score will go up even more. Keep up the good work!
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Free Credit Repair|Fast Payday Loans |
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