Credit Cards

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I have a capital one card and I just got anothe credit card that is a visa. This new card isn't a very popular company because I don't have good credit so i was wondering does it still look good that I have credit cards and making my payments? Thanks

Best Answer

This factor carries the highest weight in your credit report. How steadfast are you in repaying your loans, makes your credit report shine. Experts claim that this factor alone accounts for 35% of points in your credit score. So, if you falter on repayment front it is sure to be reflected poorly on your credit score. Outstanding debt The next comes your debt burden. How much you owe is a factor that according to experts carries about 30% weight in your credit score. This is 30% is based upon outstanding debt. To get a better score it is advised that you keep your outstanding debt to a minimum. Read more from: http://www.credit-card-gallery.com/article/ 204,5_critical_factors_affecting_your_credit_ score

I dont really no anything about credit cards but i need 10,000 pounds. I have a few questions. 1. how mnay credit cards can you have? 2.when do you pay back the money? 3.how much money can you get from a credit card? 4. is it essentially like getting a loan? 5. I dont really understand where the money is from, i mean does it go into your bank acoount? So can you go take out the money in cash from your bank account? So then if i need 10,000 couldnt i just get 10 credit cards and get 1000 pounds from each of them out? How much would i be paying back to each a month? Do you have to get the cards from different banks? I know 10 sounds confusing but im only doing this becuase its to hard trying to find a loan and i really need the money!

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Will closing out my credit cards (after I have paid them off) hurt my credit? I have (in order I recieved them) Capitol One, Chase, Providian, Applied Card Bank, Aspire Card Bank, Orchard Bank, and Wal-Mart. I am closing out Applied, Aspire, and Orchard. I am keeping Capitol One and Chase because they are my longest (I heard you need to keep your oldest) and I am keeping Providian because it has my highest credit limit (I was told you need at least ONE card with a good credit limit) and I am keeping the Wal-Mart card just because. I haven't used any of them in over three months and I have been working on paying them off (I am down to half the balance on all of them). I want to close out those three once I've paid them off but I am curious on if it will hurt my credit to have them closed? If it does hurt my credit, will having the others (on zero balance or paid off every month) help it more then closing will hurt it? Thanks!!!! Capitol One was my first credit card and I have NEVER had problem with them! They are my favorite!

Best Answer

Closing accounts can sometimes hurt your rating. See the first link below. You are right in keeping your oldest accounts open, as your credit score is partially based on how long you have had credit. The second link is Yahoo's information on improving your credit rating. The third link is Motley Fool's information on improving your credit rating. Good luck!

I've never wanted or needed to apply for a credit card in my life. however my fiance and I are planning to buy a flat in the next 6-12 months and realise that I'm going to need to improove my credit (apparently never owing money is a bad thing). My question is what's the best and safest way to build up credit, are credit cards used as a supplement to debit cards and if you are in credit on your credit card do you earn interest? I know I sound a bit thick but honestly don't have a clue about these things!!

Best Answer

I do not know of a single credit card that earns you interest on a credit balance. That doesn't mean there aren't any. Good luck finding one, but I'm not sure that will count a lot to establishing credit worthiness. Before creditors lend money, they need to be assured that the funds will be repaid. In other words, is the prospective borrower creditworthy? How to Establish Credit Begin by opening individual savings and checking accounts in your name. Over time, your deposits, withdrawals, and transfers will demonstrate that you can handle money responsibly. Applying for a loan is another option, but be aware that this method of establishing a credit history will cost, since loans require the payment of interest. You could take out a bank loan secured by the funds you have on deposit or by items you own, such as a car. You could also ask a friend or relative who has good credit to cosign a loan, which means that he or she shares liability for the loan with you. You could also apply for department store and gasoline credit cards, which generally are easier to obtain than major credit cards. Before you apply for any credit, however, make sure you understand the terms. For example, how long is the grace period or the time you have to pay the current balance in full before finance charges are added? Is there an annual fee or other fees associated with the credit? If you believe that you will carry a balance, you need to know how finance charges are calculated. Patience is important in this process. It takes time to establish credit and build a record of consistency in making payments to demonstrate your creditworthiness. And it is much better to go slowly and develop a strong credit record than to apply for too many credit cards or a loan that is larger than you can handle. Start slowly, be cautious, keep track of your overall debt, and pay on time. Most importantly, remember that credit actually represents real money and has to be repaid with interest.

How much is too much credit cards? bank credit cards -and- store credit cards? and which percentage should i look for to compare cards and see which one is better and has low interest? any opinion? thank you guys for all your comments; i will mention a bit more details; i already one card from MBNA (with $150 balance on it) and one from HSBC ($0) -but- i also have cards from kohls ($50), target($50), nordstrom ($0), best buy ($0) and macys ($0). what you guys think?

Best Answer

You can check here: http://www.edealinfo.com/creditcard/ The most popular ones are Citi Dividend Platinum Select MasterCard and Chase Cash Plus Rewards Visa Card. Both have no annual fees, 5% cash back on grocery stores, drug stores and gas stations, 1% on other purchases. The only difference is that Citi Dividend has a $300 limit on cash back per year. Having too many cards increases the possibility of identity theft and stolen credit cards, and most likely you will lose check of them. You don't really need specific credit cards for specific stores/purposes if you don't spend that much on them, because the benefit difference is not that much.