Debt Consolidation

Credit Score: Is there anyway to get rid of credit without negatively affecting your score?

Have a few credit cards with high rates that we no longer use. Is there anyway to get rid of a ,000 credit limit on a card that has a zero balance without killing our ‘excellent’ credit scores?

We would like to increase the limit on our lower interest rate credit cards, but have not been allowed to due to outstanding limits on existing credit cards.

Tags: credit scores, interest rate, rate credit cards, zero balance

How to repair credit to purchase a home in the near future?

I have read through a lot of the questions that have already been asked but I have yet to find exactly what I am looking for. I have been slowly but surely paying off some of the items on my credit report, all of which are delinquent by several years. My current credit score according to Experian’s Triple Advantage is a 548, and I would really like to increase my credit score by atleast one hundred points so I can purchase my first home in the very near future. I recently contacted a realtor who pulled my credit report and showed my high end credit as 614, mid of 610, and low of 598. I don’t quite understand why none of these numbers match what I am showing on my active Triple Advantage account, but I was told to wait atleast six more months and try to apply for a home again. I was approved on this attempt, but for ,000 less than what I need and the interest rate was 7.5%.

If anyone has any advice or words of motivation for me I would greatly appreciate it! Thanks all!

Tags: advantage account, credit report, credit score, experian, interest rate, realtor, who pulled my credit, words of motivation

What is the best way to pay off credit card debt?

I’ve heard of companies like cureadebt.com that will settle your credit card debts for 70% of the amount owed. I’ve also heard of government grants to pay unsecured debt(credit cards), but I don’t know where to get the info on them. I’m considering a second mortgage to pay these off with a lower interest rate. Thoughts?

We no longer use credit cards, so the balance only increases because of high interest rates.

Tags: credit card debts, credit cards, debt credit, government grants, high interest rates, interest rate, second mortgage, unsecured debt

Why do so many people keep going into credit card debt?

Question? What makes people keep using them when they see the destruction it is causing?

Many people, mostly younger folks and women, have so many credit cards they end up in severe debt and ruin their credit for many years to come. Credit card applications are mailed out by the tons and people keep activating them knowing the interest rate is or will be up to 20% or higher. Everyone needs at least one credit card and no more than two. You also need one revolving (department store) credit card to establish a good credit history. The limit on the credit card(s) should be no more than 10% of your annual salary and the revolving card half that. Always make a minimum of a double payment on all your credit cards and pay on the due date. Never ever be even one day late. The interest rate and late fees will destroy you. If you are experiencing problems the first thing you need to do is carefully cut the cards up and throw them away. If you can not afford to pay the total monthly bill attempt to get a consolidation loan to get out of debt. The monthly payment will be less than the total monthly payment of all your cards with a much lower rate. Some banks and credit unions will be willing to help you out if they know why you are taking out the loan. Financial debt can create so much strain it can even destroy your peace of mind and your marriage. Don’t fall into that trap.

Tags: annual salary, banks, consolidation loan, credit card applications, credit cards, credit history, credit unions, department store credit, due date, financial debt, interest rate, late fees, marriage, peace of mind, revolving card, store credit card

How to pay off credit cards enrolled in a debt management program?

I have been in a debt management program with a local credit counseling service for about 8 months. My parents have offered to co-sign a loan so I can pay off the cards. The loan with the bank is a lower interest rate than the cards and will pay them off faster with a lower payment each month. Should I pay the cards directly or go through the credit counseling service? Which is better for my credit score?

Tags: cards, credit counseling service, credit score, debt management program, interest rate, parents