peytonpl2 asked:


how long are you responsible for a credit card debt???

TYLER

Andy Zain asked:


Your consumer credit report follows you through all the different walks in your life. A lot of people are interested in their credit reports after the significant downfall of our present day economy. People are adamantly trying by any means to increase their score so they can purchase many different things that they may stand in need of.

Presently there are three different agencies that you can obtain this crucial report from, they are Transunion, Equifax and Experian. But, many consumers will not be able to obtain their report from Experian as easily as they were able to do before. Experian is no longer one of the three, consumer reports it is now known as its own loan ranger in the credit scheme.

You can still obtain the report, the only thing is you will have to take a few different steps in order to obtain the score as opposed to what you would have had to do prior in order to obtain the score. You may be curious to know exactly what the consumer credit score is all about in the first place.

Your consumer credit report is pulled anytime that you are interested in making an important purchase. Many times when you are interested in financing something your report will be pulled. For instance you can expect your report to be pulled if you are interested in purchasing a vehicle or a home in many instances.

It is imperative to know what’s on your consumer credit report, so you do not face any ailments when you are trying to purchase things to make your life substantially easier. Your credit score actually begins being kept in many respects when you reach the age of 18. However, some people have had a score tallying up for them at a younger age.

Your score is actually configured utilizing a specific pie chart that is split into different sections. All of the parts equal out to 100%. Being able to properly interpret this chart will allow you to gain a better understanding of how the consumer report is analyzed.

The largest chunk of the chart is based off of your payment history. Thirty five percent makes up this larger chunk. The next chunk is 30%, and that measures how much you still owe towards your debts. Then the chart has another 15% open designating the length of time that you have had credit. 10% is set aside for new credit while the remaining 10% evaluates the kind of credit that you have such as revolving, and credit cards.

It is crucial to know how your credit score is configured. Knowing all of the underlying facts that come into play will help you be able to increase your overall score.



SEBASTIAN

DR loanseeker asked:


I recently prequalified for a home loan and i was surprised to learn that my credit scores (from Experian, Trans, and Equifax) my lender retrieved was way lower than what freecreditreport.com gave me. The loan officer told me that when creditors get reports the scores are usually lower than what consumers get. Is this true?

JAIME

David asked:


Thank you for your recent application for the Blue Cash SM from American Express. After reviewing your request, regrettably, we are unable to open an account for you at this time for the following reason(s):

Your American Express Acquisition Risk Score is too high (See below)

Your application was processed using our American Express Proprietary Acquisition Risk Scoring System which assigns a numerical value to the various items of information we consider in evaluating an application. Your application’s total score exceeded our threshold for approval at this time. Listed below are the reasons that you did not score well compared with other applicants. (For reasons based on information in a credit report, the name of the consumer reporting agency is identified.)

Number of trades (Experian)

Amount of credit available on accounts (Experian)

Ratio of your card account balances to your income is too high, or cannot be determined(Experian)

Our credit decision was based in whole or in part on information obtained in a report from the consumer reporting agency(ies) listed in this letter. Please understand that the reporting agency(ies) played no part in our decision and cannot supply you with specific reasons why we denied credit to you. You have a right under the Fair Credit Reporting Act to obtain a free copy of your report from the reporting agency, if you request it no later than 60 days after you receive this notice. If you find that any information contained in the report you receive is inaccurate or incomplete, you have the right to dispute the matter with the reporting agency.

An important notice concerning your rights is included. The creditor is American Express Centurion Bank.

It has been our experience that applicants who do not meet our basic requirements at one time may qualify later on. We invite you to submit a new application at a later date when your circumstances have changed.

Thank you for your interest in our service.

Sincerely,

Robert Garinger

Business Leader New Accounts

Now anyone who can tell me why I was denied? It clearly states it but I want to know MORE about it. And Im going to send a copy of it to experian so I can get a report from them. I know my credit is good. No bad marks whatsoever. I’m blaming it on the credit crisis! =D lol oh well. I’ll live.

TERRELL

Sam Gill asked:


Those buried under the heavy pile of debt often get confused choosing between debt settlement and consumer credit counseling. Some feel that choosing debt settlement is a great option as it can drastically reduce your debt amount. On the other hand, there are people who are of the opinion that credit counseling is a wise choice, as it gives you the opportunity to pay back your creditors at a reduced interest rate. The question, however, remains which is the ideal option? Well, as clichéd as it may sound, the medicine can be decided only after diagnosing the patient. Yes! It completely depends on your situation and goal…

People often jump to hasty conclusions due to the anxiety of mountainous outstanding debt. It is vital to know that both debt settlement and credit counseling have pros and cons. Let us look at each of them in detail:

What is debt settlement?

Debt settlement is a procedure where in you renegotiate your debt with the creditor and payback the new amount within two to three years. Though this may seem like a profitable choice, it is really not all that simple. Even though you may feel that debt settlement is your best bet, if your creditor believes that you are capable of repaying the original amount, by all means your application will be rejected.

Debt settlement, however, can be great choice for people who qualify for it. It can make you debt-free in maximum three years and help you save a large sum of money. If you choose an expert to negotiate with your creditors, you can actually reduce your debt amount by a whopping 50% - 60%! With this procedure you can actually come out of the never ending rigmarole of creditors harassing you with embarrassing calls time after time or collection agencies making your life hell!

A lot of people are worried about their FICO score being hampered because of debt settlement. Yes, it is true that initially with debt settlement your credit score might suffer a blow. But this is a temporary setback. And what’s the point of having a high-flying FICO score when your overall financial health in utter mess?

Individuals are also paranoid about getting sued by their creditors during the process of debt settlement. This is an extremely rare scenario. If you are regular with your monthly renegotiated payments then why worry? And a genuine debt settlement company will be in constant touch with your creditors, so the chances of them filing a law suit against you makes little sense, as they are only interested in getting their money back!

What is consumer credit counseling?

Having looked at debt settlement in detail, it is now time to review the other side of the coin. Unlike debt settlement, credit counseling does not aim at renegotiating the principal amount. With the help of credit counseling you can reduce the rate of interest and payback the debt at the reduced interest rate.

Remember though it may feel as you are paying less because of the reduced interest rate, you will still end up paying about 120% of the original outstanding dues. In debt settlement you have the option of accepting or rejecting the renegotiated amount from the creditor. On the other hand, in consumer credit counseling you have to abide by the strict rules laid out by the counseling agency and payback as per the norms outlined by it.

Credit counseling gives a “CC” remark on your credit report, which may at times work to your disadvantage in the long run. Though you may feel that your FICO score is unaffected with credit counseling, lenders may actually use the CC remark as a reason to decline your loan.

To sum it up, debt settlement is an option for those who are dedicated and willing to come out of debt as soon as possible. Credit counseling is for those who are interested in synchronizing all their debts and paying back at a reduced interest rate.

It is advisable to consult an expert before taking a call. Someone who has thorough knowledge and expertise in this area will be able to give you accurate guidance. As before taking any decision, it is extremely important to take into account your financial status, running income and priorities.



PETER

ddong_ggoo a asked:


Jose wants to buy a stereo for $650 and pay for it using a credit card that has an APR of 19.85% and a periodic interest rate of 1.65%
IF JOSE PAYS THE MINIMUM MONTHLY PAYMENT OF $21.45
1. how long will it take him to pay for the stereo?
2. what is the total amount jose will pay for the stereo?
3. what is jose’s total cost of using credit?
IF JOSE MAKES MONTHLY PAYMENTS OF $60
4. how many months will it take for jose to pay off the stereo?
5. what is the total amount jose will pay for the stereo?
6. what is jose’s total cost of using credit?

DEWEY

crondawg asked:


i know it impacts how much consumers pay on credit card debt, home equity lines of credit and car loans but what else. Thanks

COURTNEY

Alice H asked:


I am charged for text twist game that I din’t order, nor do I like it after I tried it? SDo I haave to get help from State Consumer agency?

KAREEM

georgia_mommy asked:


My husband and I are thinking of consolidating our bills, but we don’t know where to start. Including credit cards, small personal loans, furniture that we had financed, and medical bills, it’s only about $5,000, but our interest rates are so high, we want to try to change that. We spoke with CCCS (Consumer Credit Couseling Services), but I’m kind of ‘iffy’ about that. I would love to be able to just take out a loan for $5,000 and pay everything off, but neither one of us have good credit, so I don’t know what to do. We both have scores of pretty close to 525.
Also, we do not own a home, we’re renting.
Any advice?

ALPHONSE

jonsantarlas asked:


Collections, End of the year?

I have 8000 in collections and have avoided the collectors for almost a year. My dad told me to hold off until december and try to make a deal with them bc he said they give better deals at the end of the year. (They wont even send me a written balance statement, let alone settle for less than paid- currently) I was planning on entering a governmental consumer credit counseling program. My dad said not to. What should I do?

REX