This topic contains 6 replies, has 4 voices, and was last updated by Anonymous 8 years, 2 months ago.
- May 14, 2011 at 6:05 am #210477
I am looking to apply for a credit card. it will be my first one, and i need some advice on what to look for.
My situation is fairly strange, i am not looking to use the card for purchases, instead i need it for funds to be paid into, as you would a debit card, except a debit card is not suitable for my business. is this possible and what should i be looking for from my card if it is?
- May 19, 2011 at 11:33 pm #282297
Don’t really understand as funds go into a bank account , not a card as far as I am aware ,, The card is just an adjunct to the bank account
- June 8, 2011 at 3:57 am #287002
Rick, do you mean that someone will pay into your account? That means someone have to credit to your account.
If it`s the other way round, you owe someone money, the person you owe the money will debit your account.
It`s best not to take any credit cards. You must bear in mind whenever there is transactions of funds occur the bank will charge you interest/service fees.
You can also do it this way. If you owe Mr. A money and you know which is his accounting bank. you simply just withdraw cash and deposit it into his accounting bank to pay your dept and the bank will give you a reference number every time you makes the payment.
In this way, you don`t have to pay any transaction`s fees.
I really don`t know that I`m offering you the right answer or not. I hope it will of some help.
- June 12, 2011 at 9:32 am #288824
For somebody to put money into your account, you need a debit card.
All banks like Abbey, Halifax, Natwest, Alliance & Leicester give you one.
- June 22, 2011 at 10:00 pm #325969
First, stop any more damage from happening. Call the creditors who you have delinquent accounts with and let them know you are working on it. It will buy you more time and you may get lucky that they have not issues a negative report, yet.
Next, reduce spending and increase focus on those bills. Though, I’m sure you figured that out. If possible, depending on your credit rating you may want to try to consolidate the amount you owe reducing your monthly obligation.
Once you have stabilized, here is a way to fix your credit.
Apply for a secured credit card. A secured credit card is where you actually put $ 300-$ 500 on deposit as collateral with the credit card company in which you borrow against. Credit Card companies like this because how can you default when you are borrowing against your own money? You do get your $ 300-$ 500 back when you want it, it is just tied up.
The whole purpose here is that, you use this credit card and pay it off to build your credit just like using a regular card. The next step is to maybe get a smaller card like a department store card and then move up to Visa or Master Card.
Make sure the card has no annual fee and you can pay off your balance at the end of the month with no interest cost. Also make sure you discipline yourself to make only a couple small purchases a month that are easy to payoff. If you use this tool for building credit, then its purpose is not for purchasing but for showing that you repay debt on time and do it well.
Offer of assistance is basic advice and not to be construed to be providing legal or accounting advice. You must see a qualified
- June 22, 2011 at 10:18 pm #325970
First off, don’t make late payments. Gather all your recurring bills (rent, utilities, credit cards, etc.) and write their due dates on a calendar or something so you don’t forget. I get paid on the 1st and 15th, so what I do is split my bills into 1st & 15th piles. I’d rather pay a little early than have a payment be marked late.
Be sure you don’t let other bills go delinquent. At least make the minimum payments on everything. So long as you’re making minimum payments, your credit won’t get any worse.
Next, bring your delinquent accounts back up to date. This may be just as simple as making regular payments for 3 or 4 months in a row. You’ll still have the delinquent mark on your credit reports, so make sure you verify that your accounts are in good standing, and ask the account holders for a letter stating such, in case you need it when applying for something that looks at your credit.
Once you’ve got everything back in good standing, it’s time to get rid of your debts. If you’ve got credit cards, designate one as your regular card, and stop using the others entirely. Only charge what you can pay off in full. Put any extra money towards the card with the highest interest rate – even an extra $ 5 will help. When that card is done, use the same approach on your next highest interest rate, and so on.
Try calling the banks and asking for a lower interest rate. So long as you’ve got a history (4-6 months) of making regular payments the banks may be able to lower your rate a little. You can also ask about other repayment options – such as closing the account due to hardship. This closes the card and turns the amount you owe into a loan, usually with a much lower interest rate.
If your credit rating is still somewhat good (650+) you may be able to get a small loan from your bank that you could use to pay off a credit card. You’ll just be transferring debt from one place to another but hopefully you’ll get a lower interest rate, meaning more of your payment will be going towards the principle, and not just the interest.
- June 22, 2011 at 11:09 pm #325971
Сredit repair workеd fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service – credit-report-score.10001mb.com
You must be logged in to reply to this topic.