Low Interest Credit Cards

Tim Gorman asked:

Under the Federal Fair Credit Reporting Act, the credit rating agency must remove accurate, negative information from your report only if it is over seven years old. Bankruptcy information can be reported for ten years, so this is one topic that actually states just how long negative information really stays on credit report.

The federal act specifically provides that any person who willfully or negligently fails to comply with any requirement imposed under act with respect to any consumer is liable to that consumer for, among other things, “the costs of the action together with reasonable attorney’s fees as determined by the court.” (15 U.S.C.) As used in this section, “consumer report” shall have the same meaning as that term is defined in the federal Fair Credit Reporting Act, 15 U.S.C., Sections 1681 et seq .

The Federal Fair Credit Reporting Act (FCRA) is a law that enforces accuracy, fairness and privacy of information in the files of every consumer credit reporting agency (CRA). These CRA Read more…

John, how is your credit score? This question has been asked many times from you and still you have the same answer “Don’t Know”. If you have credit, then you have got credit score as well. It may be high, low or in the middle. The best the thing about the credit score is, it can be repaired and adjusted any time, but it depends on your financial history.

A credit report score is completely based on the credit history of individual. You can get any number of credit cards and loans on your name, but if you fail to make the regular payment, it is going to affect your credit score. This

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David Patullo asked:

When you apply for a credit card, it doesn’t have to be that difficult. Nevertheless, it is not the easiest thing to do and if you don’t have a credit card already, you might as well get one because it does make purchasing certain things much easier. If you have no idea where to start, here are a few steps that you can use when you apply for a credit card.

o There are different cards that you can apply for. They each have different plans and they also have different rates. Make sure you find out what these rates are and what the different terms are per bank if you are shopping. You can also get online and get more information.

o Application forms are necessary when you get a card. Make sure to fill them out as completely as you possibly can. You can also use the Internet to fill out forms if you don’t want to write applications. Just Read more…

Question:

I want to remove my name from 2 accounts as authorized user due to divorce. Will this affect my credit score? should I contact these 2 companies and request my own account?

I need my good credit to start over and do not want to have this hold me back. What is the best thing to do?

Answer:

You need a mix of credit accounts to build the highest credit score. You need revolving credit card accounts, a vehicle loan, and consumer loans (such as a student loan or a signature loan). The issue you need to focus on is the length of your credit history. If the two accounts you mentioned are the oldest in your credit report, then by closing those accounts you will damage your credit score. Therefore, if possible refinance the accounts in question if they are your oldest.

As you are inquiring about how to improve your credit score, let me give you some information on how a credit score is calculated.

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Question:

I am getting conflicting information on paying off collections. I have two medical collections on my credit report, one of which is 7 years old (about $450) and one of which is 2 years old (about $500), and a FICO of 620 though I pay my mortgage and HELOC on time and pay my credit card in full every month.

One answer is that if I pay off a collection my score will DROP because I have caused “activity” on an old negative account. The other answer is that paying it off will raise my score.

Thanks, Dallas debtor

ps – I did send letters to both collection companies offering to pay in full if they will delete these items, rather than marking them paid. Both NCO and a law firm sent me letters refusing to do so. I used a form letter I found online which includes a statement that I was NOT acknowledging the debt was mine.

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