Comments on: Credit Cards For Bad Credit – Using Your Credit Card Wisely!

By: Dino

Dino — Thu, 29 Oct 2009 21:01:41 +0000

do some research about the website and show it to your mom and tell her that rather then spend money on junk and stuff you want to try and help the world also mention you would volunteer at a plave in your town but you cant because of your social problem good luck and i hope she says yes because every lil bit does help

By: letsenjoy

letsenjoy — Thu, 29 Oct 2009 19:47:37 +0000

You can use credit repair agency to fix your credit – for example this one – http://freecreditreport.hotusa.org – They can clean lots of bad stuff from your credit report – and do it much faster than yourself, so your credit will go up fast.

By: J. W

J. W — Thu, 29 Oct 2009 06:55:13 +0000

Open a savings account with a credit union and get a loan from them to clear off some of your debts.

Needless to say pay off all debts in time.

One small thing that I see helps a lot of people is, taking out post paid phones that do report to credit agencies. You can check with T-Mobile or Verizon for this. If at all they let you have a phone that is.

You may want to try to get utilities on your name too, so that you can pay up and build some points there too.

All the best for your salon dude.

By: GREAT_AMERICAN

GREAT_AMERICAN — Wed, 28 Oct 2009 17:43:58 +0000

This article omitted the #1 factor in our spending since Bush got what he wanted: a war with Iraq.
We cannot have a blind spot and say that all these billions spent on Iraq don't count as spending and don't deepen our debt. My question to Republicans is: "Who's to pay for this war?" Every time the neo-cons criticize the Dems for being tax and spend but they don't see anything wrong with "borrow and spend" Again, who's going to pay for this war? You give tax cuts to the super rich; shouldn't those with the most property to protect pay for the protection?
Wasteful spending is crazy on all sides, but too often the GOP treat education as "wasteful spending." As a teacher, I'm a Democrat and I don't hear any intelligent reasons to be otherwise.
By the way, the media is very moderate in my opinion, except Fox News, which are avoiding the topic of who's going to pay for this war.

By: blutoadmirer

blutoadmirer — Tue, 27 Oct 2009 20:10:19 +0000

I sure wouldn't get another credit card you'll just end up in the same mess again.
Pay off ever body and save up and emergency fund of six months of expenses. Then save and pay cash for things. Dont whorship at the alter of the almighty fico score ( I Love Debt Score). To get and keep a high I Love Debt Score ( fico score) you have to pay alot of debt and pay it often. Thats when you lose with money because the banks get it all.

check out daveramsey.com and listen to his talk radio show. Lots of good advice on money and debt.

By: James K

James K — Tue, 27 Oct 2009 08:28:00 +0000

Yes, although it takes awhile, and the collections will still drag down your credit score for the entire time they are reporting.
It is really important that the rest of your credit report stays exceptionally perfect – no missed payments, but as the collections age, they will have less negative impact.

By: Seeker2008

Seeker2008 — Tue, 27 Oct 2009 07:42:38 +0000

I would not worry about decreasing your limits. In fact, I would never worry about decreasing available credit.

Mortgage companies care about how much debt you have, your debt-to-income ratio, and your credit score. I've done conforming, prime loans for people with well over $100k in available credit lines.

A great revolving utilization, according to the credit experts, is under 30%. You're obviously well below that.

Assuming you continue to pay your bills, don't let anything go delinquent or to collections, and can afford to buy a home, you'll have no problem being approved for the best rate available. Good luck.

By: ArchAngel Raziel

ArchAngel Raziel — Tue, 27 Oct 2009 06:12:39 +0000

Follow your instincts on this one – they're usually right on. Besides an "emergency" to her may be completely different than an "emergency" to you. If there is a true emergency, there will be a way to work it out. This is just playing with fire.

By: Sweet

Sweet — Tue, 27 Oct 2009 05:24:21 +0000

OK reasons to not own a credit card…

When you use a credit card you are also having to pay a APR fee not to mention some that have member fees. You basically pay them to spend your money. You end up paying much more than you would for something because of other charges as well like finance charges and interest.

To use a card wisely make sure you have at least half of it if not more in available funds… for example if you have a CC with a 500 limit… don't spend more than 250. By doing this you are not only establishing credit but you are also proving that you are not living beyond your means which is really important when it comes to buying a home or a car. Don't have more than 2 credit cards open. When you have many cards it is basically showing that you need more money than you are bringing in. Its a negative view on your credit score.

I say use cash as much as possible. When you have credit you are using "invisible" money. You don't have that money in your hands. If you have cash you're not likely to spend a s much.

I have had bad experiences with credit cards. I got them with good intentions when I was younger, but then I ended up using them to their limits and paying twice as much at least for the purchases I had put on them. You're better off using cash when possible.

If you get one use it wisely. It can be agreat tool in establishing credit, but if used irresponsibly it can cripple you in later life. Your credit score is EVERYTHING.