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rachel and belle conversation
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- Well Rachel, in order to improve your credit score you have to keep your balance low, spend within the limit given to you, pay off your debt rather than moving it around.
- hey Belle, how can i improve my credit score in order to get a loan
- But I have many major credit cards. Can't i just combine those cards to boost my credit score?
- Usually, it means that you must stop paying your creditors; instead, you make one monthly payment to the debt management company or credit counseling agency, and they disburse your payment to your creditors. The debt management company can also contact your creditors to negotiate lower interest rates.
- wat if I were to cancel some of these these credit cards?
- To make sure closing one card doesn't impact your score, pay off balances on all other cards. If you have zero balances, your credit utilization rate is zero, and won't be impacted by the loss of a balance. However, experts say this step may be unnecessary for most people.
- no! having many credit cards is not very beneficial because remember the more card you have the more likely you're able to go into debt. The two most important parts of your credit score are paying on time and utilization. Utilization is your statement balance as a percent of your total available limit. Your goal is to keep that utilization below 30%. and if you can't pay off your debt on the credit card or make late payment. you won't be eligible for a loan.
- Rachel, your credit managing is not manage well since you have many credit cards, spend too much money, and pay off your bills late. so i would advice that you start off with credit counseling. Credit Counseling is known as a process that is used to help individual debtors with debt settlement through education, budgeting and the use of a variety of tools with the goal to reduce and ultimately eliminate debt.
- How does a credit counseling service work?
- what are the 5 c's of credit,
- The five C's of credit is a system used by lenders to gauge the creditworthiness of potential borrowers. The system weighs five characteristics of the borrower and conditions of the loan, attempting to estimate the chance of default. The five C's of creditare character, capacity, capital, collateral and conditions.
- what is the best option for me, so i can have a great credit score? how do I manage my credit card so I can avoid debt, late fees, and possibly bankruptcy
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