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Credit and Debit Cards

~22000 answered questions
Parent Category: Credit
Credit cards are instruments that facilitate revolving debt for consumers so that they may acquire goods and services and pay the card issuer the amount of the charge plus interest at a later date. Debit cards pay for purchases at the time of sale by deducting the amount immediately from the consumer's deposit account.
740 or better beacon score however dealer can set higher standards on this if it is a higher priced vehicle.
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%DETAILS% Answer the finance company won't let you get your name off of it. That way they can keep you on the hook since he can't pay for it. it will hurt your credit, but if you have a car you pay for on your credit and explain in the future what happened, you should be able to get another l…
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You can sell it. Just call the finance company and see what the cash pay-off amount (the minimum cash amount that they will accept in order to give you the title free and clear) is. Sell the car for an amount equal to or more than the cash pay-off amount. Take the cash to the loan company and pay o…
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Reporting Credit Problems? You have two choices: 1) Do something 2) Do nothing I don't mean to be glib about your question, but that is what it comes down to. If you begin informing people for your own protection, which is what you SHOULD do, they will get in trouble. If you don't, you might have is…
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Collection dispute This would actually be a good situation. The bureaus have a limited amount of time to investigate and validate the credit item. If it cannot be validated it must be removed.
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Re-applying for credit Inquiries remain on your credit history for 2 years, and will affect your scores and ability to attain credit. Mortgage and Car loan inquires are a little different: the bureaus allow for "shopping time" so that multiple inquiries of this type of credit only count as one …
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Fix Bad Credit1. DELETE COLLECTION ACCOUNTS Did you know that paying a collection account can actually reduce your score? Here's why: credit scoring software reviews credit reports for each account's date of last activity to determine the impact it will have on the overall credit score. When payment…
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Why payoff collections when you have a bona-fide chance in getting the collection deleted by disputing it with the bureaus that are reporting it, as per "The Fair Credit Reporting Act". The original creditor already wrote it off as a loss on their taxes anyway and in most cases sold the debt to a co…
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Hiring a Credit Repair CompanyHere are some things to know about credit repair companies. By law (see The Credit Repair Organizations Act), credit repair services must give you a copy of the "Consumer Credit File Rights Under State and Federal Law" before you sign a contract to repair credit. Credit…
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Many people today are looking for prudent ways to raise their credit score. Are you? You have certainly come to the right place if this is the information you are seeking. In an effort to help anyone improve their credit score, we are going to present several tips that will almost guarantee that you…
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Credit scoring systems enable creditors to evaluate millions of applicants consistently and impartially on many different characteristics. But to be statistically valid, credit scoring systems must be based on a big enough sample. Remember that these systems generally vary from creditor to creditor.…
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In a debt replayment plan, you deposit money each month with a credit counseling service. Your deposits are used to pay your creditors according to a payment schedule developed by the counselor. As part of the repayment plan, you may have to agree not to apply for ? or use ? any additional credit wh…
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the person Equal Credit Opportunity Act This act, passed in 1974 and monitered by The Federal Trade Commission, ensures that all consumers are given an equal chance to obtain credit. This doesn�t mean all consumers who apply for credit get it. Factors such as income, expenses, debt, and credit his…
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Credit Dispute Letters In order to correct an error in your credit report, you need to inform the reporting agency in writing what information you believe is an error or is incomplete. Below is a sample credit dispute letter. Your Name Your Address Your City, State, Zip Code Complaint Departme…
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Transferring credit history No, it does not, and this can be a benefit as well as a big problem. If you have outstanding debts, they will not report to American credit bureaus. However, this can also pose a problem if you are trying to buy a home in another country and you have no credit in tha…
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%DETAILS% Answer There is no statute of limitations in disputing information on your credit report. If it is being reported, it can be disputed. Simple enough! ;o)
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Credit agencies This is very simple, you need to call the credit reporting bureaus automated lines, they ask you a few simple questions to verify your address. If they have the wrong address on file, they give you the address to send proper documentation ie (drivers license, power bill, pay st…
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Generally, after seven years most information must be deleted from your credit reports with the exception of bankruptcies which can be reported for up to 10 years. Here are more opinions and answers from other WikiAnswerers: Most derogatory items, such as late payments, collection accounts and char…
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Paying off a Judgment Settling judgments will have only a slight effect (if any) on your credit score. What it WILL effect is your ability to attain further credit - you may be denied credit due to an outstanding judgment or tax lien, regardless of what your FICO score is. Paying off collections, e…
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If a collection agency has either purchased the debt from the original creditor, or obtained an assignment of it from the original creditor (to collect on its behalf), generally, it can sue for collection.
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they can talk about your credit card number in the back of a bookstore and copy your number. It can be: Revocable Credit Irrevocable Credit Confirmed Credit Payment Credit Negotiation Credit Deferred Payment Credit Acceptance Credit Back-to-Back Credit Transferable Credit Red Clause Cred…
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Answer NO! First thing to do if you want to pay off old debts is dispute the negative items on your credit report. If an update is over 5 years old they have to remove it. The reason I say dispute it is because when the credit bureau contacts the creditor the creditor has 30 days to validate the …
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A satisfied judgment can be taken off your credit, if it is inaccurate. If the judgment is yours, it will remain for the full reporting period allowed by law. Here is more advice: I have a satisfied judgment on my credit report. We satisfied this judgment 5 years ago. However, the plaintiff the judg…
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Stopping Unsolicited Credit Card Applications Here is advice: The Fair Credit Reporting Act also entitles you to contact each or all of the major credit bureaus (and Innovis, a fourth credit bureau) and request them to stop sending you card solicitations and related offers. For more inform…
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Yes. Remember that credit repost are usually any where from 30 to 90 days behind. So, if a debt was originally $100.00 when it was turned over to collection, the collection agency can then start adding their own late charges which gets added to the original amount. So the credit report may say $100.…
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Charged-off does not mean that you no longer owe the debt or the interest on it. It is an accounting entry that prevents the financial institution from overstating their profits by removing the interest on the debt from their income statement and removing the debt itself from the bank's assets. They…
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Answer That really depends on the terms of the proposed stipulation. Without adequate protection such as a court-ordered repayment plan, having a judgment against you can negatively impact your credit and give the creditor the ability to garnish your wages and take your property. On other oth…
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Answer It means the original creditor has given up the account and sold it to a collection agency. It does not mean the debtor is relieved of the debt. Someone wants the money and they will get it, somehow.
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Letters of Dispute Check your statements and get the address. Or check the back of your credit card and call the 800 number. One way or the other,get the address and simply write to them. You have the right to dispute any item in question with any original company. In fact, if you choose to dispute…
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Debt-Collecting LawyerGood question. The answer is yes, he can file suit against you. However, based on his statement in your question that he has taken over a charged off credit card debt, what he is really saying is that he or the firm he works for are junk debt buyers and he has purchased the rig…
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There are a few things you should read and understand before you read my answer to this question at the bottom of this response. Today Banks and Credit Card companies will try to bully you into giving a Social Security Number. Some have even begun to state that the Patriot Act requires them to obtai…
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I don't think the credit card companies will allow this. They check your signature as a method of verifying your identity. If a card is unsigned, the merchant may be obligated by their agreements with the credit card companies to reject it. When I was a department store cashier we were supposed t…
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Fraudulent charges As a general rule, . The federal government mandates that you can be held liable for only $50 of unauthorized charges, and many credit card companies even waive that. This is if the credit cards were stolen. What may be the sticky point in this awful, sticky story …
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Answer I would start by calling your state's Better Business Bureau. Every state has one. If they can't help you directly, they can help you find someone who can. Answer COMPOSE A LETTER OF DISPUTE LISTING YOUR NAME, ACCOUNT NUMBER, DATE, ADDRESS AND DISPUTE WHAT YOU OWE. SEND THIS …
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Payoffs It really doesn't matter what the balance is ... as sad as it is to say, you are more likely to get a larger settlement the further delinquent your balance is. If you are only 30-120 days past due, they will still settle, but you will get a much better rate once the balance has reached ov…
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%DETAILS% As far as I know, there is no law about this, and it will be governed by your agreement with the credit card company. It will be in the fine print. The interest rate. You will pay off that entire balance before starting to payoff the next lowest balance. This is the situation with my ow…
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The question of what "will" happen is not one that can be answered because there are numerous avenues a creditor can take. However, we can say what is likely to happen. First, they will report your late payments to the credit agencies and damage your credit rating (in addition to their late fees of…
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Credit card co's usually will hold an account until it is 180 days, before taking actions against it, charging it off, placing with an attorney, selling to third party collecions, etc.   ABSOLUTELY! Depends on the state. In Pa it is 6 years from the last contact you make or transaction. &nbs…
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The first step that most U.S. banks require to begin the settlement negotiation process is that the customer must be delinquent in his or her monthly payments. So, initially, yes is the answer, as missing monthly payments will reduce your credit score. The longer the payments are missed, the more th…
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Choosing a Student Credit Card If your student credit card uses different rates for purchases, transfers, and cash advances, realize that the credit card company may pay the lower interest rate balance first. Consequently, if you carry a balance, your high-rate cash advance may not be "paid" un…
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Unsecured Credit Cards Are Better for Rebuilding from a Bad Credit Rating. Get an unsecured credit card and charge only small amounts. Pay it off in full each month. Make sure you never go over 30% of your credit limit. For example: with a $300 limit, never create or keep a balance over $90. Sec…
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Credit card consolidation Credit card consolidation allows you to make just one payment to the consolidator, instead of numerous smaller payments to many cards. Be cautious of credit card consolidation and other debt consolidation plans. These plans are not always the best option for your overall f…
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Here are some tips to help protect yourself from credit card fraud. Sign them as soon as they arrive. Carry them separately from your wallet, in a zippered compartment, a businesscard holder, or another small pouch. Keep an eye on them during transactions, and get them back as quickly as possible…
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%FOLLOWUPS% Report a lost or stolen credit card to the card issuer as quickly as possible. Many companies have toll-free numbers and 24-hour service to deal with such emergencies. It's a good idea to follow up your phone calls with a letter. Include your account number, when you noticed your card…
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Answer The Annual Percentage Rate (APR) is a measure of the cost of credit, expressed as a yearly rate. It must be disclosed before you become obligated on the account and on your account statements. The issuer also must disclose the "periodic rate" -- the rate applied to your outstanding…
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A "grace period," is an interest exemplary (interest-free) period. You can avoid paying interest on your credit charges if you pay off your credit card balance in full within this period.Not all credit cards offer a grace period, Knowing whether you have a grace period is especially important if you…
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Answer Some cards with a low APR for on-time payments apply a very high APR if you are late a certain number of times in any specified time period. These rates sometimes exceed 20 percent. Information about a delinquency credit card rate should be disclosed to you in applications or in solicit…
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According to the Federal Trade Commission: Don't buy "loss protection" credit card insurance. Telephone scam artists are lying to get people to buy worthless loss protection and credit card insurance programs. If you didn't authorize a charge, don't pay it. Follow your credit card issuer's procedure…
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Answer If credit card debt has become a problem, consider the following steps: Stop adding to your existing debt. Cut back on spending. Make a plan to meet your bills. For help making a plan, you may want to call a credit counseling service. If your situa…
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Here are some tips for choosing a credit card company (or evaluating a credit card company that you currently use).Make a list of features that best fit your needs, and rank them according to how you plan to use the credit card. For example, if you expect to pay your bills in full each month, the an…
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Examples of computation methods include the following: The most common credit card balance calculation method credits your account from the day payment is received by the issuer. To figure the balance due, the issuer totals the beginning balance for each day in the billing period and subtracts any…
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Credit card terminology All credit card applications (click for a sample) must contain certain key information in a disclosure box. Here's how to interpret those terms. The interest rate you will pay, on an annual basis, if you carry over balances on purchases from one billing cycle to the next.…
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Credit Card Comparison Many Web sites purport to offer unbiased credit card comparisons, but actually just link to credit card applications that pay them commissions. Their information may be perfectly valid, but if you want the closest thing to a truly unbiased comparison, see the U.S. Federal …
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The credit card company will first try to collect from the estate. Creditors are not allowed to put the extra debt baggage on survivors if the estate is insolvent. Creditors will most likely close the account and write it off when they receive the death certificate and has filed a claim in probate t…
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It depends on what you mean by "audit". It's extremely hard to touch TX accounts, due to strict guidelines. It depends on balance of account, length of activity, along with other things. It depends on if the risk is worth it to the company to pay attorneys, etc.
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%DETAILS% Answer It's harder b/c credit cards have a very tough time collecting on bad debts. Car loans usually have a lien on your vehicle, so that's their collateral. Credit card co.'s do, but very rarely, repo goods, but only if they can trace actual goods purchased.
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Technically, there is nothing to stop that phone operator from taking down all your credit card info for her/himself and using it. But it would be very easy to track down who did it if they used your card... simply because they are employed by the business you are actually buying stuff from. A reput…
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Yes they can, but there are so many factors that must be in order before they can do that. For example, they must consider the balance of the account, if your bank account is a joint account, the laws of the state which you live, etc. They have procedures to follow. It does happen, but as a gene…
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Closing Credit Card Accounts Here are answers and opinions from FAQ Farmers: To ward off fraud, yes, you should. Most companies don't penalize you for closing and you should be able to reopen the account at a later time if you decide. I would just call the credit card company and ask their p…
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Balance transfer Yes, balance transfers are commonly used to move balances from a high APR to a lower rate. But the transfer will impact the credit of the cardholder receiving the balance.
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Only if the credit card an "equity line of credit" which is secured by a second mortgage on the property.   USUALLY IF YOU CONTINUE MAKING PAYMENTS NO LEGAL ACTION WILL BE TAKEN...THE ONLY WAY ANYONE CAN TAKE A HOME IS IF THEY FIRST SUE YOU AND WIN A JUDGEMENT. THEN IF THEY TRY COLLECTING ON …
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Ordinarily, that would be fraud, but from the credit card co. standpoint, you accept responsibility once you make a purchase on that card, in most cases. It will report good and/or bad on your credit once you begin usage. Just keep the card very secure for fraud purposes, that can get very messy if …
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Transferring balances Transferring the balance doesn't usually affect credit. You actually will be better off doing this for those cards that were closed by the companies, because they will report on your credit as revoked and if you're not paying on the balance, they can still report as delinq…
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Report the theft to the postal inspector and the local police.Call the card issuer and report the theft. At this point I would prefer to cancel the card and block any auto-pay it had rather than have them issue a new card with a new number. Closing the account avoids the need to scan bills, block au…
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Many credit card companies have in their terms that they have the right to take 3 to 4 weeks to credit your account with a refunded amount. So the merchant may have processed the refund but your credit card company will take 3 - 4 weeks to accept it. This is so they can hit you with balance charges.
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%DETAILS% Answer Assuming that you are not a cheapskate, you will be leaving a tip. The restaurant only places the temporary authorization there to make sure enough available credit in place to cover the tip. Shortly after the credit card is closed out on their system, the authorization is re…
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Generally, pre-approval indicates particular consumers meet general, but not necessarily specific criteria for extensions of credit. Credit card companies routinely get information about consumers who have credit scores between certain ranges within which they are willing to extend credit in most ci…
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You need to obtain a copy of your credit report. There are many places that will provide this for a small fee (under $20.00), or if you are turned down for credit, you can obtain one for free. The rejection letter they mail you should give instructions for this.
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Some of these answers refer to "getting away with it so far" as if there is something the credit card companies/debt collectors could actually do to someone who stopped repayment of a debt. In a hypothetical situation where there are no assets in existence, and no employment where money could be tak…
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Arrested for credit card debt You cannot actually be arrested for Credit Card debt. Being in debt and owing money in general is a civil issue, not a criminal issue. Technically you did not steal the money, you and the credit card company have an agreement that you will borrow the money and pay it ba…
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%DETAILS% You will default on your credit card accounts. Being an unsecured loan, there is little a credit card company can do. That is a risk credit card companies take.   Regardless of why you can't pay, non-payment will result in default. The extent to which a credit card company will a…
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A creditor can not garnish your wages without a court order. Actually, the only thing they CAN do is to take you to court, which is a possibility. However, without such action, there is nothing they can do to you outside of calling you and writing you in an attempt to collect on the debt. Wage …
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Actually, I wouldn't recommend closing your credit card account, closed accounts impact your score and do nothing to help improve it. If you zero balance the card just put it in your sock draw get gas or pay a bill with it once a month and then P.I.F. it when you get the bill, that way your not payi…
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Opinions from contributors: Opinion It depends. Do you owe the money? Can you pay the money? Did you successfully complete a bankruptcy in which the debt was included? Was the law broken in any way while the original owner of the debt or the third party was trying to collect the money? If yo…
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You can't be sued by the credit card company since it states in the agreement for authorized users that the person is not responsible. As for your family member, I'm not sure if they would win or be able to prove you didn't pay them back.Yes, you can find yourself in a civil suit as an authorized us…
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Losing a House for Non-Payment of a Credit Card It is very unlikely they will or even can take your home. This is very true if you have a morgage on the home, first they would have to pay off the lender on your home then foreclose, under most conditions they can't forclose as long as you pay th…
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Spouse's credit card charges My husband says he actually heard the answer to this on a radio show the other day. The answer given was this: As long as no one else's names are on the credit card (or, I assume, the original application) only your father was responsible for his debt. Your mother sh…
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I just got my credit report from Equifax and it had all the creditors addresses (open and closed) included when I viewed the details of my accounts.
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Collection agencies Collection agencies do not have the power to initiate a lawsuit. They may refer an account to an attorney licensed in the debtor's state, who can then file a lawsuit. The debtor/defendant will receive a summons with a date to appear in court, if the defendant does not appe…
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There are state usury maximums. If the credit card is issued by a "national" or federal bank there is basically no ceiling, thanks to a combination of a 1978 supreme court ruling and other laws passed in the late eighties.(wow, not Clinton's fault). Search the web for usury (most people misspell it…
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There are 16 digits on a credit card.
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I was a authorized user on one of my exwifes accounts and did not realize it. I noticed my credit score was going down steadily and was not sure why. Then it made a big plunge so I checked my credit report and fiqured out I was a authorized user on one of her accounts that she had stopped paying on.…
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Most people know credit cards are unsecured debt(s). And some are under the mistaken idea that the companies have no recourse if a card holder defaults. That is, of course not true. They have the legal option to sue to recover their monies. Not being able to pay is unfortunately not considered a def…
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Reporting Losses and FraudIf you lose your credit or charge cards or if you realize they've been lost or stolen, immediately call the issuer(s). Many companies have toll-free numbers and 24-hour service to deal with such emergencies. By law, once you report the loss or theft, you have no further res…
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Yes you can but you must include all your debts including your home (if you have a mortgage),car loans and even your borrowed money from family members or friends. All of it. Because any indebtness you do not include cannot be added after the bankruptcy is filed. Then you have your attorney "Reassur…
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You will list on the petition the actual names of the creditors not the collection agencies. After you file your petition you will give your docket number to any of the creditors or the collection agencies who are trying to collect monies for the creditors listed on the petition when they call you …
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Credit cards after a bankruptcyOne can get a credit card after bankruptcy but I believe it has to be a "secured" credit card as opposed to an unsecured one.You will also have to be aware of secured credit card scams. There are compaines out there who know people are in unfavorable financial situatio…
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Filing bankruptcyI may be wrong on this, but my understanding is that "charged off" simply means the creditor has written the debt off (as in written it off as a loss on their taxes, or turned it into their insurance company as a bad debt, etc.) but in no way affects the collectability of the debt. …
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I am not an attorney but.... Yes, you can keep any loans or credit cards as long as you reaffirm with that company.   When you file, you list all your creditors. If you do not owe money to a specific credit card, then they are not considered a creditor. So, when its all over with, you can use…
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%DETAILS% The bankruptcy is still on your credit report atleast under "Public Records". Any filings show up there. The fact that it was dismissed does not remove it.They see that you attempted to file atleast. (Or were forced to file)   First, I would like to be sure the terminology is cor…
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They can try. Will they be successful? Hard to tell without knowing which state you live in and the exact terms of your divorce. You probably would be well advised to discuss this with the attorney who handled your divorce.   I agree with Nikki. In Indiana, the creditors can normally sue eith…
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: The best way is to look for a reputable organization that is an approved nonprofit organization. You can check with the IRS to ensure that the organization is tax-exempt. Otherwise, any Debt Consolidation Company can try to sell you on a consolidation option that could make your situation even wor…
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Student Loan Money Suggestions below may be helpful(financially), but they are advising you to commit fraud. I have yet to read an education loan agreement (including private/alternative loans) that does not stipulate that the proceeds of the loan are for educational use only. For federal stu…
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The correct answer to your question is yes. You also must pay taxes on the amount forgiven. If you have FFEL loans instead of direct loans you need to go on the "income-based" repayment plan to get this benefit. Note that 25 years means 300 full payments; All months spent in deferment of forbearance…
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Getting Around ChexSystemsWhen a person applies for an account at a bank that uses Chexsystems and is denied, it shows up as an inquiry on your report. Too many inquiries on your report can cause Chexsystems to "flag" your account for suspicious activity. It is very important to know where you can a…
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For starters, there is no ego involved, despite what you may have heard. The best way I can describe it is dealing with a addiction, like crack: you can get enough to satisfy yourself, but to meet the satisfaction the next time usually requires more. Going without is like going through withdrawal. T…
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Cash purchases A few traders will in fact give a cash discount, but don't expect it to be great as the credit-card companies only charge the trader about 3% commission anyway. Any significant cash discount is more likely to mean that the trader has no intention of putting the sale "through the bo…
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Answer Judicare is a program that is offered by some states. It provides access for free or reduced expense legal representation for those person's of limited financial resources. Interested parties should apply in their state of residency following the implemented guidelines. Contacting the …
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Generally speaking, the estate is responsible for the debts of the decedent. If a person owned any property at the time of their death that property comprises the estate and their estate must be probated. Depending on the size of the estate, many jurisdictions have less formal procedures for small e…
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if your still in the store yes, call the bank and request a stop payment if the store is unwilling to void the transaction. For the future, insist on a written 30 day free return for any mattress you buy. Unless your banking with Bank of America than forget it they will say wait 7 days and put it …
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