CAUTION!! THIS MOVE CAN HAVE CREDIT CONSEQUENCES FOR BOTH PARTIES!!
Before you make a decision, you may want to ask yourself "Why am I considering this decision?" If you follow through with it, statistically, the consequences of your decision will last longer than your relationship.
Provided you have an adequate credit line sufficient to absorb the total amount of her loans, you could (a) transfer her unsecured credit card debt to your credit card(s) or (b) you could do a cash advance for the amount of her loans, deposit those funds into your checking account, then write checks on your account to pay off her debt. Should you select either option you will create a set of circumstances that you MAY regret "down the road". If you're getting ready to put on a financial suit of armor to save your damsel in distress from the financial dragon she's created for whatever reason(s), you may want to RE-think your motives. YOUR credit score will go DOWN and hers will go UP. The reason is: When your available credit to debt ratio goes up or down there is a nearly immediate effect on your CBR (Credit Bureau Report) score. Why? As your debt load goes up, your available credit goes down so your risk of default goes up (you owe more debt so you're more of a risk to lenders). Your credit score goes down. (Oh yes - if you choose option (b) you also get the consequence of the hefty interest rates associated with a cash advance) At the same time, your girlfriend's debt goes down, her balances are reported as paid in full, so her debt load goes down and her available credit goes up (thanks to you). Her credit score also goes up. There is a disadvantage to her in this scenario. Provided she has been making her monthly payments on time, her credit score would have been going up anyway - withOUT your help. And, all things being equal, your score would have been - at worst - unaffected. The only other piece is the "what if" piece. What if she breaks up with you, what if you have an emergency and NEED that credit line you gave up when you paid off her debt. Everyone is responsible for their actions. Think clearly before you decide. Either way, the consequences will follow you - sometimes for years.
You can improve creditby paying off all debts. This would include loans and credit cards or any medical bills. Make sure you have nothing that have been sent to debt collectors. You can also pay off any car loans.
The best way to improve one's credit rating is to pay all of one's bills on time. This is the biggest factor in determining a credit score. Paying off loans, such as mortgages and car loans, can also help one's credit rating.
$1,200
how can it get free money to pay off my credit cards
You will need to have good credit. This can be accomplished by not having too many credit cards, paying them off, or at least the minimum balances, and making sure your mortgage payments are on time.
You can improve creditby paying off all debts. This would include loans and credit cards or any medical bills. Make sure you have nothing that have been sent to debt collectors. You can also pay off any car loans.
The best way to improve one's credit rating is to pay all of one's bills on time. This is the biggest factor in determining a credit score. Paying off loans, such as mortgages and car loans, can also help one's credit rating.
Credit cards are revolving accounts. Whereas car loans and home loans are not. A revolving account is one where you can carry a balance and charge it back up as you pay it off.
Paying off your installment loans (mortgage, auto, student, etc.) can help your scores but typically not as dramatically as paying down -- or paying off -- revolving accounts such as credit cards.
Pay off any credit cards that you owe. Pay off anything other than mortgage or auto loans and make sure that you make timely payments and even double up.
$1,200
how can it get free money to pay off my credit cards
If a person is seeking to take out an auto loan and does not have good credit, then he or she should not lose hope. There are ways to get bad credit auto loans without worrying that a person will be unable to qualify. No credit check auto loans do not require a person to have a credit check, which is very beneficial to people that do not have good credit scores or credit ratings. This can truly present great opportunities for people who need to take out loans but do not have the financial sort of backing to qualify for ordinary loans. Bad credit auto loans allow a person to focus his or her financial resources on other areas of a person's financial life. A person may need to pay off other credit cards with required payments due, and a bad credit auto loan can allow a person to use other funds for such a payment. It is truly a great idea for a person to pay off credit cards, before trying to pay off a car payment that could be paid with a car loan.
In California, the responsibility to pay off the deceased husband's credit card debt typically falls on his estate. If the wife is not a joint account holder or a co-signer on the cards, she is not typically responsible for the debt. However, it's advisable to consult with a legal professional to understand the specific circumstances and obligations.
To pay off loans and debt, be sure that you are paying more than the minimum payment. Stop using your credit cards and pay for everything with cash. When you see actual cash going out, you will me less likely to spend.
Paying off all credit cards each month Paying off all credit cards each month
You will need to have good credit. This can be accomplished by not having too many credit cards, paying them off, or at least the minimum balances, and making sure your mortgage payments are on time.