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Once 7 years have passed and the past debt has fallen off are any credit cards you apply for going to come back with extremely high interest rates or is this 7 year thing truly a real clean slate?
Wiki User
∙ 16y ago
The 7 year rule removes the credit blemish for that particular creditor, it is not a "clean slate start". If you have been diligent in paying all your other debts in time and your credit is in good standing then you should be able to enjoy good offers of credit. A good credit score is above 700 points; although some will argue you have to reach 720 points. Read the Fair Credit Reporting Act. There is little to NO magic here. All ACCURATE items stay on the report for 7.5 years from the DLA or Date of Last Activity. And often, they don't just "fall off". And you don't just get a "clean slate". You build a clean slate one payment at a time over a history of payments. If you have paid your creditors on time, every time, have not missed any payments or had any late payments, you are probably in a better position to have a higher credit rating. High interest rates are a function of risk, real or perceived. If your payment history looks risky, you will be considered a higher risk. It's all a function of how you pay your commitments over time.
Wiki User
∙ 16y ago
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Is it legal for a credit card company to charge 109.96 percent interest on a cash advance?
Credit card interest and fees are determined at the state level at present. Congress has passed a law which makes bait and switch tactics more difficult but legal interest ceilings are still a state matter.
What should you do if interest rates rise?
This is a pretty open ended question. I'll answer it from the perspective of investing. Rising interest rates directly impact bond performance. Generally speaking, if interest rates rise the value of bond investments fall. Not all bond investments have the same sensitivity to changes in interest rates, but most have at least some. Longer bonds tend to be more sensitive to interest rate changes than shorter bonds, and credit sensitive bonds like corporate bonds tend to be less sensitive to changes in interest rates. As far as actions to take when interest rates rise goes, it really depends on the investors situation. If an investor isn't comfortable the level of volatility that they are experiencing, then a change in the strategy may be needed. Unfortunately, prices have already fallen, so having to change strategy after a period of rising interest rates goes against the strategy of buying low and selling high, but interest rates could keep rising so it's important to consider your risk tolerance going forward. Higher interest rates can also have an effect on stock prices. As the interest rates rise, the cost of borrowing for companies goes up and eats into earnings. Sometimes those higher costs can be passed along to customers, but often times they can't. Rising interest rates often cause pullbacks of 10-20% and can even cause minor recessions. The effect on stocks could be exasperated by the extremely low levels of interest rates currently in the market.
Where can one get a credit report for free?
At Annual Credit Report consumers can obtain their credit report from the three major reporting agencies for free. This is protected by a law that was passed in congress several years ago. Other sites advertised often ask for a credit card.
Can merchants charge a fee for using a credit card in the UK?
You are not usually charged a fee for using your credit card. HOWEVER - the fees charged to the retailer by the credit card company, will covertly be passed on to all customers by charging more for their products !
Can you pay your debt to the original company if the debt has been passed to a credit company?
No because the original company has 'sold' the debt to the credit company or in other words the credit company has bought the debt account from the original company for less than what you owe. That is why credit companies keep chasing you to pay them.
Is it legal for a credit card company to charge 109.96 percent interest on a cash advance?
Credit card interest and fees are determined at the state level at present. Congress has passed a law which makes bait and switch tactics more difficult but legal interest ceilings are still a state matter.
Is credit for Stolen base on passed ball?
No it is not is is scored as a passed ball.
What entry is to be passed in credit note?
Debit Purchases and Credit Supplier.
Why might extremely destructive mutations rarely be passed on to offspring?
Extremely destructive mutation generally lead to the death of the person and hence can not be passed the next generation.
Who is actually the owner on a survivorship warranty deed?
The grantees in the deed are the actual owners. If one dies their interest in the property is automatically passed to the survivor.The grantees in the deed are the actual owners. If one dies their interest in the property is automatically passed to the survivor.The grantees in the deed are the actual owners. If one dies their interest in the property is automatically passed to the survivor.The grantees in the deed are the actual owners. If one dies their interest in the property is automatically passed to the survivor.
Which federal credit law protects you against an unauthorized use of your credit card?
Fair Credit Billing Act (FCBA) which passed in 1975.
What should you do if interest rates rise?
This is a pretty open ended question. I'll answer it from the perspective of investing. Rising interest rates directly impact bond performance. Generally speaking, if interest rates rise the value of bond investments fall. Not all bond investments have the same sensitivity to changes in interest rates, but most have at least some. Longer bonds tend to be more sensitive to interest rate changes than shorter bonds, and credit sensitive bonds like corporate bonds tend to be less sensitive to changes in interest rates. As far as actions to take when interest rates rise goes, it really depends on the investors situation. If an investor isn't comfortable the level of volatility that they are experiencing, then a change in the strategy may be needed. Unfortunately, prices have already fallen, so having to change strategy after a period of rising interest rates goes against the strategy of buying low and selling high, but interest rates could keep rising so it's important to consider your risk tolerance going forward. Higher interest rates can also have an effect on stock prices. As the interest rates rise, the cost of borrowing for companies goes up and eats into earnings. Sometimes those higher costs can be passed along to customers, but often times they can't. Rising interest rates often cause pullbacks of 10-20% and can even cause minor recessions. The effect on stocks could be exasperated by the extremely low levels of interest rates currently in the market.
Why memory credit on Ron Bunt Covert Affairs?
He was a carpenter who worked on the set of Covert Affairs. He passed away, and that's why there was a memory credit about him.
When your Father passed away how bad will a car repossession affect a cosigners credit?
It depends on how your father's death, the repossession, and the cosigners credit are corelated.
Continuously compounded interest- solve for interest rate?
r=ln((A/P)^1/t) Where: A is the Final amount P is the Initial amount t is the time passed r is the interest rate
Your husband passed away and had credit cards in his name can they take money out of the life ins that you are beneficiary?
No.
How does payment gateway protect credit cards?
Payment gateway protects credit cards via encryption. When encrypted, sensitive information such as credit card numbers and security codes are safely and securely passed from the customer to the merchant.
