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What else can I help you with?
Why is it unwise to pay minimum payments on your credit card?
It is unwise to pay minimum payments due on credit cards because the payment will cover only a small portion of the principal amount and more on interest and financial charges.
What are the potential consequences of rollover debt on an individual's financial situation?
Rollover debt can lead to higher interest payments, increased debt burden, and a cycle of borrowing to repay existing debts. This can result in financial stress, damage to credit score, and difficulty in achieving long-term financial goals.
What is the risk to you if you co-sign for a friend's credit card and they are unable to make payments?
If you co-sign for a friend's credit card and they can't make payments, you are legally responsible for the debt. This can damage your credit score and financial stability.
What impact does mortgage consumer debt have on an individual's financial stability?
Mortgage consumer debt can have a significant impact on an individual's financial stability by increasing their overall debt burden and potentially leading to financial strain. Failure to manage mortgage debt responsibly can result in missed payments, foreclosure, and damage to credit scores, making it harder to access credit in the future. This can ultimately affect an individual's ability to save, invest, and achieve long-term financial goals.
Does having a lot of credit cards negatively impact your credit score?
Having a lot of credit cards can potentially negatively impact your credit score if you have high balances or miss payments. This is because it can indicate a higher risk of debt and financial instability to lenders.
What makes my credit rating increase?
By making on or before time payment of your financial liabliliies.. like EMI's, credit card payments etc..
What is one danger of using credit and how can it impact your financial stability?
One danger of using credit is accumulating high levels of debt that can be difficult to repay. This can impact your financial stability by leading to high interest payments, lowering your credit score, and potentially causing financial distress or bankruptcy.
How does having a credit card declined impact my credit score?
Having a credit card declined does not directly impact your credit score. However, if you consistently have payments declined or miss payments, it can negatively affect your credit score over time. This is because missed or late payments can be reported to credit bureaus, which can lower your credit score.
How does having insurance affect my credit score and can having insurance help build credit?
Having insurance does not directly impact your credit score. However, maintaining insurance coverage and making timely payments can demonstrate financial responsibility, which can indirectly benefit your credit score. Having insurance alone does not directly help build credit, but responsible management of insurance payments can contribute positively to your overall financial profile.
Why is it important to eliminate debt as soon as possible?
Eliminating debt as soon as possible is important because it can save you money on interest payments, reduce financial stress, and improve your credit score, making it easier to achieve your financial goals in the future.
Where do you get help for financial institutions to understand what determines a credit score?
How your FICO score is determined is a will kept secret- but the main factors are how long you have had credit, the % of each credit line you have used, and late payments
If your SL is deferred until 2008 but you are being denied credit because of it is it better for your credit score to pay it all or to make payments?
if its deferred because you are in school... then you arent being denied credit because of it. if you dropped out of school then you have to begin payments immediately... if not then you default... which will get you denials. if you are deferred because you are in school... then it actually helps your credit because its an open account that's current.
