Ask Creditnet Questions

Ask Creditnet Questions

How Can I Get a Lower Interest Rate on My Credit Card?

Are you paying more in credit card interest than seems fair?
 
If so, you may want to consider calling your credit card company. Although it may seem too good to be true, simply calling your credit card provider and telling them that you are unhappy with your current interest rate can get them to lower it. Credit card issuers want to keep their customers happy, so as long as you have a good payment history and your balance is low, most card issuers will be eager to please you to keep your business.
 

Ask Creditnet: Should I Ever Apply for a Credit Card Cash Advance?

Dear Creditnet: I've been tempted to use the cash advance option on my credit card more than once, but have always found the necessary cash to scrape by when it came down to it. Can you explain how cash advances work, and should I ever apply for one if my cash situation gets especially tight? Thanks in advance. - Chris from Austin, TX

Ask Creditnet: What's the best student credit card?

Dear Creditnet: I just turned 18 and I'm finishing up my freshman year of college in May. My parents are already stressing to me that I need to start thinking about building credit in my name. They're willing to co-sign on a student credit card for me, but I'm pretty much clueless on what to look for in a card. Do you have any suggestions? And what's the most important thing I should consider in a card? Thanks! - Jenna from San Francisco, CA

Ask Creditnet: Are prepaid debit cards a good holiday gift for kids?

Dear Creditnet: Is there any difference between giving someone a prepaid debit card or a gift card this holiday? I've given gift cards before, but I'm curious if there's any benefit to giving my kids a prepaid debit. Thanks! - Tim L. from VT

Answer: The short answer is yes - a prepaid debit card is a good gift idea for your son or daughter this holiday. The long answer, however, is a little more complicated. Let's start with your first question...

How are gift cards and prepaid debit cards different?

Ask Creditnet: Settling vs. Paying in Full

Dear Creditnet: I have cleaned up my credit for the most part, but I still have a few old credit cards with balances that are reporting as collections on my credit reports. I could pay these off in full now, but the creditors are offering me settlements for about 30% of the actual balance. Will it help my credit scores more if I pay these off in full, or should I just accept the settlements and save the extra money? - Angela M. from AZ

Ask Creditnet: Should I Dispute Open Accounts That are Really Closed?

Dear Creditnet: I pulled all 3 of my credit reports for the first time in 5 years because I plan to apply for a mortgage within the next few months. On two of my credit reports, I was surprised to find several credit card accounts and an installment loan that are still reporting as open and active. The other credit report shows them as closed. I know for a fact that these accounts are all closed. They have been for years. Could this be hurting my FICO scores in any way? And if so, should I contact the credit bureaus to let them know that these accounts have already been paid off and closed? - Randy D. from CO

Ask Creditnet: Best Balance Transfer Credit Card? (Sept. 2012)

Dear Creditnet: It looks like the longest 0% interest credit card promotion available right now is for 18 months. Are there any credit cards out there offering something longer? I have some old credit card debt I want to pay off at 0% interest, but I'll probably need about 24 months to get it paid off completely and I don't want to deal with transferring the balance twice. What do you recommend? - Leslie H. from WA

Ask Creditnet: How to Help My Child Rebuild Credit

Dear Creditnet: My college-age son had good credit, but then he got sick and was unable to work for a long time. He got behind on all of his obligations, so my husband and I are attempting to help get him back on track and rebuild his credit. We would like him to have a credit card in his name that we will be responsible for paying, but we're not sure what kind of card he could get approved for with bad credit. We would rather not co-sign unless it's absolutely necessary. What do you suggest? - Mary B. from CT

Ask Creditnet: What Credit Limit Will I Receive?

Dear Creditnet: I have good credit scores and plan to apply for a new cash back credit card sometime this month. I've already chosen the card I want, but how can I get a feel for what kind of credit limit I'll receive? I'm worried about canceling my old card if my new credit limit won't be high enough to support my regular spending habits. So is there any way to find out what credit limit I'll get beforehand, or is it always a shot in the dark?

Ask Creditnet: How Rapid Rescores Work

Dear Creditnet: I'm trying to buy a house this summer and my credit scores are just a bit too low to qualify for the best possible interest rate. My mortgage broker is suggesting we do something called a "rapid rescore" in order to quickly improve my credit before we close, but I don't understand how this works. Can a rapid rescore actually improve my credit scores, and how can I be sure that it will help me get approved for the loan? - Max S. from OR

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