Ask Creditnet Questions

Ask Creditnet Questions

Ask Creditnet: Which Debt Should I Pay Off with a Balance Transfer?

paying credit card bills Dear Creditnet: I was recently approved for a zero interest credit card with a $3,500 credit limit. The zero interest promotion lasts for the first 12 months. I’m looking to put the first $1,000 to great use by either paying off balances on 2 high-interest credit cards totaling $800 with monthly minimum payments of $20, or by paying off the balance on a $1,150 auto loan with monthly payments of $165. I'm not sure which will boost my credit score the most. Can you answer this?

Ask Creditnet: Best Travel Rewards Business Credit Card

Dear Creditnet: I run several small businesses and am looking for the best travel rewards business credit card. I plan to spend a few thousand per month on each card and the balances are expected to always be paid in full. What do you suggest?

Ask Creditnet: What Credit Limit Will I Get?

citi platinum select credit card Dear Creditnet: I have a FICO score of 725 and I'm trying to find a 0% interest credit card that will allow me to transfer $25,000 from other cards so I can pay off this debt over the next year or so. It looks like the Citi Platinum Select Card offers the longest 0% interest period at 21 months, but will I get a high enough credit limit for this to work? I make nearly $200,000 per year, so I assume that will help my chances.

Ask Creditnet: Carry a Balance or Pay in Full?

MasterCard credit card Dear Creditnet: I have finally received my first credit card for bad credit after bankruptcy. My question is do I charge $400 to the card and make minimum payments over time to establish a track record, or do I charge $40 to $50 monthly and pay off the entire balance?

Ask Creditnet: Do Lenders Use the Same FICO scores?

Dear Creditnet: Are the FICO credit scores I can buy at just an estimate of the scores actual lenders use? I'm getting ready to apply for a mortgage and want to make sure there are no surprises when potential lenders pull my credit.

Ask Creditnet: Should I Cut My Credit Limit?

Dear Creditnet: My wife and I have excellent credit scores, but we used to only have one no annual fee credit card with a limit of $10,000 (balance is paid off each month). I recently opened another credit card with better rewards and it has a $20,000 credit limit.

I've been told not to close out our first credit card account, but should I lower the credit limit on it to somewhere around $500 since we won't be using it? Or will our credit scores be negatively affected by lowering our available credit limit from $30,000 to $20,500?

Ask Creditnet: Credit Card Use on a Fluctuating Income

Dear Creditnet: I need some expert advice. My credit score is in the low to mid 500's...sad i know! I have 7 credit cards that I use all the time, but they have low limits under $1,000. My work is commission only too, which often causes me to make late payments and then get hit with big fees. How can I better manage my credit cards and improve my credit scores?

Ask Creditnet: How Student Credit Cards Affect Credit Scores

 student credit cards Dear Creditnet: I have nine years of credit-history and while my credit is "good", it's not "excellent". I'm currently interested in applying for a top-notch rewards credit card, but my chances of getting approved seem to be much higher if I apply for the student version of the card. So my question is will a student credit card have the same effect as a regular credit card on my credit score? And what about rebuilding my credit-history? Will a student credit card help improve my credit just as much as any other credit card?

Ask Creditnet: Credit Cards without Foreign Exchange Fees

Dear Creditnet: I know Capital One credit cards don't charge foreign exchange fees, but I'm frankly not a big fan of Capital One. Are there any other credit issuers offering the same perk with a no annual fee credit card? I travel overseas a lot for both play and work, so a credit card with no foreign exchange fees would save me a lot of dough.

Ask Creditnet: Don't Rely on USPS as Payment Reminder

The USPS Dear Creditnet: I recently began helping an elderly neighbor pay his bills. One credit card statement arrived today and indicated that his payment is due in just 18 days. They also request that it be mailed at least 7 to 10 days in advance to avoid a late payment fee, so that only gives him 11 days to cut a check and get it in the mail. This just doesn't sound right to me. Am I wrong? Answer: I wish my grandparents had a neighbor like you. Kudos for lending a helping hand. Your neighbor's credit issuer will need to receive payment by the due date or they will most likely charge a late fee and begin charging interest on the existing balance as well. That's why they're suggesting you send payment at least a week or so in advance. Unfortunately, the mail can be quite slow sometimes.


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