All Questions
Tagged with loans credit-card
47
questions
1
vote
3
answers
203
views
How to calculate the very last payment when repaying a debt?
Suppose I'm repaying a fixed amount every month on a debt such as a credit card debt.
Generally, the very last payment will be less than the others, because the total owed will be less than the fixed ...
- 151
3
votes
0
answers
345
views
How does “Velocity Banking” actually work?
I’ve seen this mentioned a few times now in various financial articles, but it smells like some kind of “system” a gambling addict would come up with to “beat the house”. Doing a web search on it, I ...
- 309
2
votes
1
answer
155
views
How fast will my credit score increase?
I have 12k in students loans (all of which isnt required to start making payments until Q4 2021) owed to non-government lenders, and have roughly a 1.5k credit balance currently, with 3 lines of ...
0
votes
4
answers
430
views
Stuck in a debt of 3 credit cards
I have 3 credit card and I have utilized the funds of these cards 100%. Now I need to pay back the amount to bank. I am from Pakistan and the currency is PKR. Here is the stats:
Card 1 - 4.5K (cash ...
anon
0
votes
3
answers
184
views
The most efficient way to pay off loans/credit? [duplicate]
Supposed you have a fixed amount of money to commit every month to debt repayment... well above all minimum payment requirements. All other quirks and conditions being equal. The only differences ...
2
votes
3
answers
364
views
Using credit cards to pay personal loans
Personal loans issuers won't allow you to use a credit card to pay your loans. Is there a way around this? I have lots of credit card with good amount of remaining credits. And I have very high ...
- 21
2
votes
2
answers
312
views
Loaning money to your small business by billing yourself and paying with personal credit card?
Can you loan money to your own small business by billing yourself and making a payment to it with your personal credit card? How would the accounting work on that? The business isn't actually billing ...
- 121
5
votes
4
answers
208
views
Is there such a thing as a truly preapproved credit card or loan?
I receive quite a few "preapproved" credit card and personal loan offers in the mail. These invariably include an application form and a disclaimer that the card or loan might not be granted if ...
- 1,003
2
votes
2
answers
292
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Are prepaid credit cards a form of secured loan?
I was reading about different factors that determines credit score. One of them is having a "good credit mix" (IE having a healthy mix of secured (such as home loan, auto loan) and unsecured loans (...
- 121
2
votes
2
answers
256
views
What should I expect when applying for credit?
EDIT: It has been suggested that this question is a duplicate of Personal loan while unemployed?. In fact it is not a duplicate of that question, because I'm not asking about getting a personal loan ...
- 21
1
vote
2
answers
274
views
Which debt(s) to minimize first to improve credit most quickly?
Current score is ~650. Looking to improve my credit as effectively as possible, as I'm looking into houses after getting married next summer. I'm coming off of a tougher employment patch so very much ...
- 113
2
votes
3
answers
305
views
Can you build credit history without getting a credit cards or taking on debt?
As far as I know I have no credit history as I have never had a loan or credit card. I buy things using a debit card tied to my credit union bank account and prefer not to have a credit card at all. I ...
4
votes
4
answers
2k
views
As a fresh graduate, should I get my first credit card? [duplicate]
Recently, I sat down with couple of my friends that are also a recent graduates. We talked about credit cards and it caught my attention. They told me that we should get our first credit card as ...
- 51
0
votes
1
answer
150
views
Do I have too much available credit?
For some background, I'm a recent graduate doing mostly freelance work while teaching English on the side in France. My freelance work grosses me about $25,000/year, and my job in France is about $8,...
- 1,074
5
votes
1
answer
2k
views
What happens if you don't pay the credit card or personal loan amount, and then leave the country?
My friend went to India without paying his credit card balances of around $150K. Now he is unable to pay due to losses in business. What kind of actions can happen from credit card companies and/or ...
- 51
2
votes
1
answer
206
views
How long should someone wait to apply for a secured credit card after having been deliquent on a loan payment?
Someone failed to make payments on a college loan for an extensive period (8-10 months). Their credit score has, as a result, dropped to 550-575. They have since paid off their overdue balance and ...
- 173
0
votes
3
answers
311
views
Why do banks offer credit cards with less than 7% APR [closed]
On average stock markets make about 7% per year adjusted for inflation. So given the choice of lending a stranger money who will give me <7% APR or putting it in the stock market for a few years I ...
- 137
11
votes
3
answers
6k
views
Can I pay my student loan with a credit card?
As far as I can tell, it's not possible to pay off student loan debt with a credit card. I'm currently making payments through Great Lakes borrowing services. There is clearly only an option to add a ...
- 315
1
vote
7
answers
606
views
Why is proof of income requested for certain loans but not others?
I have over 100K in credit available, and have NEVER been asked for proof of income. In fact, my income is far below 1/8th of my credit line. I can probably buy a Rolls Royce with credit, which is the ...
16
votes
7
answers
8k
views
Using 0% APR credit card(s) to pay off loans to avoid interest
Not sure if this is possible but it did come to mind out of curiosity sake.
Assuming you have a $10000 loan for example.
You open up a 0% APR card for 15 months with a credit value of $15000 for ...
- 1,199
0
votes
1
answer
1k
views
Does closing car loan lower credit score?
The final payment on my car loan is due in December but I made a payment for the total payoff amount this month to close the account. The only account I currently have open is a credit card. Before I ...
- 1
1
vote
2
answers
103
views
What are my best options if I don't have a lot of credit lines for housing loans?
I've been denied for a pre qualify loan by Bank of America for a house recently due to having insufficient credit lines. I do have a credit score that is good and everything else is fine. I think it ...
- 11
0
votes
3
answers
197
views
Credit Card usage before taking a mortgage in the USA?
As a first time home buyer, I am hearing many things about the financial steps to take before applying for a mortgage. I have been told that its better to not use credit cards at all for about two ...
- 742
1
vote
1
answer
216
views
How to manage payment of student loans after credit card balances are eliminated?
Purpose there is a loan, that is at least $60,000, which is student debt at about 6%, as well as total amount of credit cards balance at 4000 - 6000 dollars. What is the cost-benefit ratio of these ...
- 13
2
votes
3
answers
191
views
Does it improve my credit if I pay my credit card bill off several times a month as I use it?
I have a secured credit card of $200, if I used 30% (about $60) in the first time and pay my credit card balance in full after one week, then spend another $60 and pay it after a week, and continue in ...
- 21
6
votes
2
answers
1k
views
How do scammers / money launderers profit from loans to victims?
Recently, I had an investor [scammer] offer to loan my company money. It was to be posted directly into my accounts — equal amounts in my checking and savings accounts.
There were no conditions that ...
3
votes
1
answer
755
views
About to pay off car loan, how to maintain credit score?
I will soon be finishing paying off my car loan (yay!). This will be paid off with what is a normal monthly payment, not a large sum I'm throwing at the loan, so stretching the loan out longer (if I ...
- 1,322
3
votes
2
answers
10k
views
How to calculate the number of months until a loan is paid off (given principal, APR and payment amount)?
Does anyone know what formula they use for this When will you be debt-free? calculator? I want to put it in a Google Spreadsheet, but I can't find a payments-to-debt-free formula using my Google ...
- 133
4
votes
3
answers
853
views
High credit utilization, some high interest - but credit score not overly bad. How to attack debt in this situation?
I presently have:
Credit Card, £2250 balance, interest rate of 17.43%
Credit Card, £1500 balance, interest rate of 39.9% (3.5% min payment)
Credit Card, £2400, interest rate of 34%
Overdraft of £1300
...
- 43
29
votes
7
answers
21k
views
Making a big purchase over $2500. I have the money to cover it. Should I get a loan or just place it on credit?
I am planning to make a big purchase. I have the money in savings to cover it, but I don't want to drop $2500 all at once if I can avoid it.
I have a credit card with a $9000 limit, but I know that ...
- 1,199
3
votes
3
answers
5k
views
Can splitting a monthly payment into two lower interest payed?
For example if I have a monthly payment on a credit card or car loan and its 300 dollars per
Months at an interest rate of 2.5% will making 2 payments per month of 150 help me pay less interest? I've ...
- 119
2
votes
2
answers
1k
views
How can I get out of the debt-trap as quickly as possible?
I have a credit card with 30% interest and a real estate loan with 11% interest. The amount of debt on my card is lower than the real estate loan.
I want to redeem the installments of the real ...
- 179
23
votes
4
answers
5k
views
Would it be advantageous for me to pay off these two credit cards and cancel them with a 401k loan?
I'm considering taking a loan on my 401k in order to pay off and close 2 credit cards. I have approximately 30 years until I consider retiring. The amount of the loan will be $1700 which is less ...
user27010
4
votes
4
answers
13k
views
What are some examples of unsecured loans
I am writing an essay on unsecured loans and am now trying to find some examples, so that I may then talk about the pros and cons for each example. I have already mentioned credit cards and an ...
- 143
4
votes
4
answers
428
views
What to do with this cash- pay off ONE card, or pay down a few?
I've got a $5k payment coming through with about $12k in CC debt, over 4 cards. 1 card is at $3000 (total line is $4k), 14.8% interest rate, another at $3450(total line is 4.5k), 19.3% interest rate, ...
- 41
3
votes
2
answers
146
views
How can I judge loan availability?
I want to apply for home loan ( I am from India ). But I did not know If I am qualified for loan or not.
Previous history is that I already have a home loan for a property through my family. That ...
- 157
2
votes
0
answers
166
views
How soon (after your first credit card statement ever) do you get a credit file/history in Canada?
How many days after your first credit card statement EVER does one get a credit report on file with one of the two Canadian bureaus? I'm trying to develop Canadian credit on my first credit card and I ...
- 361
2
votes
3
answers
492
views
What mix of credit lines and loans is optimal for my credit score?
Mint.com just told me my credit score. It says in the advice section:
Try to have a good mix of credit lines open.
Creditors like to see that you have both loans and credit cards. If you're low ...
- 203
19
votes
6
answers
4k
views
What should I do with my credit card debt?
I have almost $20,000 in credit card debt and, though I have stopped accumulating it for quite a while now, I'm trying to figure out the best way forward. Can someone please offer advice based on this ...
- 255
4
votes
2
answers
326
views
When getting a business loan, does it look better to owe the IRS or the credit card companies?
I am looking to take out a $40,000 loan to buy out my mother's existing business, that is doing quite well. I explained to the loan officer, in a phone conversation, (I have not yet sent in my ...
- 41
1
vote
2
answers
1k
views
Can I use 0% Intro APR for getting a car loan?
When I'm applying for a chase credit card it has 0% Intro APR for 15 months. This is my first time for applying a credit card. And I just started a few months ago started working so I have a proof of ...
- 13
5
votes
4
answers
10k
views
How to pay bills for one month while waiting for new job?
I recently, and unexpectedly, lost my job. Because I had summers off (no paychecks either), I've been using my credit cards for most purchases, saving what cash I had saved from the previous year to ...
- 153
18
votes
8
answers
2k
views
Paying Off Debt: When CC Companies Won't Reduce APR
For the past two years I've been living, for the first time, under the weighty, grey cloud of credit card debt. Foolish use of personal credit cards to fund asset purchases for an LLC have resulted in ...
- 181
38
votes
8
answers
4k
views
Optimal way to use a credit card to build better credit?
I have a credit card with a $700 limit and I am curious how to optimize credit gain with it. Right now, I use it once a month (usually on something small like a drink from a convenience store or ...
- 719
0
votes
1
answer
1k
views
Credit Card: Charge from the bank
Let's say I have a debt of $50.
Let's say I don't pay for my credit card debts. Next month they will charge me interest upon the money I should have paid ($50 + interest).
Now let's say I pay more ...
- 121
3
votes
3
answers
133
views
Where do I get the best interest rates on a loan?
What do you think about Peerform, Lending Club, and Prosper in relation to these other Banks, credit unions, etc.?
I am looking for a debt consolidation loan and I have a decent FICO ~700.
- 565
4
votes
2
answers
80
views
I've heard that it's never a good idea to go with payment protection plans offered by credit card companies. Is this true?
I'd like to think my bank isn't trying to swindle me when they call and try to sell me one.
- 8,683