Credit Card Acct

Is the CC under company's tax ID or your personal SS?
I was told that if it is under company's tax ID, it may not effect you personally. It also depends on the type of the company: Limited partnership vs. incorporated, etc.

Hope this info is found useful!
Good luck!

he credit care is for linen & things. they have resently filed for bankrupty an i was wondering if they close up shop and close my credit card how that would affect my credit score.

I a few of those CC's, that claim to 'help your credit'. Their % rate just kept rising and the payments were rising, as well. they are BOTH on my credit as unpaid debts. I'm STILL getting alot of ads, via the web, about 'bad credit' cc's. Imagine and Orchard are the ones that are on my CR, as unpaid debts. Just couldn't keep up with them. They were (each of them..) a $300.00 limit. But....just seemed like I was paying and paying and paying, with no 'end in sight' to pay these cards off. Can anyone reccommend a 'good' CC that would help my credit?

lakeytodd ,
If the consumer credit card closes the account due to them going out of business, it will have no effect on your credit history. I had such cards before from places that went under. One stopped billing me and when I called their 800 # to check on the status of my account, they said they had no record of me at all. That was a few years back. Please keet in mind that when you check your credit report and if you see something incorrect about it (including incorrect status - like..account was closed by customer...) you can ask the credit reporting agencies to investigate it.
You also can request to add a comment or explanation about anything negative on your report.
Good luck!

sdchargers_63
As long as you have a credit card that does not charge a membership fee AND you make your payments on time, it will help improving your credit score. I have found Discover card and American Express are very good at it. Keep the credit limit low and make your monthly payments before due date :)
In addition, if you have a credit union account, they may issue a VISA or MC card as part of your account which may have super low interest rate. Digital Credit Union (DCU) is highly recommended!! Rate is now %8.00 - have not seen anything lower that this in a while.
Good luck!

CALLORAMA, the CC's I had BOTH had membeership fees, etc. Seems like they both had fees that I din't realize ( LOL). My credit is very low so I don't know if I'd qualify for any of the CC's you are talking about. Thanks for the advice, though.

sdchargers_63, If there is a Federal Digital Credit Union (DCU)in your area you may want to check them out. When you open a Checking/savings account with them they would offer a credit card account as well. They credit line may be dependent on the credit score, but it would not have any yearly fees and the interest rate is much lower than what banks offer. You may want to check them out online. The best feature they have is that your credit card is linked to your checking account. When you want to transfer debt from another credit card, all you have to do is transfer from your DCU credit card to your checking account and then pay the other CC with your check. This transaction is FREE while other CC's charge a minimum 3%. I started using them few years back and have been able to save some money along the way. Hope this information is helpful. Good luck!

Hey Chargers...I shouldn't be answering this since the last SD game against the Patriots but I'll let that slide ;)

Credit cards can seem like the source of never ending problems...just another bill to pay, throwing money out the window with high interest rates, etc. The thing is ~ credit cards really CAN help you out...when you use them properly. Using them properly literally means ~ living within your means. It doesn't mean that having one in your wallet gives you extra income to spend. I think it's best to use a credit card just as you would a debit card. You should be able to pay that balance in full each month...and if you can't...you're going to have to look for another option. In fact...I think it's smart to pay that cc bill in full before the closing date of the billing cycle...because then the cc company will report a $0 balance to the CRAs...thereby boosting you're credit used/credit available ratio...which is a very very good thing.

I understand that everyone has different circumstances and sometimes it's a necessary evil to use a credit card for someone you can't afford right away...like when it has something to do with your kids...etc. Those are the exceptions and those exceptions are hopefully few and far in between.

If you're sliding into debt...think...what can I possibly do to get out of this? Are you really willing to do whatever it takes to put yourself into a better position? Are you willing to pick up a second job...cut back on expenses? A lot of times we spend money and get into debt for things that we "want" rather than "need".

I know you'll work it out :)

~ Debra

BEBRAG....New England fan, I assume? Sorry to hear that ( LOL). Thanks for the comment. Yep....I tend to agree with you. It would be one more bill to pay...reguardless on how low the % rate is. What I do know is (sometimes) put some bills off, a few days, to get what my son NEEDS, not neccessarily what he wants. I have cut back on a few thngs ( not 'needed' things..) and it's made a difference. BTW...SD 'made up' for the game last weekend...they lost!! LOL I don't remember what their standing' is...I think 3 and 4 now. Gosh. Talk to ya soon.

i have a LnT credit card, what i am wondering is being they are 'Going out of Businies' how will them closing out my card effect my credit. i know if i was to close out the card i would take a hit on my credit score. if anyone has gone thru this please let me know what happened or will happen.

Talk to your bank, and ask if they have any ideas. One of our local banks offers a 'credit builder' loan program. Basically, someone with crap for credit takes out a loan, and puts the proceeds in an account at that bank. Bang, there's 98% of your payments.

At
my' bank, I know if you have so-much in a Savings account, you can use that for collateral for the loan. Is that what you mean when you say Credit Building Program?

I think that's the general idea. What Bank of Bennington is doing [as it was explained to me third-hand] is a little different. They give somebody a loan, and the loan proceds are paid into a savings account in that person's name. Then the payments are debited from that account over the life of the loan. There'd likely be a smallish cost involved, to cover the differential between savings account interest rates and loan interest rates, but I don't think it's much. And they report regularly to the big 3 CRAs.

I heard about this arrangement at a home-buying seminar put on by a state agency about 8 months ago. I recorded the seminar, I'll look around and see if I can put paws on the recording.

I think you are thinking like sukrat, but I think you should cover the other side of the topic in the post too...

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I am unable to understand this post. But well some points are useful for me.