This is a basic balance transfer deal with an above average term. If you don’t have credit card balances with Discover, it’s a good option to free up your accounts with other banks. With this card, you also have the ability to earn cash back, and there is no late fee for your first missed payment and no penalty APR. Hopefully you will not need to take advantage of these features, but they are nice to have.

I to am rebuilding my credit for the past 2-1/2 yrs and to get it past 750 and most recently got added as an authorized user on my moms' credit card (more for using the card in an emrgency on her behalf than rebuilding my credit) and would like to get a possible clarification- If my mom misses a payment or maxes out her credit limit on her card that im a authorized user on, will it impact my score (currently 730)?
During the briefing, filers will learn alternative options for resolving their debt that can help them avoid filing Chapter 13 bankruptcy. The counseling ranges in price, with online classes offered by some providers for $14.95 per household and one-on-one phone sessions for $50 per person. Lastly, some providers charge an extra fee for the completion certificate sent to the bankruptcy court.
The exact number of points anyone’s credit score may drop for negative credit behaviors or improve with positive behaviors varies because everyone’s credit file is made up of a different combination of several factors. For example, the higher your score to begin with, the steeper the drop for any negative credit behaviors and with a lower starting score you may see more of a score increase for positive credit behaviors.
If your repayment term is extended when you consolidate, it may take you significantly longer to pay off your credit card debt. While it may be nice to have a more manageable monthly payment, it also means paying more interest over the life of the loan. Review the terms of your consolidation carefully before deciding that it is the right choice for you.
What is it? Balance transfers are when you transfer debt from a current credit card to a new card, ideally one with a 0% intro APR period. The intro period is for a set amount of time that can range from 6-21 months. Many cards offer 0% intro APR balance transfer offers in order to convince credit card users to give them their business. It’s a win-win situation for the lender and the borrower.
Also, after the payment plan is done, a completed Chapter 13 bankruptcy can show on your credit report for up to seven years. As Albaugh noted, however, a filer will usually have already negatively impacted their credit rating through charge-offs, delinquencies and repossessions before moving on to bankruptcy. In that case, Chapter 13 can actually help the credit restoration process and limit the amount of damage their score will incur.
Once you have your credit reports, read through them completely. If you have a long credit history, your credit reports might be several pages long. Try not to get overwhelmed by all the information you're reading. It's a lot to digest, especially if you're checking your credit report for the first time. Take your time and review your credit report over several days if you need to.
A key indicator of your financial fitness, your debt-to-income ratio allows financial institutions to weigh your current debt against your income. This helps lenders determine your ability to keep up with new loan payments. Your debt-to-income ratio is calculated by dividing the total sum of all your monthly obligations by your gross monthly income. According to guidelines set by Wells Fargo, a good debt-to-income ratio is 35% or less, a decent one falls into the 36% to 49% range and one that needs improvement is 50% or higher.
Hello. I just wanted to pass along some praise. We recently acquired a loan from LightStream for the purpose of consolidating our high-interest credit card debt. We are absolutely thrilled with how quick and easy the entire process was. The communication was wonderful, as well. We got a fantastic rate and we couldn't be happier! Thank you so very much!
When the bureaus and data furnishers receive the dispute and supporting information, they will then work with the credit repair company to determine if the item should be removed from your credit report. The major law dictating your rights when it comes to credit reporting is the Fair Credit Reporting Act, but it isn’t the only law on your side when it comes to credit repair.
It may seem attractive to just take out a nice big loan, pay everyone off, and only deal with that one monthly loan payment—one you can even have automatically taken from your checking account every month—but all you're really doing is paying a financial institution to do something for you that you can do on your own. It feels great not to get a bunch of bills in the mail or fret over who you pay when and how much, but you can do the same thing on your own:
Many companies offer very good deals in the first year to win new customers. These are often called “switching incentives.” For example, your mobile phone company could offer 50% off its normal rate for the first 12 months. Or your cable company could offer a big discount on the first year if you buy the bundle package. Credit card companies are no different. These companies want your debt, and are willing to give you a big discount in the first year to get you to transfer.
SoFi has taken a radical new approach when it comes to the online finance industry, not only with student loans but in the personal loan, wealth management and mortgage markets as well. With their career development programs and networking events, SoFi shows that they have a lot to offer, not only in the lending space but in other aspects of their customers lives as well.
If the debt is due to drop off of your report in the next several months because it is almost seven years old, consider waiting until then to pay it, as it will have no affect on your score once it disappear. If the debt shows as written off but will still show on your credit report for longer than a few months, collect all of the funds together to completely pay it off before making contact with the lender. That way, you will potentially re-activate the debt but will also show payment in full, which will minimize the damage to your score.
I recently took out a debt consolidation loan to pay off my credit cards and have just the one bill – however, the loan didn’t quite cover my credit cards… I also opened two new balance transfer 0% credit cards to help cut the interest of the leftover credit card debt… I still don’t quite have enough to wipe it all into 3 bills – plus, I have a previous personal loan I have 2 more years of paying… what would be the best way to distribute these funds, and balance transfers… so that I’m cutting my interest payments, upping my cashflow so that I’m not
A debt management plan is a formal plan to restructure and pay off your debt. A company will manage the plan and negotiate some cost reductions with your creditors, such as waived fees or a lower interest rate. You’ll make a single payment to the plan manager, who will distribute the funds to your creditors. While you’re in the program, you won’t be able to use your credit cards or open new ones. The plan is designed to get you out of debt in three to five years, after which all of your accounts should be reported as paid-as-agreed.

For example, let’s say you want to use a credit card balance transfer to consolidate. Almost any balance transfer credit card you choose will have a fee that’s applied for each balance transferred. Some have a $3 fee per transfer, while others are 3% of the balance you move. That’s a big difference. If you transfer $25,000, then the 3% card will increase the cost of debt elimination by $750.


Although the number of bankruptcy filings since 2005 seems high, not everyone decides to file bankruptcy to deal with their financial issues. There are other options for consumers who find themselves unable to pay off their debts and facing multiple collections actions, and those other options might be a better choice for some consumers. These options include:
Applying for and opening up a new credit card increases your overall credit limit compared to the amount you have used. This, too, can result in a nice credit score bump the following month, but only works if you have good credit. One drawback: You may initially receive a 10 to 25-point new credit score ding which will readjust after a few months of responsible credit behavior.

Just wanted to say our loan experience with you has been fantastic! The process was by far the easiest and close to the quickest loan process I have ever gone through. We had very good credit before but now it’s "exceptional" according to FICO and I think the changes we made by consolidating debt using LightStream made all the difference. I rarely write things like this but really have been amazed and thrilled with your company. It actually feels unbelievable; not sure how you all did it but somehow you designed an incredible experience and I look forward to borrowing from you again.


Do the math on your credit cards and their interest rates, and figure out how long it would take you to pay them all off at your current payment rate. Compare that to the length of the consolidation loan you're looking at taking out. Your average 5 year (60 mo) debt consolidation loan, even at a lower interest rate than your credit card, may cost more over the long haul than if you just paid your cards down faster. Photo by 401(k) 2012.
I applied at my bank and at a credit union and both declined me. My credit score was provided with a fair rating but then the reason was that the amount of debt between us was too high, roughly 10k. Therefore they wanted to see more effort put in first. We were told to reapply again in a few months time when we had that under control. My payments were always on time and so I dont know how I am suppose to show effort if that amount of debt is always going to be the same due to interest. Hope that made sense.
Balance transfer rules to follow: Transfer balances soon after opening the card since many offers are only available for a limited time, usually around 60 days. And, make sure you aren’t late on payments since that may result in the cancellation of your 0% intro period. Also, make sure you pay your balance before the intro period ends so your debt isn’t hit with the ongoing APR and you avoid possible deferred interest.
Just wanted to say our loan experience with you has been fantastic! The process was by far the easiest and close to the quickest loan process I have ever gone through. We had very good credit before but now it’s "exceptional" according to FICO and I think the changes we made by consolidating debt using LightStream made all the difference. I rarely write things like this but really have been amazed and thrilled with your company. It actually feels unbelievable; not sure how you all did it but somehow you designed an incredible experience and I look forward to borrowing from you again.
You cannot use your existing credit cards while you’re on a debt management plan, nor can you open new accounts. McClary also said that if you do manage to open new credit card accounts during your debt management plan, existing creditors who find out may stop participating in your debt management plan and reset your account to its original terms and interest rate.
You can also receive a credit limit increase without making an additional deposit after making your first five monthly payments on time. This is beneficial for people who need a higher credit limit and don’t want to (or can’t) tie up their money in a deposit. Also, this card comes with a credit resource center — which is available to everyone — and Platinum Mastercard® benefits that include travel accident insurance and price protection.
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How it works: A student credit card is the same as a regular credit card but typically has a lower credit limit. The lower limit is due to the smaller income students have compared with adults. Your teen can use their student card just like you’d use your card. However, student cards tend to have higher interest rates than non-student cards — making it all the more important for your teen to pay on time and in full each month.
The intro offers, coupled with the rewards program make The Amex EveryDay® Credit Card from American Express the frontrunner among balance transfer cards, outpacing competitors. This card presents cardholders with the unique opportunity to transfer a balance and make a large purchase during the intro period, all while earning rewards on new purchases. To qualify for this card, you need Excellent/Good credit.
Another avenue to pursue to improve your credit score as quickly as possible is to negotiate with your creditor and credit bureaus to see if they are will to make adjustments. This can be especially effective if you have established a current strong payment record. In that case, a creditor can often be persuaded to remove previously reported late payments as a “goodwill” gesture based on your current payment history, and to encourage you to maintain the course.
I was actually scammed by The Alternative Loan Machine $4,200. I know them. They are local to me. I paid them for work on my credit that they assured me would be done. It wasn’t done. They promised a refund. It’s been 3 months and the refund never came. Now, no one answers their phone, returns calls, or is on line at their chat “Help Desk” anymore. All the assurances of preventing scams and ensuring work, ended up all being B.S.
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