This is incorrect.You cannot decide when to take the secured deposit back-only the credit card issuer can do this.Also, shredding a card is a bad move as creditors will lower your credit limit or even cancel your card if it is not used somewhat regularly.The end result of this will be one less line of credit and a lower credit limit (which can make it harder to keep your utilization low),thus resulting in a lower credit score.
In most cases, the 0% APR interest rate is a limited-time promotion, according to the Consumer Financial Protection Bureau. If the rate rises, your monthly payment could also increase. The CFPB also notes that the company can raise your rate if you’re more than 60 days late on a payment. Additionally, you may have to pay a balance transfer fee, and if you also use the card to make purchases, the new charges may be subject to interest unless there’s also an introductory 0% APR for purchases.
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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.


If I shop around for a balance transfer credit card, my score will get crushed: FALSE! If your score does decline, it probably will not decline by much. You can expect 10-20 points per credit application. But, remember: you apply for a balance transfer to help reduce your balance faster. When you open a new credit card and transfer your balance, then you will be able to:
What to look out for: If you decide to take out this card and become a member of the SDFCU by joining the American Consumer Council, make sure you do not go to the ACC’s website and submit a $5 donation. That fee is waived by the SDFCU when you fill out your credit application. Simply select “I do not qualify to join through any of these other methods:” and select the ACC from the menu to avoid the $5 fee.
Note that drastically reducing your credit score could impact your career, especially if you maintain a security clearance. Bad credit is the leading cause of loss of security clearance. A low credit score can also impact employability in the financial services sector. If you want to maintain a good credit score, debt settlement may not be the best way to consolidate debt.
There’s a way to boost your credit score that doesn’t involve paying down debt or any of the other more traditional score boosting tactics. Since credit scores are determined, in part, on the difference between your credit limit and the amount of credit you use, ask for a higher credit limit. Your chances of increasing it are likely better than you think. Of those who apply for a higher credit limit, 8 out of 10 are approved, according to a recent Bankrate Money Pulse Survey. While it helps to be over 30, odds are good for all adults. To avoid having your credit diminished by asking for a higher limit, ask for the highest credit line increase that won't trigger what's called a hard inquiry. (See also: Credit Score: Hard vs. Soft Inquiry.)

Consolidation means that your various debts, whether they are credit card bills or loan payments, are rolled into one monthly payment. If you have multiple credit card accounts or loans, consolidation may be a way to simplify or lower payments.  But, a debt consolidation loan does not erase your debt. You might also end up paying more by consolidating debt into another type of loan.


American Consumer Credit Counseling (ACCC) offers consumer credit solutions ranging from debt counseling and debt consolidation relief, to pre-bankruptcy counseling and post-bankruptcy debtor education. If you are seeking debt consolidation options, ACCC offers a simple and effective consolidation program that's more prudent and beneficial than a debt settlement solution or taking out loans for debt consolidation. For personalized credit counseling advice and to learn about the best way to consolidate debt, contact an ACCC credit advisor today.

Besides the security deposit, a secured card is just like a regular credit card. Purchases and payments your teen makes with their secured card are reported to the three credit bureaus — TransUnion, Equifax and Experian. You can check that your teen’s credit activity is reported to the bureaus by requesting a copy of their free credit report at annualcreditreport.com. You can request one report from each bureau every 12 months, and we recommend spacing them out over the course of a year — so requesting one copy every four months.
Presently, there’s more and more consumer struggling to pay off their debt, some collection agencies are opting for unfair means to collect payments from debt-ridden consumers ignoring the debt collection laws. However, to stop such malpractices and help debtors combat such illegal collection agency harassment, the FTC has come forward with the FDCPA, which gives debtors legal rights to sue those debt collectors who illegally threaten, intimidate or harass them.

If you are a careful money manager who fell into debt because of unusual circumstances (medical or veterinary  bill, loss of employment or some other emergency) and NOT because you spent more on your credit cards than you could afford to pay off each month, then leave the accounts open. Doing so will help your credit score, because the amount of revolving debt you have is a significant factor in your credit score. Just be sure to put the cards away. Don’t use them while you pay down your debt consolidation loan.

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.
Improving your credit score is a bit like losing weight: It takes a while. Unless there are major errors on your credit report that you can easily get erased, there is no quick fix. Often, it takes at least a couple years to go from a low score to a high one. But at least, you'll be improving your financial position, and building up good financial habits, in the interim.
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Your best bet is to call and ask to see if they can put you on a payment plan where you can afford to pay them (even if it’s just the bare minimum a month) or if they will possibly settle for less money. A tip: anything that has your name attached (banking account,utility bills, credit cards, anything you finance, student loans, medical bills, car loans, home loans, your apartment, etc) that you miss a few payments on or don’t pay at all can be reported to the credit agencies and sold to collections companies.
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