What credit cards can I apply for with no credit?
Question by naomishonta: What credit cards can I apply for with no credit?
I am a college student and I want a credit card or two to help start building my credit. What credit cards can I apply for with no credit history?
Best answer:
Answer by Huntsman
New federal regulations are making it extremely hard for anyone under 21 to get a credit card.
You must have employment for 1 full year (full time)
And, have sufficient salary to support a card.
A checking account and a savings
IF you get a card, make sure you pay in full each month.
Never dare carry balances which can only destroy credit.
Get your parents to co-sign on a card with you. Discover allows this.
But… only do this if they have amazing credit.
^ if they carry balances or have debt, do not co-mingle your finances with theirs
Also consider a secured card from your bank.
Again. No games of carrying balances that can easily destroy credit
Note: Plenty of people buy their first car without any credit.
They have proof of their income, employment, and savings accounts.
Along with a nice down payment.
Don’t struggle if you don’t have credit.
A bank will look at your overall financial health and your ability to pay back
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Categories: Loan Questions Tags: Apply, Cards, Credit
Installment loans help credit score?
Question by heather S: Installment loans help credit score?
I am trying to repair some of my credit and heard that taking out installment loans, which only be to pay for my credit debt and paying off the loan before it’s due will help out my credit score. has anyone ever heard this and does this really work, i need to build my score quickly within the next 6 months and pay off bad debt.
Best answer:
Answer by Smoovy Loco
There are two main types of credit: revolving accounts that allow you to build up and pay down balances, and installment loans that typically have fixed payments that require you to pay down your balance over time. Credit cards and lines of credit are examples of revolving accounts, while auto loans and mortgages are considered installment loans. The FICO formula has always rewarded folks who had and successfully managed both types, which is why getting an installment loan was often recommended as a way for people with troubled credit to rehabilitate their scores. The new scoring formula is even more sensitive to the mix of credit types people have and use. In the past, people were able to get and keep very high scores using only credit cards; it’s not clear if that will still be true under FICO 08.
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Categories: Loan Questions Tags: Credit, Help, Installment, loans, Score
Finance 101: The Whiz Kid’s Perfect Credit Guide: Save House From Foreclosure (Volume 1) Reviews
Finance 101: The Whiz Kid’s Perfect Credit Guide: Save House From Foreclosure (Volume 1)
Profits Are Donated To The Children?s National Medical Center in Washington, DC No Credit? Bad Credit? Average Credit? Just Want To Learn About Finance? Well, congratulations because you have found the right book. Not even the table of contents can show all the lessons contained within this book meant to help consumers fight all types of financial problems just as Danny Singh fights for his mother including avoiding a foreclosure, reclaiming a repossessed car, fixing credit, avoiding deceptive loans as well as checking accounts filled with fees, and getting denied credit applications approved. In response to the student loans crisis looming in America and as a community college student himself, Danny advocates going to a community or state college and doing the maximum number of classes is the best financial decision that can be made versus getting into 0,000 of debt. Without needing bogus and expensive credit repair agencies, Danny will emphasize the most effective debt repayment plans and methods to save money on everyday purchases allowing for consumers to be debt free in months instead of years. Besides student loan debt, Danny expresses credit unions are the solution for consumers to effectively pay off any type of debt such as credit cards, auto loans, and mortgages. Being debt free will cause their insurance premiums to decrease and chances of better employment to increase in addition to living stress and bankruptcy free lives in which saving for retirement and other financial goals will be a breeze. Despite the financial conditions of a consumer or the economy, perfect credit is never impossible and Danny proves this in Finance 101: The Whiz Kid?s Perfect Credit Guide! If the knowledge in this book does not boost your credit scores and bank account balances then feel free to return or sell it. The purchase of this book is the only investment that is risk free but makes the most earnings.
List Price: $ 9.96
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Is it possible to have a $50000 credit card cash advance limit?
Question by : Is it possible to have a 000 credit card cash advance limit?
I have been trying to learn about credit card cash advances, as I’m curious to learn how they work. How do credit card companies determine this limit? How high can this limit be? Thanks guys
Best answer:
Answer by Barnesy
Neither you or the lender would want a cash limit this high. If you need this level of cash then you would take out a personal loan. The interest rate would be less and the entire arrangement would be more manageable for all parties.
Typically, a credit card issuer does not like to see large cash-advances against a credit card. They often signify that a borrower is in some kind of financial stress.
The most sophisticated credit card issuers can see a cash-advance inside (or nearby) a casino and make rapid status changes on the account. e.g. a customer that has maxed out their daily card limit on debit card cash and then proceeds to run credit card cash-advances is probably not going to be the best credit risk.
This whole area is extremely complex. Banks hire large teams of statistical analysts to perfect lending models around cash advances. They then spend millions on systems that can act upon the models in real-time.
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What will happen to my credit cards if my home is foreclosed?
Question by triguyinla: What will happen to my credit cards if my home is foreclosed?
I have over $ 100,000 in credit on my 7 or 8 credit cards, all with a 0 balance. I am facing foreclosure in a few months. Will the banks cancel my credit cards once I get a foreclosure on my credit? Should I just max out all my credit cards with no intention to pay them?
Best answer:
Answer by Teresa H
Unless you are earning a very large income, you don’t need to have $ 100,000 in available credit. You should close all but 2 or 3 of the credit card accounts. Pick the ones with the most favorable terms, such as the longest grace period, the lowest interest rate, no annual fee, and with the maximum limit at about 15% of your income. I am assuming that since you have a 0 balance, you pay them off each month, which is a very sensible practice that you should continue. Showing poor judgement along with poor luck doesn’t help you in the long run. These actions will result in a credit score that won’t go as low as it could otherwise.
What do you think? Answer below!
Categories: Loan Questions Tags: Cards, Credit, foreclosed, happen, home
Making Big Money Investing in Foreclosures: Without Cash or Credit
Making Big Money Investing in Foreclosures: Without Cash or Credit
Life can be tough for real estate professionals these days. Even with interest rates at historically low levels, the uncertain economy makes homeowners hesitant to relocate or trade up. There just aren’t that many clients out there, and the few who exist generate fierce competition. In fact, it seems the single “”hot area”” is foreclosures. But that’s not necessarily bad news.
Conti and Finkel’s book is a good “”crash course”” for real estate brokers and agents wanting to understand this area and explains the intricacies involved in funding investment deals, using various buying/closing methods and employing exit strategies. Thanks to the book as well as workshops and seminars offered by the two authors, thousands of people each year learn the art of lucrative real estate investing.
List Price: $ 18.95
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Categories: Loan Products Tags: cash, Credit, Foreclosures, Investing, Making, money, without
When does a cash advance get paid off (Before or after credit card transactions)?
Question by Dan M: When does a cash advance get paid off (Before or after credit card transactions)?
Cash advances on credit cards usually have higher interest rates. So when you make a cash advance and pay your credit card your minimum payment for instance, does the cash advance get paid off first or do the credit transactions get paid off. Or does the credit card company make it so you pay the cash advances last when you are about to pay off your entire cc balance?
Best answer:
Answer by bdancer222
New laws that recently went into effect. Your minimum payment is applied to the lowest interest rate. Anything over the minimum payment is applied to the highest interest rate.
Before the new law, your whole payment was applied to the lowest interest rate.
Give your answer to this question below!
Categories: Loan Questions Tags: Advance, after, before, Card., cash, Credit, Paid, transactions
Q&A: What is Cash Advance Interest on Credit Card?
Question by : What is Cash Advance Interest on Credit Card?
Just noticed I’m paying Cash advance interest on my credit card at 16.99%.
What am I paying for exactly?
Would I be able to call my bank and get that off my credit card or is it something I’m stuck paying because I have a credit card?? thanks
I don’t use my card anymore, just trying to pay it off quickly.
Best answer:
Answer by Angry Bird
Cash Advance interest is always high than regular interest.
Plus there are flat fees, and no grace period.
Your only option is not to use the card until you can pay all this off.
Once you do this, use your card to build up good credit.
Use it for something you need like gas, and pay the amount in full each month.
This avoids interest and develops amazing credit (with time).
Never dare carry balances again. It can cause serious damage to credit scores.
Add your own answer in the comments!
Credit Markets For The Poor Reviews
Credit Markets For The Poor
Access to credit is an important means of providing people with the opportunity to make a better life for themselves. Loans are essential for most people who want to purchase a home, start a business, pay for college, or weather a spell of unemployment. Yet many people in poor and minority communities—regardless of their creditworthiness—find credit hard to come by, making the climb out of poverty extremely difficult. How dire are the lending markets in these communities and what can be done to improve access to credit for disadvantaged groups? In “Credit Markets for the Poor,” editors Patrick Bolton and Howard Rosenthal and an expert team of economists, political scientists, and legal and business scholars tackle these questions with shrewd analysis and a wealth of empirical data.
“Credit Markets for the Poor” opens by examining what credit options are available to poor households. Economist John Caskey profiles how weak credit options force many working families into a disastrous cycle of short-term, high interest loans in order to sustain themselves between paychecks. Löic Sadoulet explores the reasons that community lending organizations, which have been so successful in developing countries, have failed in more advanced economies. He argues the obstacles that have inhibited community lending groups in industrialized countries—such as a lack of institutional credibility and the high cost of establishing lending networks—can be overcome if banks facilitate the community lending process and establish a system of repayment insurance. “Credit Markets for the Poor” also examines how legal institutions affect the ability of the poor to borrow. Daniela Fabbri and Mario Padula argue that well-meaning provisions making it more difficult for lenders to collect on defaulted loans are actually doing a disservice to the poor in credit markets. They find that in areas with lax legal enforcement of debt agreements, credit markets for the poor are underdeveloped because lenders are unwilling to take risks on issuing credit or will do so only at exorbitant interest rates. Timothy Bates looks at programs that facilitate small-business development and finds that they have done little to reduce poverty. He argues that subsidized business creation programs may lure inexperienced households into entrepreneurship in areas where little profitable investment is possible, hence setting them up for failure.
With clarity and insightful analysis, “Credit Markets for the Poor” demonstrates how weak credit markets are impeding the social and economic mobility of the needy. By detailing the many disadvantages that impoverished people face when seeking to borrow, this important new volume highlights a significant national problem and offers solutions for the future.
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Categories: Loan Products Tags: Credit, Markets, poor, Reviews