Balance Transfers & Credit Score

We are going to try and refinance our home (no cash out, just want to secure a lower interest rate) and have worked very hard to pay off most of our credit cards. We want our credit rating to stay as high as possible..so, our refinance will secure the beat rate we can muster.

My question is…will it help our credit score if we consolidate the remaining cc debt onto one card? The offer we have been presented by one credit card company is that there will be NO interest until November…and we should have the debt paid off by then.

Thank you for any insight you may have.

I just got an e-mail about free government grants for debt relief. Anyone ever heard of this or is it just another scam? Does it sound to good to be true? Then it more than likely it is….

Someone correct me if I am wrong about this…I’m sure you will…

If the account is open and has available credit on it it will still count against you, even if it is 0 balanced, it also depends on how long you have had a card, the longer the better. This is very similar to new cash loans in the UK. If this is a new card that you are opening yet another account, that will detract from you credit score. Because it depends when is the last time you have applied for credit.. or even who else has looked at your credit report.

0% interest is great but for 7 months how much interest would you really pay if you did nothing but continue to pay off the cards you have? How much is that compared to what the company is charging you (ie a % of the transfer) does it off set. What happens if in 7 months something happens and you can’t pay it? You are so close…keep going!!!

Your mortgage, get a fixed rate, no adjustable, 15 yrs or less if you can do it.

– hope that helped.

How often are credit scores adjusted?

Does anyone know how often credit scores are adjusted?

For example if I close a credit card or pay off a debt–how long will it take to appear on my credit report and reflect in my credit score?

Other than paying off debts and closing inactive credit cards–what can be done to improve an existing credit report and score?

It can take a couple months to see changes in your credit report. However, closing inactive credit card accounts will result in a negative effect on your FICO score if by closing them you reduce your credit to debt ratio

Collection, charge off help!!! thank you!

Hi. I just joined this group hoping to get some help with a very strange problem, i am having with some creditors. Please help me if anyone knows what I should do.

Here’s my story, in 2009, i had about 3000 dollars credit card debt, very little, 4 creditors. I had a great job as a broker, and had perfect credit. One day, i came down with chronic fatigue and couldn’t work at my awesome job, so i had to go on state disability for what i thought would be a short time while my insurance kicked in, well they fought me for 2 years, to not have to pay my ltd. I did hire a great attorney who fought for me for 2 years and finally got my benefits in place. During that time, my income went from $5000 a month to $1200 a month, i am a single mom, my daughter was 3 at the time, and our rent was $1200. I called the creditors begging them to give me some time while my disability benefits went into place, of course they didn’t and sent these off to charge offs. So I knew i would have to wait the 7 years for these to fall off. I haven’t checked my credit report as it is so degrading to live with such a low fico score and live in poverty not having anyone to rent to us because of these $3000 of charge offs, so very sad our credit laws..

Anyways, i decided to check my credit report as it has been 7 years and my fico score was stll quite low at 525. But the terrible thing is these creditors from before had sold these loans this year (7 years after they were charged off) to 4 collection agencies and they have all reported me as a current collections. Plus i have one on there from last year for the same creditor, which means there are two current collections for 2 different collection agencies for charge offs done in 2009. I am so shocked and cant believe this so i called trw and they said these will stay on there for 7 years and i can add a letter to my file, this isn’t right, these should be dropping off this year not going as current collections. I haven’t used any credit in 7 years, nothing and these are from the old charge offs. How does this happen, and does anyone know how do i get these collections off my report as they aren’t right. Is this just too weird. Who would have thought that becoming to ill to pay for $3000 would put someone in the place where you are thought of as a deadbeat and no one will even take a rental application for an apartment with this score.

uggh, i am in a funny spot, i just want to rebuild my credit and be a normal human being again. Any advice would be greatly appreciated. thank you.