LadyMar asked:


I have been using rewards cards and paying off the balance for years. I have read that applying for new credit card wont affect your record if you only get one, and don’t open too many in a short period of time. Not sure what “short period of time” is . There are 3 rewards cards I have been meaning to get because of bonus/rewards, but not sure how I should space them out.

Caffeinated Content - Members-Only Content for WordPress

ahe03 asked:


I have been cautioned against taking a “line of credit” to pay off high interest credit card balances. Instead, I have been encouraged to keep using the 0% interest credit card offers for as long as it is offered at zero %. These cards are a dime of dozen these days.

As with anything in life, it is what you don’t know that hurts you. If I embark in doing the card hopping strategy, I don’t know what the long term consequences are in using these 0% offers. So, I kindly ask you the following questions:

1. Will it hurt my credit rating? Right now I have a very good credit score. I pay all my bills on time. It is the finance charges that are killing me.

2. Should I close the expiring 0% card as I open the new 0% card. At the end of 5 years I don’t want to have a trail of credit cards that are still open balance. Or should I?

Caffeinated Content

Michael P asked:


Everybody knows using a credit card at the ATM or bank will qualify the transaction as a cash advance and cash advances carry a rather high rate. However today I heard a bit on the news;how to make money off of the credit card companies rather than them making it off of you. It featured some investment guru who talked about using available balances on credit cards for investments that have a higher rate of return than the credit card carries. I have a 0% until July 2007 with plenty to invest if I decided to do this, but how would I avoid the cash advance rate if it would be regarded as cash? Are there any investments that would list the transaction as a purchase? Please help, I am confused.

Caffeinated Content for WordPress

T G asked:


I’ve just applied as a cosigner for my son’s college loan. Will it affect my credit score and the amount I’d be eligible to borrow in the future mortgages and home equity loans? (I have a perfect credit history and some mortgage-free properties)

credit loans

bsk k asked:


does just applying for unsecured/home/auto loans hamper credit history?
does just applying for unsecured/home/auto loans hamper credit history?

And , what are the common activities will lead to credit enquiries? Like applying for credit cards, loans , store credit cards etc…

Kansieo.com

Nikita asked:


I am trying to rebuild my credit after ID theft, a couple of problems that were mine and years of basically not having any credit reported. (I primarily use my debit card and pay cash for everything). I make good money now and am trying to rebuild in order to purchase a condo in the next couple of years. My good accounts (rental, club, cable, cell, etc.) have not reported my good credit. So how many cards should I take out that will help boost my credit score but not hinder my credit. Thank you!

Website content

mony ou asked:


I have 4 credit cards with approx. $25,000.00 worth of debt on them. I would like to get ahold of a non-profit debt counseling service in order to get rid of the high interest rates and pay them off alot sooner instead of only paying the interest and the over the limit fees. I have not used these cards for the past 5-6 years and the accounts are closed except for me making payments on them. I am not even touching the actual principal that I owe, although, I have probably paid enough on these cards to have actually paid off the actual principal. How is the best way to do this and what are some reputalbe non-profit agencies that will help achieve this? I have also heard that some credit cards will take a settlement on some accounts. Is this a good idea and how much of the amount owed do they usually want? I realize that this may hurt my credit rating but to be honest with you it isn’t worth squat now, so what is the difference? Does the debt consolidation hurt your credit as well?

Caffeinated Content for WordPress

honey asked:


I haven’t consolidated my loans yet b/c I have heard rumors that congress is going to help lower student interest rates, so I’m taking a gamble and hoping the rates will lower. I have 11 seperate student loan accounts. Would my credit score go up if I consolidated, since I would then have 1 instead of 11 accounts? Would it be better in regards to my credit score to leave them as is?
Current score is about 650.

Caffeinated Content for WordPress

fashionista asked:


Where can I apply for private student loan that does not require good credit?

Caffeinated Content

Doug G asked:


I’ve opened a few credit cards lately, but don’t plan on using them, only for emergencies. Will just having 4 or 5 credit cars available for my use somehow hurt my credit score, or credit in general for future loans I might want?

Caffeinated Content for WordPress