How to Pay Off Credit Card Debt with Micropayments

Making micropayments enables you to more quickly erase your credit card debt.  A micropayment system can help you pay down your credit card debt faster. Most people pay their bill monthly, which allows more interest to accrue because companies compute that on an average daily balance. However, making several payments each month as money becomes available enables you to lower your average daily balance, thereby lowering interest. As you pay off accounts through this micropayment system, more money becomes available to accelerate your payoff plan.


Instructions:    

1.  Create a budget, allocating the minimum payment due on each of your accounts. Be sure that you hold back money for paying regular bills as they come due. If you are depositing money into a savings account, be sure to include that in your budget. Even if you are in debt, it is wise to save money each month in an emergency fund.

2. Set up online bill pay for all your credit cards. This will save you money on postage and check printing, thereby providing more you can allocate to micropayments.
     
3. Pay your bills on time and as soon as possible, instead of piling up a stack of bills for your monthly or biweekly bill paying session.  If you have extra money at this point, add it to one of your credit card payments.

4. Make a goal to save or earn a specific amount of extra money for weekly micropayments. Most people should be able to come up with at least $15 to $25 weekly in savings and/or extra income.
     
5. Focus on paying off one account at a time with weekly micropayments in addition to your minimum monthly balance due. If your goal is to pay off the card at the highest rate first, then that is where you will apply those payments.

6. Continue paying the initial minimum payment on this card until it is paid off, regardless of how much your minimum payment is reduced.

When that account is paid in full, transfer the minimum payment you were making to the next credit card on your payoff plan and repeat the process.

 Reducing Credit Card Debt is Easier Than You Think.  You can combine the micropayment system with other payoff plans. If you are paying extra monthly to pay down your highest interest rate card
first, spreading out that extra money could actually reduce the total amount of interest you will pay.

For Credit Cards with Lower Rates with Balance Transfer Option, Visit: www.CherokeeFinancialInc.com

How To Raise Your Credit Card Limit

When you first got your credit card, your credit limit may have been fairly low. This means that you may only charge a certain amount on your card, including fees, balance transfers from other cards, and cash advances, as well as the purchases you make. A low credit limit may restrict the kinds of purchases you can make, and you may want to raise this limit. Here are some ways you can accomplish this goal.

Improve Your Credit Worthiness
You need to work on improving your perceived worthiness to borrow money from your bank. Your credit score shows lenders what kind of credit risk you are for them, and tells banks whether or not you are trustworthy and able to handle credit responsibly.
The easiest way to build your credit worthiness, and thus raise the amount of your line of credit, is to put everything you buy on your credit card. Don't save your card for emergencies. Your credit card company wants to see that you have the ability to spend wisely and to pay back the amount you credit to your card. If you rarely use the card, the company will wonder why you would need a higher credit limit.
Make Timely Payments on the Balance Due
The second best way to improve your credit limit is to pay as much as possible on your outstanding balance every month and pay them on time. If you can, make every attempt to pay the entire amount; in any case, always pay more than the minimum required. By doing this, you will demonstrate to the credit card company that you are striving to improve your credit rating. You'll be showing them that you do deserve a higher credit level.

Provide Proof of Income
Some credit cards may require proof of income before they will grant you a higher credit limit. With others, you may find their website has an online feature with which you can request a raise in credit limit. If you use this feature judiciously, not more often than every four or five months, you may be able to increase your line of credit. Other companies will automatically extend your credit limit if they see you are spending up to your current limit - and paying it back regularly. That last phrase is most important!

Benefits of an Increased Credit Limit
If your credit card company does raise the limit on your credit, it means that you have shown them they can trust you as a borrower of their money. You should realize, however, that a higher credit level may incur more fees, as well as increased interest charges. Be very careful as you begin to operate within a higher limit, to make sure interest rates don't spiral out of your comfort zone.

There are plenty of websites on the Internet that offer tips on using your credit wisely and carefully. You may wish to look at some of these to increase your understanding of how credit works, and how you can protect your own credit rating. Keep in mind that granting you increased credit is the way your bank expresses its confidence in you as a borrower -- and be sure you are worthy of that confidence.

For a Lower Interest Credit Card and Credit Cards that Offer Periodic Credit Limit Increases when you keep your total Credit Card Debt at 30% or lower, visit:  www.CherokeeFinancialInc.com

How to Pay Extra Toward the Principal of a Loan

Loans are a blessing and a curse. They can bail you out when you are in need of money but then you have to pay them back and you need to plan how to do this. It is possible to get a loan without interest but not too likely; therefore you need to plan to pay the interest on the loan as well as the principal.




Instructions:

1.  Contact your loan company or read your contract and be sure there isn't a prepayment cause. A prepayment cause can prevent you from paying less interest, since it states the amount of interest that you pay regardless of when you pay the loan. This means that if you borrow $500 and have interest of $50, then you have to pay $550 no matter if you pay the loan off in advance or not.

 2.  Add extra money to your monthly payments. As long as you don't have a prepayment cause you can apply the extra payment to the principal of your loan and therefore reduce the amount of interest you need to pay, which means you can pay less. In the example above, if you pay the loan in 6 months instead of a year you may save $25 in interest.

3.  Select a loan that will give you time without interest. Many credit card companies offer zero percent interest for a certain amount of time. Figure the amount you need to pay each month on the loan before the interest payments start, thereby eliminating the interest fees.

 4.  Send in a check for the minimal payment for the monthly payment of your loan plus a second check, which is clearly marked for additional principal. Alternatively, you can make payments weekly instead of monthly, which will cut the loan down drastically.
      
5.  Pay the full amount of the loan when it is due rather than just a monthly payment to avoid the interest. Paying the loan in full means you only pay what you borrowed.

 Paying a little extra every month will make your loan balance decrease faster and allow you to get out of debt sooner.

 Be careful, some of the interest free loans accumulate interest from day one. Therefore, if you don't pay the loan in full before the interest starts, you have to pay interest on the money from day one.

To Apply for Lower Interest Credit Cards with Balance Transfer Offers & Personal Loans, Visit:  www.CherokeeFinancialInc.com

Credit Cards for Those with Good to Excellent Credit - Low Interest Credit Cards

If you are lucky enough to have good to excellent credit, we have compiled a list of the best credit cards for you. You can choose from low interest to cash back credit cards.

Good to Excellent Credit Ratings are not what you're born with, you have to work at it constantly and always keep a close eye on your credit report and credit card statements.



Below are the best offers out there!


        Lowest APR Cards


        Cash Rebates Cards     


        No Annual Fee Cards



        0% on Balance Transfers

 

For These and Many Other Great Offers, Visit:  http://www.CherokeeFinancialInc.com

Should I Pay Off My Second Mortgage Or My Credit Cards First?

When choosing between bad options, choose the one that harms you least. 

 You could lose your home
   
Your second mortgage, if you get into financial trouble, could cost you your house. Your credit cards, no matter how bad your finances get, can't put you out on the street, though they can wreck your credit rating if you go too long without paying them.

When Your Credit Card Bills Are Higher Than Your Mortgage

If you're paying more on credit cards than you are on the second mortgage each month, it's worth it to trim the fat off of your expenses and run that credit card bill down to nothing--then retire the card. Debt consolidations may be worth exploring in this instance.
   
Bottom Line

Unless your mortgage is "upside down," where the total debt owed exceeds the value of your home, you are almost always better off paying off the second mortgage ahead of paying off the credit cards if you have to make a choice between the two. If you are capable of paying both debts off, put extra money toward paying off the one with the highest interest rate.



For all Your Financial Needs, Visit:  www.CherokeeFinancialInc.com

Consumer Debt Relief Tips

Relieving yourself from consumer debt will allow your money to grow.

It doesn't take long to get into debt, but trying to pay off consumer debt can be overwhelming. Being in debt creates stress and frustration and prevents the consumer from living life to the fullest. There are strategies to help those in debt begin to pay off credit card balances and to avoid consumer debt in the long run.

Pay Down Debt

It is important to stop using credit cards when you are trying to decrease your debt. Pay as much as you can on the card that holds the highest interest rate and pay the minimum balance on all other cards. When that card is paid off, use the same method on the card holding the next highest interest rate. This strategy protects your credit score and allows you to feel success as each card is paid off. If you do not have extra funds to begin paying down your debt, consider taking a part-time job and use your paychecks exclusively for paying off debt.
   
Debt Negotiation

Another strategy is debt negotiation. Contact creditors in person or by phone to try to get interest rates lowered on the high-interest balances.  You may qualify for this if you can prove you are currently facing a financial hardship. Creditors do not have to lower their rates, but it may be in their best interests if it allows the consumer to pay off the balance.
   
Debt Consolidation

Consolidation combines smaller debts into one larger loan with only one payment per month. Debt consolidation turns unsecured debt into secured debt. The debt becomes secured by the consumer's property, which may be seized if the consumer fails to pay.
   
Credit Counseling

Credit counselors assist those in debt to develop budgets. They advise on managing money and may provide follow-up workshops or other sessions.  It is important to research credit counselors carefully and not to do business with anyone who charges high fees. You do not want to get further into debt.
   
Adjust Attitude Toward Spending

Think about the underlying causes of getting into debt. Are you spending as a form of recreation or to make yourself feel better? Once your debt is paid off, you do not want to adopt the same spending pattern as before. Living within your means is healthful for your bank account and for your emotions.

For Lower Interest Credit Cards & Balance Transfer Credit Cards, 
Visit: www.CherokeeFinancialInc.com

How to Transfer Credit Card Debt to Avoid Interest

Credit cards are an ever-increasing part of our capitalistic culture and the credit card companies know this. They are raising interest rates and penalty fees, making it very easy for the average person to become consumed by their debt even more quickly than before. However, by making smart balance transfers, you can pay off your credit card debt and avoid paying those astronomical interest fees. It just takes a little discipline and organization.

Things You'll Need: Credit card offers






Instructions:
       
1. Make a list of your credit card balances. Organize this list by highest interest rate to lowest interest rate.
       
2. Search for a balance transfer offer with an introductory interest rate offer of zero percent.
       
3. Transfer as much of your debt as you can to this card, starting with the balance on your highest interest rate card.
       
4. Find as many zero percent interest rate offers as you can qualify for, and continue to transfer your debt with the highest interest rates.
       
5. Create a spreadsheet to keep track of when your introductory offers will end.
       
6. Repeat steps 2 through 6 one month before the end of each of your introductory periods.

If you can make more than the minimum payment every month, do it. This will help you pay down your debt even faster.

Balance transfers can take a few weeks to be finalized, so if your due date is coming up, check with your credit card company to see if you need to make a payment. You don't want to end up with a late fee after you've done all this work!

Read the fine print with every offer!

NOTE: You must transfer your balances again to another zero percent interest offer before your existing introductory offer is over. Otherwise, you will get slammed with their interest rates while you are looking for another offer.

For Some Of The Best Offers for Lower Interest Credit Cards and Balance Transfer Credit Cards, Visit: www.CherokeeFinancialInc.com

How to Get a Debt Consolidation Loan without Owning a Home

It's always better to avoid a debt crisis than it is to manage one after it has destroyed your credit rating. Before signing up for a debt consolidation loan without owning a home, consider using credit card balance transferring as a means to consolidate debt. If you have multiple credit cards you can often transfer the balance from a high interest card to a low interest card thus trimming back your monthly payments. If that doesn't help then debt consolidation loans are the perfect solution.








Instructions:

1. Getting a debt consolidation loan with owning a home is easy, as many agencies provide unsecured loans for this purpose. However, there are steps to be taken to ensure you are getting the right loan for your situation and be aware of any offer that appears too good to be true. Chances are it's a scam and you are its newest potential victim.
       
2. To get a debt consolidation loan without owning a home you will need to have a good credit rating and an appreciable income because you will need to be able to prove that you can afford to make the monthly loan repayments.
       
3. Take some time to work out your monthly payments, interest and fees on your current debt accounts and plan a workable budget. This will give you a good idea of what you can afford each month for loan repayments.
       
4. Shop around when seeking a debt consolidation loan without owning a home as interest rates and set up fees will vary greatly between different finance companies. Always check out the company's reputation and service history.
       
5. Take your current debt documentation with you including your budget and look at how the debt consolidation loans repayments will factor in.

You want to be sure that you are saving a decent amount each month over your current costs. Then compare the figure with what you need to pay for the debt consolidation loan. Double check your monthly payment on the consolidation loan is less than your other debt payments.

Before you sign anything, be sure to check out all of the associated costs you will have to pay.

Read your loan contract thoroughly.

The down side to unsecured debt consolidation loans without owning a home is that they involve longer repayment terms. The lower monthly payment may offer relief but in the end, you will be paying back much more in total interest.

For All Your Prepaid Debit Card, Credit Card, Loan & Credit Monitoring Needs, Visit:
www.CherokeeFinancialInc.com

How to Maximize Your Credit Card Rewards and Frequent Flyer Points

How to Maximize Your Credit Card Rewards and Frequent Flyer Points

Last Updated: December 22, 2011

Reward credit cards are a great invention - you are able to receive cash back, earn points toward travel and purchases, and reap many other fringe benefits by simply paying for the things you purchase on a daily basis. Using these reward cards for groceries, gas, or paying your mortgage will reap you extra benefits from these types of cards.

Does your credit card reward you in some way each time the cash register rings? If not, you should check out all credit cards available today that have some sort of rewards component associated with them, generally worth about $0.01 to $0.03 per dollar spent. According to a recent survey, 40-50% of all cards out there today have some type of reward program associated with them.

The challenge sometimes is simply keeping track of all these reward points, not to mention deciding how best to use them. Managing multiple frequent-flyer and credit card programs can be a real headache: program rules and restrictions are constantly changing, your mileage credits may be missing or incorrectly listed, there are multiple expiration dates to keep track of.

There are a number of websites available to help consumers track and get the most out of their hard-earned credit card points, rewards, and airline frequent flyer miles. Although some services charge an annual fee, they may offer worthwhile perks such as email alerts regarding when miles will expire and award listings. Here are a few websites to check out:

MileTracker.com This site offers a free downloadable application sponsored by USA Today. MileTracker currently supports more than 105 frequent flier and loyalty programs. Once you create a profile and insert your multiple account information, you will not need to input it again.
When you open MileTracker and tell it to display or update your accounts, it automatically and simultaneously goes to all the accounts your have listed in your profile, inserts your personal information required for each account, and retrieves the account data to be viewed on your computer
desktop.

Points.com. This website allows you to track reward miles and points for free. It also allows you to trade with other users on the site’s Global Points Exchange, GPX, but there is a fee involved. There is a processing fee of $6.95 per trade, plus whatever additional trading fees that may be required by the airline or rewards program.

Here are a few Rewards & Frequent Flyer Cards We Highly Recommend:

Prepaid Debit Cards

Prepaid Debit Cards

Last Updated: December 22, 2011

Check Out Our Recommended Debit Cards

If you're frustrated because it seems as though a credit card is necessary to get by in today's world, and you've been unsuccessful getting one due to a poor credit history, you might consider a prepaid credit card. You'll have most of the advantages of a credit card, and you won't haveto worry about interest charges. One significant benefit of the prepaid credit card is that you can charge to your heart's
(I mean your deposit limit's) content, and you won't be in debt; the money is yours and once it's gone, you can't spend any more until you add more funds.

What is a Prepaid Debit Card?
A prepaid credit or debit card account is opened by depositing money into an account you establish with the card issuer, much in the same way you would make a deposit to open a checking or savings account. Once you fund the account with a designated amount, you are issued a prepaid credit
or debit card that can be used anywhere one would use a regular credit card. A prepaid credit card is not really a credit card, as no credit isoffered by the card issuer; the card-holder simply spends money which has been "stored" via a prior deposit by the card-holder or someone else, such as a parent. It's very similar to using a debit card linked to a savings or checking account; there are no monthly bills associated with the card, or interest charges; but there are still fees involved, so consumers should always do their research and understand the cost of their"credit".

Why Are These Called Credit Cards?
The reason why the word "credit" is associated with these prepaid cards is because most cards carry a credit-card brand (such as Visa orMasterCard) and can be used in similar ways. It's really no more than a stored value card that can be used in multiple locations due to the Visa(or other credit card) insignia. As more consumers require a suitable solution torebuilding credit, recent changes have allowed some credit cardcompanies to offer pre-paid credit cards to help rebuild credit. However, they are harder to find, and many have higher fees associated with them; so make sure you do your research. Many pre-paid products falsely claim they will improve your credit rating.

Benefits of a Prepaid Credit Card
1. There is no such thing as overdrafting your account; you cannot exceed your limit.
2. Prepaid credit cards can be a big advantage to low-income consumers who might otherwise be stuck dealing in cash, unable to make such basic transactions as paying for gas at the pump, paying bills online, or making car rental or hotel reservations.
3. Contingent on the card you select, your money may be protected if your card is ever lost or stolen.
4. Prepaid credit cards are a convenient way to pay for goods when traveling, even outside the U.S.
5. Prepaid credit or debit cards are often marketed to teenagers for shopping online without having their parents complete the transaction, or as a convenience for parents wishing to provide funds to children away from home.
6. Obtaining a prepaid credit card is easy, fast, and requires no credit check.
7. Some prepaid credit cards today report card history to major credit bureaus, so cardholders may be able to build or rebuild their credit using a prepaid credit card without the risk of damaging it along the way.
In summary, prepaid credit cards are a good solution for anyone who does not want to be tied down to a banking institution, anyone wanting a more secure way to carry their money than simply cash, or anyone having troubles being approved for a credit card. In today's society that is more and more cashless, somebody who doesn't have access to cashless transaction vehicles is at a major disadvantage.

Disadvantages to Prepaid Credit Cards
There are a number downsides to the prepaid card.
1. Most cards require a start-up fee, and while for many companies this fee is minimal, some of them are substantial. In addition, you'll most likely have to pay additional fees each time you deposit more cash into your prepaid credit card account; perhaps not as much as the initial fee, but a fee, no less.
2. Some cards will allow you to add more funds for free, but may charge a monthly "maintenance" fee instead.
3. Another downside is that many businesses that accept automatic payments from bank or credit card accounts may not accept them from prepaid cards. For most consumers this is a minimal annoyance, but for some it can be a significant setback.

As with any credit product, when selecting a prepaid card you should always do your research and make an informed decision on the best card to meet your individual needs. As stated previously, there may be a number of different fees associated with using a prepaid credit card, some of which might be high enough to offset any benefits. A prepaid credit card will generally carry more fees than a secured or unsecured credit card (presuming you pay them off monthly) therefore a prepaid card may only be a good option for those who cannot obtain any other form of credit, but require the convenience of a credit card. 

Now let's define some of the fees you might encounter in researching the available prepaid credit cards:
-Sign-up or Start-up Fee: Self-explanatory. May range from "free" to $50.
-Transaction, POS, or Usage fee: A fee assessed each time you use the card at a store, online, by phone, etc. Typically it is "no charge", but there might be a small fee (under $1.00).
-ATM Withdrawal fee: Can range from "free" to $5.00 or more. May be higher for International withdrawals.
-Monthly Maintenance Fee: A fee charged to your account each month. Sometimes there is no fee for the first few months, and then one kicks in after 6 months; can range from "free" to $10 or less.
-Reloading or Recharging Fee: A fee charged to you for adding more money to the account where your money is being held. Depending on the method used to add or transfer the money (at a retail location, using another credit card, cash, etc) the fee may differ. Typically "free" to less than $5.
-Balance Inquiry Fee: A fee to provide you information about your available balance. Can vary contingent on the method you use to request the information: online, telephone, ATM. May range from "free" to $3.00 or less.
-Monthly Statement Fee: A fee for obtaining monthly transaction history. May be up to $10 if sent by mail, however is typically free of charge if you go to the card issuer's website.
-Cancellation/Refund Fees: A potential fee for cancelling your card altogether or requesting a partial refund of monies loaded onto the card.
-Insufficient Funds/Overdraft Fees: A fee charged if you attempt to make a transaction and it is refused to to inadequate funds in your account;or, it goes through anyway but you exceed your limit. Usually under $3.00.
-Foreign Currency Conversion Fee: A fee, usually a percentage of the total amount spent, charged to convert from another currency during international transactions/travel.
In Summary: Check out the various types of pre-paid debit and credit cards on the market. Read the terms and conditions carefully, and define your objectives for needing this product.
Depending on your individual needs, you may find that a traditional credit card, a secured credit card
or a debit card will work better for you and save you money in the long run.

Here are a few Prepaid Debit Cards We Highly Recommend:

Student Credit Cards

Student Credit Cards

Student credit cards help young people establish a credit history of their own. These cards often carry high interest rates if you carry a balance, so it is a good idea to pay these off every month. This will help build good spending and paying habits. Here are some student credit cards we recommend.

    Helps Young Consumers Establish a Credit History
    They Report to the Main Credit Reporting Agencies
    Careful of Carrying a Balance - May Have High Interest Rates

Secured Credit Cards Are a Great Way to Rebuild Credit

See our complete list of recommended Secured Credit Cards available!

For whatever reason, the economy, youthful negligence, divorce, health problems or general ignorance, you may now find yourself with a bad credit score and no means of getting small business loans, home loan, or favorable car loan terms. What you need is a way to increase your credit score in a hurry. Credit cards are a great way to establish credit. But people who have never had credit or need to repair a poor credit history may not qualify for a regular credit card. For them, a secured credit card may be the only way to establish, or re-establish, credit.

There are a lot of "bad" secured credit cards, so you want to make sure you do your homework first before getting one of these cards. Getting the right one and using it the right way, will go miles in the journey of rebuilding your credit and increasing your credit score.

What is a Secured Credit Card?
A secured credit card requires a cash collateral deposit that becomes the credit line for that account. For example, if you put $500 in the account; you can charge up to $500. You may be able to add to the deposit to add more credit, or sometimes a bank will reward you for good payment and add to your credit line without requesting additional deposits.

A secured credit card should have the following:
    No application fee and a low annual fee.
    The ability to convert to a regular, unsecured credit card after 12-18 months of on-time payments.
    Be reporting to ALL THREE credit bureaus.

Rebuilding Your Credit With a Secured Credit Card
Your best bet is to make arrangements with all of your current creditors to pay off your current debt and then make your payments on time. But this alone will not build a good credit score, it'll simply undo some damage to your credit score. You need to have a credit card you can use at least once per month and pay off in full each month to make your credit score go up quickly.

Even in the present economy, a person with a bad credit score can get a credit card. And, you don't even have to stoop down to cards with annual fees. A secured credit card issued by your bank allows you to rebuild your credit score quickly, if you use it responsibly. You only need to make a small purchase each month and then pay the card in full each month. After several months of doing so, and if you are faithful with your other debt payments, your credit score will quickly rise.

After about six to nine months of responsibly using your secured credit card, you will find your credit score rising sharply. At this point you should also know how to use your secured credit card responsibly. This is an important part of rebuilding credit scores. You need to continue using your secured credit card responsibly or your credit score will soon be damaged again.

Rebuilding a Good Credit Rating
First, get a couple of secured cards. Next, spend small amounts wisely, pay more than the minimum payment (or pay it all) every month and pay it right when you get the bill, don't wait for the due date and don't be late.  For people with poor credit or no credit, a secured credit card is the fastest, most effective way to reestablish themselves as good credit risks in the eyes of lenders. Secured cards are easy to get and the card issuer reports your payment history to major credit bureaus every month.

Using Credit Cards Responsibly
Using credit wisely is important since your credit reputation influences the rates that will be paid on a loan for a house or car, or for a credit card. The better your credit reputation, the lower the interest you will have to pay. Although secured cards tend to have higher interest rates and annual fees, they provide a valuable steppingstone to unsecured credit.  If you cannot use your secured credit card responsibly, it is time to consider that loans and credit cards are not for you. Some personalities
simply don't work with credit. There is no shame in being someone who must live on a cash basis, but there is shame in taking on lines of credit when you are someone who must live on a cash basis.

Establish a Sound Payment History
Establishing a payment history will help you qualify down the road for the major credit cards. Using this secured card appropriately and within the set parameters will help rebuild your credit. Only make small purchases and pay the bill in full when it arrives and well before the due date. Doing this regularly over time helps build your credit history as a prompt payer.  Don't fall into the trap of credit cards-overspending and/or making minimum payments. Once you have built a solid credit history over 12 months or more, you can apply for an unsecured card. Or, you can talk to the card issuer about converting from your present card to a regular card.

Secured Credit Cards We Highly Recommend:

Applied Bank® Secured Visa® Gold Credit Card
Guaranteed Approval Regardless of Your Past Credit History
9.99% Low Fixed APR - Your Rate Won't Change Even if You Are Late.  Choose Your Credit Limit - From $200 to $5,000 
Highest Ratings for Financial Strength and Security in the Country


Click Here To APPLY

Platinum Zero® Secured Visa® Card from Applied Bank®
ZERO - 0% FIXED APR on purchases - No Intro Rates!
ZERO - 0% Rate Won't Change - Even If You're Late!
ZERO Application Fees
ZERO Worries - FREE Personal ID Theft Protection
Click Here To APPLY


As with all hurdles in life, you must take the initiative to accept change, remain diligent & focused looking into the future working towards your goal of a better financial health.  These two recommendations are just the start you need on your road to credit recovery.

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When You Pay Off A Credit Card, How Long Does It Take To Show On Your Credit Report?

Paying off credit card debt is a major stress reliever and a financial achievement for anyone who has previously struggled with debt and credit score problems. It often takes years or even decades to get out of debt. Significant credit card debt can negatively affect your credit for a long time, denying you the ability to buy a house or car or secure another type of loan. Thankfully, credit card debt and its effect on credit scores are temporary. Your credit score improves once the debt is paid, though the amount of time it takes to improve varies by situation.







Billing Cycles

A paid-off balance usually will show up on your credit report within one to two billing cycles, or 30 to 60 days. Sometimes it shows up faster; it depends on when the credit card company reports the payment to the credit bureaus. Check your credit report a month after paying off your credit card. If you do not see the payment reflected on your credit report, call the credit card company to find out when they will be reporting the payment. Request that they report it as soon as possible.
   
Negative Records

If your credit card was seriously delinquent, it might take more time for the delinquency to disappear from your credit report. Credit card accounts that are charged off or sent to collections are reported to the credit bureaus. Those charges stay on your credit report for seven years. Bankruptcies stay on your report for 10 years. If you pay the card off, it will be marked as "paid" on your credit report, but the
charge-off or collection status remains for seven years.
   
Errors

If you paid off a credit card but the payment has not shown up on the credit report for several months, it might be due to an error on your credit report. Call the credit card company to make sure they reported the payment to the credit bureaus. If that does not resolve the issue, send a letter to the credit card company requesting that they review the situation and include all supporting documents, such as bank statements that verify the payment amount and date. The credit card company is legally required to investigate and report back to you within 30 days. If an error is determined, the credit card company will contact the credit bureaus to update your credit report.
   
Effects of Paying Debt

In almost all cases, paying off your credit card will improve your credit score. It might improve it slightly, or it might improve the score significantly. Several variables affect how much your score will change, including the limit on the credit card and your overall debt and financial history. It might be more beneficial for you to pay off the card but keep the account open rather than close it completely. Use the card to make purchases, then pay off the debt immediately each month. This will demonstrate responsible use of the card, which will help your credit report and credit score.

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