Liberty Credit Repair

I have probably 5-7 credit cards, 3 being major bank cares. All my cards are zero balances and idle for a few years. I found out it’s not good to keep them inactive or to close them out. Thinking keeping a zero balance would help my credit, could actually cause more harm. So I’m trying build my credit and was wondering how often should a credit card be used?

You have also missed another reason for using the cards – card companies are expected to start implementing a "non-activity" fee, meaning that if you do not use the card, they will charge you a small fee (say $10) for having the card. Obviously, for this fee, each bank will be different so keep tabs on any info you get from your card companies.

Next, you are correct that having idle cards does not help you build credit (although closing an idle account does hurt your credit). Your goal should be to use the cards on at least a quarterly basis for small items that you would normally pay cash for and pay off the balance when the bill comes in. This keeps the cards active and build up a payment history which builds your credit score. By paying off when the bill comes in, you avoid finance charges. Do not, however, pay before the bill comes in, as that will not help – the payment before the statement date will not show as a payment history and may even show as an inactive account (you begin the month with a zero balance and you end the month with a zero balance – looks like no activity).

Edit:

Whatever you do, do not close out the accounts – approximately 1/3 of your credit score is based on what is called available credit. Available credit is calculated by adding up the balances on all the cards and adding up the limits on all the cards – subtract the balances from the limits and that is the raw available credit – the higher this number (within reason), the better your score. The theory is that people with a high available credit ratio (available credit divided by the total credit limits) are better budgeters of their cash while maintaining an emergency spending reserve (the ability to use the cards if something catastrophic occurs). Since you would only be closing out a zero’d card, that would not lower the total balances but would lower the total limit, thus lowering your available credit and lowering your score. Given the weight the scores place on this number, closing out cards can really ding your score.

i dont want to be scammed .. please tell me how i can get out of debt and clean my credit.

i called several companies that come out in TV but they always ask for money in advance

Consumer credit counseling would be your best bet: http://www.nfcc.org/
Be aware that this is no magic wand for credit problems. It takes time to build a good score and effort from you in making it happen. There are lots of companies out there that promise the sun, moon and stars but usually only deliver pocket lint.

http://ucc-1credit.financial.officelive.com Here is THE method that is used by every high paid credit guru.

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I was served by the sheriff today, it says i have like 20 days to respond. I am not sure how to go about this now. The debt is for about 1800. plus cost(whatever that is). At this time i prob could come up with like 800 dollars cash, should i call the lawyer or the collection agency and try to settle, i dont want to go to court and i for sure do not want my wages garnished. Im 22 and i got the card when i was 19, bad mistake, my mother was a co signer on my checking account, which had the overdraft protection linked to the credit card, she wrote id say a good 80 percent of this debt on bouncing checks over the the credit card. So please dont think im some greedy person who tried to live a life i couldnt afford, my mother always told me she would take care of it. but obviously i cant wait on her anymore. Someone have any helpful advice? i just want to get this done and over with either way
do i call the lawyer, or the collection agency, the summons has the lawyers name and number?

I would call the agency and explain your situation. Tell them you are able to give them $800 up front and then make an arrangement to pay off the balance but make sure its an amount you can afford as you don’t want to default on the arrangement you make. They should be happy if you are at least making an effort to pay off the debt. Good luck.

A small metaphor on Money, Credit and Comumer Credit.

New! : I updated my Website: http://www.berninger.de

Actually the story that consumer credit is an invention by the banks in order to make people buy unnecessary things comes from one of my business school professors.

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No. It has nothing to do with going to heaven. It only means something on this earth for now.

He can’t pay his bill as he has been out of work for some time and because he was late with one payment, they hit him with a 28.99% int rate! Monthly minimum payments are over $350.00 with only $100.00 or less going toward the actual balance. His bill is now over $10,000.

I’d like to recommend an alternative to debt consolidation – check out this website/blogs:
http://debtfreeleague.com/
http://debtfreeleague1.wordpress.com/
http://debt-free-league.blogspot.com/

Your son’s gonna get lot’s of free information on why most non-profit credit counseling services many be ineffective in clearing his mountain of credit card debt. The purpose of a consumer credit counseling service is to enroll your son in a debt management plan, essentially a debt consolidation program. However, there are risks with this debt consolidation approach.

Many credit counseling organizations can’t help you you with credit card debt reduction on certain types of accounts. They also can’t help with business debt reduction. But the biggest concern is the super high dropout rate of their debt management plans.

Yes, non-profit or not, many people never complete their programs. The key reason is that their debt consolidation approach achieves a modest reduction of interest rates. Many credit counseling dropout have indicated to me that their average interest rate reduction was 6%, which isn’t much. So, if they can accept your son’s credit card account, being that it has a 28.99 interest rate, good luck!

Since it looks like your son’s already struggling with the minimum payments, I would advise the checking out the recommendation I made above. It is not debt consolidation, but rather a debt settlement program provided by the National Debt Relief Stimulus Plan.

Their fees are the lowest in the debt settlement industry, they accept most unsecured credit card, medical, and business debts – and best of all – since they slash both the debt’s interest and principal balance, they may be able to get your son a savings on his total debt of about fifty percent. And that sure beats the socks off any consumer credit counseling service.

Wishing your son the best of luck!

Looking for Consolidate credit card debt? Consolidate Bills, Consolidate Credit Card Debt

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Im 20 years old and i got to school, i have a part time job and i cant get aprooved for any credit card. i have one credit account a department stor called La Curacao. They give credit to anyone. I financed some stuff about 600 dollars worth and paid alot of interest but i finished paying it off about 2 months ago. I apply to other department stores and student credit cards and i cant get aprooved anywhere. My parents cant cosign because they have horrible credit. what can i do besides secured credit cards?

there are a couple of ways you could start building credit, you could get a small personal loan which you might need a cosigner or the best way will be getting a credit cards, you could get a credit card and use it for your every day expenses but make sure you pay in full at the end of the month that way it will show pay in full everytime the credit card company reports to the credit beuros. At the begining you will only be approved for the lower end credit cards but once you build credit in about 6-9 months you should be able to apply for a better card with better benefits such as free miles or cash back. Check out www.fastcreditcardapprovals.com and go under bad or no credit section and you will find a few choices. But if you are a student apply of a student credit card these cards have no annual fees and low rates.

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