Thursday, July 05, 2007


Credit Card Balance Transfer

I want to transfer a balance of $8,000 from one of my credit cards to another credit card at a 0% interest rate. The card I want to transfer the balance onto has a current balance of $0 and a credit line of $7,500. I want to transfer as much as possible to the 0% card. I realize that I will not be able to transfer all $8,000. I do not want this credit card to show up on my credit report as "maxed out". What is the percentage that I should leave available on the 0% card? I thought I read that if you leave 10% of a credit limit open on a card it will not be considered maxed out I.E - for a $7,500 limit, leave $750 available, transferring $6,750. Is this correct? I currently have great credit and do not want to damage my FICO score.

AFS’ Answer

There is high risk when transferring balances from one credit card to another. The first thing you need to pay attention to is universal default—meaning if you miss a payment, any payment on any account, you could see your 0% balance transfer offer interest rate spike up to rates as high as 30%.

Second, balance transfer fee. Some credit card companies charges transaction fees as high as 4 percent. A 4 percent fee on a $8,000 balance would cost you $320

Lastly, you need to pay close attention to how long you will have that zero percent interest rates? If it is less than 12 months, it is not worth transferring.

On your specific case, you do not have to be worried about universal default because you seem to know how to manage credit. However, those with poor credit management need to pay close attention to it.

Because you have a strong credit rating, you can transfer the whole balance and it will not have a drastic impact on your credit card. Once transferring balance to credit card A to credit card B, your debt-to-income ration does not change because the debt amount does not change.
Get Help with Credit repair from AFS
1-800-613-6902 or 561-880-0113

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Monday, July 02, 2007


How to Deal with Debt Collector

RandomYahoo User

A debt collector keeps calling my son at work. I have been told it is against the law for them to do this, so he told them not to call him at work anymore as it would jeopardize his job. They yelled at him and told him they could call him once a day every day if they wanted to, and then threatened that if he didn't settle the debt right then over the phone, they would have the police serve papers on him that day at work. What are his rights and what steps can he take to stop this? Paying is not an option at this time as he just started the job and is barely making enough to pay living expenses. He don't own any property or even a car as he doesn't drive.

“Five Great Lies of Bill Collector—And How You Can Cash in on Them
Sadly, some bill collectors tell you almost anything to scare you into sending some cash. Over the years I have seen some egregious examples of collector deception. Here are five of my favorites:
1) “we are sending the sheriff out after you” If the cops were called out to hunt down the millions of delinquent debtors (who, by the way, have broken no laws), they’d never have time to go after the real crooks.
2) We are going to garnish all your salary. This common ploy is just hot air. A garnishment takes only a small percentage of your earnings
3) You are going to lose your home. Another Whopper. No creditor or court has the power to take your home form you.
4) We will simply take the money from you bank account. No, you won’t, not without a court judgment mandating it.
5) I am calling from the legal department
But there is how you can turn these lies to your advantage: most states have laws against bill-collector deception and lying—and substantial compensation if you can prove it. Get a telephone take recorder to record your conversation with collectors. As long as you are a party to the conversation, surreptitiously taking it is legal in most states—but check your own state’s laws first.”
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Friday, June 29, 2007


Credit Inquiries

Random User

How many credit inquiries does it take to lower your score? I was recently denied because I had too many credit inquiries. As of May 30,2007 I have following inquiries: Equifax-7 in the last 12 months. Transunion-3 and Experian-13 in the last 2 yeas. Also, how long does an inquiries stay on your credit report?

AFS’ Answer

If your credit score is 680 or above, inquiries will not prevent you from getting new credit cards, buying a car or a home. Excessive inquiries only have a small impact on your FICO score. If you do not have good credit and have excessive inquiries, potential creditors will see you as “Credit hunter” and might be a “dead beat!!” Inquiries stay on your credit report for two long years.

*Soft inquiries AKA promotional inquiries have no impact on your credit report
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Tuesday, June 19, 2007


Have Bad Credit But Got Good Job

Yahoo User
I have bad credit but got good job now is there a way of clearing your credit history with out paying and if so how
AFS’ Best Answer

First, you should be fortunate because bad credit now means low paying jobs. Insurance companies and employers are now checking up credit before making an offer. Learn about your state statute of limitation on debts before starting your credit repair process. If the statute limitation ran off, send a dispute letter to the credit bureaus “asking them to delete obsolete entries off your credit report.” However, if it is still running, pay attention to the most recent debts because they have the most impact on your credit score. You need to contact the creditors or the collection agencies and tell them that you want to settle as an agreement to remove negative entries off your credit report.

Never, Never, Never use good money to pay bad debts

[] credit repair Financial Literacy group.

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Saturday, June 16, 2007


Moving Out of My Apartment Early

From Yahoo User

I am moving out of my apartment early and they are reporting me to a collection agency does this mean that I wont be able to buy a new car or get a credit card or will it just look bad when I try and rent another place.

AFS Answer

First, you need to talk to your leasing manager and let them know why you decide to break your lease. There is a new lodging law that permits the landlord to charge only for time the apartment remains vacant after you move out.

Collection accounts have the same impact on your credit score regardless of their nature. They can prevent you from getting the best interest rate on big-ticket items like a home loan or a car note or getting approved for an unsecured credit. As far as renting another apartment, you will experience the least amount trouble in that area because potential landlords look for eviction mark on your credit report.
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Friday, June 15, 2007


Bad Credit?

From Yahoo User!!!

Bad Credit?
I'm from the US and have bad credit. I'm unable to pay it at the moment due to my financial crisis. (My brother and I had to use several credit cards to pay bills when my father was hospitalized. Trust me, you don't think twice when your loved one is in critical condition.) If I were to move to another country, say Australia, would my bad credit follow me or would I start fresh? Keep in mind that I'm not trying to run away from my debt, but I do have the opportunity to attend college there to finally reach my educational and eventually my financial goals. Thanks and please no smart remarks.

AFS’ Answer

Based on your situation, you need to stay away from any type of bankruptcy (Chapter 7 or 13). If you have revolving debts like credit cards, you can just pack your stuff and move to Australia. It is going to take you about 4 or 5 years to graduate. By the time you decide to make it back to the states, the statute of limitation on those debts will run out and will be able to use different provisions from the Fair Credit Reporting Act (FCRA) to remove those negative entries off your credit report.
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Tuesday, May 29, 2007


Adding Seasoned Tradelines By yourself

How It Works:
Credit repair firms claim to raise FICO scores by 50 to 330 points by adding low-scoring borrowers as "authorized users" on the credit card accounts of people with FICO scores well in excess of 700. The positive payment information from such cardholders then flows into the files of the persons with the lower credit sco

Don't spend $3000 to add tradelines. You can do it yourself for free. Buy our powerful guide
1-800-613-6902 [/url][/code]

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