Comments for Banki Online

Comment on How does a credit limit work, I just got my first credit card? by StephenWeinstein

StephenWeinstein — Sat, 01 Jan 2011 17:36:36 +0000

Neither. The $2500 is the limit on the total that you are allowed to owe at any one time, not the limit on the amount that you can use per cycle. The amount available to you during the next cycle will be the $275 currently available plus the $50 that you will have paid minus whatever finance charges the bank assesses.

Comment on How does a credit limit work, I just got my first credit card? by Michael T

Michael T — Thu, 30 Dec 2010 14:45:57 +0000

Don’t even think of charging any more on the credit card until you significantly pay down the balance. If you accidentally go over the credit limit you will be charged a large overdraft fee and your interest rate will likely be raised. Since this is your first credit card and have a limited credit history, the bank may also close down the account.

Comment on How does a credit limit work, I just got my first credit card? by Not I

Not I — Tue, 28 Dec 2010 01:44:58 +0000

No your limit is 2500 total. Do not put another penny on that charge card till it is paid in full. Going to the limit or over will increase your interest and the company will charge you a penalty and then cancel your card. Read the paperwork you signed.

Comment on How does a credit limit work, I just got my first credit card? by Jonah

Jonah — Mon, 27 Dec 2010 16:05:05 +0000

Why in the world are you getting a credit card if you don’t understand how it works?
$2500 is the limit. You can’t exceed it. When you pay your credit card bill, you will have to pay it completely off before your limit is back to $2500.

Comment on How does a credit limit work, I just got my first credit card? by Steve D

Steve D — Sat, 25 Dec 2010 06:47:28 +0000

The credit limit is the highest balance you can have on the card at any one time. If your balance goes over the limit, you will most likely be hit with a service charge. To figure out how much you can use the card, subtract the current balance from $2,500 and that is your available credit (right now, it is $275…when you pay the $50, your balance will come down a little (probably about $20 with finance charge) and your available credit will go up a similar amount (assuming you haven’t charged more in the meantime).

Comment on No credit card payments were made for 3 mos because I was unemployed. How do i raise my credit score? by Slimick

Slimick — Sat, 25 Dec 2010 04:05:09 +0000

Make it your priority that none of the cards go into charge-off status….Send them whatever you can immediately and pay online. Communicate with them and let them know that you can resume payments.

You need to understand that the you’ll live with the consequences of the late pays for about 24 months…as your credit score is most heavily weighted on what has occurred in that time frame. You cannot undo the damage of multiple 3+ months late pays overnight….only time will heal the damage…..sorry.

Comment on No credit card payments were made for 3 mos because I was unemployed. How do i raise my credit score? by Elizabeth R

Elizabeth R — Fri, 24 Dec 2010 01:18:29 +0000

If you only missed three months, then your accounts should still be with the original creditor. Contact the creditors and work out a payment plan with them. Before you call them, sit down and make a budget. Rent, car payment, insurance, weekly gas expenditures, groceries, utilities, etc. to see how much you will be able to pay on your debt each month. Don’t go over your budget.

Once you get caught up, pay off your lowest credit card first, then when your pay that off, apply that payment to your next lowest card. It’s called the Snowball Effect (Dave Ramsey, Financial Peace).

Example: You owe JCPenney $500, Sears $800, and Visa $1000. If you pay $50 a month to JCP and $30 to Sears, then when you pay JCP off, put that 50 bucks to your Sears balance making it a monthly payment of 80. It works, trust me.

Also, go to your local library and check out Dave Ramsey’s book on financial management. It is awesome!

Good luck!

Comment on What is the best credit card for college students? by Diana m

Diana m — Thu, 23 Dec 2010 10:25:59 +0000

You can better try this to get some useful links. It will help you a lot as it helped me.
All the best…

Comment on No credit card payments were made for 3 mos because I was unemployed. How do i raise my credit score? by infinite crisis 247

infinite crisis 247 — Tue, 21 Dec 2010 06:14:22 +0000

you need to contact the lenders and try to work something out with them. tell them your situation and see if you can at least get the default knocked back a bit (as of now, you have a 90 day late on your report. that is serious). any delinquency is on your reports for 7.5 years, unless you can bargain with the lender to remove it.

once you do this…actions speak louder than words. you need to pay ontime, all of the time for the next couple of years. if you do that, and keep your balances low…your credit score will start to go back up again.

i would not apply for any car or home loans until you have gotten some of this sorted out…if you can wait that long.

Comment on What is the best credit card for college students? by James G

James G — Mon, 20 Dec 2010 01:26:32 +0000

there are several credit cards that are particularly ‘made’ for students, i think that the best move for you to make is to see for yourself… there are several deals and the best one should be something that is right for you, something that fits your lifestyle… so the decision should come from you… also try to build your credit to get better deals, found an article about tips on how to build your credit..