Dear Penny - Credit Card Debt

The Penny Hoarder's Sr. Editor, Robin Hartill (AKA Dear Penny), hosted a LIVE Q&A from January 13th - January 17th.  During that week she answered member questions about credit card debt.  Take a read through the topics below for great conversations and tips to help you navigate the world of credit card debt! 

Featured Topics

Ready for your questions!

Dear Penny
Hey, friends! I hope you’re all staying safe and healthy during these trying times. This week, I’d like to invite you to submit your questions about what coronavirus means for your money here in The Penny Hoarder community group. It’s a scary time we’re facing right now, but we’re all in this together. Send your questions my way and I’ll do my best to answer.Read More...

Topics

Good Credit Scores via Secured Card with Annual Fees

DianaKay
Dear Penny and Community, After bankruptcy in 2008 I needed to restart my credit. My score is now good (over 710). Problem: To improve my score I opened a credit card secured by a low rate CD. The card has an annual fee. I wish to close the card (before the annual renewal) which will automatically end the CD. I have another card which accrues miles (I have no use for future travel). Can I also close this card? If not now, when? I do not know how many cards is too many? Any suggestions.....Read More...
Hey there @Dear Penny - do you have any idea of roughly how long it takes to reverse a credit score dip? Meaning if you had an expected dip due to sub-optimal credit utilization ratios -- but then corrected the ratio...how long would it take for a credit score to bounce back? Are we talking a couple months or more like 6 or longer?Read More...

Closed after fraud

Sivak
Hello!! I have a credit card that was used to purchase gift cards and then payments were made and canceled by an outside source. SCAM! I was notified by the credit card companies fraud department. They investigated and closed my account. This card only had a $1,200 line of credit. They said I was privy to the fraud. Which I was not. We have one other credit card with a $500 line of credit. We use these for emergencies or travel only. What can I do to get this line reopened? It has hurt my...Read More...

Paying off all your debt and not having any open accounts

MoneyMartin
I recently just paid off all my debt and have no credit card accounts open. Does this mean my credit score will start anew or start where I left off once I open a new account/get a loan/etc.? Credit score sites currently say N/A regarding my current score with no elaboration which is ambiguous in my opinion. If someone could share their personal experience or their expertise it would be greatly appreciated. Thank you in advance!Read More...

A judgment

I have a credit union charge card balance that I could not pay due to loss of income. It was $4000. The credit union closed my card and transferred the balance to an open account. There was a judgment and now the account balance is over $8000. I’m now retired with very limited income and am trying to clean up my credit. What do I do?Read More...

Bank changeovers

maria rose
How does one deal with the sudden changeovers when your credit card account is just moved to another bank. When asked why they merely stated that they notified you the account holder. I had my Barclays card account moved to Mercurycard and was given 15 days notice by both emails and on the online account. My Carecredit card, QVC card , Evine/ShopHQ, Amazon Store card and Women’s Within card were all taken over by Synonchry bank. I have good Account standing with all those cards but because...Read More...

Charge off

Julie Crews
I’ve been looking at my credit report looking for errors. I found one the one charged off account that I have. That there was a single payment after it was closed for about a year that I did not make. My daughter in-law noticed that as well on one of her charge off accounts.Read More...

Authorized user

I am currently listed as an authorized user on a retail credit card in which the account was created by my mother. I was added when i was college but i graduated over 2 years ago and never use the card. The balance on the card is $1462 and the credit limit is $1700. Would it hurt me or help me to remove myself as a user since it is showing on my credit report? i have an auto loan, student loans, and two other credit cards as well. Each Credit card has a balance below 40%. I believe that the...Read More...

Credit card interest

Moore Income
I have a question about Credit Card Interest. What are some of the factors that decide the interest rate you end up paying on a credit card?Read More...

Balance Transfer?

Patti Pierce
I want to fix my credit by finding a new card to transfer my debt. The only problem is my credit score is very low? Not one of these cards will let me open a new account. I have enlisted a debt consolidation to help with the largest one ($1,317) and several other small debts ($600) and I have a payday loan also which I pay for each month, also my Discover Card myself. I was only paying $110.60, but I am now thinking of raising that amount $100 more, to pay off the smaller ones first with the...Read More...

Credit Card Question

TroyandGlenda Cottle
With the upcoming fear that variable rate interests will go up, is it smarter to try and pay off a $20K credit card or transfer to a loan that has a fixed rate that is one or two percent higher than your current credit card interest rate?Read More...

Paying off credit cards...then closing them

Lauren Mullis
Greetings! I am about to pay off a store credit card that I've had for a few years. I've heard it negatively affects credit when you cancel the card. However, this card isn't helping my credit...it's hurting it. What's your advice for cancelling credit cards, and/or when to keep them even if they're paid off?Read More...

Credit Score

T'Ianna Moore
I get a monthly FICO score from my credit union and I get another from the Mint app that I have. My question is which score really matters and how do I raise it?Read More...

Pay down credit card

DeeAnn LeVasser
I only have 1 credit card with a balance of $7300 and I am trying it pay down but the interest rate is eating up half of my payment. I have been thinking about applying for another credit card with a 0% interest for 15 months to get it paid down. I am wondering if I could even get a credit card that would allow me to transfer the full amount that I owe on the old card so that I could pay it off faster. Do you think I should consider this option or do you have any recommendations?Read More...

Low interest cards with not-great credit?

Deanna BZ
Hi there! I have about $4,000 in CC debt between my husband and me (believe me, it was much worse and we've paid down almost all of it!). I'd love to move everything over to something like a Venture card with a low interest rate but I noticed the credit scores need to be over 620 (not there yet). Are there any other options out there? Not really interested in a loan consolidation but the interest rates are stifling! Thanks so much.Read More...

Consolidation loan?

MrsD08
Does it make sense to get a consolidation loan at a lower rate to pay off my higher rate credit cards? My husband and I moved 7 months ago and unfortunately, we ended up using our credit cards to help finance the move. I figure it would lower our monthly payment overall and free up some cash to pay it off faster. We've stopped using the cards-which I know is a good thing for right now. Thoughts?Read More...

Consolidated debt relief

Slfier
Hi This is great! I researched consolidated debt relief companies for almost a year and ended up signing with The Law Offices of Robert S. Gitmeid & Assoc., PLLC because it was the only consolidated program that my company recommended thru our EAP. My credit is horrible now which I understood would happen and it will take me 4 years to pay off all my debt. After joining Penny Hoarder and reading numerous articles on debt consolidation, I think I made a mistake. I was wondering if you...Read More...

RE: Help small debt amount making me look huge in debt!

PennylessPurse
Good morning Penny peeps! I'm a newbie, so forgive me if I should have posted this somewhere else. I'm in my late 30's with my ups and downs with credit due to a chronic illness. I'm trying to get back on track. According to credit sesame, I owe 450.00 (yes, that is not a typo) to an old VS account. However, because I haven't had credit in my name for quite some time, my score is terrifyingly low (468), it is not moving, and I can't get any credit anywhere! Credit sesame says my score will...Read More...

A few questions

MICHELLE KENNEDY
Should you pay off closed credit card balances? does this increase your score once paid? should you pay in installments are full on credit card accounts that you closed ?Read More...

How to choose a credit repair company?

Ngozi Metu
With so many credit repair companies popping out daily, how does one pick the legitimate one that will get the job done? What can they really do and what questions should consumers ask before financially committing. What companies do you unbiasedly recommend? Thank you!Read More...
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