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Frequently Asked Credit Card Questions

Credit Card FAQ

This page is here to answer any credit card related questions you may have to help you in getting a new credit card and improving your credit rating!

Q: Does cancelling a credit card you haven't used in a while lower your credit rating?

A: The length you've had a card does help your credit score. That's why they say to keep the old ones. Plus your ratio of available credit to your balance is important.

Q: What should you do if your credit card is lost or stolen?

A: Report a lost or stolen credit card to the card issuer as quickly as possible. Many companies have toll-free numbers and 24-hour service to deal with such emergencies. It's a good idea to follow up your phone calls with a letter. Include your account number, when you noticed your card was missing, and the date you first reported it stolen or lost.

Q: Does transferring credit card balances affect your credit score?

A: Transferring the balance doesn't usually affect credit. You actually will be better off doing this for those cards that were closed by the companies, because they will report on your credit as revoked and if you're not paying on the balance, they can still report as delinquent monthly, even if it's closed. So if you can transfer those especially, that is much better because the new company simply pays off that balance for you and you can start fresh.

Q: What is a credit card grace period?

A: A "grace period," is an interest exemplary period; you can avoid paying interest on your credit charges if you pay off your credit card balance in full within this period. Not all credit cards offer a grace period. Knowing whether you have a grace period is especially important if you plan to pay off your account in full each month. Without a grace period, the issuer may impose a finance charge from the date you use your card or from the date each transaction is posted to your account. If your card includes a free period, the issuer must mail your bill at least 14 days before the due date so you'll have enough time to pay.

Q: What should you do if you are deep in credit card debt?

A: If credit card debt has become a problem, consider the following steps: Stop adding to your existing debt. Cut back on spending. Make a plan to meet your bills. For help making a plan, you may want to call a credit counseling service. If your situation is difficult but still manageable, you may want to personally call your creditors if you know you won't be able to make all payments by the due dates. Some creditors may be willing to arrange a debt repayment plan that you can manage. If you are working with a counseling service, talk with that agency first.