credit cards

From: BOB FORD <BOB_FORD@compuserve.com>
Subject: credit cards
Date: Sat, 30 May 1998 11:07:28 -0400

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>Date: Mon, 25 May 1998 21:45:09 -0400 (edt)                =

>From: Iron Foot <ironfoot@dorsai.org>
>Subject: Paying off debt
> Greetings all!
>Does it matter how I pay off debt? I've run up a couple of credit
>cards well past their limit and have *not* paid off on the cards until
>recently. But I've decided to take some control here and have begun to p=
ay
>off the cards slowly - even getting one card under the credit limit so a=
s
>to not pay over credit fees.
 =

>Now, I've come into some money and theoretically could pay off all
>of the debt. But my credit is so lousy that I'm thinking that it would b=
e
>better for me to slowly pay off the cards so as to rebuild my credit
>history.
 =

>So what's a guy to do? Pay off the cards all at once? Or pay them
>off slowly? According to the credit rating people, does it matter?
>Thanks.
>Elliott
>ironfoot@dorsai.org

Elliot

Unless you can invest your money at a tax free rate higher than what your=

credit cards charge, pay off you debt.  Normally, credit card debt is ver=
y
HIGH COST debt.

The credit rating people just report if a debt is current, 30, 60, 90 day=
s
late
and the amount of the debt.  A large amount of debt on your credit report=

will
be a flag to anyone who sees it. They will want to know if your income wi=
ll
let you pay off that debt.     The more debt you have, the less likely
anyone
will give you additional credit.

The best way to have a good credit report is to have every debt reported =
as
Current.  That is you made your payments when they were due.

If you are going to use credit cards in the future, find one with a low
interest
rate.

GOOD LUCK
BOB FORD
BOB_FORD@COMPUSERVE.COM
 =

 =

 =




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