Still a great site!! Wanted to get a little advice. I currently have 13k in debt all in good standings. I plan to pay it off next month (November). However, it ran across my mind to negotiate the balances with the credit card companies for a lower pay off. Reading a little .... I think this will reflect negatively on my credit...not totally sure. Nextly.....Cashback....when I do pay these cards off I would lovvvvvvvvvve to get some cash back on the payoff.....WHAT would be my options..... The cards I have are: Bank of America--gives cashback on purchases Orchard--no cashback (2) Household--no cashback After cards are paid ... the plan is to get a cashback card for all purchases and payments....Discover, Chase Sapphire, Capital One Cash, Chase Freedom, Chase Cash Plus Rewards, or Schwab. I still researching......the best cashback card for my fit ALL OPINIONS ARE NEEDED and wanted.
Hi Tea, 1.) Negotiating your credit debt down will have a negative impact on your score, assuming the settlement remains on your credit history. Of course, you can ask that the settlement be removed from your report, but that's really up to the credit card company. So, it really depends on what you value more - paying off the debt in full and maintaining your score, or paying less (though that's no gimme) and losing points on your score. 2.) Cash back generally comes from your credit card purchases. So, odds are you should already have already received the cash back on your Bank of America Card, though you can confirm with them once you pay off your debt. As far as a new cash back card, if you're strictly in favor of getting cash back above any other type of reward, then I would recommend the Cap One Cash Rewards - $100 cash back bonus card. You receive $100 cash back bonus after you spend $500 in the first 3 months - a pretty low threshold compared to other cards. Plus, you get 50% cash back at the end of every year that you're a cardholder. So, if you have $50 cash back built up on December 31, get a $25 bonus on January 1st. The Discover More is also another great cash back card if you can remember to enroll in 5% cash back each quarter. ANYWAYS, hope this helps and keep us updated!
Thankssssssssssssssss for replying. Great knowledge.................I will definitely keep you updated.
