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I have good news! you can do it in 6 ways! here's how:
1. Choose a reward credit card with the right reward program.
2. Read and understand your Credit Card Agreement.
3. Maximize the use of your reward credit card.
4. Know which purchases earn you the most points. 5. Choose a reward credit card with no blackout dates.
6. Avoid forfeiting the rewards you earned. (see related links for further explanation of each step )
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Wiki User
∙ 15y ago
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If you have paid a lump-sum settlement to a credit card how do you minimize the taxes due and negative credit report?
There is no way to "minimize' anything that is placed on a credit report. The only option you have is to make certain the report is accurate and timely. The fact that you paid something (I am assuming not the entire amount). Doesn't make much of an impact on your credit score. I agree with Nikki, I don't think there's any way to minimize anything. Your credit score is going to reflect the settlement, and the IRS is going to tax you on the forgiven debt (since the IRS considers forgiven debt to be income). Maybe your accountant can help you find ways to offset the tax liability with other write-off's, such as writing off the cost of settlement, etc. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
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A person benefit from filing out credit offers in many different ways. Some of the ways that a person can benefit from filing out credit card offers is free travel rewards and cash back.
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i love you
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If you have paid a lump-sum settlement to a credit card how do you minimize the taxes due and negative credit report?
There is no way to "minimize' anything that is placed on a credit report. The only option you have is to make certain the report is accurate and timely. The fact that you paid something (I am assuming not the entire amount). Doesn't make much of an impact on your credit score. I agree with Nikki, I don't think there's any way to minimize anything. Your credit score is going to reflect the settlement, and the IRS is going to tax you on the forgiven debt (since the IRS considers forgiven debt to be income). Maybe your accountant can help you find ways to offset the tax liability with other write-off's, such as writing off the cost of settlement, etc. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
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Some ways to clean up a credit score is to start paying bills on time, reduce credit card debt, and open a bank account. Those are the best ways to clean up a credit card score.
