Credit Cards

[don95sml]

Originally posted by don95sml:

Originally posted by n4zov:
Just remember that when you cancel a credit card it may negatively affect your credit rating. It lowers your available credit and credit bureaus use that is determining your credit score. Doesn't make sense to me, but that is the way it supposedly works!

Not quite. Your credit rating will be better if you have at least one credit card that you pay off consistently. (If you never use credit, you have no rating.) But canceling a credit card works in your favor if you have at least one other card that you use even occasionally. (Too much available credit can hurt you.)

 

[doublesharp]

Discover card and I pay in full monthly online. They give 1% cash back. Amazon Visa as a backup since some don't take Discover. Also 1% back as Amazon gift certificate and I have this one on auto pay. I do nothing but make sure there is money in my checking account. I check both cards several times a month. Takes about a minute.

 

[m657]

...... using credit cards really is a high math, calculating the value of numbers less than zero, or deriving the square root of a minus number....it ain't rational but gives plenty of usable answers....

What IS rational in a mad scientist way, is the charges, fees, interest &etc that comes with 'em.

I don't get the Official National Policy now of going out to buy stuff we don't need with money we don't have....isn't that what got us here in the first place?

 

[nisamo]

What IS rational in a mad scientist way, is the charges, fees, interest &etc that comes with 'em.

Pay them off monthly and there is no charge. Actually you are using the banks money interest free for a short period. The key is pay your balance off on time every month.

 

[benmcc]

Originally posted by Joni_Lynn:
Call them ask the charges to be removed.
If they give you a hard time, tell them to close the account and also tell them it had better show as a voluntary closure on your credit report.

+1, this is good advice.
check local credit unions or as someone else mentioned, if you qual for usaa they don't play these silly games.

 

[K.38]

We only have a Cabela's card that we pay off monthly. Wife has some kind of clothing store card that she uses to get deep discounts but that is payed off when we get the bill. We also use a bank debit card for day to day purchases. It works much better than checks.

So far I've only paid $16 in interest charges and that was mine and the post offices fault. The bill never arrived, I totally forgot all about it and was late paying. Cabela's dropped the late fee but I paid the intrest since it was my fault not theirs.

I used to have two gubberment cards for work, those were a bigger pain in the arse than my personal cards.

 

[jonnyringo]

I do use a CC to buy online and pay it off as soon as the charges are made though my local bank. I love online banking.

 

[AITruckGuy]

Originally posted by pharmer:
Been using the NRA Visa for over 15 years. First Nat'l Bank of Omaha, great group of folks, so far. Joe

+1 - decent folks and the "points" go to the NRA.
Capital One just sent me a notice that they are raising my interest rate due to business conditions. I have had the card for nearly 10 years and have NEVER failed to pay in full each month.
They can spread cheeks and insert card. National City gave me 9.9%.