Your Credit/Credit Card Promo Offers and All Talk About Your Credit Score

rmb

rmb

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I am starting this thread as a place for Cag's to talk about their credit and how different actions effect your credit. More specifically because it is getting ridiculous in some of the threads where to get a deal you need to get a credit card. There are too many misinformed people out there giving bad advice. Fight about it here! More importantly if you want truly informed, helpful information follow the link below to Creditboards. It is one of the best websites for information on all aspects of your credit. You may have good or bad credit and if you read a little bit over there you will learn something. Also if you need help finding certain info post it here and those of us who are already familiar with the site can point you in the right direction. Hopefully this thread will be active and not die. Even if you don't care to learn more, at least bring your arguments here. Thanks

http://www.creditboards.com/mambo/
 
Well, I'm no credit expert. Obviously, getting cards can hurt your score. But, at the same time, for most people, if they get the card for this purpose, and then cancel it, you likely won't see a huge effect. Also, most credit companies look at how much you have charged. So, if you only use this once, pay it off, and never use it again, it won't have nearly the effect that carrying a maximum balance will have.
 
[quote name='lordxixor101']Well, I'm no credit expert. Obviously, getting cards can hurt your score. But, at the same time, for most people, if they get the card for this purpose, and then cancel it, you likely won't see a huge effect. Also, most credit companies look at how much you have charged. So, if you only use this once, pay it off, and never use it again, it won't have nearly the effect that carrying a maximum balance will have.[/quote]

How getting a CC effects your credit will vary, getting a credit card actually will help your score. Read some threads at creditboards and you will understand. When you first get a new card you may see your score drop but it is ussually not significant. After a month or 2 you will see your score actually go higher. If a person is getting a mortgage yes applying for lots of credit will hurt and for people that are barely eligible for a loan to begin with, it probably will cost them getting the loan.
 
[quote name='cokerules']i get spam emails like this all the time if this isnt spam youve fooled me.[/quote]

STFU noob. Keep up with the same type of posts that you've been making all day and you will be banned. Go make your own thread and troll it. Check this fools 20+ meaningless posts on his 1st day.
 
[quote name='cokerules']i get spam emails like this all the time if this isnt spam youve fooled me.[/quote]

:whee:Congrats to being the first person ever to join my ignore list LOL!

I received a credit card offer from Amex the other day which promised me 2 free domestic airlines tickets if I applied and spent $500 before the end of April 2008. Does anybody have an experience with this offer? I'm thinking about signing up hehe.
 
What is the easiest way to cancel a credit card? I have an old Target CC from several years ago that I need to cancel.

I want to get the AMEX Blue card that give 1.5%-5% cash back, but I want to eliminate these cards that I never use. More importantly, what kind of credit do I need for a card like this?
 
[quote name='rmb']How getting a CC effects your credit will vary, getting a credit card actually will help your score. Read some threads at creditboards and you will understand. When you first get a new card you may see your score drop but it is ussually not significant. After a month or 2 you will see your score actually go higher. If a person is getting a mortgage yes applying for lots of credit will hurt and for people that are barely eligible for a loan to begin with, it probably will cost them getting the loan.[/QUOTE]

I believe this happens if you own one card. I just made an assumption that most people here that want a credit card already have one, and we were discussing a second or third card.

Plus, I think a credit card is mainly good to help establish credit. However, if you have an apartment, make a cable bill payment, along with your utilities, I'm not thinking a credit card will help you that much.

(plus, for the card I have, the main reason I use it is the convenience, second is cash back at the end of the year, but it is paid off every month on time, I refuse to pay the interest on it).
 
[quote name='paddlefoot']What is the easiest way to cancel a credit card? I have an old Target CC from several years ago that I need to cancel.

I want to get the AMEX Blue card that give 1.5%-5% cash back, but I want to eliminate these cards that I never use. More importantly, what kind of credit do I need for a card like this?[/quote]

There are many factors and I am no expert but I saw someone post they got a $4900 cl amex blue and amex pulled their experian score. This persons score was 721. Worst case I would say 700's for score and fairly certain no bad stuff like old coll/etc. Honestly register at the site and look around. This site does not spam. Totally legit and very useful wealth of info.
 
most apt don't report to the credit bureau's. Maybe if it is a large complex owned by major corporation, but none of the apt I have lived in reported anything to the credit bureau. They might threaten you with doing it, but that doesn't mean that they will take the time to file it. .....also most utility companies don't really report either. The only time a utility company reports is if you don't make payments for extended periods of time. They really don't increase your score for good payment history.

When you state minimal movement for cc applications, it really is small. A couple of points. Just because you have a card, doesn't mean that your credit score will increase if you don't use it. Most credit companies will look at your score and availablity to debt. If you have a couple of cc with available credit of $20k, with 0 in balance. Your income is only 35k per year, I don't think many lenders will give you the credit. Most lenders want your potential debt to yearly income to be between 20 and 40%.
 
[quote name='lordxixor101']I believe this happens if you own one card. I just made an assumption that most people here that want a credit card already have one, and we were discussing a second or third card.

Plus, I think a credit card is mainly good to help establish credit. However, if you have an apartment, make a cable bill payment, along with your utilities, I'm not thinking a credit card will help you that much.

(plus, for the card I have, the main reason I use it is the convenience, second is cash back at the end of the year, but it is paid off every month on time, I refuse to pay the interest on it).[/quote]

Thats good. I don't want to come off as I KNOW ALL. I don't. I have made plenty of mistakes years ago and many of the people on this site are younger and more susceptible to make the same mistakes. The whole key to it is utilization as mentioned earlier. Personally as far as the Cag wanting to close the Target acct. I would cut it up and just let the account stay there. It doesn't hurt. If you feel better with it closed close it. If you have a shaky credit history though do not close it. That will hurt alot. Unless of course you can't resist running it up and can't pay in full.
 
if the target card keeps increasing his credit line, it will hurt. That would be available credit in his name, and if he going for a loan down the line, a creditor might not grant him the loan due to the high potential debt/income ratio
 
I think it's all how you use your credit. I got my first CC four years ago with $1500 limit. I pay it off 95% of the time, although there were a few times where I used it for emergency's and had a little interest to pay. Now the limit is $16,500 and I never charged more then $2k at one time on the card. I checked my credit rating on freecreditreport and its well over 700...so having a lot of unused credit is probably good. Maybe. ^^;; Just spend responsibly. Plus I have $2k bestbuy CC that I've used for some stuff every now and then.

I just wonder how student loans affect the equation. I know I have about $17k as it is now, and probably will have around $40k when I graduate (going to study abroad for fall/spring 2008/2009). ^^;; In anycase, don't go crazy and your credit will surely rise.
 
So how much did you guys make in rewards last year? I only ask this here because this board seems to have many people who know the correct way to use a credit card.

I got about $150 cashback from two of my cards mostly from all the gas I had to buy for work. On my other card (from Target) I received various coupons and two "10% off your purchase" coupons over the year. I estimate I saved about $70 in grocery costs because of this card. What's more, say I get to wait 1 month between spending the money and sending in my check, then I get a rolling 1 month's interest on the money I spend but that my CC company covers for me. I dunno how much interest that was last year but it's at least enough to cover Persona 3: FES.

If you paid any interest/fees last year on your credit cards then subtract that from your total (I paid exactly $0). If you're in the negative I suggest you stop using credit cards.

PS Credit card cashbacks aren't income. They are a reduction of the purchase price.
 
I don't think I'll be applying for a second card soon. I have one card with a measly 500 limit. The only reason I even have one is so I can gradually and slowly build up history over time, and when I need to apply for loans/mortgage rates in say, 10 years or so, I have some credit history to fall back on. Otherwise, I wouldn't have one at all.

It's actually pretty funny. My credit card froze my account for about 2 weeks when I bought my PS3 because they suspected identity theft as I typically spend under 100$ each month. I always prefer paying everything with cash. Keeps things hassle free and don't risk any fraudulent/erroneous charges. You get exactly what you pay for exactly when you pay for it. That being said, I do love amazon...maybe I'll start buying some oft those prepaid credit card/gift cards for myself...hmm...
 
[quote name='darkcecil32']I always prefer paying everything with cash. Keeps things hassle free and don't risk any fraudulent/erroneous charges. You get exactly what you pay for exactly when you pay for it. That being said, I do love amazon...maybe I'll start buying some oft those prepaid credit card/gift cards for myself...hmm...[/quote]

That's the reason I pay everything with credit cards - in case of fradulent or erroneous charges, or also shady sellers. You pay cash for something and you get shafted, you have little recourse of action. You use VISA and you have their entire legal/customer service/protection/hitmen at your service.
 
Well, I feel special because I applied for a American Express Blue Card and was approved for a credit limit of $6700. I probably will never use more than a thousand bucks of that at any time in the near future. It has no APR for the first 15 months. The funny thing is I was looking at Visa, Mastercard, and American Express but American Express was offering the best limit. This is my second bank card because the first one I had was a student card from Visa that I never used and cancelled soon after I had it because I was a full time student and barely making any money at the time.
 
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