High Interest Rate Starter Credit Cards
Author: jamric
Posted: Wed Jul 05, 2006 9:47 pm
Post subject: When to ditch a high interest "starter" card
I have a Merrick Bank card that I just opened on my way back into the prime card market. I don't expect service to be good (I've read many horror stories about the company on the Internet), and the interest rate is loan shark territory. I know that Equifax reports back 81 months . . . should I keep it that long, or longer?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mouse
Posted: Thu Jul 06, 2006 12:23 am
Post subject: Re: When to ditch a high interest "starter" card
Quote:
"jamric"
I have a Merrick Bank card that I just opened on my way back into the prime card market. I don't expect service to be good (I've read many horror stories about the company on the Internet), and the interest rate is loan shark territory. I know that Equifax reports back 81 months . . . should I keep it that long, or longer?
Thank you.
What does it COST you to keep it per year???
Do you have other BETTER PRIME CARDS???
Is it a small amount of limit compared to all other cards???
Author: stevejk
Posted: Thu Jul 06, 2006 7:05 am
Post subject:
I concur with mouse.
If there is no annual fee, then it's doing no harm.
If it is your oldest good account, then it is helping your score by showing a long(er) credit history.
If it is a small CL, it may not help your overall CL utilization.
The trick would be to pay in full so you don't pay the loan shark rates, but use the card for a small purchase every so often so it stays active on your credit report.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Wed Jul 05, 2006 9:47 pm
Post subject: When to ditch a high interest "starter" card
I have a Merrick Bank card that I just opened on my way back into the prime card market. I don't expect service to be good (I've read many horror stories about the company on the Internet), and the interest rate is loan shark territory. I know that Equifax reports back 81 months . . . should I keep it that long, or longer?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mouse
Posted: Thu Jul 06, 2006 12:23 am
Post subject: Re: When to ditch a high interest "starter" card
Quote:
"jamric"
I have a Merrick Bank card that I just opened on my way back into the prime card market. I don't expect service to be good (I've read many horror stories about the company on the Internet), and the interest rate is loan shark territory. I know that Equifax reports back 81 months . . . should I keep it that long, or longer?
Thank you.
What does it COST you to keep it per year???
Do you have other BETTER PRIME CARDS???
Is it a small amount of limit compared to all other cards???
Author: stevejk
Posted: Thu Jul 06, 2006 7:05 am
Post subject:
I concur with mouse.
If there is no annual fee, then it's doing no harm.
If it is your oldest good account, then it is helping your score by showing a long(er) credit history.
If it is a small CL, it may not help your overall CL utilization.
The trick would be to pay in full so you don't pay the loan shark rates, but use the card for a small purchase every so often so it stays active on your credit report.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 11:23 PM
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