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Should I close some of my credit card accounts?
Guest: timmbukk Credit Expert (100+ Posts) Post subject: Should I close some of my credit card accounts?Posted: Tue Aug 08, 2006 6:45 pm I want to narrow my card collection, but I do not want to hurt my score. If I decide to close out a a few starter cards that I have had for 3 years with a positive history, will it cause harm to my score?? Will they remain on my report?? I just have too many tradelines and I want to clean my profile up a little. Thanks for any input.
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Guest: hesiden Credit Expert (100+ Posts) Posted: Tue Aug 08, 2006 11:53 pm Closed cards stay on your report, so you are not "cleaning" it any. Closing cards is usually a bad idea. Your "starter" cards are probably your oldest and you want to keep the oldest cards. You might be able to convert the starter cards into something better, depends upon issuer and card type.
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Tue Aug 08, 2006 11:55 pm Quote: "timmbukk" I want to narrow my card collection, but I do not want to hurt my score. If I decide to close out a a few starter cards that I have had for 3 years with a positive history, will it cause harm to my score?? Will they remain on my report?? I just have too many tradelines and I want to clean my profile up a little. Thanks for any input. Does they have a fee??? If not don't close them... $5 or $10 every 6 or 12 months works and PIF
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Guest: mantras Posted: Wed Aug 09, 2006 9:42 am I believe closed accounts drop off your report 7 years after being closed and inactive. If you have recent cards with no perks I'd try to combine to an old card. You can usually combine if its the same company. Of course there are exceptions.
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Beware of Chase Credit Card Offer?
Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Post subject: Beware of Chase Credit Card Offer? Posted: Wed Aug 09, 2006 12:20 am Quote: "AJ" Did anyone read the article in the July or August issue of consumer reports? They are telling people to beware of accepting preapproval mailings from chase unless you read the fine print. They are offering fixed rates until next year, but they are not guaranteed , nor is your preapproval , especiallly if chase feels that you have too many balances or too many accounts. Your rate could go from a 8.9 fixed to a 31.5 variable just like that. So people, please read the fine print Increasing a BT rate before it expires is OUT OF LINE when you are not late or over-limit 8.9% IS NOT A GOOD BT RATE SOUNDS LIKE A PURCHASES RATE
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Guest: jlrdc909 Credit Expert (100+ Posts) Posted: Wed Aug 09, 2006 6:27 am This article surprises you ? Chase is known for this sort of game, even though I have them, they have given me a high credit limit, but a high APR to go along with it. I laugh when I receive their mailings regarding balance transfers, they state "You could save hundreds with our balance transfer rate, HAAAAA they are the highest APR card I have. With them being so large with Home lending and auto loans, looks like we will have to deal with them.
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Guest: Board Monitor Board Monitor/ Administrator Posted: Wed Aug 09, 2006 9:12 am Quote: I have four Chase cards and all are utilized at over 85% with short term fixed low rate cash advances. I am also carry high balances on seven other credit cards (my card debt exceeds $120,000). I have never missed a payment since my first card back in 1978. Chase nor any of my other creditors has ever ratejacked me. I've had similiar experiences. Never any problems over the years with Chase and rate jacking. Though we do hear complaints. By the way, I am proud to say that http://www.CardRatings.com is referenced in the article. _________________ Regards, Curtis Arnold Board Monitor http://www.CardRatings.com 20K+ Credit Card Reviews Sign up for our free monthly e-mail newsletter!
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Guest: wierdo Posted: Wed Aug 09, 2006 11:07 am Eh, they ratejacked me and won't back off. Strangely, they offer me an 8.99 fixed BT, despite my near 30% purchase APR. Funny enough, not two days after I finally got them to lower my interest (by 2% to somewhere around 28%!), I got an offer in the mail with 0% BTs until 12/1/07 and an 8.99% fixed rate on purchases and BTs after the intro period. Even funnier, they approved my app. Not so funny is that when I was talking to them and asking why the website wouldn't let me do BTs (apparently you have to have the card for 6 months before it'll work?!) someone mentioned my BT rate was 8.99%. I spoke with the rate people who told me that no, it was indeed 0%, until 11/1/07, despite the cardmember agreement specifically stating 12/1/07. We'll see whether or not they fix it when I fax them the page with that date. Funny way to get a month of interest, though!
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Consumer Reports Magazine Article Regarding Chase Credit Cards
Guest: AJ Post subject: Consumer Reports Magazine Article Regarding Chase Credit CardsPosted: Tue Aug 08, 2006 5:04 pm Did anyone read the article in the July or August issue of consumer reports? They are telling people to beware of accepting preapproval mailings from chase unless you read the fine print. They are offering fixed rates until next year, but they are not guaranteed , nor is your preapproval , especiallly if chase feels that you have too many balances or too many accounts. Your rate could go from a 8.9 fixed to a 31.5 variable just like that. So people, please read the fine print
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Guest: hesiden Credit Expert (100+ Posts) Posted: Tue Aug 08, 2006 5:15 pm There is no such thing as a "fixed" credit card rate. They say Fixed, but in reality they can change it at anytime. You can refuse the change, but then they'll close the account. Might be worth it if they jack the rate up to 30% from 9%. Pre-approval has always been just that "pre". As in you are approved to apply. Now if they break a 0% for 12 months deal and you didn't miss any payments, that'd be news.
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Guest: fire3000 Credit Expert (100+ Posts) Posted: Tue Aug 08, 2006 6:45 pm I have four Chase cards and all are utilized at over 85% with short term fixed low rate cash advances. I am also carry high balances on seven other credit cards (my card debt exceeds $120,000). I have never missed a payment since my first card back in 1978. Chase nor any of my other creditors has ever ratejacked me.
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Guest: maddybeagle Credit Expert (100+ Posts) Posted: Tue Aug 08, 2006 9:11 pm dont carry a purchase balance and doesnt matter...
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Should students state parents income on credit card applications?
Guest: fire3000 Credit Expert (100+ Posts) Post subject: Should students state parents income on credit card applications?Posted: Wed Aug 09, 2006 7:40 am The card will be in your name as stated on the pre-approval letter. So obviously they want to know only your income, not your parent's income. If you are a student, they will approve even if you have very little income, but the credit limit will be low.
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Guest: gsr Posted: Wed Aug 09, 2006 5:40 pm fire3000 wrote: The card will be in your name as stated on the pre-approval letter. So obviously they want to know only your income, not your parent's income. If you are a student, they will approve even if you have very little income, but the credit limit will be low. i actually got rejected when i applied for a discover student card (they seem very picky)
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Income Listed on Credit Card Application
Guest: FaithNGrace Post subject: Income Listed on Credit Card Application Posted: Tue Aug 08, 2006 7:40 pm Post subject: Gross Monthly Income? -------------------------------------------------------------------------------- I just got a pre-approval notice for a pretty good card. I want to accept it, but one of the questions it asks is "Monthly Gross Income". Would that be my income or the household income? I am a student with loans (I guess that would be my income). Obviously, the application would look much better if I listed the household (my parent's) income. What do I do? Thanks! _________________ FaithNGrace slowly learning about the wonderful world of credit!
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Wed Aug 09, 2006 12:27 am Quote: "FaithNGrace" I just got a pre-approval notice for a pretty good card. I want to accept it, but one of the questions it asks is "Monthly Gross Income". Would that be my income or the household income? I am a student with loans (I guess that would be my income). Obviously, the application would look much better if I listed the household (my parent's) income. What do I do? Thanks! DOES IT SAY YOUR INCOME or HOUSEHOLD INCOME??? I don't do INDIVIDUAL INCOME anything NO HOUSEHOLD INCOME...NO APPLICATION WILL HAPPEN
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Guest: gsr Posted: Wed Aug 09, 2006 3:44 am sorry to steal the thread but what happens if you put your household income into your individual income space?
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Guest: jlrdc909 Credit Expert (100+ Posts) Posted: Wed Aug 09, 2006 6:15 am To: GSR: If you do that, the credit card police will come, line you up, give you a final cigarette, then possibly shoot you To be honest, Most MC/Visa issuers are not so much concerned with income as is AMEX/DC.
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First Financial Bank USA
Guest: zach383z Post subject: First Financial Bank USAPosted: Wed Aug 09, 2006 6:06 pm This is my very longest credit card I have, got it when I was 18 and now have had it for 3 years, they still have a $150 CL on the card, it is almost worthless. I dont want to close it out because it is my longest credit history, but they arent too willing to raise my credit limit. I have other cards with $3k limits on them. I am just wondering if anyone has any experience with them.
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Guest: EasyRhino Posted: Wed Aug 09, 2006 6:30 pm I haven't heard of them, but you could always just sockdrawer the card. Don't close it, just file it away and forget it. (assuming it doesn't have any fees). They might close the card after lengthy inactivity, but if they do, it's not really a huge loss. The closed credit line will still be reported on your credit report with a positive history from a long time ago.
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Guest: zach383z Posted: Wed Aug 09, 2006 7:01 pm any idea how long they let it go with inactivity before closing a card?
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Confused by Terms of Chase Visa Credit Card
Guest: rain Credit Expert (100+ Posts) Post subject: Confused by Terms of Chase Visa Credit CardPosted: Wed Aug 09, 2006 3:25 pm They just changed the details of the ad to include offer details. Looks like its a legit offer, goody
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Guest: usmsci Credit Expert (100+ Posts) Posted: Wed Aug 09, 2006 7:23 pm i've got this card and in the account benefits section when you online it says: Quote: Cashbuilder Awards - Earn up to 2% on new purchases in any month you revolve a balance of at least $500 Earn up to 1% on new purchases in any month you revolve a balance of less than $500 or pay your balance in full When you reach your Registration Date Anniversary, you will receive your cash reward in the mail. Cash rewards are limited to $500 each year. Perfect Card Rewards - Earn a 3% rebate on all gasoline purchases Earn a 1% rebate on all purchases All the rebates you earn are automatically credited toward future purchases Earn an additional 3% on gas transactions during the first 90 days your account is open Freedom Rewards - Earn a 3% rebate on all gasoline purchases Earn a 1% rebate on all purchases All the rebates you earn are automatically credited toward future purchases Ultimate Cash rewards - Earn up to 5% cash back on Everday Net Purchases and up to 2% cash back on all other on Net Purchases. “Everyday Purchases” means Purchases at stand–alone U.S. supermarkets, gas stations, drugstores, and home improvement stores, for consumer consumption only. Calculate the award for each billing period based upon the annual level of Net Purchases. (notice nothing about first 3 months, 6 months or 1 year, looks like forever). Also this confuses me.. does that mean i get ALL that or just the one that gives me the most money per billing cycle? could someone explain? Every one of these has an * by it saying to please refer to my rewards brochure for specific details. In my brochure is says: Quote: You will earn 5 points per $1 spent on Net Purchases made at retail establishments that classify their merchant location for Visa/Mastercard as a gas station, grocery store or drugstore and 1 point per $1.00 spent on Net Purchases Everywhere else notice it says nothing about the first 12 months or anything of the sort. so does that mean if you go into a store/gas station etc etc and they have the Visa/Mastercard logo on their window then that means they classify themselves for Visa/Mastercard or what does that mean? also what does that mean for me as far as all the benefits online via my account versus what this brochure says. i am thoroughly confused.
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Chase Flex Rewards Platinum Visa Credit Card
Guest: rain Credit Expert (100+ Posts) Post subject: Chase Flex Rewards Platinum Visa Credit Card Posted: Wed Aug 09, 2006 8:57 am Chase was advertising 6 points/$1 for gas/groceries. But when clicked on the banner ad, the details still had the same 3/$1, so good luck
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Guest: Board Monitor Board Monitor/ Administrator Posted: Wed Aug 09, 2006 9:17 am I saw that too Rain! In fact, it's currently running on the home page of Chase.com. Somebody has made a big time goof here (I assume it is a goof)! _________________ Regards, Curtis Arnold Board Monitor http://www.CardRatings.com 20K+ Credit Card Reviews Sign up for our free monthly e-mail newsletter!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: XeroK00L Credit Expert (100+ Posts) Posted: Wed Aug 09, 2006 12:40 pm Nice try, Chase. I'll just stick to my Citi Driver's Edge card with 6% back PLUS $1 for every 100 miles driven and a better rewards program to boot thank you very much. Oh, and cardoffers.com offers $40 cash for getting the Driver's Edge card.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Evilbunny Posted: Wed Aug 09, 2006 2:10 pm read the fine print! You will earn 5 bonus points for each $1.00 of net purchases made at retail establishments that classify their merchant location for Visa/MasterCard as a gas station, grocery store, or drugstore for the first 12 months your account is open.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
American Express Cash Blue and American Express Clear Credit Cards
Guest: usmsci Credit Expert (100+ Posts) Post subject: American Express Cash Blue and American Express Clear Credit CardsPosted: Wed Aug 09, 2006 7:29 pm was approved for both with $2,000 CL(i know kinda low) and a 0% for 6 months on BT's with no BT fee and 3.99% for the life of the BT on the cash blue and 4.99% for the life of the BT on the Amex Clear which isnt bad. On the web site you can earn up to 15 months of 0.0% for the cash blue and 12 months 0.0% on the Amex Clear and i only got 6 months for each and she said it was dependent on my credit score which at the time they pulled my report(Equifax) my credit score was 673. she also said i had up to 3 months to do the BT so i will wait 2 months for some other BT cards to expire, pay those cards off then do a BT on both of those. good idea?? the benefits of the AMEX Cash Blue cards state: Quote: Earn Up to 5% Cash Back It's never been this easy to earn 5% cash back. That's because we just improved Blue Cash. Now, whether you choose to carry a balance or not, you can earn up to 5% cash back. What's more, you can earn cash back even faster at the places you may frequent the most like supermarkets, gas stations and drugstores. There's no minimum so you can start earning cash back right away . AHH but there is a catch...if your balance is between $0 and $6,500 you only get 1% for purchases. you only get the 5% if your balance is above $6,500.00. Now maybe i am stupid but please esxplain to me how having a balance of $6,500 and paying APR's of 9.99% and 13.99% on a balance that big will be of any help when you are only getting 5% cash back. it doesnt seem to add up to me as a good deal. what do you think? AMEX clear just send you a $25 gift card everytime you spend $2,500 or 1% which is 1 point for every $1..which isnt that great either. Looks like my Chase Flex Rewards will be my best card from here on out to pay all my bills with and charge everything to, then pay it all off at the end of the month.
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