How is it you don't have your own Reality TV Show?
Credit card advice for a n00b
- Thread starter Bicyclist
- Start date
I don't know why should I?
You're going to do what you want anyway, so why are you even asking us?
I was just re-reading the thread title and wondering about the same thing.
I think he should get 2 credit cards.
He reminds me of my cousin's dog in that any attention is good attention. Even when the dog does something wrong and is disciplined for it, he is happy to get the attention.
My point exactly.
closing a CC account will actually negatively affect your credit score.
Well you guys should by now know that talking sense to him is a waste of time
But having too many card can also have a negative effect.
this is true too. Do you happen to know how many cards you'd have to have open before it starts being a negative factor on your credit score? I'm sure there's a BEP at which it would be less of a negative hit to close a CC than to keep a large qty open. Or is it a ratio of how many cards you have open to how much of a credit line you have?
I have been told by my friend who works with home mortgages that the ideal number of credit i 5. This includes other form of credit besides your credit cards. I saw a effect of all of this last year when I consolidated all my cards with Fidelity as they have an amazing rewards program and no fee cards:
https://www.fidelity.com/cash-management/american-express-cards
However in the short term it did hurt my credit score. Besides the above point what also hurt me was they did not give me as high a credit limit as I wanted so I use up too much credit on a monthly basis than I did before even when I always pay off the balance in full at the end of the month.
https://www.fidelity.com/cash-management/american-express-cards
However in the short term it did hurt my credit score. Besides the above point what also hurt me was they did not give me as high a credit limit as I wanted so I use up too much credit on a monthly basis than I did before even when I always pay off the balance in full at the end of the month.
why don't you just one of those western sky loans, psp? It's only like a 89% apr interest rate, and I can guarantee you'll have cash faster than waiting on some dumb ol credit card application. That way you have the cash now, and you can't go over any spending limits.
As for real people using credit cards...
I think it all depends on your ability to pay things back and your debt to income ratio. I have superb credit, which let me get a house and a car with ultra low interest rates. In college I got a $500 zero bonus card and used it as a debit card paying it off. They bumped up the limit to 1000, then 2000. Then I opened up a new bank account and got a 6000$ limit on a different card. Then opened up a new account with another company for a mastercard instead of visa with like 1-2% cash back. Then I opened up an amex with the wife with like 2-4-6% rewards. We've made like $900 in the year that we've owned it, and all of our expenses go on that card. There's an annual fee, like $60, but that's quickly overshadowed by the ridiculous rewards. I've made something like $800 on my own just by using the card and paying it off, and I've almost never paid a fee. I think there was one time, in the 12 years of owning a card, that I forgot to pay anything, and incurred a late fee and APR charge. A quick call resolved the late fee and I was only on the hook for like $2.50 in APR charges. They usually wave any fees you may incur if you call them and ask nicely once a year.
It boggles my mind why people don't use credit cards to their advantage. I have a friend who can't buy a house because he doesn't own ANY credit. No card, no house, no car loans. He refuses to, and thinks he's being responsible by not owing anybody anything. He therefore has NO credit score, and can't get pre-approved for a loan. If he had been using a credit card like he uses his debit, he would have an excellent credit rating, and would qualify for low interest rates, and he could have been paid to do it. Now he has to rebuild his credit in order to get any form of a loan.
As for real people using credit cards...
I think it all depends on your ability to pay things back and your debt to income ratio. I have superb credit, which let me get a house and a car with ultra low interest rates. In college I got a $500 zero bonus card and used it as a debit card paying it off. They bumped up the limit to 1000, then 2000. Then I opened up a new bank account and got a 6000$ limit on a different card. Then opened up a new account with another company for a mastercard instead of visa with like 1-2% cash back. Then I opened up an amex with the wife with like 2-4-6% rewards. We've made like $900 in the year that we've owned it, and all of our expenses go on that card. There's an annual fee, like $60, but that's quickly overshadowed by the ridiculous rewards. I've made something like $800 on my own just by using the card and paying it off, and I've almost never paid a fee. I think there was one time, in the 12 years of owning a card, that I forgot to pay anything, and incurred a late fee and APR charge. A quick call resolved the late fee and I was only on the hook for like $2.50 in APR charges. They usually wave any fees you may incur if you call them and ask nicely once a year.
It boggles my mind why people don't use credit cards to their advantage. I have a friend who can't buy a house because he doesn't own ANY credit. No card, no house, no car loans. He refuses to, and thinks he's being responsible by not owing anybody anything. He therefore has NO credit score, and can't get pre-approved for a loan. If he had been using a credit card like he uses his debit, he would have an excellent credit rating, and would qualify for low interest rates, and he could have been paid to do it. Now he has to rebuild his credit in order to get any form of a loan.
That's why I said to leave it open.
Psp, send your money to that Nigerian prince that emailed you
Last time the nigerians got money they left me with goats and hay.