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How to select credit card?

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Postby acsguitar » Thu Nov 17, 2005 11:41 am

Coppermine wrote:Image


Thats odd and very homoerotic...not that theres anything wrong with that
I'm too lazy to make a sig at the moment
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Postby sooner711 » Thu Nov 17, 2005 3:05 pm

My only credit card advice is, if you get an offer in the mail, look at where it is from. If its from Sioux Falls, SD.....trash it. When you look at the fees it appears they have the card 90% charged up for you already. :-t
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Postby Coppermine » Thu Nov 17, 2005 3:08 pm

sooner711 wrote:My only credit card advice is, if you get an offer in the mail, look at where it is from. If its from Sioux Falls, SD.....trash it. When you look at the fees it appears they have the card 90% charged up for you already. :-t


Now I think that depends where you live... I almost ALWAYS get credit card offers in the mail from Wilmington, DE... I think that these credit card companies have junk mailing facilities all over the country... they just mail from whatever's closest to you.

I've never gotten a card offer from SD.
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Postby Yoda » Thu Nov 17, 2005 4:19 pm

Credit Cards are awesome. I use mine for everything.

One advice. If you can't pay it back when the bill is due, do not use it. Credit Cards should be used for its convenience not so that you can buy stuff that you can't afford.

I used to be knee deep in debt but once I cleared it up. Then I learned to be responsible and only buy things that I can pay for when the bill came. Credit cards are also great for building up your credit. If you make it a habit to clear up your balance every month, your rating will go way up and when you are ready to buy a house or a car, you can really benefit.

EDIT: going back to the original questions, get one with rewards. I racked up enough points last year to get a gift card for everyone for X Mas. Like $700 worth.
"Think of how stupid the average person is, and realize half of them are stupider than that." ~George Carlin
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Postby Yoda » Thu Nov 17, 2005 4:33 pm

I also heard about this guy (not if it is true or not) but essentially he transfers the balance on his credit card every month to a new one. So essentially he has perfect credit and a bazillian credit cards.
"Think of how stupid the average person is, and realize half of them are stupider than that." ~George Carlin
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Postby acsguitar » Thu Nov 17, 2005 4:53 pm

Yoda wrote:I also heard about this guy (not if it is true or not) but essentially he transfers the balance on his credit card every month to a new one. So essentially he has perfect credit and a bazillian credit cards.


you have to cancel the other cards though cause it hurts your credit to have like a billion cards because when you go for a loan they are like well she only has 100$ in debt but she has the ability to have millions in debt
I'm too lazy to make a sig at the moment
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Postby Yoda » Thu Nov 17, 2005 5:17 pm

acsguitar wrote:
Yoda wrote:I also heard about this guy (not if it is true or not) but essentially he transfers the balance on his credit card every month to a new one. So essentially he has perfect credit and a bazillian credit cards.


you have to cancel the other cards though cause it hurts your credit to have like a billion cards because when you go for a loan they are like well she only has 100$ in debt but she has the ability to have millions in debt


Right. But the credit card companies check your balances so the story is proly made up.
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Postby Coppermine » Thu Nov 17, 2005 5:20 pm

Yoda wrote:
acsguitar wrote:
Yoda wrote:I also heard about this guy (not if it is true or not) but essentially he transfers the balance on his credit card every month to a new one. So essentially he has perfect credit and a bazillian credit cards.


you have to cancel the other cards though cause it hurts your credit to have like a billion cards because when you go for a loan they are like well she only has 100$ in debt but she has the ability to have millions in debt


Right. But the credit card companies check your balances so the story is proly made up.


Also, when you try to get a loan or any kind of financing, they check more than just your credit report... they also look at "potential debt."

Let's say you have good credit and a credit card with a $2,000 limit. You financer will look at that as potential debt and may deny you a loan based solely on that.

So, basically, if you have a credit card you don't use, cancel it.
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Postby Coppermine » Thu Nov 17, 2005 5:48 pm

ironman wrote:
Coppermine wrote:
Yoda wrote:
acsguitar wrote:
Yoda wrote:I also heard about this guy (not if it is true or not) but essentially he transfers the balance on his credit card every month to a new one. So essentially he has perfect credit and a bazillian credit cards.


you have to cancel the other cards though cause it hurts your credit to have like a billion cards because when you go for a loan they are like well she only has 100$ in debt but she has the ability to have millions in debt


Right. But the credit card companies check your balances so the story is proly made up.


Also, when you try to get a loan or any kind of financing, they check more than just your credit report... they also look at "potential debt."

Let's say you have good credit and a credit card with a $2,000 limit. You financer will look at that as potential debt and may deny you a loan based solely on that.

So, basically, if you have a credit card you don't use, cancel it.


I disagree. A lot of sources will tell you that cancelling credit cards will not do you any good as far as improving your overall credit. Once the account is open the damage has been done. Closing it won't help.


Holy crap, everything I knew about credit was wrong!!!! I'm buying Suze Orman's book...

Suze Orman wrote:Save your credit history. About 15 percent of your credit score comes down to your credit history. The more history you have, the more evidence the FICO folks have to size up your credit habits. Therefore it's a big mistake is to cancel a credit card you no longer use. When you cancel the card you wipe out all that history. Look at it this way: if you were trying to size up two people to entrust with your money, would you lean towards the person you've known for ages, or someone you've just known for a short time? That's the way lenders think. Besides, when you cancel a card, you also lose the credit limit it carries, a move that hurts your debt-to-credit ratio we just discussed.

Now if you are concerned you won't be able to leave an unused card unused, then just tuck it away someplace safe where you can't easily get to it -- or hit it with a pair of scissors if you have to. Without formally canceling your history you'll have made sure there's no way you can use it.


I had no idea! Keep those unused cards!
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Postby ironman » Thu Nov 17, 2005 5:56 pm

Coppermine wrote:
ironman wrote:
Coppermine wrote:
Yoda wrote:
acsguitar wrote:
Yoda wrote:I also heard about this guy (not if it is true or not) but essentially he transfers the balance on his credit card every month to a new one. So essentially he has perfect credit and a bazillian credit cards.


you have to cancel the other cards though cause it hurts your credit to have like a billion cards because when you go for a loan they are like well she only has 100$ in debt but she has the ability to have millions in debt


Right. But the credit card companies check your balances so the story is proly made up.


Also, when you try to get a loan or any kind of financing, they check more than just your credit report... they also look at "potential debt."

Let's say you have good credit and a credit card with a $2,000 limit. You financer will look at that as potential debt and may deny you a loan based solely on that.

So, basically, if you have a credit card you don't use, cancel it.


I disagree. A lot of sources will tell you that cancelling credit cards will not do you any good as far as improving your overall credit. Once the account is open the damage has been done. Closing it won't help.


Holy crap, everything I knew about credit was wrong!!!! I'm buying Suze Orman's book...

Suze Orman wrote:Save your credit history. About 15 percent of your credit score comes down to your credit history. The more history you have, the more evidence the FICO folks have to size up your credit habits. Therefore it's a big mistake is to cancel a credit card you no longer use. When you cancel the card you wipe out all that history. Look at it this way: if you were trying to size up two people to entrust with your money, would you lean towards the person you've known for ages, or someone you've just known for a short time? That's the way lenders think. Besides, when you cancel a card, you also lose the credit limit it carries, a move that hurts your debt-to-credit ratio we just discussed.

Now if you are concerned you won't be able to leave an unused card unused, then just tuck it away someplace safe where you can't easily get to it -- or hit it with a pair of scissors if you have to. Without formally canceling your history you'll have made sure there's no way you can use it.


I had no idea! Keep those unused cards!


Doh! you must've quoted me before I deleted the message. I wanted to post some info regarding it.

Bankrate.com wrote:Closing down accounts doesn't help your credit score in the short run and won't help you get credit. Reducing your credit lines doesn't help either.

Credit scoring models use the information on your credit report to estimate the probability that you'll repay a loan. One measure used is the ratio of credit used to available credit. Canceling accounts and reducing credit lines actually increases this ratio, making it appear as if you can't manage credit.


BUT

MSN Money Central wrote:"One of the reasons people would want to close out credit cards is if they want to purchase a home," Brannan says. "To have a lot of available credit is not to your advantage."

In other words, if you have, say, three cards with low or no balances, a mortgage lender considers that "potential debt." If you have a lot of potential debt, a mortgage lender might not be willing to lend all the money you need because you could take out a mortgage and then run up your credit cards, endangering your ability to pay all your debts.

And some people get in over their heads in debt and realize that they need to rid themselves of the temptation of credit cards.


Honestly though, as long as your credit is established and in ok shape, getting a mortgage isn't that hard. I think some banks would pre-approve a chimpanzee for a home loan.
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