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So say you apply for an Amex or any CC but get denied. Does that hurt your credit score since u got denied of a cc?
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not it does not.Originally Posted by Dirtylicious
No, cancelling a credit card helps your credit score. Everytime you attempt to apply for a loan or a credit card hurts your credit score.The credit company takes off a certain amount of points to apply for these credit products, once you are approved you have a chance to rebuild the points that were lost when you applied for the products. However, if you are not approved, then basically you spent your credit points on nothing.Originally Posted by HalfKobe08
II Jovo II wrote:
First question : Does canceling your credit card hurt your credit score?
This is kinda what I do but not for EVERYTHING. I just need to find a card with some vicious rewards. Preferably a VISA since it is takeneverywhere.Originally Posted by F A Y B A N
After reading the article and the readers comments, I came away with a logic that completely turned the way I'd been doing it. Most of them never use debit cards, never use cash, and use credit cards for EVERYTHING (paying off the whole balance at end of each month).
They reasons they noted for primary c use include the customer protections from fraud, the mulitude of benefits programs, and a basic stab in the eye of businesses for their high prices and sticking them with fees.
I am not understanding why this is the smart thing to do. So having a 0 balance isn't a good thing?Originally Posted by juggy4805
This is what I was told by my mortgage lender
Only have a max of two credit cards.
Keep a balance on each card at around 30% of the total amount of credit available.
Use each card every month to show activity.
Pay more than the minimum amount due on each bill each month.
Last but not least stay consistent for an extended period of time and you will build credit easily.
Originally Posted by DCAllAmerican
I am not understanding why this is the smart thing to do. So having a 0 balance isn't a good thing?Originally Posted by juggy4805
This is what I was told by my mortgage lender
Only have a max of two credit cards.
Keep a balance on each card at around 30% of the total amount of credit available.
Use each card every month to show activity.
Pay more than the minimum amount due on each bill each month.
Last but not least stay consistent for an extended period of time and you will build credit easily.
So each month, I shouldn't pay off my entire balance?
[h3]AnnualCreditReport[/h3]Site set up by the big three credit reporting agencies in the United States, to furnish free annual credit reports, as required by federal law
anything else is a paid service.
If you feel secure with your work computers.. then why not?
Originally Posted by Yeezy St Laurent
With American Express (Green/Gold/Platinum/Black) cards, you can't max them out or pay any interest since you always have to pay in full aka not for people that only pay the minimum balance. I'm pre-qualified for a Gold card (not that difficult), but I can't justify paying that yearly fee. Although I want one just to say I have it.
I also think most cash back/reward cards are rip-offs due to the difficulty in accruing points, etc (which is a good thing for the banks). I have a cash back card and they send me a check for $50 when I reach that equivalent in "bank dollars." If I shop with certain vendors, I get points faster. Guess what? I still haven't got a check yet and I've already bought thousands of dollars worth of stuff on that one credit card.If I knew I had to spend so much money to get back a measly $50, I would've never signed up for it. So if you get a card that offers 3x points for gas purchases, you better use that because after the promo period is over, it'll be a P.I.T.A. to build up the same points in the same amount of time.
Originally Posted by F A Y B A N
Excellent article in today's New York Times
How Visa, Using Card Fees, Dominates a Market
My best attempt at Cliff Notes
* A basic breakdown of the fees involved with using debit and credit cards. It mainly talks about the burden credit and debit cards put on merchants.
* The article talks about fees indirectly passed on to the consumer because merchants have to rise prices to compensate for the losses from debit and credit card purchases.
* Talks about the possibility of offering cash and credit prices like at gas stations but no legitimate way of implementing it (plus Visa penalizes for attempting it)
There's alot in that article, really interesting read.
Edit: Just read that today, Visa got the debit card game on smash.
Nope...as long as you pay the minimum balance you're straightOriginally Posted by Calypso Chanta
soooo......if i only pay the minimum balance one month cuz lets say im running low on funds, does that hurt my credit score?
anything else is a paid service.Originally Posted by Dirtylicious
[h3]AnnualCreditReport[/h3]Site set up by the big three credit reporting agencies in the United States, to furnish free annual credit reports, as required by federal law
Originally Posted by 360wavesandxbox
I read that we should pay off my smallest debts first, is this true?