Originally Posted by s dubl
Card I want to cancel I've had since 05, the card I want to keep I've had for less than a year.
I can pay it in full, bu if I settle I can save about $2000 which makes it very tempting. Like I said Im not in real need of credit at the moment, but would like to keep one card because you never know...
all my cards and payments are always on time, so I'm hoping they won't mess with the card I want to keep...
if you dont need ANY credit for the foreseeable future (several years) then minus whale save the $2K and settle. If for some reason you end up needing credit though, it could cost you that $2K and then some because you may not qualify for good rates with a poor score.
as to whether or not it will mess with your other card, that I don't know. It is possible that the other card could cancel your account but then again they may not.
Originally Posted by mrkane
the best thing to do would be to get rid of credit cards all together....they are nothing but trouble
lies.
credit cards are no good for people who are irresponsible, have no self control, or are too dumb to understand what they are signing up for. if you fall into that category, then yes... credit cards are nothing but trouble. if you know how to utilize the benefits of credit cards, it can really be to your advantage. some of the benefits of using credit cards include:
1. fraud prevention - most good cards offer some form of fraud prevention. if someone steals your wallet and starts rackin up charges using your debit card? RIP. Might not be able to get that money back. If they start charging on your credit card? More often than not youre covered and you wont be liable for those charges. I've had sellers try to juke me out on ebay before and I just made 1 call to Amex and it was all taken care of. Paypal? If its linked to your CC and doesnt come from your paypal balance, dont even bother dealin with Paypal's BS fraud prevention team, just call your CC and let them handle it.
2. purchase protection - lot of cards also offer extended warranty/purchase protection. Say you bought some electronic device (PS3, HDTV, whatever) and it only comes with a 90 day manufacturers warranty and the thing craps out 6 months from now. If you bought it with your CC and properly recorded it with their extended warranty program (usually no extra charge), your broken item is covered.
3. REWARDS - A lot of the best rewards cards have annual fees, but there are some free cards that offer some sort of cashback or rewards programs. I have a free card (Amex Blue) where you accrue Amex Membership Rewards points with each purchase. Don't gotta do anything special, just use the card and accrue points. Over the lifetime of my card, I have probably cashed out for close to $1,500-$2,000 of free stuff (gift cards, amazon purchases, a new baseball mitt, etc...). I recently made the switch to a travel rewards card this past December and I have already accrued almost $1,000 worth of travel credit. Planning on saving those points to book a free flight for me and the wife to go check out Turkey or Greece at the end of the year. I just run everything through my card. From the $2 coffee at Starbucks to my cellphone/utilities/cable bills. I should probably see if there was a way I could set it up to pay my mortgage payment on my credit card each month. At the end of the billing cycle I payoff the outstanding balance in full and accrue no interest or other fees. No harm no foul. Just free points.
2.
