good bye credit card debt!

SpangeMonkee said:
actually, it has been known that closing credit cards can increase insurance rates. I'm not joking on this.
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They compute your insurance off your credit score. Makes sense.
 
HydroSqueegee said:
haha! got a small home equity loan to pay off the last of my credit card debt and get most of the expensive work done in the basement. (so im still in debt, but at least its not a credit card at 54 billion % interest).

$2200 new dollars left over sitting in my savings account after paying off those greedy capitalist pigs! :drool:

Now... whats the best way to close my credit cards (2 out of 3 of them). Do i just cancell them both in one day, or stagger it out over a couple months? Which way would it least hurt my credit score.
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As long as you don't foresee needing them, get rid of them. The temptation to use them is probably greater than any damage closing them might do. I was joking earlier about the accountant thing somewhat, but even if you get your taxes done by a CPA you're familiar with, they will more than likely be able to give you better advice. I don't know your situation so can't help you much, don't listen to me ( I didn't go to shcoul for this crap:shifty:).

Having too many lines of credit open, whether you use them or not, can hurt your credit score. But that depends on your situation and available credit and what you consider "too many." Having a credit card that you use and pay off once a month always helps your credit score, as does having one that you owe money on and pay the bill each month but I don't like paying the people that pay me.

Which part of Ohio? I may have a few friends in the area that I went to school with if you want a number. They may be a few years older than me, don't believe any of their damn lies about a kid going to school with them.
 
wr3kt said:
Whatever, Miss I-pay-my-balance-in-full.
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:lol: :lol: :lol: oohhhhhhhh, that's a good one.
no, i transfer my balances to 0% aprs when the time comes.


:lol: aaaaaaaahhhhhhhh, pay in full. you're a funny guy.
 
thrawn said:
Having too many lines of credit open, whether you use them or not, can hurt your credit score. But that depends on your situation and available credit and what you consider "too many." Having a credit card that you use and pay off once a month always helps your credit score, as does having one that you owe money on and pay the bill each month but I don't like paying the people that pay me.
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I believe that you are wrong on that, but it did used to be like that.
 
So all this talk leads me to a question, I opened an account with capital one in 1998, The account is still open and active, I use it from time to time to make large purchases since it has a pretty high limit. It also has a huge APR like 19ish %. I've never paid any interest on that card, always paid in full and never missed a payment.

So the question is: how do you get a lower APR? If I don't want to cancel the account and open a new one at a lower rate for fear of hurting my score, will Capital One lower my rate if I ask since I've been with them for so long?

I just dont want to screw up one day with a 5000 balance and pay a high APR on it.
 
Thorn Bird said:
no no no don't close your accounts. the best think is to cut up the cards, but leave them open and UNUSED for two years. DO NOT TOUCH the accounts for two years.
if you close them all at once, it'll hurt you, and the older ones you close, the worse off you are. if you HAVE to close any, close the most recent ones first.
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ERage said:
So all this talk leads me to a question, I opened an account with capital one in 1998, The account is still open and active, I use it from time to time to make large purchases since it has a pretty high limit. It also has a huge APR like 19ish %. I've never paid any interest on that card, always paid in full and never missed a payment.

So the question is: how do you get a lower APR? If I don't want to cancel the account and open a new one at a lower rate for fear of hurting my score, will Capital One lower my rate if I ask since I've been with them for so long?

I just dont want to screw up one day with a 5000 balance and pay a high APR on it.
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fatwallet said:
1.Call institutions at which you have existing credit card accounts. Ask them to convert your account to the lowest available rate. Ask them to consider your payment history and longtime customer relationship.

2. Search for a company with better rates if your existing credit card company cannot satisfy your request. Look for solicitations in the mail or contact local banks. You can even contact either Visa or MasterCard and ask for a list of preferred issuers.

3. Contact companies in which you are interested and ask for an application. Inquire whether you can send an application by phone, fax or Internet.

4. Once you complete and return the application, you should have an answer within 10 business days. Call if you haven't heard anything.

5. If your request is denied, the company is required to give you an explanation in writing. You are also entitled to a free copy of your credit report. Your denial letter should explain how you can obtain this. If it does not, contact the credit card company directly and ask for assistance.
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To hell with credit. I'm going back to acquiring goods and services by offering local establishments "protection" in exchange for their wares.
 
FlamingGlory said:
They compute your insurance off your credit score. Makes sense.
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that's a new one by me...I've had company insurance for the last 10 years and it's like $20 per/m at both of my last 2 companies

guessing this applies to non-work related policies only?
 
ERage said:
To hell with credit. I'm going back to acquiring goods and services by offering local establishments "protection" in exchange for their wares.
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That's something Knyte wants to do as well.
 
thrawn said:
As long as you don't forsee needing them, get rid of them. The temptation to use them is probably greater than any damage closing them might do.
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Or do what I heard a friend did with his cards... wrap in paper, place them in a zip-lock baggie, fill with water, place in freezer.

That way if you really need them, they're available, but you have a "cooling-off" period (or thawing out, in this case) before you can use them for impulse buys.

Just a thought.
 
ERage said:
To hell with credit. I'm going back to acquiring goods and services by offering local establishments "protection" in exchange for their wares.
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We should talk.

Meet in me under the bridge in Central Park, New York on August 14th at 0230. Come alone. Bring the condoms.
 
ERage said:
So all this talk leads me to a question, I opened an account with capital one in 1998, The account is still open and active, I use it from time to time to make large purchases since it has a pretty high limit. It also has a huge APR like 19ish %. I've never paid any interest on that card, always paid in full and never missed a payment.

So the question is: how do you get a lower APR? If I don't want to cancel the account and open a new one at a lower rate for fear of hurting my score, will Capital One lower my rate if I ask since I've been with them for so long?

I just dont want to screw up one day with a 5000 balance and pay a high APR on it.
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just call them. most of the time they will lower it. Closing accounts doesn't really hurt you if you open another one. The credit/debt ratio is what you want to maintain. Increasing available credit while decreasing debt is better. So, get another CC with lower apr and a higher line of credit and you'll be better off.
 
you should start to see many better offers in the mail. once you have a good credit score, companies buy you up and send you junk. if you're in the market, take a look at some of the offers.

i get 0% apr offers all the time. the two things i look out for are annual rates and transaction fees. since i'm continuously transferring balances, i want to make sure i don't have to pay to do so.

i like to keep hold of good offers in case i need them till they expire. that way i dont have to wait for offers in the mail.
 
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