They compute your insurance off your credit score. Makes sense.SpangeMonkee said:actually, it has been known that closing credit cards can increase insurance rates. I'm not joking on this.
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!
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.
Whatever, Miss I-pay-my-balance-in-full.Thorn Bird said:i never pay interest on my credit card balances.
wr3kt said:Whatever, Miss I-pay-my-balance-in-full.
I believe that you are wrong on that, but it did used to be like that.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.
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.
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.
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.
FlamingGlory said:They compute your insurance off your credit score. Makes sense.
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.
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.
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.
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.