Now i'm getting lots of Credit Card choices!
#16
Re: Now i'm getting lots of Credit Card choices!
Which bank charges you a fee for not using your credit card? Not heard of that one.
#17
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Joined: Jun 2016
Location: California
Posts: 96
Re: Now i'm getting lots of Credit Card choices!
#18
Re: Now i'm getting lots of Credit Card choices!
I can't find specifics now, but it was all over the news a couple of years ago. Maybe the ridiculous practice was outlawed?
Cancelling a card can be harmful to your credit score, too, btw.
Cancelling a card can be harmful to your credit score, too, btw.
#19
Re: Now i'm getting lots of Credit Card choices!
And thanks for the tip on closing cards - according to my records I've closed 69 accounts since 2010, so am assuming my credit must be in tatters.
#21
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Joined: Jun 2016
Location: California
Posts: 96
Re: Now i'm getting lots of Credit Card choices!
The other main reason for a drop in credit score due to closing would be average age of accounts; hence the advice of not closing your oldest accts. But even here, a closed acct only drops off your report after 10 yrs, and by then you may well have many long life accts making a drop in score negligible.
#22
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Joined: Jun 2016
Location: California
Posts: 96
Re: Now i'm getting lots of Credit Card choices!
#24
Re: Now i'm getting lots of Credit Card choices!
During this time my credit score was mostly in the range 720-750, which if you believe the recommendations in both the published media and the opinions posted on internet forums, is impossible.
It appears that both Tonrob and I have both been exploring the outer limits of what is possible with the US credit scoring system.
#25
Re: Now i'm getting lots of Credit Card choices!
I was always under the impression that a transaction that would bring you above 100% usage would decline. Is this not the case?
#26
Re: Now i'm getting lots of Credit Card choices!
Not with at least one of mine, it doesn't. It has been declined at $0.1% over the limit, but has been up to 5% over the limit on one occasion, and several times, in the 1%-4% range, though none for at least a couple of years now, thankfully. All but two are fully paid off.
Last edited by Pulaski; May 30th 2017 at 3:04 am.
#28
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Joined: Jun 2016
Location: California
Posts: 96
Re: Now i'm getting lots of Credit Card choices!
Much of what you read about managing your credit score is, not to put too fine a point on it, utter balderdash. A few years ago I had several (at least four) credit cards with $12k-$20k credit limits that had balances of 90%-100% of the limit. One card had a balance of 101%-105% of the limit several times. .
During this time my credit score was mostly in the range 720-750, which if you believe the recommendations in both the published media and the opinions posted on internet forums, is impossible.
It appears that both Tonrob and I have both been exploring the outer limits of what is possible with the US credit scoring system.
During this time my credit score was mostly in the range 720-750, which if you believe the recommendations in both the published media and the opinions posted on internet forums, is impossible.
It appears that both Tonrob and I have both been exploring the outer limits of what is possible with the US credit scoring system.
From my readings on another travel forum I frequent (with significant credit card related discussion), I am well aware that many are pushing the boundaries, sometimes with success and sometimes not. YMMV. While some of the approaches used are not within my comfort zone, lots play the game much harder.
As for going over the credit limit, it doesn't surprise me that you've had cards that permitted it. The issuers have discretion to permit it, and frequently do, especially for established customers. But doing it too frequently may well create red flags, and in the travel forum I follow, some members have had all their accounts shut down suddenly without notice. So thats why I personally would avoid doing it frequently.
#29
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Joined: Aug 2013
Location: Athens GA
Posts: 2,133
Re: Now i'm getting lots of Credit Card choices!
Much of what you read about managing your credit score is, not to put too fine a point on it, utter balderdash. A few years ago I had several (at least four) credit cards with $12k-$20k credit limits that had balances of 90%-100% of the limit. One card had a balance of 101%-105% of the limit several times. .
During this time my credit score was mostly in the range 720-750, which if you believe the recommendations in both the published media and the opinions posted on internet forums, is impossible.
It appears that both Tonrob and I have both been exploring the outer limits of what is possible with the US credit scoring system.
During this time my credit score was mostly in the range 720-750, which if you believe the recommendations in both the published media and the opinions posted on internet forums, is impossible.
It appears that both Tonrob and I have both been exploring the outer limits of what is possible with the US credit scoring system.
#30
Re: Now i'm getting lots of Credit Card choices!
That would make sense, but by far the biggest component of your credit score is based on paying your debts on time and not having debts sent to collection. If you make your monthly payments on time and every month, you are ahead of many Americans!