 What is the advantage of a credit card? |
| I have no financing problems and I always pay the full balance. But last month, I forgot to pay the bill and I got charges (overlimit fee + interests). So I was thinking of only using my debit card.<... |
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 Westcott debt collection? |
I am considering seeking legal action against a debt collection agency
called Westcott UK but i'd thought i'd see the opinion on the matter online
first and if you can help.
<... |
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 A family member used my S.S.# how can I get it removed? |
| Recently found out a family member opened accounts in my name with out my permission. I have a heart so i don't want to press charges on them, cause the last thing i want to see is someone in ... |
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| I mean county court judgement...... |
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 Would you consider 11K alot of credit card debt for my husband and I ? |
| I also have 20K in student loans. We have been paying on our credit cards for 3 years and still have 11K.... |
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 If I make payments on my medical bill but not in the amount they want, could I be sent to collections? |
| I have this medical bill that I cannot afford to pay in full. I have called the hospital to see if I could make a monthly payment plan. They told me they could but only in a term that is 6 months or ... |
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 Should I cancel my Credit Card? |
| I've finally paid down most of my credit card. This month end I'll be able to pay the balance due which will leave only the small balance (about half of what's due now) on the next ... |
|
 Can a bank refuse to cash a check written from one of it's customers? |
| My brother in law has written me check and i do not have time for it to clear. When I took it to his bank they told me it is against their policy to cash checks for non customers. I had 4 forms of I... |
|
 How many people have been ripped off by trial offers? |
| I lost my internet connection when I moved and didn't cancel before the offer ended and when I got reconnected they socked me 40 bucks.No refunds ... |
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 I am about 6000 in credit card debt and thinking of filing for bankruptcy? |
| My fiance and I purchased my vehicle together (both of our names are on the loan, but just his is on the title). I am a full time student and unable to make my credit card payments. I owe around 6000 ... |
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 If I want to take all of my small loans and pay them off with a credit card is ther a credit card I can get ? |
| that will give me a 13,000.00 limit? My credit is good, it's just that i have a lot of small things open, and I want to transfer everything to this one card and just have this one payment. Is ... |
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 Any ideas on where to go for home financing if you have no credit history but have plenty income for payments? |
| we have no credit history anymore.were victims of identity theft and in fixing that credit report was totally wiped ... |
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 How many credit card should I have? |
I watched a video in my class and they said it's better to have one credit card only.
But in reality, I know a lot of people have like at least 2 credit cards and they said it's ... |
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 Credit card write offs due to being under 21 when aggrement was signed? |
| Hi, i was told by someone that it is possible to get a credit card written off if you entered into it being under the age of 21... I have a card that i got when i was 18 and the interest rate is 28% ... |
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 What is your opinion of any service that offers credit repair? |
| I need to fix my credit, and there are people on E-bay and elsewhere who guarantee the full restoration of my credit. Are they legitimate?... |
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 Applying for a credit card? |
| If I apply for a credit card, but don't use it, is there any inactivity charges they can issue me?... |
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ArchAngel Raziel | Is 3 credit cards too much? |
I have 3 one is a $2500, $1000, and one is $600.
So far i've only use the 2500 limit one, I've haven't even activated the $1000 card, should I just closed that card account?
The $600 would be my reward card, the gm flexible reward card. Which would help me in getting I car. So is this too many? |
 |
 
Laissez-Faire Guy
 |
It seems Illogical, but closing accounts actually can harm your credit score.
Because one of the big items on your score is the ratio between the amount of credit you have available and the balance you've actually used. If you close any of them, you only increase your ratio, and that's bad for your score.
Also considered in your credit score is length of credit history. Since you seem to be just starting out, closing any will shorten your credit history.
Having many cards is perfectly fine. It's only when you have too much on your cards, or fall behind in payments, that your score will really suffer.
If having those extra cards around bothers you, just destroy them. But leave the accounts open.
I've got 2 Amexs, and 8 Visas / Mastercards, and my credit score is 751 last time I looked. If my balances were zero, it would be over 800 as it was before I had the balances. |
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Kev
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one is too much if you just pay the minimum each month |
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Jen G
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Yes. Just pay cash and stay away from credit cards all together. |
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Sanmigsean
|
If you want to have less problems with finances, pay for everything cash for your whole life except maybe a house, but then try to put 50% down. I've never known anyone that does this get into financial trouble.
Credit is a tool that the US society uses to supress the masses. Let them have everything, but make sure they lose their flexibility in life .....
It's kind of like owing your soul to the company store.
Answer: keep the cards for a method of payment, but pay them off every month. |
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jojo
 |
they can be depending how much u put on all three the best bet is always pay w/cash then u won't have to worry...credit cards are dangerous! |
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jduck1979
 |
Going by my experiences of regularly reading the articles at THE MOTLEY FOOL (Both USA + UK versions.. both a very highly recommended read), I'd say yes, but only by 1 card. |
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june e
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keep 2 credit cards and throw 1 |
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mrnaturl1
|
3 isn't too many. Credit is a fickle business. If you don't carry balances on many of them, yet have quite a few cards, they actually help your score. I have 18 credit cards. I carry a balance of very low four figures on one and under $1K on another. My credit score has jumped over the years to just under 800. Most of the cards I haven't used in years. The previous poster is correct in that if you close accounts it does hurt your credit score. Main reason I've left all mine open.
It doesn't matter if you activate the $1K or not, the account will be on your credit record simply because you have that account. |
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Jeremy P
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I would say 3 credit cards is OK. Sounds like you've got the right idea-- using a regular credit card and a reward card. But do you really need the third??? If not, don't bother activating it since it could end up getting you further into debt.
Make sure you use your lower rate card for long-term purchases you can't payoff right away. Use your reward credit card for short-term purchases (since they usually have a higher APR). This way, you save money on longer term purchases-- and earn rewards off the short-term ones. |
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1chance
|
There will be a lot of people telling you to pay for everything in cash, blah blah, blah. If you work and can pay at least the minimum payment on time then your ok. The average persons hold 1-5 credit cards totaling $5000 max. So you are doing good as far as I can tell. I offer free advice as well as do low cost GOOD (Get Out Of Debt) relief. I have seen people with 30,000 in credit card bills and I have also advised then to take steps and to this day they cannot stop thanking me. You are holding just fine however if you hit a tight spot simply activate your 0 liability on all your accounts. Visa does it as well as mastercards discover & american express has not introduced that since their standards are high already. Good luck |
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Frida
 |
If you have not activated the other cards they are not affecting your credit score yet, however keep in mind that every time you apply for loans, credit cards and everything else that requires your credit history your score is affected. What is recommended is that any credit cards that you have are below the 50% credit limit, which means that your 2500 cc balance should be under 1250 for it to count towards your credit positively.
If you feel like you might need any of the other cards in the future don't close them out yet, just keep them open, but not revolving. Another thing the GM flexible rewards card does not guarantee that you will or will not get a car loan, that will be determined by your timely payments on your other accounts. Also if you wish to get advice on what accounts should be canceled according to your personal info, I would recommend a software that is sold through Communityempower.com This program tells you exactly what accounts should remain open and how much to pay on your revolving ones. This is so far the only program that indicates how much your score will improve depending on the actions that you take towards your credit. |
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