Misc Credit Card Questions

[Jm1248]

wow didnt know that, and what about a reversed story I once wanted to open a certain card but by mistake I submitted a app for the wrong card could I just ask them to close it right away like it was never opened?

If your credit was already pulled its not "reversible". (Unless your credit was pulled mistakenly)

[nw6158]

Hi - was wondering what everyone does with cardmember agreements when you get them in the mail when you sign up for a new CC? Throw them out, store them in case you ever have a disagreement and want to sue, scan them and store them (if so, store them where?)... Would like to hear others views on all these paperwork stuff.

[Luvtotravel]

i dump them. they can all be found online

[nw6158]

i dump them. they can all be found online

That's what I want to do. Only prob is they can always change the one online to fix a mistake so you can't sue them... And you usually can only find the most updated version of them online...

[LoLo]

That's what I want to do. Only prob is they can always change the one online to fix a mistake so you can't sue them... And you usually can only find the most updated version of them online...

Actually,  Barclaycard told me today about a terms update from august, and it was nowhere to be found online, the online terms still stated the old terms.

[ydf]

is having a cc and just not using it @ all bad for the score? Should I rather close it? I remember dan saying somewhere that its not good to have a card inactive

[TimT]

is having a cc and just not using it @ all bad for the score? Should I rather close it? I remember dan saying somewhere that its not good to have a card inactive

Some banks will shut the account after a long time of inactivity.

[ydf]

Some banks will shut the account after a long time of inactivity.

talking about amex? Would you suggest I should rather close it?

[TimT]

talking about amex? Would you suggest I should rather close it?

I don't recall which banks. Is there any specific reason you keep them open ?

[ydf]

I don't recall which banks. Is there any specific reason you keep them open ?

is it not bad for score to close a card?

[TimT]

is it not bad for score to close a card?

http://www.dansdeals.com/archives/53213

[ydf]

yes I have saw that already, but I always hear ppl saying that closing a card does hurt the score, so based on that link if  my credit utilization will stay low even after closing it it wont hurt my credit in any way if I close it?

[TimT]

yes I have saw that already, but I always hear ppl saying that closing a card does hurt the score, so based on that link if  my credit utilization will stay low even after closing it it wont hurt my credit in any way if I close it?

If you're only keeping it open to preserve the credit line, then you could ask to have the CL moved over to a different card & then close it. If you wanna keep a card open its best to spend a few dollars on it every few months.

[ydf]

If you're only keeping it open to preserve the credit line, then you could ask to have the CL moved over to a different card & then close it. If you wanna keep a card open its best to spend a few dollars on it every few months.

but if I dont need the credit line I can just close it and it wont hurt my credit in any way?

[foseph]

but if I dont need the credit line I can just close it and it wont hurt my credit in any way?

why not just drop $5 on amazon every few months

[ydf]

why not just drop $5 on amazon every few months

I dont know how you ppl are doing that, but its hard to keep track every month to spend and pay multiple cc

[TimT]

but if I dont need the credit line I can just close it and it wont hurt my credit in any way?

Losing the credit line will affect your score.

[ydf]

Losing the credit line will affect your score.

in what way?even my utilization is not going up?

[TimT]

in what way?even my utilization is not going up?

But you'll be using a greater percentage of your available CL.

$100/$2000= 5%
$100/$1000= 10%

[foseph]

I dont know how you ppl are doing that, but its hard to keep track every month to spend and pay multiple cc

First thing u do when u get a new cc is setuup as autopay