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Author Topic: No Spending Limit Cards- Does closing hurt your credit?  (Read 6253 times)

Offline txtmax4

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Re: No Spending Limit Cards- Does closing hurt your credit?
« Reply #20 on: April 13, 2011, 10:39:17 PM »
Quote from: Dan on April 13, 2011, 10:22:38 PM
The highest balance ever is the credit limit, not the current balance.
That's pretty cool if you can prepay...
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Offline Simonzx

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Re: No Spending Limit Cards- Does closing hurt your credit?
« Reply #21 on: April 14, 2011, 09:47:00 AM »
Quote from: txtmax4 on April 13, 2011, 10:39:17 PM
That's pretty cool if you can prepay...
+1
I definitely wanna do that 8)
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Online AsherO

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Re: No Spending Limit Cards- Does closing hurt your credit?
« Reply #22 on: April 14, 2011, 09:49:25 AM »
Quote from: Simonzx on April 14, 2011, 09:47:00 AM
+1
I definitely wanna do that 8)

Don't do it on Amex! You're risking F/R.
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Offline txtmax4

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Re: No Spending Limit Cards- Does closing hurt your credit?
« Reply #23 on: April 14, 2011, 11:09:05 AM »
Quote from: AsherO on April 14, 2011, 09:49:25 AM
Don't do it on Amex! You're risking F/R.
You only need to do it once ;D
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Online AsherO

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Re: No Spending Limit Cards- Does closing hurt your credit?
« Reply #24 on: April 14, 2011, 02:22:57 PM »
Quote from: txtmax4 on April 14, 2011, 11:09:05 AM
You only need to do it once ;D

You can get F/R'd from once too. It's happened to people on this forum. Better err on the side of caution IMHO.
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Offline txtmax4

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Re: No Spending Limit Cards- Does closing hurt your credit?
« Reply #25 on: April 14, 2011, 02:28:31 PM »
Quote from: AsherO on April 14, 2011, 02:22:57 PM
You can get F/R'd from once too. It's happened to people on this forum. Better err on the side of caution IMHO.
For guys who don't mind closing the card it would work though..
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Online AsherO

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Re: No Spending Limit Cards- Does closing hurt your credit?
« Reply #26 on: April 14, 2011, 02:31:35 PM »
Quote from: txtmax4 on April 14, 2011, 02:28:31 PM
For guys who don't mind closing the card it would work though..

Silly goose, the whole point is to create a higher 'highest-balance' for future spending. Also, if you do this during the first bill you might lose out on signup promos. Lastly, you're risking all your Amex cards with F/R.
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Offline YudiG

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Re: No Spending Limit Cards- Does closing hurt your credit?
« Reply #27 on: April 14, 2011, 03:49:53 PM »
Quote from: AsherO on April 14, 2011, 02:22:57 PM
You can get F/R'd from once too. It's happened to people on this forum. Better err on the side of caution IMHO.

in retrospect, hindsight is 20/20...if only i hadn't bought those blasted coins...i''d be walking pretty right now
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Online AsherO

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Re: No Spending Limit Cards- Does closing hurt your credit?
« Reply #28 on: April 14, 2011, 03:50:39 PM »
Quote from: YudiG on April 14, 2011, 03:49:53 PM
in retrospect, hindsight is 20/20...if only i hadn't bought those blasted coins...i''d be walking pretty right now

You mean if not for blasted Amex. :(
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Online smurf

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Re: No Spending Limit Cards- Does closing hurt your credit?
« Reply #29 on: April 14, 2011, 04:35:04 PM »
Quote from: txtmax4 on April 13, 2011, 10:39:17 PM
That's pretty cool if you can prepay...
I don't understand,how will prepaying get you a very high balance?
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Online AsherO

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Re: No Spending Limit Cards- Does closing hurt your credit?
« Reply #30 on: April 14, 2011, 04:44:45 PM »
Quote from: smurf on April 14, 2011, 04:35:04 PM
I don't understand,how will prepaying get you a very high balance?

Good point.
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Offline txtmax4

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Re: No Spending Limit Cards- Does closing hurt your credit?
« Reply #31 on: May 05, 2011, 01:25:55 AM »
Quote from: AsherO on April 14, 2011, 04:44:45 PM
Good point.
Cuz then you can spend as much as you prepaid thus making your "credit limit" with them higher.
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Online smurf

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Re: No Spending Limit Cards- Does closing hurt your credit?
« Reply #32 on: May 05, 2011, 10:44:37 PM »
You won't get a higher crefit limit at most you'll get more available credit besides by the time the statment closes the prepay and the charges will offset and you reported balance will only be the difference
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Offline joeyjava

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Re: No Spending Limit Cards- Does closing hurt your credit?
« Reply #33 on: May 06, 2011, 06:25:17 AM »
Quote from: smurf on May 05, 2011, 10:44:37 PM
You won't get a higher crefit limit at most you'll get more available credit besides by the time the statment closes the prepay and the charges will offset and you reported balance will only be the difference
+1
seems to make the most sense...IMHO
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