I only use my debit card with the Visa symbol, period. I use it for all booking of rooms, buying of plane tickets, renting of cars, and online shopping. I try to use Paypal as much as possible for online shopping. I've done this for years and never had a problem. I haven't used a credit card in many years, paid them off about ten years ago.

The funny thing is, I don't have any credit card debt, I always pay my balance. But since they don't make any money off of me, they have to come up with new ways to rip me off each month with some hidden fee. I'm online now because they are now charging me to "expidite" my online check payments, which used to be credited the same day as you did the transaction, and are still done that way with all my other bills. Everything I see written about credit cards is about how to avoid credit card debt, but I don't want to fuss with all the things I have to do to keep avoiding the hidden fees. They also shortened my payment cycle until I pitched a fit. But I see they have shortened it up again. All the companies do this kind of stuff. If you are a reguar payer with no debt, they probably put some kind of tag on your account to suject it to the fees. They all start out fine, I used this card with no trouble for years. I think my bank is hurting, it's Bank of America, maybe that's why they have decided to get into the monkey business.

Man, this is a touchy subject. My DH is part of executive management at a bank. Bank fraud is a HUGE problem & growing. Not a week goes by that DH's bank isn't hit with some sort of scam. In the past five years, they have found it necessary to expand their fraud department from one person doing double duty between collections & fraud. Now, there is a specific "Fraud Department" with a full-time staff of a couple dozen people & a manager.

I remember one scam on the bank from a couple years ago. They hit on a customer getting their CC number. Within FORTY-FIVE MINUTES(!) they had made realistic copies of a CC & were shopping with that card in Paris & London. This particular scam organization originated in the Turkistan area. The FBI had it contained within 48 hours. But still...every week it's something.

Regulators instigated new security measures 1-2 years ago requiring financial institutions to double up on their password protections...that's why we now have to remember the name of our first pet!

Your debit card is no safer than a CC.

But, in actuality they are both still quite safe. On a percentage basis using the number of total transactions...the amount of fraud cases remains quite small. And, we're more likely to have an account number stolen when we hand over our CCs to the waiter/waitress at the local coffee shop than we are to be a victim of some large foreign fraud scheme.

If you belong to a credit union...apply for a CC. They won't nickle/dime you to death with fees. Most do not have foreign ATM charges either. If you don't belong to a credit union...consider joining. There are many, many community credit unions today. It's no longer necessary to work for a specific company to be a member. Community chartered credit unions usually restrict membership to those living, working, worshipping, or attending school within the CU's geographic charter. Also, relatives of the member may join no matter where they live. Even if you move you can retain your membership.

CU's are no less likely, however, to be hit with fraud scams.

It's going to get tougher & tougher because banking is quickly moving to all electronic. Unfortunately, we're all going to have to spend more time watching our accounts. We are our first line of defense...not the bank. In fact, there are limits on a bank's exposure. It's important for us all to know who's responsible for what & the time limits. Banks are trying very hard to watch your back side but they're not going to catch every one of these scum buckets before they hit somebody.

We had our CC useage denied from DH's own bank not too long ago! We'd taken a quick 3-state antique hunting junket & made purchases along the way using our CC. In the 3rd state, the CC was denied & the store owner told us to phone the bank. DH, of course, phoned & told them that, yes, he was in fact trying to use his card! The bank was concerned because of the fast movement between states. They authorized payment to the retailer & we went about our day. They cannot, however, check every single transaction for every single customer. Prohibitively expensive & would slow down the entire economy.

I don't like Paypal. I had a bad experience with an eBay purchase that I had to return to the seller. Paypal wouldn't refund my money. They would only issue a credit to my account. It made me furious. Not a totally piddling amount of money either...$250. So, I had to 'use' Paypal to get my money back through using up the $250 credit! Bad policy. Bad business practices.

/tricia

Lpink, If I were you, I'd explore another another company, maybe one that's affiliated with your bank or a brokerage service or perhaps one from a dept store (Bloomies, Nordstrom and Macy's all have 'em). We have a few and my parents (whose bills I pay) have a couple too.
In my experience, FIA Card Services, a big Delaware processor, is a PIA (ha ha). No seriously, they're a pain. They administer one of my father's cards and they're nice on the phone but give me some fits with their procedures. If you're dealing with them, I'd find another credit card who does not.
We pay in full monthly and DH uses EFT (electronic funds transfer) to pay most of our bills. Never have I seen an expediter charge or anything of the like.
Perhaps we use our cards more often, but I'd also explore a card with a bonus rebate (cash back)plan (we have an AMEX thru Costco and the dept stores offer them too) where they aren't looking to tick off the customer with petty fees.
Another thought might be to use your credit card a bit more often. If you had some regular monthly charges, the card company might be happier and less fee crazy. Finally, I'm wary of debit cards, I know people would disagree, but I'll take the consumer protection that comes with a true credit card.

Here is a link that might be useful: From a consumer's protection site

Well I've been on hold for more than an hour, trying to figure out why my bank transfer, which I got a receipt for, was not accepted. And the intial transfer took time too. Why do I have to spend time trying to pay a bill? I've paid all my other bills, done some ironing and posted here all while waiting on hold. I don't have these kinds of problems with my bank, with my phone bill, or anything else, just my credit card. I did explore a card with my bank, and some of the other cards. All the same IMHO. There is so little regulation, no one is looking out for the consumer. Isn't America's huge credit card debt enough for these folks? I'm sure they have to make a certain amount of money on every customer and I've been tagged as a low interest person so now here they come with the other fees.

I've known two people who have had major debit card fraud--besides my friend, the other one was my brother. Someone broke into his apartment and stole his wallet. Just his wallet. That's how they were able to scam him, he didn't even know the wallet was missing and they called to tell him they were at the bank down the block and someone had found his wallet and turned it in. He thought he had dropped it somewhere.

I am very worried about giving my debit card number to the person at the grocery, etc., but theoretically without my card and my PIN they cannot do much damage. Theoretically.

Anyway, I have had it with this card. I wouldn't even mind paying a small fee for using the card, as opposed to the sneaky nickle and dime stuff-change the due date and now I have a 30 dollar "late" fee on a 53 dollar charge, and now this bank transfer thing. Every couple of months I have some kind of hassle with them and then the time on the phone. I just do not like the whole idea of credit cards, I just wish I knew another option. I guess I will look into joining a credit union. More time I will have to spend.

All these years I've used my credit card and had zero problems. Now in the past year it has been one thing after another.

I don't understand why you doing this as a personal thing through your bank. Doesn't your bank offer EFT's? It's likely that if your monthly charges were only $53, they're trying to brush you off. They certainly aren't making anything on your transactions and as a result are charging you up the kazoo for the "right" to use their card.
I don't think you can "quit" credit or debit cards. One or the other perhaps, but not both. Our society just isn't set up to only do only cash or check. Sigh...

It's not a personal thing through my bank, it's an online money transfer from my checking account to pay my credit card. All kinds of organizations offer this--I just paid my phone bill the same way. I also pay my credit card bill this way a couple of times a year, when I am really pressed for time and want to avoid late fees. Well, this time it didn't go through. And I don't mean immediately either, it has been days. Now how many hours is it going to take me to straighten this out?!

What's an EFT?

Even a card that is associated with your bank, or all these non-profits that offer cards, or the department store ones, what does it matter. It is still a "service" being run through one of the big credit card companies. I'm not sure what the big players are, I know Bank of America is one. It may be a Hometown Savings Bank "card" or Working Assets, or Bloomingdale's, but the billing, etc., is not done through your local bank or the dept. store, it is done through a large credit card company. And the starting contract can change any time and for any reason. Oh yes, I know, rules and regs, but try and argue this or that irregularity, who has the time or can even understand the language? This is just glorified extortion.

I wouldn't even mind a card that said, "We are going to charge you 10.00 a month for the service of having a credit card." OK fine, better than sneaking one 30 dollar fee in here, another in there and my time trying to sort it out is worth something too.

I use my credit card so very little it is ridiculous the amount of time it takes to manage it. I'm seeking any way I can to reduce it even further. Last month I used it to have two criminal record checks done which was only offered online and I needed to expidite it for a job interview, plus a couple of online book orders as gifts for friends, and some spices. I'm toying with the idea of using my debit card as a credit card online. That would take care of those expenses, but the downside is I would expose my checking account to more people. I already use my debit card as a credit card for local purchases, I figure problems are easier to track down that way. I have a combo card--debit/credit. No problems with that. It's my ONE credit card, the Bank of America one, that is causing me problems. For years and years it was MBNA, whatever that was, M Bank of North America, and I had no trouble. Now for the past two years it has been Bank of America and that's when the irregularities started creeping in. One can hardly keep track of all the mergers. My personal bank has merged twice in the past three years. The last one they didn't even bother telling us until it was a done deal.

I know there are other credit card options, but the basic premise of a credit card is highly suspect in my book. Like my friends think they have a better card because it is "Working Assets" but that card is administered by the same companies that do all the other credit cards. And they are huge donors and lobbyists to political parties too, both of them.

Looking at it from the bank's point of view, why would they want to issue a credit card free to someone who uses it every month, pays their bills and that's that. It costs them money to process the bills, so they loose out. They make up for it by charging the vendors for their service, a charge which is passed on to the consumer anyway. I'm not asking for a free service, I'm just asking for a straightforward one.

lpink,

I just read through your last post. You are a credit union customer caught in the web of large banking. Take thyself to the nearest credit union, pay your $5 membership fee, open a checking account (that's where your $5 will go), & apply for a CC.

Most (meaning the vast majority) service their own credit card portfolios in-house! Yes, yes...there are a 'few' who outsource to the Bank of America servicing type company but they are few.

Then, should you have a problem just call the credit union. Now, they are not going to like you as a member 'cause you don't want other services. But, they won't fee you to death either. They'll just toss an extra ad or two into your monthly statement trying to convince you to use them for your next car loan, or something.

Credit unions are a very good choice for people who do not use large amounts of bank services.

I've been a Bank of America customer since 1970. I got my CC with them in 1971. I agree. They are a royal PITA.

Oh, credit unions are also huge lobbyists. The NCUA won't be outdone by the ABA! Afterall, they have to protect their "tax excempt" status! Yep, credit unions don't pay federal income taxes. Goes back to the early days of St. Mary's Bank c. 1905'ish. They are in Manchester, NH & are the first credit union in the country. Had something to do with prejudice against French Canadian/Americans...anyway, the end result of a big brouhaha is that credit unions are tax-exempt & they lobby hard to protect that status. Banks believe it's unfair advantage. Fair (or not) it does, however, allow credit unions to offer better rates with fewer fees.

/tricia

I am a credit union member, have been with this credit union for about 18 years. They are wonderful.

Laurie, you are making it harder than it is....join the 90's!
Paying by credit card is by far safer than paying by check and certainly than cash. You always have the card company to stand behind you.
I pay lots of bills by credit card....and I pay my credit card bill on line, deduct the balance from my checking account and pay the card.
I use a card through my bank that also gives me air miles. I pay a yearly fee for it.
Credit card companies charge a fee to the seller of the goods ands ervices you purchase, that'sw here they make their money.
And Tricia I pay my paypal with my credit card...any transaction appears on my CC bill....and if andw hen there is a dispute on a pu=rchase, I notify the card company to deny the charge....
Credit cards are very safe for responsible users. Those who know the bill must be apid....and as far as bank useage goes...it's lots cheaper than processing a bunch of checks.
Linda C

I use only a debit card through my credit union.
One way that you can minimize your risk is to open a 2nd savings (share) account and sign up for online banking.

I can move $$$ into the 2nd account and use that debit card for online transactions, etc. Anything I think might be risky. I only put in enough money to cover the transaction so if the number is compromised, there's nothing there for them to steal.

My cards do have the VISA logo and function as a credit card. At least I haven't run into any issues with that, although I have heard that some places won't accept them as 'credit' cards.

I have a debit card on my primary account as well and use it locally at businesses I frequent regularly...you know, the ones where you can go jump on somebody's desk if necessary! LOL.

We have one credit card that we do NOT use. We been playing the 0% interest game for years paying down the debt. I do read ALL the information before applying for a new card and ask questions before agreeing to anything. Our goal is to eliminate the credit card as soon as the debt is paid off and use debit only.

I agree that credit unions are a great choice for many. Definitely worth at least looking into.

Deanna

Yes, I think I am going to join a credit union and get a checking account with a credit card and just keep enough money in there to cover monthly credit card transactions. Not any more time or work that having a credit card with Bank of America, that's for sure!!

From what I can tell, I think what has happened is they have extended the time it takes for a bank transaction to register. When you used to do an online payment there used to be a little window that said this payment would be credited to your account in 3 hours, unless it was after noon on a Friday and then it wouldn't be credited until the next business day. But I didn't get that window, and I see on the fine print of the receipt that it will be posted to my account on 9-2-08. Now why does an online transaction I made last week take three weeks to be posted? It used to take 3 hours!! And my phone bill and cell phone bill both I just paid online and got immediate confirmation, so this is just a scam. This is the last straw with that credit card company. The last time they were messing with my due dates I threatened to quit and got them to return them to 25 days. I investigated many other cards at that time, including the one offered by my bank, but it was in essence a Citibank card.

I think I'm going to try something like Deanna suggests with joining the credit union. Or I could transfer most of my money to a savings account at my current bank and just use the debit/credit card with a small checking account balance, and see how that goes. I just don't know what the protection will be like, despite what they say. I have this huge fear of somehow having someone break into my checking account and charge up thousands of dollars that I would be liable for. That's what happened to my brother. OK, maybe in time I could get it sorted, but I know how hard it was for me to just get my ADDRESS changed last year at my hometown bank. The local people had virtually no control over the process. Three times I went in to the bank in person, which was kinda tricky since I had moved back to PA so I had to go into the bank every time I was home visiting MI. I finally called and talked to a higher up and told them that if it wasn't changed I would close my account. Of course that was a long distance call. This was for a simple address change. I could not believe it!! Seems like that one would be a no brainer.

I got sick of the "sneaky fees" you mentioned with the B of A credit card, and the monthly phone calls to remove the fees.

I stopped using it. (I had always paid it off, so didn't owe on it)

Then I got a Visa and ATM debit card from my XFCU credit union. Love it. They have a website where I can check all transactions and balances and transfer money.

I have many bills automatically deducted from my checking account, which is linked to my savings account. On the credit card I set it up to automatically pay the minimum a couple of days before it is due, so I never get a late fee. I also transfer funds to pay the balance online.

I keep sufficient funds in my checking account so I can use my debit card for most purchases, rather than my credit card. When I go to the grocery store I pay with the debit card and get cash back for my wallet with no ATM fee.

Whatever is going on with BofA lately, I'm not impressed. I've had one of their cards for probably 12 years. No issues, no complaints until recently. Their latest antic is that the very low interest rate I've had since I got the card will now go to a variable rate that is more than DOUBLE the current rate. No reason except that they can. The small print says I have the option of "declining" the change. Dang straight I'm declining it. I'll then pay it off and close the account. I lived without one before. I can do it again.

Sounds like I'm not the only BofA customer who has a beef with them. Maybe that's why you can't get through to them on the line anymore!

For those who want to close a CC account...

Be sure to close it the right way. Then, check your credit report about a month later & make sure it reads, "Closed by Customer's Request". If not, call the CC company & get it fixed.

Closing a credit card account can negatively affect your credit report score. For example,

Credit Card A: Credit Limit - $1,000; Owing on Card - Zero Unused Available Credit - $1,000

Credit Card B: Credit Limit - $1,000; Owing on Card - $750 - Unused Available Credit - $250

If you cancel Credit Card A your unused credit ratio will drop from 87.5% to 25%. Not good & your credit score will be dinged. Today, even how much you pay in car insurance is tied to your credit score so even a temporary ding can cost you. In the above example, to keep the scoring damage to a minimum...pay down Credit Card B before Cancelling Credit Card A. There will still be a temporary ding but not so much.

Also, if you've had Credit Card A for a long time & have a good payment history...you don't want to lose that benefit. Closing the account will affect the "aging" part of your credit score.

Cancelling a credit card is usually looked at from the standpoint that you decided you can't afford the card so, therefore, cancelled it...not good.

It's usually better (for your credit score) to just run the card through a shredder & leave the account open. Also, closing an account with a balance owing will hit your credit score harder than closing one zeroed out.

/tricia

Tricia, I truly believe what you're saying about closing CC accounts. But do I understand it? Oh heavens no!

Why would closing an account you owe nothing on and keeping open the one you have a balance take your credit score from 87% to 25%? I don't follow the logic there at all!

Linda

Linda,

I'm so sorry. It was, obviously, too early in the morning for me to be doing math.

In my above example, your available credit would shrink from 62.5% of the total($2,000 minus $750) down to 25% of the new available total ($1,000 minus $750).

That would have the same negative influence on your credit score (although not justifying my mathematical error!).

So, it's not a good idea to close that CC "A" until the other is paid down. Even then, you'll be dinged. The credit reporting agencies like to see several available credit sources with zero balances. It shows a person has the discipline to have access to credit but not use it.

The aging part of the score relates to how long you've had a particular credit line. Keeping an account open that you've had for 12 months & closing one you've had for 12 years is not a good thing to do in terms of your credit score.

/t

This is why I say "glorified extortion." I only got this troublesome card eons ago when someone told me I should get a credit card to "establish" my credit. Meanwhile I have paid off all my car and student loans and house with nary a hiccup. Yet if I'm a day late with a 53 dollar credit card bill . . . whoa!!!! I just don't like the whole idea. I know, I know, it's a necessary evil of our modern world!! Call me an anachronist!!
:)

Thanks for the tip about "closing" my account Tricia, I never would have though of that!!

lpink, the other option is to have two "checking" accounts with Visa/MC debit cards. One is only used for purchases, online, travel whatever, and the other is your everyday, bill paying, grocery account.

I have had my debit visa compromised 2x in the past 10 years. The charges are always reversed, the card is disabled and a new numbered card is on it's way in a few days.
The Customer service person suggested the secondary account. I didn't do it..but it is an option.

Amazing....

How in the world would everyday people (those of us not in the banking/finance industries) know this stuff? You practically have to be a rocket scientist to figure out so much of this. And compound that with the sheer number of credit card offers one gets in the mail on a daily basis, I am surprised anyone has a good credit score!

Thanks for the info, Tricia. I am not saying it makes any more sense, but thanks for explaining how the banking/credit sector rationalizes things.

So it's better to have a crapload of zero balance but open CC's than to close them when they are paid off because this gives you more "available" credit? Aye yi yi.....

Linda

lpink, Unless something has changed, car rental companies generally insist on a credit card. They want something to which they can apply their petty extra fees - not just cash.

We've had a Chase card for ages and they haven't hit us with fees. We pay in full each month. And when I have to talk to them I've not run into long holds. The only annoying thing with it is that their automatic fraud protection has been overly protective at times. I've had to call them on occasion to get them to reactivate the card after the protection turned it off. Like one day when I had a burst of on line purchases due to buying some camera accessories for my son and some for us preparing for a trip. Or when I've traveled forgetting to let them know. But the calls have been pretty quick.

Funny you should mention Chase, that's the card my brother had when his wallet was stolen. They were very good about helping him and the substantial purchases the theif made were not ones my brother was liable for. They were very prepared to deal with the situation. In his case, it was his local bank debit card that he had the most trouble with, but that's because he gave out his PIN thinking he was talking to someone from the bank about the card. I know it seems odd that my brother would do it, because he is not a guilable person. Having just his wallet stolen out of his house with no sign of entry is what caught him off guard. They eventually caught the thief in my brother's case too, he was a master thief dealing with many types of stolen goods. It was the auto teller security cameras that finally paved the way for catching that guy, even though he disguised himself. My brother's incident was only a small part of his criminal activities. I don't know how much money my brother lost on that one, I know it was a very, very painful experience for him so I don't want to bring it up and dwell on it. But it made me VERY paranoid about my debit card. Yes, I imagine it is very safe, but the more you use it, the more likely it is that you would have a problem, that's just statistics. It still may be a slight chance of a problem though.

Yup, Tricia's right (as usual, LOL!) Don't cancel any cards. Pay them off and don't use them, but keep them open.

The quickest way to improve your credit score (if you want to or need to for buying a house or whatever) is to use credit cards and other credit (car loans, etc). Accept a few cards, never cancel them, put everything on the cards, pay them off monthly (on time), and watch your score go up.

I live on my Debit card. It happens to be a Visa but I don't know if that is important. No problems ever. My bank did start hitting me with sneaky fees. There is a line of credit on the card that used to be accessable without a fee... now they hit me for $10 if I use the credit portion. Fixed that by doubling my account balance so I won't hit the credit line.

The thing I value most is the online account access. Before a major purchase I can log on... even at midnight to see how much money I have. All my bills are autopay and my paycheck is direct deposit. Most of the time I have no idea how much money I have in my account other then it is a couple months worth of paychecks.

Careful with pet names unless you use a strange name. Many here well remember the name of my small white cat. I use pet names but mix them with phone numbers... easy for me to remember but can't be guessed by others.

Nice thing about electronic fraud is it is so traceable! Cash and checks can be stolen and impossible to trace but any debit transaction is recorded in full... where, when, and who got the money.

While you are still upset with BofA send a letter to your Congressman. A credit card crisis is right behind the current mortgage crisis.

: )
lyra

lpinkmountain,

use the CC website to pay your bill rather than the bank website and you should have no problem them, CC, getting the payment in timely manner.

I did use the CC Web site, same as I have done for years to pay off the balance. They have a new policy, they don't institute the transaction for THREE WEEKS after the date you post it. And you get a "confirmation" that you have to EDIT to change it to the date you enter it. This is a new trick. Every other time I have done a simple bill payment with any other company, it is posted, completed and confirmed within hours unless it is on a Friday afternoon. And BofA was no different until now. I did not notice this new trick. I got a confirmation so I thought the whole transaction was complete and the bill paid. I did not notice the fine print of the confirmation that had a date of 9/2/08.

This is a no brainer, I go online with my electric bill, and phone bills, and fill out an online form with my bank number and check routing number and an electronic money transfer is IMMEDIATELY initiated from my local bank to the company. Now I know it may take as long as one business day for all the paperwork to be finished, even three business days. They will usually post how long it takes. But THREE WEEKS, with no notice and a confirmation that obscures the fact that it is going to take them 3 weeks to initiate the transfer. BofA used to post it in 3 hours, you got a screen telling you that. Now you get nothing, just a date on the confirmation that is three weeks after the current date, which you may not notice, especially since for four years the transaction was always posted within 3 hours! That's why I am so mad, this is not the first time I have paid the balance online, and never had a problem with it before. I am sure they changed this knowing they would catch some people the first time they did it after the change. I'm sure they calculated just how much money they would make on late fees on this scam. They probably need the dough to make up for some of their bad investments.

I checked with my local bank today, I cannot set up an account just for credit. I will have to find a credit union.

Doucanoe

Call 888 567 8688 itÂs the Trans Union opts out #. Follow the instructions and it will opt you out of the big three credit reporting agencies. It gives you an option to opt out permanently by mail. I did this years ago and all the credit card offer junk mail stopped.

Claudia

The "opt out" process is like the "Do Not Call List". You can choose either five years or permanent when opting out.

It means that your information will not be sold by the credit reporting agencies & you won't get as many credit offers in the mail. It 'should' also stop a lot of the mail for insurance you don't want also since they are large buyers of credit reporting agency listings.

It will not stop, however, companies you have already done business with over the years from sending out information/offers. That's the same as the "Do Not Call List". If you've ever used a particular financial institution they can still call you and/or send offers in the mail. But, it will stop 90% of the junk mail.

It won't affect your credit score in any way.

/tricia

Tricia
It was my understanding the opt out stops anyone from taking a look see at your credit to know how much credit they will offer when sending a credit card offer?? As far as anyone you already have a relationship with I just called the few we got and ask to be put on their opt out list. I even opted out of our own bank, credit union and savings institutions. The only thing I get is statements and notices when a CD is coming due.

We didnt get any junk mail for years until a few months ago. I will be turning 65 this year and am now getting 8 to10 offers a week from every insurance company in the world. At first I was calling and asking them to please take me off the mailing list but now have just given up and shred everything. I would like to know how I got on these lists but havent found an answer yet. SS and Medicare both say they do not share any information. I am even getting this junk addressed to me at my dads address. Very frustrating for him. We dont have home mail delivery so even my post master if upset that he cant get all my mail in my P.O. Box. I told him to just send it back but of course he cant.

As far a credit scores I will never understand how that works. About 12 or so years ago our accountant ask me how many credit card I had in my wallet. We got to figuring it out and came up with an obscene amount of available credit. I had cards for way to many department stores that I never used. I had had them for years so the limits were high. I closed everything but the one credit card that was tied to our checking account and the debit card for the same account. I had our bank set out credit limit at ten thousand so it never goes any higher. I pay it off every month. I also had them set the limit on our debit card higher so each of us has a thousand dollar a day limit. When DH ordered me a new car a few years ago he was told we have the highest credit score the dealership had ever seen and mine was 2 points higher that his. I havent worked in over 20 years so how does that happen?

I check our accounts every morning as soon as I get on the computer and pay the credit card from the checking account as soon as the cycle ends. We have one of those very old gold accounts so we dont have any fees or pay for anything including cashiers check and travelers checks. The manager at the bank told me to never close it. I pay all our bills on line and never have had a problem. So my next question is should I keep the checking account statements or just shred them?

Claudia

Claudia,

Yes, you can call each individual institution you do business with & opt out. But, the above Opt-Out Line will not include those companies you do business with...same as the "Do Not Call Registry".

Lenders can purchase what's known as a "soft" credit report (as opposed to a "hard" credit report that requires the borrower's approval). It's that "soft" report that they use to base how much credit to offer.

If you have car, homeowners, or life insurance...there's your answer to the insurance offer junk mail problem. Insurance companies not only share info around they also belong to the credit agencies & target their advertising accordingly.

Your past credit history with all of those open accounts with zero balances served you well. They don't disappear from your credit history just because you close the account.

To shred or not to shred...that is the question. lol We keep everything that's tax related seven years (including bank statements) except real estate purchase information, IRA, 401(k), & brokerage info & that we keep permanently.

/tricia

Tricia

Thanks for the information. It must be the insurance DH has through work. All other insurance is one company and when I opted out with them they said they did not share information even within their own company if I opt out.

We now have a credit watch and a block on everything. We got a letter from a shareowner services company a few months back telling us that several boxes of data had been lost and our personal information was in one of the missing boxes. Great, it really made my day. This company is paying for the watch for the next 2 years. I will get emailed if anything changes with our credit report. What a hassle for 50 shares of Disney that I bought for my DGS years ago!

DH as an open account with BofA , opened in 1972, according to his credit report. BofA says the account # is no good. I tried for a while to get it removed but finally gave up.

I keep everything tax related. When I talked to SS they wanted to know why my income had a big dip in 1979. I pulled the W2 and proved that I had made several thousand more than their records showed for that year. What was really strange was I was the head payroll accountant for that company and had filed all the yearend reports myself.

Claudia

Tricia - I jsut wanted to say thanks for taking the time to break things down into simple langauge. I get so tired of the double-speak legalese from baking and insurance that it's really refreshing to read the information in simply, straight-forward syntax.

I used to hate BofA, but lately I've had more luck. Maybe it's because I was about to drop them. They didn't want to lose all my wealth (HAHAHAHA!!!)

I keep them because they're everywhere (near me, at least). I have a debit card that is also a Master Card. (used to be a Visa, but I just HAD to have the Red Sox logo on it and MLB has the contract with MC).

Anyway, I use the debit card for 99% of all transactions. If I'm online or doing something that needs a credit card, I use it as a Master Card. Either way, it comes out of my checking account immediately (for the debit) or within 3 days for the credit card, or when a transaction is complete, ie, item shipped.

Further, I use the BofA website to pay all my bills - cell phone, morgtgage, satellite, insurance, everything. So, I don't pay my cell phone through the t-mobile website, I do it through BofA. At BofA, I can tell them to deliver payment on whatever day I want, usually one to two days before it's due so they don't have my money any longer than necessary. When I get a bill, I go online (usually within 24 hours of getting the bill) and schedule the payment. I'm never late anymore.

Sometimes I'll go to lunch, use my debit card for my sandwich, and when I get back to work ten minutes later, it's already deducted. Makes it easier to keep track of.

As you know, until eight months ago, I had no clue how to do the banking, but this method has worked wonders for me. And I can go online and make an immediate transfer between all accounts.

As far as credit cards go, my new rule is if I don't have the cash for it in my budget, I don't buy it. It's hard but usually I find I can do without. I am so much more conscious of my spending than I used to be. Of course, I haven't run into a good shoe sale lately ;)

Lori, good to hear from you. Hugs.