When did credit cards start doing this?
8 years ago
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Are credit cards ever paid off?
Comments (17)Thanks for all the info! It was a hard step to take out that equity loan because I knew that it is eating up the house. But I really saw no other alternative. I think I will call the CC that are sending me the "interest" bills to make sure I can get them paid off in 1 sweep. [Interest on a $20 balance that is never going to get paid off? That's the problem if I can't get an exact amount on an exact date].I am hoping that by doing this we'll have more $$ to put towards the equity loan and mortgage to pay them down-even if it's only a little bit each time. I do pay all my bills online (i.e. electronically) through their websites. I found out the hard way a few yars ago that to try to set it up from my bank that even though I put in the date I wanted something paid - it wasn't until the company came and "drew" the $$ (that the bank had put a hold on) which made a few bills late-took up to 5 days. So by paying them though the company's site I get a payment date on the date I request. I didn't set up the bi-weekly mortgage though Wells Fargo (even though they were offering it free) becuase I didn't want them "holding" my $$ for 2 wks until the 2nd draw then pay to the mortgage. I now am putting it in a separate bank account and I will electronically pay it each month-with me deciding to add the extra. (And this way if I can't afford extra the $$ is there for my emergencies). [Like the $432 vet bill for one of our dogs this week-unexpected illness yuck!] RA...See MoreCancelling credit cards & credit score
Comments (10)Everything I've seen/heard about this is not to cancel credit cards. Cancelling them does affect your credit scores. That said, at one point I had 3 separate credit cards issued by the same bank. I use only one and pay the balance in full every month. I have received letters from the bank requesting that I either use the cards or said cards would be cancelled effective 30 days of the receipt of said letter. I didn't use them, and those accounts have been cancelled. DH hates credit cards and prefers to pay cash for purchases. I did check with the 3 credit bureaus regarding whether the cancellation by the bank for lack of use of those two cards would affect our credit scores. All three claimed that it would not, and I did manage to obtain fax confirmation of that assurance. I did pull reports at 90 days after their cancellation, and our scores hadn't changed. Unless the card company contacts you about cancelling for lack of use, I wouldn't cancel....See MoreWhat 'reward' credit card do you use?
Comments (30)I use Discover. It's still the best deal I've found on a rewards program with 5% back on gas, 1% on other normal purchases and there's usually additional bonuses, sometimes 2% to 5% or more on gas, restaurant, hotel, or other places. You don't have to buy from certain places either. I like the convenience of using a card and have a record of payments. Makes it easier at tax time. I too don't understand why people would not use cards unless they can't get them. And that rumor about never closing a card because it'll affect your credit rating is not always true. Often the opposite is true. First of all, it's far better for your credit for YOU to close the card than for the card holder to close it. If they close it, it will definitely impact your credit and for a much longer period of time than if you close it. You closing a card on occasion can actually help at times. Closing a card isn't likely to impact your credit significantly nor for very long and this comes from the bank loan officers with whom I've spoken about this topic. Many, if not most companies will close accounts that are inactive for a period of time so if you're going to keep it hoping it'll help your credit, you probably need to use it regularly. Also, every card you have counts against you in a way too since that's open credit. When you apply for a loan, Suzy O doesn't tell you that they look at how much POTENTIAL debt you have on your credit, and if it's too high for your income and the loan you want, you stand a chance of being turned down. So be careful when you hear these self-proclaimed "experts" tout their advice to you, especially advice they're using to get you to buy their books! That's not financial counseling, that's a sell-job. LOL...See MoreDoes / did your cabinet maker accept credit cards?
Comments (6)I got my cabinets from IKEA, so yes, lol. However, my contractor does NOT accept credit cards due to the processing fees, and I pay him by check. I understand your hesitation, especially since you don't get the same protections a credit card offers you, but it's not necessarily a red flag, especially if it's a smaller team/business. If you've read enough good reviews and get everything in writing, I wouldn't be so worried. My countertop fabricator did accept credit cards, but they told me they preferred checks due to the fees as well. I gave them my credit card for the deposit then a check for the remainder....See More- 8 years ago
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- 8 years agolast modified: 8 years agoUser thanked Jenn TheCaLLisComingFromInsideTheHouse
- 8 years agolast modified: 8 years agoUser thanked Jenn TheCaLLisComingFromInsideTheHouse
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