I read that experian article that someone linked to earlier. I still kind of got a little confused (it happens every once in a while). I used to have 10 credit cards. :eek: I am now down to 8. I don't use half of them. EVER. I have read where, if you don't ever use some of your cards, TO cancel them. I cancelled two of them simply because they don't have those stores near where I live now. How would I use them? I would like to reduce my credit cards down to maybe 2 or 3. I don't know my Credit Score so will cancelling them be a negative? I mean half of them I don't even use anymore.

I assume my score is pretty good. My parents bought me a car but put it in my name to make it look like I bought it. My car insurance is in my name, and it's paid on time, every time. Every credit card bill is paid in full, on time, every time. Should I just go ahead and do a mass cancellation of the cards I don't want or just do it one at a time over a period of time?

Never assume your credit score is good. That's what identity thieves what you to think.

Surf on to equifax and other sites like that and get a $15 credit report. Especially with lots of cards in your wallet.

I just got out of credit card debt. I have about 8K on one card and i paid if off finally last wednesday after about 3 years.

I do have to say that i like the credit cards cause it is the only way that i could have survived and remained in my apartment and afforded food. I know it was a bad thing to do and i wish that i did not have to do the cash advance checks that they send, but i only used it cause i was unemployed and was not about to find work, or get unemployment for about 9 months.

Credit cards are usefull in emergencies. I know 8K is an emergency? but when you are unemployed it is. Anyway, people should get a credit card through your bank that just withdraws the funds from your checking account, but at the same time it is a good idea to have something for emergencies. I have had many times were i was going to school (as on my way to school) that i had a tire blow out, or my breaks went out and i could not have gotten the needed cash so it was a good thing that i had a credit card so that i could charge those things in the emergency situation.

Credit cards are not evil and can be helpful is used properly.

And Yeah for my finnaly being out for debt!!!!!!

Does anyone have good advice about American Express charge cards?

I have Blue, which was great as a student and to help me build up my credit, but I want a charge card (either Green, Gold, or Platinum). I travel and go to enough entertainment events to justify the fees, so that's not an issue.

For those of you who have one--which one did you get, and why? It will be my only card, paying the balance is required, and I have great credit, so I won't need a "credit cards are e-villl!" lecture. :)

My husband & I have an American Express card now with no annual fee plus we get cash back rebates on our purchases. The rebate varies depending on what you purchase, but we charge everything we can on the card and get a nice check once a year! It's like free money!

I believe there are a lot of Amex options so I would suggest calling them and see what kind of promotions they have right now.

i've had a visa since college and a couple of gas cards. i added a discovery card recently because i had to get some doctor stuff done.
kind of boring. but if there's cash back so be it.

Credit cards are a necessary evil in today's day and age. If you're renting a car, getting a hotel room or shopping online, you'll probably need a CC. But as many have said, it's all a matter of restraint and understanding how they work.

Personally, I think all CC companies should be banned from recruiting college students as customers. I've seen too many rack up major debts by the time they graduate. They get suckered in by the super low intro rates, the fact that there's only a $20 minimum monthly payment and the silliest thing of all is getting some silly knick-knack as a bonus for signing up. At first the students are usually pretty good their spending, but then that fades. It's too easy to get spending cash, buy clothes, entertainment equipment, go on a big spring break, etc. Next thing they know their balance is huge and that 1.99% intro rate expires becoming like 17.99%. They're fouled and it will take years to get back on track.

But for my Hubby and me, they work great. We've got 2 we primarily use, pay for everything that we used to pay for with check/cash and pay off the balances every month. One is Citibank Upromise card (see link to my "Cool Sites" explanation of Upromise http://greekchat.com/gcforums/showth...threadid=67456 ) and the other Capital One College One. We've never had a problem with either unlike some folks here. Both are rewards cards that deposit the cash into our son's 529 account. No annual fee and if for some crazy reason we weren't able to pay in full one month, the interest rate is 7.9%.

I've got the Capital One set up specifically for online purchases. Hubby restores old cars and buys a great deal of parts on Ebay, so I've set up one on Paypal. I've also got the majority of our monthly utility bills on automatic billing to that card. We're never late remitting a bill and the last time I bought stamps was for Christmas Cards.

The Citibank gets used for daily stuff, including groceries and gas, for the extra Upromise contributions from contributing companies, up to 10%. But the cool thing is that they also offer Virtual Credit Card numbers. This generates a one time use number that has a one year expiration date. It's great if you ever want to buy something online from a company/site you are unfamiliar with. You can feel good that your credit card info won't be highjacked because it's not the real thing.

I've also got a local department store card, but normally I don't advise these. Most of them usually charge 21% or higher. But again, if you pay it off each month you won't incur interest. My reason though is that they've got a cash back program as well in addition to the coupons many have talked about. Every purchase earns points and once you reach a given point level, you'll recieve a coupon good for $X anywhere in the store. Plus, about every month or two they have double or even triple point days. They also have frequent 90 no interest events. (Be careful with these sorts of promos though regardless of the company. Often if you don't pay the balance in full by the end date you'll end up paying back interest from the date of the original purchase.)

It's all a matter of being a responsible consumer. Know what you can afford and what you can't. Pay all your bills on time. Read that annoying fine print so that you understand exactly what you are getting into. If you don't understand it ask questions. If you get the run around, ask to speak to someone else because you should never commit to something you don't fully comprehend.

i have two credit cards, a citi card and one from compass bank. if i need to charge, i do that on my compass back card and then tranfer it to the citi card. i get 1.99% on all transfers until its paid in full. i have been good at not charging for 2 years now. by april i will be debt free. i cannot wait until the day i cut both cards to pieces.

New Credit Card question
 

I have a pretty decent credit rating and 2 credit cards. One is completely paid off (Cap 1) and the other has a balance on it but it's new and I haven't gotten the bill yet (Credit Union.) I have heard all sorts of horror stories about Cap 1 so I wasn't going to use it anymore.

I got a letter in the mail from Cap 1 saying that my default APR is going to be raised to 19.9% unless I opt out. Now, it doesn't really apply to me because there is no balance on the card and I paid it off every time. BUT they are giving me the option to cancel it. I can just say, oh, I don't want the card any more because I don't agree with the APR even though I don't intend on using it again.

My question is, if the card has a zero balance and they are giving you the option to cancel it because you don't agree with the change, how much will it affect my credit score? Or does it matter? (A cancellation is a cancellation type of thing.)

I just don't want them to randomly charge me for NOT carrying a balance and this could be my way out.