Credit Scores

Sara · 02-22-2011, 12:58 PM

Quote:

Originally Posted by Blake

http://m3post.com/forums/showpost.ph...&postcount=119

Dackz · 02-22-2011, 01:01 PM

Listen to that guy, he knows whats up! Keep old acct's open and active just from time to time. Thats what helps alot. Paying things off and never missing a payment is the key as well...and its okay to have some debt, just dont have a TON of it. Dont live out of your means. If you cant afford it, wait for it and get it when you can.

ZJP · 02-22-2011, 01:05 PM

Quote:

Originally Posted by Blake

i just don't see the point in carrying a high interest card that you don't/want to use. especially after the CC reform act. cancel card, get card with great intro offer, profit.

What are your thoughts on ditching a card with zero rewards and a high APR (25%), BUT.... I've had the card for 4 years so I'm afraid that might leave a dent on my score.

Freakazoid · 02-22-2011, 01:07 PM

Quote:

Originally Posted by ZJP

What are your thoughts on ditching a card with zero rewards and a high APR (25%), BUT.... I've had the card for 4 years so I'm afraid that might leave a dent on my score.

It depends on what you're looking for here. If you're looking at getting a mortgage, or car loan, soon etc keep it until then. Otherwise get rid of it immediately. That's a waste of a card.

Blake · 02-22-2011, 01:08 PM

Quote:

Originally Posted by ZJP

What are your thoughts on ditching a card with zero rewards and a high APR (25%), BUT.... I've had the card for 4 years so I'm afraid that might leave a dent on my score.

25% holy shit! is that your only card? why don't you try to get another card with great rewards now then ditch the other card? or if you're that afraid of the hit you would take, why not cut the card up, get another card, and use it to build credit?

Blake · 02-22-2011, 01:09 PM

Quote:

Originally Posted by Freakazoid

It depends on what you're looking for here. If you're looking at getting a mortgage, or car loan, soon etc keep it until then. Otherwise get rid of it immediately. That's a waste of a card.

+1...if you're not looking to make a big purchase anytime soon, ditch it and get something better. it won't take long for your credit to recover from getting a new card.

ZJP · 02-22-2011, 01:12 PM

Quote:

Originally Posted by Freakazoid

It depends on what you're looking for here. If you're looking at getting a mortgage, or car loan, soon etc keep it until then. Otherwise get rid of it immediately. That's a waste of a card.

No mortgage anytime soon and I already have a 60/mo. car loan which will be paid off in 2 years.

Quote:

Originally Posted by Blake

25% holy shit! is that your only card? why don't you try to get another card with great rewards now then ditch the other card? or if you're that afraid of the hit you would take, why not cut the card up, get another card, and use it to build credit?

I have also an Amex Gold and Discover More card.

The card with the 25% interest rate is a Citi Platinum and I was just going to get a different credit card from Citi but with a lower APR and rewards. I just wasn't sure if it was wise to cancel a card with a long history attached to it.

Blake · 02-22-2011, 01:15 PM

sounds like you have well-established credit to me. just cancel it.

Freakazoid · 02-22-2011, 01:15 PM

Quote:

Originally Posted by ZJP

No mortgage anytime soon and I already have a 60/mo. car loan which will be paid off in 2 years.

I have also an Amex Gold and Discover More card.

The card with the 25% interest rate is a Citi Platinum and I was just going to get a different credit card from Citi but with a lower APR and rewards. I just wasn't sure if it was wise to cancel a card with a long history attached to it.

with what you said, pay it off and close the account.

ZJP · 02-22-2011, 01:18 PM

Quote:

Originally Posted by Blake

sounds like you have well-established credit to me. just cancel it.

Quote:

Originally Posted by Freakazoid

with what you said, pay it off and close the account.

Okay cool, thanks guys.

Blake · 02-22-2011, 01:18 PM

Quote:

Originally Posted by ZJP

Okay cool, thanks guys.

if you want another citibank card, here are some suggestions: http://www.flyertalk.com/forum/14386923-post2.html

NYCGP · 02-22-2011, 01:19 PM

163 posts... mostly good information...

How is it that we can change this...? Hmmmm....

Blake · 02-22-2011, 01:20 PM

also, citi prestige card is a great top echelon card. it's got a $500 annual fee, but great benefits/rewards, especially if you travel.

Blake · 02-22-2011, 01:24 PM

Quote:

Originally Posted by NYCGP

163 posts... mostly good information...

How is it that we can change this...? Hmmmm....

well we've met our monthly quota for useful OT threads (1)

Freakazoid · 02-22-2011, 01:26 PM

Quote:

Originally Posted by Blake

also, citi prestige card is a great top echelon card. it's got a $500 annual fee, but great benefits/rewards, especially if you travel.

good points, blakes posts are probably the most helpful for the travellers out there.

I'm not (yet) so that stuff doesn't matter much to me, but if you do I'm sure this stuff is probably invaluable.

Blake · 02-22-2011, 01:26 PM

lol i travel a lot, so those are the rewards i look for most.

ideliver · 02-22-2011, 01:31 PM

do not cancel cards with zero balance...just use occasionally and pay off..call them to get lower interest rate..

also occasionally carry a balance for a month or two...

i am so glad i am past all of this BS...

BTM · 02-22-2011, 03:20 PM

Quote:

Originally Posted by Blake

well we've met our monthly quota for useful OT threads (1)

I thought that was a quarterly quota

NYCGP · 02-22-2011, 03:22 PM

Quote:

Originally Posted by BTM

I thought that was a quarterly quota

I was thinking more biannual.

ragingclue · 02-22-2011, 04:22 PM

Quote:

Originally Posted by NYCGP

I was thinking more biannual.

We have a quota?

jlspeed29 · 02-22-2011, 04:39 PM

Quote:

Originally Posted by Blake

if you want another citibank card, here are some suggestions: http://www.flyertalk.com/forum/14386923-post2.html

+1 for Citi Advantage Card!!!
Its in my wallet! lol
dammet the sigh-up bonuses are way better than when i signed up... ugh

Joonsup · 02-22-2011, 05:43 PM

sorry to thread jack but from doing a lot of research in the past about how to maintain good credit, build credit, etc.., one of the things that I remembered was to keep your old accounts open. Long story short, I messed up my credit in college, score dropped to 520, repaid my debt within 5 years, signed up for a credit card with a $75 annual fee just so I could start to rebuild my credit, and currently have an average score of a little over 800 according to the 3 main credit bureaus. I've been paying the renewel fee each year even though I have 0 balance on it. I also have 2 other credit cards open (no annual fee). Should I keep the one with the annual fee open or shut it down. Thanks

02-22-2011, 01:01 PM	#156
Dackz Hates Speed Limits 111 Rep 2,589 Posts Drives: E92 335i Join Date: Sep 2008 Location: Northern CO iTrader: (4)	Listen to that guy, he knows whats up! Keep old acct's open and active just from time to time. Thats what helps alot. Paying things off and never missing a payment is the key as well...and its okay to have some debt, just dont have a TON of it. Dont live out of your means. If you cant afford it, wait for it and get it when you can.
	Appreciate 0 Quote

02-22-2011, 01:15 PM	#162
Blake Banned 757 Rep 4,649 Posts Drives: Chevy Aveo Join Date: May 2008 Location: Parent's Basement iTrader: (7)	sounds like you have well-established credit to me. just cancel it.
	Appreciate 0 Quote

02-22-2011, 01:19 PM	#166
NYCGP WTF are you looking at? 232 Rep 1,560 Posts Drives: Bandwagon Join Date: Jan 2011 Location: Jungle iTrader: (0)	163 posts... mostly good information... How is it that we can change this...? Hmmmm.... __________________ "It is better to be hated for what you are than loved for what you are not." -André Gide
	Appreciate 0 Quote

02-22-2011, 01:20 PM	#167
Blake Banned 757 Rep 4,649 Posts Drives: Chevy Aveo Join Date: May 2008 Location: Parent's Basement iTrader: (7)	also, citi prestige card is a great top echelon card. it's got a $500 annual fee, but great benefits/rewards, especially if you travel.
	Appreciate 0 Quote

02-22-2011, 01:26 PM	#170
Blake Banned 757 Rep 4,649 Posts Drives: Chevy Aveo Join Date: May 2008 Location: Parent's Basement iTrader: (7)	lol i travel a lot, so those are the rewards i look for most.
	Appreciate 0 Quote

02-22-2011, 01:31 PM	#171
ideliver Major 240 Rep 1,247 Posts Drives: E60 M5, E71 X6M, E46 M3 Join Date: Feb 2008 Location: At the gas station iTrader: (0) Garage List 2006 BMW E46 M3 'vert [0.00] 2008 BMW M5 [0.00] 2011 BMW E92 [0.00] 2012 BMW X6M [0.00] 2003 E46 M3 [0.00]	do not cancel cards with zero balance...just use occasionally and pay off..call them to get lower interest rate.. also occasionally carry a balance for a month or two... i am so glad i am past all of this BS... __________________ Current: 2006 E46 M3 'vert 6-sp 2008 E60 M5, 2011 E92 328 6-sp, 2011 E70 N55, 2012 E71 X6M
	Appreciate 0 Quote

02-22-2011, 05:43 PM	#176
Joonsup Lieutenant General 322 Rep 17,316 Posts Drives: E92 M3, E30 325i Join Date: Sep 2007 Location: Bay Area iTrader: (8) Garage List 2008 BMW M3 [9.50]	sorry to thread jack but from doing a lot of research in the past about how to maintain good credit, build credit, etc.., one of the things that I remembered was to keep your old accounts open. Long story short, I messed up my credit in college, score dropped to 520, repaid my debt within 5 years, signed up for a credit card with a $75 annual fee just so I could start to rebuild my credit, and currently have an average score of a little over 800 according to the 3 main credit bureaus. I've been paying the renewel fee each year even though I have 0 balance on it. I also have 2 other credit cards open (no annual fee). Should I keep the one with the annual fee open or shut it down. Thanks
	Appreciate 0 Quote