Date: Sun, 19 Apr 2009 18:46:13 -0500
Reply-To: Max Wellhouse <dimwittedmoose@CFU.NET>
Sender: Vanagon Mailing List <vanagon@gerry.vanagon.com>
From: Max Wellhouse <dimwittedmoose@CFU.NET>
Subject: Re: Credit Card Alert
In-Reply-To: <bfb5ccc40904182034k1ef4287eoee8dedcc6fa08fc0@mail.gmail.co m>
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This information flies in the face of what our credit union associate
said a few years ago. She said that having too much "available"
credit would hurt our credit score and recommended that we close
unused accounts. The perceived "threat" of being able to charge up
huge amounts of stuff(like a Bostig conversion for my Vanagon [
RVC!!] ) is what scares them, according to her. Maybe something's
changed since then. We're in the low 700's and close to being in
over our heads pretty much. Good thing no new cars out there melt my
butter right now.
DM&FS
At 10:34 PM 4/18/2009, Old Volks Home wrote:
>Allan -
>
>The problem with paying off and closing the account is that it KILLS your
>FICO score, making it harder down the road to obtain credit for something
>else when it's really needed. It's happened me in the past couple of years
>when I paid off and cancelled cards I didn't think I needed anymore, I lost
>over 60 points because of this. I even saw a Clark Howard bit on HLN about
>this recently. Doesn't matter if the Card Authority or you close it, it
>reads all the same (as a Negative) to the 3 Credit Reporting Agencies.
>
>Just pay the card off and use it sparingly for local purchases and pay the
>card off each month. That's what I do now.
>--
>Jim Thompson
>84 GL 1.9 "Gloria"
>84 Westfalia 2.1 "Ole Putt"
>72 411 Station Wagon "Pug"
>oldvolkshome@gmail.com
>http://www.oldvolkshome.com
>jim@airheadparts.com
>***********************************
>On Fri, Apr 17, 2009 at 5:43 PM, Allan Streib <streib@cs.indiana.edu> wrote:
>
> > Don Hanson <dhanson928@GMAIL.COM> writes:
> >
> > > FWIW I also got, recently, a revision of terms letter from Discover
> > > Card..essentially taking the 'cash back' feature off. All kinds of fancy
> > > technical terms that I didn't understand, but bottom line is you'll
> > > *probably* not be getting much cash back from Discover Card purchases any
> > > longer.
> > > Sneaky, these financial companies...
> >
> > You're free to close your account whenever they change the terms, and
> > pay of any outstanding balance under the terms previously in effect.
> >
> > Allan
> > --
> > 1991 Vanagon GL
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