Credit reports

[brutal]

So if a company offers a really good credit deal for instance, transferring debt from one card to another to be interest free for 18 months, I should still leave the old card open?

Yea, just watch the transfer fees...

[Great-Kazoo]

Yea, just watch the transfer fees...

And the interest rates you are hit with IF you don't pay off your balance on time.

[Irving]

And the interest rates you are hit with IF you don't pay off your balance on time.

Especially this because many of them will back date the interest and charge you from the entire transfer amount.

[KevDen2005]

Yea, just watch the transfer fees...

I did this one time. My wife didn't understand how credit cards worked and had a maxed card and I had nothing on the only card I had. I opened another card for the 18 month interest free. They gave me a great deal. It was only $100 transfer fee and $5 a year maintenance at the time. Plus the interest rate only went to the normal interest rate if we didn't pay off in time, which I did so it didn't matter.

[Irving]

Yes, especially if it's the only one you've had. I really like 0% interest for X amount of time as it helps you power through debt AND gives you a hard time limit to shoot for.

[KevDen2005]

Yes, especially if it's the only one you've had. I really like 0% interest for X amount of time as it helps you power through debt AND gives you a hard time limit to shoot for.

I do too. I've only done it once but I closed the card I had it on. I guess the good part is I still have my oldest credit car which I have had open I think for 14 years.

[OtterbatHellcat]

So definitely don't close any, even if they are terrible cards.

I've heard that closing any credit card accounts can hurt ya, but it sucks that it does. The credit system is just as fucked up as the government itself is.

I figure the best thing is to not be a dumb ass buying shit you can't pay for reasonably quickly.

[encorehunter]

I went over my limit on a card a couple months ago. I knew it would be close, but it did go over. I made a full payment about a week later earlier than the due date. It showed on my credit score the next month, and dropped it 40 points. However, the next month it was pulled off and my score went back up 50 points. They have been trying to get me to increase my limit for years, so maybe I will go ahead and do it this coming year.

[Madeinhb]

I've closed credit cards this year. They didn't have any effect on my credit score. But I had to. I had too many open which can hurt in the future if I want to take advantage of some deal and they say - you have too much credit. It all sucks.

[KevDen2005]

I've closed credit cards this year. They didn't have any effect on my credit score. But I had to. I had too many open which can hurt in the future if I want to take advantage of some deal and they say - you have too much credit. It all sucks.

That doesn't make sense...but I have heard of that. The fear being that you can then max out the credit cards once you get the next line of credit, is that right?