Do People Actually Pay This?

If your buying a house you better watch switching from card to card to get 0 interest. Those credit checks for those cards drop your credit score. You should also get a copy of your credit history and make sure you don't have any open credit cards you thought where closed and close out any you don't need or use.


I agree I was going to say the same thing. Every time you even inquiry about a new line of credit it affects your score. PLUS I have one MAstercard I opened when I was 18 it has no balance but it gives me a great history of credit.

If your buying a house you better watch switching from card to card to get 0 interest. Those credit checks for those cards drop your credit score. You should also get a copy of your credit history and make sure you don't have any open credit cards you thought where closed and close out any you don't need or use.


I wouldnt close out any credit card you dont need and use, unless youre going to get hit with some sort of inactivity fee.

If you have access to excess credit that’s a good thing on your credit score. Part of the calculation is based off of available credit vs. credit actually used. So lets say you carry a 500 balance on something youre paying off on your favorite (cheapest) credit card with a limit of 1000. Then you have a credit card that you don’t use (has a high rate) but also has a limit of 1000. So the amount of credit youre using vs. how much you have available is 1 to 4. If you cancel that one card you don’t use your ratio drops to 1 to 2 and you now appear more extended then previously. It may not be worth signing up for a new credit card just to up your ratio and available credit (especially within a year of major financed purchase), but its almost always a bad idea to cancel a card that you don’t use but helps your ratio and subsequent score.

If your buying a house you better watch switching from card to card to get 0 interest. Those credit checks for those cards drop your credit score. You should also get a copy of your credit history and make sure you don't have any open credit cards you thought where closed and close out any you don't need or use.

I don't jump from card too very often. I've done it once or twice a year for the last 4-5 years. We only have 4 total credit cards (one of which is a store card). The only way credit inquiries can drag down your score is if you have several in a very small window of time.

I really learned a lot about credit during my stint as a mortgage broker prior to the housing bubble bursting. One of my best friends is still in the industry, and he has access to credit software for work. Any time I want to look at our detailed credit report, I just give him $15 for the fee, and he can pull it for me.

I wouldnt close out any credit card you dont need and use, unless youre going to get hit with some sort of inactivity fee.

If you have access to excess credit that’s a good thing on your credit score. Part of the calculation is based off of available credit vs. credit actually used. So lets say you carry a 500 balance on something youre paying off on your favorite (cheapest) credit card with a limit of 1000. Then you have a credit card that you don’t use (has a high rate) but also has a limit of 1000. So the amount of credit youre using vs. how much you have available is 1 to 4. If you cancel that one card you don’t use your ratio drops to 1 to 2 and you now appear more extended then previously. It may not be worth signing up for a new credit card just to up your ratio and available credit (especially within a year of major financed purchase), but its almost always a bad idea to cancel a card that you don’t use but helps your ratio and subsequent score.

Good post, and very true. What I do is as my 0% introductory rate offers are nearing an end, I find another credit card with a similar or higher limit with a fancy intro offer, open an account, and subsequently close the card with the expiring 0% offer. That way when I close one card and open another, my ratio either stays the same or gets better, depending upon the limit of the new card.

Fell for the old credit card crap huh? They try to pull that crap with me ALL THE TIME, whether I buy clothes at JCPennys or whatever the hell that place is or tools or whatever. Then they look at me crazy because I won't "save" in their eyes.

GTFO outta here, I know their interest rates.

Good post, and very true. What I do is as my 0% introductory rate offers are nearing an end, I find another credit card with a similar or higher limit with a fancy intro offer, open an account, and subsequently close the card with the expiring 0% offer. That way when I close one card and open another, my ratio either stays the same or gets better, depending upon the limit of the new card.


With the new laws coming into effect I hardly ever see these 0% balance transfer intro offers anymore.

I work at Macy's and we are "encouraged" to really sign people up for credit cards. When you first get it, you get 20% off your entire purchase, which is really a good deal, but the interest rate is 24.5% I believe. If you miss one payment, you might end up losing all the savings you just got.

What's sad is that all you have to do is be over 18 to get one; there are many times I see high schoolers walking out with a new card (probably with a 75 or 100 dollar limit, but still) and thinking they saved some good money or their coupe of t-shirts purchase.

I have always wondered if it was easy to sign up for the credit card, pay everything off the next month, then cancel it. Does anyone have experience with working store credit cards that way?

Fell for the old credit card crap huh? They try to pull that crap with me ALL THE TIME, whether I buy clothes at JCPennys or whatever the hell that place is or tools or whatever. Then they look at me crazy because I won't "save" in their eyes.

GTFO outta here, I know their interest rates.

I didn't fall for anything as I got 10% off a $1,750 purchase and paid off the card with no interest. I was just surprised at the interest they do charge poeple and wondered if that was pretty standard now days.