Comments on: Credit card and credit scores question? http://smallbusinessmerchantaccounts.org/credit-card-and-credit-scores-question.htm Mon, 13 Feb 2012 22:54:16 +0000 http://wordpress.org/?v=2.7.1 hourly 1 By: ibu guru http://smallbusinessmerchantaccounts.org/credit-card-and-credit-scores-question.htm/comment-page-1#comment-798 ibu guru Sat, 08 Aug 2009 21:26:29 +0000 http://smallbusinessmerchantaccounts.org/credit-card-and-credit-scores-question.htm#comment-798 You need a financial education in a hurry. Get down to the public library and start studying! You are going to make a really big mess of your finances if you do not smarten up fast. First, get free copies of your credit reports at www.annualcreditreport.com. By federal law, you are entitled to a free copy of your report once per year from each of the 3 credit reporting bureaus via this official site. Do not go to any other site, and do NOT sign up for any kind of "credit monitoring" service -- waste of money. Stop cancelling cards! Negative impact on your credit rating. Do NOT cancel that AmEx card. Instead, learn the differences between a credit card, a debit card, and a "travel & entertainment" card like AmEx. AmEx is accepted at better stores, airlines, hotels, restaurants and a lot of other places. Going on a vacation some day? Then you will definitely need that AmEx card. And it would appear that it is the only actual credit card you have. Your debit card does nothing for your credit rating. If it has a Visa or MC logo, it is still a debit card and the funds are immediately transferred to the store. If you don't have the money already in the bank, you don't get approved at the store. You have no credit with that. You need a financial education in a hurry. Get down to the public library and start studying! You are going to make a really big mess of your finances if you do not smarten up fast. First, get free copies of your credit reports at http://www.annualcreditreport.com. By federal law, you are entitled to a free copy of your report once per year from each of the 3 credit reporting bureaus via this official site. Do not go to any other site, and do NOT sign up for any kind of "credit monitoring" service — waste of money.

Stop cancelling cards! Negative impact on your credit rating. Do NOT cancel that AmEx card. Instead, learn the differences between a credit card, a debit card, and a "travel & entertainment" card like AmEx. AmEx is accepted at better stores, airlines, hotels, restaurants and a lot of other places. Going on a vacation some day? Then you will definitely need that AmEx card. And it would appear that it is the only actual credit card you have.

Your debit card does nothing for your credit rating. If it has a Visa or MC logo, it is still a debit card and the funds are immediately transferred to the store. If you don’t have the money already in the bank, you don’t get approved at the store. You have no credit with that.

]]> By: maxmom56 http://smallbusinessmerchantaccounts.org/credit-card-and-credit-scores-question.htm/comment-page-1#comment-799 maxmom56 Sat, 08 Aug 2009 21:26:29 +0000 http://smallbusinessmerchantaccounts.org/credit-card-and-credit-scores-question.htm#comment-799 By opening and closing credit cards, you are damaging your credit score. Your cell phone probably did nothing for or against you since cell phone companies generally do not report to credit agencies. The way to build credit is to chose a card wisely and stick with it. As you have learned, AMEX is a poor choice because virtually no one accepts it (high vendor transaction fees) plus there's an annual fee. Look for a card with the lowest rate you can get and one that has a flexible rewards program that allows you to earn points toward merchandise, airfare, events and various things that appeal to you now and that will appeal to you later. Keep your spending under 30% of the credit limit and always pay it on time. Don't be afraid of more than one card. Open store cards only if you shop there often. That's how you build credit. Oh, and after you get a decent credit card, close down the AMEX before the next annual fee. By opening and closing credit cards, you are damaging your credit score. Your cell phone probably did nothing for or against you since cell phone companies generally do not report to credit agencies. The way to build credit is to chose a card wisely and stick with it. As you have learned, AMEX is a poor choice because virtually no one accepts it (high vendor transaction fees) plus there’s an annual fee.

Look for a card with the lowest rate you can get and one that has a flexible rewards program that allows you to earn points toward merchandise, airfare, events and various things that appeal to you now and that will appeal to you later. Keep your spending under 30% of the credit limit and always pay it on time. Don’t be afraid of more than one card. Open store cards only if you shop there often.

That’s how you build credit. Oh, and after you get a decent credit card, close down the AMEX before the next annual fee.

]]> By: David S http://smallbusinessmerchantaccounts.org/credit-card-and-credit-scores-question.htm/comment-page-1#comment-800 David S Sat, 08 Aug 2009 21:26:29 +0000 http://smallbusinessmerchantaccounts.org/credit-card-and-credit-scores-question.htm#comment-800 You are in some serious need of credit education. Closing your old credit cards was not a wise decision. A lot of your credit score is determined by plain old time. The longer your credit accounts are open (and paid off of course) the better your credit score looks. By you closing those accounts, they will slowly fall off your credit report making your credit history seem a lot shorter than it should. Opening several credit card accounts can be detrimental because each time you open one, they run your credit. Each time they run your credit it takes a hit. This can be any amount of points and can last anywhere from a month to a few months. What locations have you found that dont accept AMEX? AMEX is my main card and I have yet to find a location that does not accept it. My opinion of what you should do is keep the AMEX, educate yourself about credit, and (if needed) open a low rate visa/mastercard to be able to shop at the places that do not accept your AMEX. Your debit card has nothing to do with your credit as it is simply attached to your checking account and drains money as you use it. This site may help educate you. http://www.fatwallet.com/forums/finance/225082/ Edit to address above answerer: Not all AMEX have annual fees. Like I stated, I have yet to find a merchant that did not accept my AMEX You are in some serious need of credit education. Closing your old credit cards was not a wise decision. A lot of your credit score is determined by plain old time. The longer your credit accounts are open (and paid off of course) the better your credit score looks. By you closing those accounts, they will slowly fall off your credit report making your credit history seem a lot shorter than it should. Opening several credit card accounts can be detrimental because each time you open one, they run your credit. Each time they run your credit it takes a hit. This can be any amount of points and can last anywhere from a month to a few months. What locations have you found that dont accept AMEX? AMEX is my main card and I have yet to find a location that does not accept it. My opinion of what you should do is keep the AMEX, educate yourself about credit, and (if needed) open a low rate visa/mastercard to be able to shop at the places that do not accept your AMEX. Your debit card has nothing to do with your credit as it is simply attached to your checking account and drains money as you use it.

This site may help educate you. http://www.fatwallet.com/forums/finance/225082/

Edit to address above answerer: Not all AMEX have annual fees. Like I stated, I have yet to find a merchant that did not accept my AMEX

]]> By: Reaper http://smallbusinessmerchantaccounts.org/credit-card-and-credit-scores-question.htm/comment-page-1#comment-801 Reaper Sat, 08 Aug 2009 21:26:29 +0000 http://smallbusinessmerchantaccounts.org/credit-card-and-credit-scores-question.htm#comment-801 You need to stop closing cards! Why would you close those cards just throw them in a drawer..you are shortening your credit history. Open lines of credit look good as long as they aren't maxxed out. Check your credit reports online for free . www.annualcreditreport.com Edit to asker, Your debit card from the bNk has nothing to do with your credit.... You need to stop closing cards! Why would you close those cards just throw them in a drawer..you are shortening your credit history. Open lines of credit look good as long as they aren’t maxxed out.

Check your credit reports online for free .
http://www.annualcreditreport.com

Edit to asker,

Your debit card from the bNk has nothing to do with your credit….

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