#11
|
|||
|
|||
Re: Credit Card Whoring
[ QUOTE ]
[ QUOTE ] I can't remember the correct term...but it's debt to "available credit" [/ QUOTE ] Revolving utilization. This is one of the most common reasons for a below average credit score. If you use a high percentage of your available aggregate credit limit, your credit will be impacted even if you never go delinquent. [/ QUOTE ] Let's say I normally have 2 credit cards open and use very little of my available credit on them. Then I whore some for a while and close them when the 0% APR ends, leaving my 2 original card open, still with nearly of their credit available. Shouldn't my credit score be in about the same place it started? |
#12
|
|||
|
|||
Re: Credit Card Whoring
|
#13
|
|||
|
|||
Re: Credit Card Whoring
[ QUOTE ]
[ QUOTE ] [ QUOTE ] I can't remember the correct term...but it's debt to "available credit" [/ QUOTE ] Revolving utilization. This is one of the most common reasons for a below average credit score. If you use a high percentage of your available aggregate credit limit, your credit will be impacted even if you never go delinquent. [/ QUOTE ] Let's say I normally have 2 credit cards open and use very little of my available credit on them. Then I whore some for a while and close them when the 0% APR ends, leaving my 2 original card open, still with nearly of their credit available. Shouldn't my credit score be in about the same place it started? [/ QUOTE ] yes, but it seems that it would often be higher if you did that, and then left the now-useless whoring cards open. |
#14
|
|||
|
|||
Re: Credit Card Whoring
When you apply for credit cards, they do "hard pulls" which show up as inquiries on your credit report. This negatively affects your score for something like 6 months to a year. Also when you receive new cards, two things happen. Your credit limit increases- which improves your score, but your average card age decreases- which lowers your score. So if you were looking to get a loan within the next year, I wouldn't go on an app-o-rama. Otherwise, getting cards now and keeping them *CAN* be a wise choice (depends on if you are responsible or not).
So if you apply for a few cards, it would be pretty silly to cancel them. Also, the earlier you receive a card the sooner you can apply for a credit limit increase. The cards with bonuses (that I know of) are the amazon.com card ($30), sonycard ($100 credit), and the att card ($50 gift card). |
#15
|
|||
|
|||
Re: Credit Card Whoring
[ QUOTE ]
The cards with bonuses (that I know of) are the amazon.com card ($30), sonycard ($100 credit), and the att card ($50 gift card). [/ QUOTE ] check out cardoffers.com - they are an affiliate for card signups and they kickback a bunch of the money they get if you sign up through them. I just got a $40 check for opening a amex blue cash card, they paid fast and it was super easy. ps: i have no financial interest in that site blah blah blah just passing it along |
#16
|
|||
|
|||
Re: Credit Card Whoring
If one has A+ credit they should be making 59,000 a year credit whoring if they so desired.
EASY MONEY........SORT OF. -fh- |
#17
|
|||
|
|||
Re: Credit Card Whoring
[ QUOTE ]
If one has A+ credit they should be making 59,000 a year credit whoring if they so desired. EASY MONEY........SORT OF. -fh- [/ QUOTE ] Making 59k or having 59k in interest free loans? If the first, please elaborate. |
#18
|
|||
|
|||
Re: Credit Card Whoring
[ QUOTE ]
[ QUOTE ] If one has A+ credit they should be making 59,000 a year credit whoring if they so desired. EASY MONEY........SORT OF. -fh- [/ QUOTE ] Making 59k or having 59k in interest free loans? If the first, please elaborate. [/ QUOTE ] i think he means 59k in revenues by "selling" one's credit. Barron |
#19
|
|||
|
|||
Re: Credit Card Whoring
[ QUOTE ]
[ QUOTE ] If one has A+ credit they should be making 59,000 a year credit whoring if they so desired. EASY MONEY........SORT OF. -fh- [/ QUOTE ] Making 59k or having 59k in interest free loans? If the first, please elaborate. [/ QUOTE ] |
#20
|
|||
|
|||
Re: Credit Card Whoring
PROFITING 59K.........
-FH- |
|
|