Credit Card Whoring

[goodsamaritan]

Anyone in here know any good websites for researching the best credit cards for bonus miles and such? Also what about whoring 0% interest cards for 6 months, paying in full, then canceling? Seems like credit cards can be a good way to save some money if you're not a donk and pay them off on time.

Thanks

[edtost]

http://www.fatwallet.com/c/52/

[yellowbastard]

Money Blog

[beta1607]

wouldnt credit card whoring have a negative affect on your credit score because you are constantly opening new lines of credit?

[wmspringer]

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wouldnt credit card whoring have a negative affect on your credit score because you are constantly opening new lines of credit?

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Briefly, yes. Especially if you make the mistake of canceling the cards after the 0% rate runs out.

[Knuckles]

www.bankrate.com

[emon87]

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wouldnt credit card whoring have a negative affect on your credit score because you are constantly opening new lines of credit?

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Yes but if you don't need to get a loan (house or car) for a couple years, it probably makes sense to get some cash now.

[goodsamaritan]

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[ QUOTE ]
wouldnt credit card whoring have a negative affect on your credit score because you are constantly opening new lines of credit?

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Briefly, yes. Especially if you make the mistake of canceling the cards after the 0% rate runs out.

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Why would that be bad?

[RikaKazak]

[ QUOTE ]
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[ QUOTE ]
wouldnt credit card whoring have a negative affect on your credit score because you are constantly opening new lines of credit?

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Briefly, yes. Especially if you make the mistake of canceling the cards after the 0% rate runs out.

[/ QUOTE ]

Why would that be bad?

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I can't remember the correct term...but it's debt to "available credit"

Like if you owe $100 and you can borrow up to $500...that's better than owing $50 and only being able to borrow up to $100.

(basically closing cards means less credit available...but also, having TOO many credit lines available is a bad thing too (especially in a short time period opening too many is bad, cause it looks like you're preparing to go on a spending spree)

[beardedwhale]

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I can't remember the correct term...but it's debt to "available credit"

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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.