Off-Topic :
Fairfax Underground
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My suggestion is to go to a credit union and get a charge card, they usually have much better rates than banks.
As far as store based cards, avoid them; they usually have atrocious rates. Stick with one credit card that you can charge anywhere. Your credit score is less impacted when you have one large amount on one card, versus several small amounts on three or four cards.
Store-based credit cards will sometimes get you discounts or different financing. For example Best Buy gives you 90 days same as cash on anything you put on it, longer terms for more money ($299 purchase is six months).
A regular credit card may get you extended warranty or accident protection, so oftentimes it is a choice between spreading out payments interest-free or getting built-in benefits that the VISA/MC/AMEX card may give you.
eesh Wrote:
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> My suggestion is to go to a credit union and get a
> charge card, they usually have much better rates
> than banks.
>
> As far as store based cards, avoid them; they
> usually have atrocious rates. Stick with one
> credit card that you can charge anywhere. Your
> credit score is less impacted when you have one
> large amount on one card, versus several small
> amounts on three or four cards.
Completely untrue. Mutliple high-limit cards with small or no outstanding balances will actually raise your credit number.
Not true at all Wrote:
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> eesh Wrote:
> --------------------------------------------------
> -----
> > My suggestion is to go to a credit union and get
> a
> > charge card, they usually have much better
> rates
> > than banks.
> >
> > As far as store based cards, avoid them; they
> > usually have atrocious rates. Stick with one
> > credit card that you can charge anywhere. Your
> > credit score is less impacted when you have one
> > large amount on one card, versus several small
> > amounts on three or four cards.
>
> Completely untrue. Mutliple high-limit cards with
> small or no outstanding balances will actually
> raise your credit number.
High card limit/low balance means you are using credit responsibility. It's a snapshot on any given day. One card (only) with a high balance is not where you want to be, even if it's paid in full monthly. That is not considered as they do not review the "month" just what your ratio (debt to available limit) is on the particular day the report is run.
Not true at all Wrote:
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>
> Completely untrue. Mutliple high-limit cards with
> small or no outstanding balances will actually
> raise your credit number.
I said nothing about several cards with no balance will hurt your score, but I know for a fact that if you have $200 on a Macy's card, $100 on Shell, $500 on a Dell card, $400 on GAP, it will worsen your score than if you had that $1200 on a single card.
Now if that $1200 is at your limit or even over, it will definitely lower your score, but several cards with balances is not a good thing!
Here's another question what's the best cash back gas card? Most brand specific ones only offer you a percentage for the first 6 months or so and then it's one percent. I have a chase rewards that used to have 3-5 % back on all gas but they changed that. Discover offers it but they only give you 5% back when you make 500 in gas only purchases or some crap like that so I had that card for a while but canceled it.
eesh Wrote:
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> Not true at all Wrote:
> --------------------------------------------------
> -----
>
> >
> > Completely untrue. Mutliple high-limit cards
> with
> > small or no outstanding balances will actually
> > raise your credit number.
>
>
>
> I said nothing about several cards with no balance
> will hurt your score, but I know for a fact that
> if you have $200 on a Macy's card, $100 on Shell,
> $500 on a Dell card, $400 on GAP, it will worsen
> your score than if you had that $1200 on a single
> card.
>
> Now if that $1200 is at your limit or even over,
> it will definitely lower your score, but several
> cards with balances is not a good thing!