E90Post
 


Studio RSR
 
BMW 3-Series (E90 E92) Forum > BIMMERPOST Universal Forums > Off-Topic Discussions Board > Credit Question



Reply
 
Thread Tools Search this Thread
      06-19-2014, 06:29 PM   #23
zx10guy
Brigadier General
5139
Rep
3,235
Posts

Drives: 2013 135i
Join Date: Feb 2014
Location: DC

iTrader: (0)

Quote:
Originally Posted by NormE91 View Post
Amex is one case where I feel the annual fee is actually worth it. I put basically my whole life on it, and pay it off each month (which you have to of course). I use it like many others use debit cards. I get back the annual fee 10-15 times over in rewards points which I generally use for airline tickets. No black out dates or anything. They also offer superior purchase protection and many other benefits.
As I said above, there are other AMEX cards which DO NOT have an annual fee. My AMEX Cash Rebate card doesn't have one. Nor does my AMEX Costco card. Both provide rewards. In addition, I don't have to pay in full with either card. It functions as a normal credit card where if I don't pay in full I get assessed a finance charge at 10 and 15% respectively; but of course I pay in full every month. My wife's AMEX Blue card also has no annual fee and pays out rewards.
Appreciate 0
      06-19-2014, 07:35 PM   #24
FC4
Brigadier General
2644
Rep
3,393
Posts

Drives: Yes
Join Date: May 2014
Location: US

iTrader: (0)

Hmm...talkin about annual fees...

Last edited by FC4; 03-25-2017 at 10:01 AM..
Appreciate 0
      06-19-2014, 07:48 PM   #25
John 070
Lieutenant General
1693
Rep
14,829
Posts

Drives: 335i cpe
Join Date: Oct 2006
Location: ZSP/ZPP/ZCW

iTrader: (0)

Quote:
Originally Posted by PSUSMU View Post
I don't believe you "lose" that history. It's just frozen at 84 months. Your credit history is what shows up on your credit report.
If you actually lost the history, wouldn't delinquent debtors just cancel and erase their history?
Not the 84 mos....as each month passes, you have 84, then 83, then 82, etc., until 84 mos later this good untapped credit card is devoid of good credit. It gets labeled closed by you, which is negative.
Appreciate 0
      06-19-2014, 08:08 PM   #26
zx10guy
Brigadier General
5139
Rep
3,235
Posts

Drives: 2013 135i
Join Date: Feb 2014
Location: DC

iTrader: (0)

Again, it's all about your particular credit history. But closing out accounts while having a negative effect on your credit, isn't as bad as people are making it out to be. I closed out a couple of Citibank credit cards when they started to threaten an annual fee if you don't charge a certain amount each year. These cards I had about 5-8 years. It didn't cause my FICO score to plummet through the floor as my FICO score was always around 760 to 780. And with my recent loan app a few months ago was 801.
Appreciate 0
      06-19-2014, 10:42 PM   #27
bloppitybloop
Major
392
Rep
1,371
Posts

Drives: 2007 335i
Join Date: Mar 2014
Location: Wisconsin

iTrader: (1)

You might be able to call Amex and get a product change. You could get the Blue Cash Everyday or some other card with no annual fee.

You might wanna check out the forums on myfico.com. That's a pretty good resource for all questions credit.
Appreciate 0
      06-20-2014, 08:14 AM   #28
PSUSMU
Captain
95
Rep
985
Posts

Drives: 2008 Porsche 911 Carrera S
Join Date: Jun 2012
Location: Falls Church/Merrifield, VA

iTrader: (3)

I don't f with cash rewards - only miles/points.
__________________
RSI, LLC | Fender Rolling | Suspension | Engine | Other Stuff
Appreciate 0
      06-20-2014, 08:21 AM   #29
Sara
Lieutenant General
5776
Rep
17,879
Posts

Drives: A car
Join Date: Aug 2007
Location: Nola

iTrader: (6)

Ive wanted to close my store credit card for a long time because I only can use it at that specific store and it doesnt seem very sensible to have. However, I opened it 8 years ago and have never missed a payment. Have always paid it in full every single month (Or at least the months I shopped there) I opened it when I was 18 and its been pretty much my A+ report card credit card. "So why would I want to close that", asked my financial adviser. Im keeping it open and I just use it once every 5-6 months to make sure it doesnt get closed due to inactivity. The rewards on it suck but hey, its perfect for my credit history and I value that more than I do a $20 reward card.
Appreciate 0
      06-20-2014, 08:25 AM   #30
Sara
Lieutenant General
5776
Rep
17,879
Posts

Drives: A car
Join Date: Aug 2007
Location: Nola

iTrader: (6)

Sorry to derail this OP,

but guys....

How many credit cards is too many? I really want to open a credit card that rewards me with airline miles and such since I fly so much.
Appreciate 0
      06-20-2014, 08:38 AM   #31
2011CrazE89
Moved on
2011CrazE89's Avatar
United_States
123
Rep
166
Posts

Drives: 2011 Z430i & 2015 MB C300
Join Date: Sep 2013
Location: South Florida

iTrader: (0)

Quote:
Originally Posted by Sara504 View Post
Sorry to derail this OP,

but guys....

How many credit cards is too many? I really want to open a credit card that rewards me with airline miles and such since I fly so much.
Personally I have two and that's plenty for me. I use my debit card as much as possible.
Appreciate 0
      06-20-2014, 08:40 AM   #32
bloppitybloop
Major
392
Rep
1,371
Posts

Drives: 2007 335i
Join Date: Mar 2014
Location: Wisconsin

iTrader: (1)

Quote:
Originally Posted by Sara504 View Post
Sorry to derail this OP,

but guys....

How many credit cards is too many? I really want to open a credit card that rewards me with airline miles and such since I fly so much.
I don't think there's really anything as "too many". As long as you don't open them all in a short period of time and don't carry balances on them, it doesn't really matter. Having multiple cards can help your credit score as it can greatly reduce your utilization percentage.

If you haven't opened a credit card in awhile, I don't think there would be any harm in opening a new card that gives you airline miles.
Appreciate 0
      06-20-2014, 09:13 AM   #33
bolinp78
G35 convertee
bolinp78's Avatar
69
Rep
1,009
Posts

Drives: 2008 335i (AW)
Join Date: May 2008
Location: .

iTrader: (1)

I've always used a simple Citi Mastercard that gives me straight 1% cash back on everything. Problem is they send it in a check, which gets annoying when I compare it to a Fidelity Investments Visa (I have a Fidelity brokerage account already) that gives me 1.5% cash back on the first $15,000 of purchases in a year and 2% for every purchase thereafter... And it deposits it directly into my brokerage account. As a result, I recently got the Visa to replace the Mastercard.
__________________
Appreciate 0
      06-20-2014, 09:25 AM   #34
PSUSMU
Captain
95
Rep
985
Posts

Drives: 2008 Porsche 911 Carrera S
Join Date: Jun 2012
Location: Falls Church/Merrifield, VA

iTrader: (3)

Quote:
Originally Posted by 2011CrazE89 View Post
I use my debit card as much as possible.
Why... you get nothing for debit. :-|
__________________
RSI, LLC | Fender Rolling | Suspension | Engine | Other Stuff
Appreciate 0
      06-20-2014, 09:28 AM   #35
2011CrazE89
Moved on
2011CrazE89's Avatar
United_States
123
Rep
166
Posts

Drives: 2011 Z430i & 2015 MB C300
Join Date: Sep 2013
Location: South Florida

iTrader: (0)

Quote:
Originally Posted by PSUSMU View Post
Why... you get nothing for debit. :-|
I don't get a bill either
Appreciate 0
      06-20-2014, 09:36 AM   #36
PSUSMU
Captain
95
Rep
985
Posts

Drives: 2008 Porsche 911 Carrera S
Join Date: Jun 2012
Location: Falls Church/Merrifield, VA

iTrader: (3)

Quote:
Originally Posted by 2011CrazE89 View Post
I don't get a bill either
I get a bill, pay it off every month, and get rewards for it. Cash/debit is for the birds.
__________________
RSI, LLC | Fender Rolling | Suspension | Engine | Other Stuff
Appreciate 0
      06-20-2014, 09:56 AM   #37
954Stealth
Brigadier General
954Stealth's Avatar
United_States
1543
Rep
4,512
Posts

Drives: A Car
Join Date: Mar 2012
Location: Bacon Raton, FL

iTrader: (1)

Having multiple cards open is perfectly fine as long as you manage them appropriately. Multiple cards will increase the amount of available credit and will show future creditors that you know how to manage increasingly larger amounts responsibly.
__________________
Quote:
Originally Posted by Billup View Post
You know you're getting bacon, when you're cooking bacon.
Appreciate 0
      06-20-2014, 10:36 AM   #38
JasonCSU
Colonel
United_States
699
Rep
2,548
Posts

Drives: '08 135i, '88 325is
Join Date: Feb 2008
Location: Denver, CO

iTrader: (0)

Garage List
1988 BMW 325is  [0.00]
2008 BMW 135i  [0.00]
Quote:
Originally Posted by 2011CrazE89 View Post
Personally I have two and that's plenty for me. I use my debit card as much as possible.
Why use the debit card though? I always use a credit card for the protection and benefits (cash back & miles) it offers. My cards are paid in full each month, so it is essentially like using a debit card, but with far more benefits. For those who struggle with managing their finances and carry balances on their cards, a debit card is probably a better option so they can't spend what they don't have.
__________________
Delivered in Munich, broken in on the Nurburgring.
Appreciate 0
      06-20-2014, 10:42 AM   #39
JasonCSU
Colonel
United_States
699
Rep
2,548
Posts

Drives: '08 135i, '88 325is
Join Date: Feb 2008
Location: Denver, CO

iTrader: (0)

Garage List
1988 BMW 325is  [0.00]
2008 BMW 135i  [0.00]
Quote:
Originally Posted by Sara504 View Post
Sorry to derail this OP,

but guys....

How many credit cards is too many? I really want to open a credit card that rewards me with airline miles and such since I fly so much.

I'm not sure there is an exact number that is considered "too many" because it really depends on the individual and their credit. As others have said, there shouldn't be a problem with you applying for a miles card as long as you haven't recently opened other accounts, or have a slew of existing accounts carrying balances.
__________________
Delivered in Munich, broken in on the Nurburgring.
Appreciate 0
      06-20-2014, 11:00 AM   #40
Templar
Lieutenant Colonel
Templar's Avatar
United_States
264
Rep
1,883
Posts

Drives: 2011 E92 M3
Join Date: Feb 2009
Location: One of the coasts...

iTrader: (1)

Garage List
2011 BMW M3  [10.00]
Quote:
Originally Posted by JasonCSU View Post
Why use the debit card though? I always use a credit card for the protection and benefits (cash back & miles) it offers. My cards are paid in full each month, so it is essentially like using a debit card, but with far more benefits. For those who struggle with managing their finances and carry balances on their cards, a debit card is probably a better option so they can't spend what they don't have.
Agreed. If you spend only what you can afford to pay off in a month, not only do you not accrue any interest charges, but you still reap the benefits of that card if any. It also shows good payment practices and credit to debt ratio.

Personally, I have two credit cards. Have had one for about 5 years and another for almost 10. No issues with either. The only use for my debit card is at the ATM if I need cash.
__________________
'11 BMW E92 ///M3 - ZCP and DCT
'15 Ford F-250 - Lariat, 6.7 Powerstroke Turbo-diesel
Appreciate 0
      06-20-2014, 11:20 AM   #41
z4drvr
New Member
z4drvr's Avatar
United_States
12
Rep
7
Posts

Drives: 2013 z4
Join Date: Apr 2014
Location: united states

iTrader: (0)

From what I understand closing or cancelling your credit cards affects your credit negatively. You should keep them at a low or 0.00 balance. However, kind of annoying to be charged an annual fee on cards your not using.
Appreciate 0
      06-20-2014, 11:30 AM   #42
John 070
Lieutenant General
1693
Rep
14,829
Posts

Drives: 335i cpe
Join Date: Oct 2006
Location: ZSP/ZPP/ZCW

iTrader: (0)

Quote:
Originally Posted by 2011CrazE89 View Post
Personally I have two and that's plenty for me. I use my debit card as much as possible.
I have about 15. But I am human and have an employer--I really only use 3 cards, based on rewards.

When I got out of college, I was diligent about closing unused credit cards, until someone told me it lowers your credit score.

Last time I refi'd the house, the arrogant banker (because I was after a true no-fee [this cannot be done on a mortgage, just a home equity product]) asked me, "What's your credit score?" Because he was so smug, I said, dunno, 860, 840, 850, you tell me.

He acted like he didn't believe me, and it turned out to be 850.

We have been living comfortably with no mortgage and no car payments, but now my wife thinks we need a McMansion. So I guarantee we'll need a mortgage again and be 50 by the time that million dollar house is paid-off. These are decisions one makes in life. If wrong, big consequences.
Appreciate 0
      06-20-2014, 11:35 AM   #43
2011CrazE89
Moved on
2011CrazE89's Avatar
United_States
123
Rep
166
Posts

Drives: 2011 Z430i & 2015 MB C300
Join Date: Sep 2013
Location: South Florida

iTrader: (0)

I learned the hard way that not using your credit card will cause them to reduce your credit line. One of my very first cards was IKEA with a 2K credit line. The card sat in my wallet with no activity for a couple years. I was excited to finally move into my first apartment and pick up some furniture. Stood there on line with about $1.7K in furniture, pictures, lamps, etc. When the cashier rang me up. DECLINED! Called customer service when they told me it was reduced to $500.00. Pretty embarrassing having to put half the items back.
Appreciate 0
      06-20-2014, 01:06 PM   #44
Sara
Lieutenant General
5776
Rep
17,879
Posts

Drives: A car
Join Date: Aug 2007
Location: Nola

iTrader: (6)

Quote:
Originally Posted by 2011CrazE89 View Post
I learned the hard way that not using your credit card will cause them to reduce your credit line. One of my very first cards was IKEA with a 2K credit line. The card sat in my wallet with no activity for a couple years. I was excited to finally move into my first apartment and pick up some furniture. Stood there on line with about $1.7K in furniture, pictures, lamps, etc. When the cashier rang me up. DECLINED! Called customer service when they told me it was reduced to $500.00. Pretty embarrassing having to put half the items back.
What about using the full limit?

Anyone know? My store card is a Victoria's Secret card. There's NO WAY I'll ever need $2,000 worth of bras and panties at once. The most I've ever purchased on the card was like $700 and paid off the exact same month. Usually my purchases are less than $100 every 5-6 months or so and I've had the card 8 years now. Will not ever reaching the limit or even half of the limit result in them lowering the limit??
Appreciate 0
Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT -5. The time now is 05:21 AM.




e90post
Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST