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04-20-2017 12:55 PM
04-20-2017 01:34 PM - edited 04-20-2017 02:04 PM
This is a tough one so sorry Op ,seems like everyday that passes more and more of these threads pop up and it makes me have a sinking feeling in my stomach that something big is about to happen and with me being "new" to the credit card world it just makes me worry even more bc I don't have a nice long history as most of you guys have . It sucks they don't even take your history into account when doing these AA's
My advice here (for what it is worth) is:
1, Use your cards.
2. Pay them in full each month.
3. Don't go crazy with new applications. Let your current cards age.
It is real easy to get caught up in all of the "I got approved" threads.
At the end of the day, these cards are working for you! When you are new, the banks will look a little harder at you for a while to make sure their investment in you is safe.
"Worry is like interest paid on a debt not yet due".
04-20-2017 01:54 PM
04-20-2017 02:19 PM
04-20-2017 02:22 PM
RockinRay Your saying pay in full
So basically we cant take advantage of the credit card
Lets just call it charge card like the green Amex
I always preach "pay in full"! Why give them any interest money?
Playing the rewards game is all about getting the rewards and not giving them back in the form of "interest" on any outstanding balance. I totally get that there are many on this forum that cannot do that. I have been there too. Fortunately today, I'm not in that position. But again, I have been there. At one time, we had outstanding CC balances in excess of $60,000. It took a long time to get that paid off but we persisted and we paid it all back. There was also a time when I made weekly payments to all credit cards to keep myself in check and not over spend.
I think if at all possible, everyone should consider any credit card to be a "charge card". As my signature below states, I assign a job to each of my cards and I let them do their job. My cards work for me, not the other way around.
04-20-2017 02:27 PM
Curious, did you BT to pay off the $45,000 or pay it off in cash (via checking)? I agree it seems odd that people get hit with closure for paying down a balance.
Have your scores taken a hit in the last year or have they been cruising along at 720 or so?
04-20-2017 02:41 PM
Wow. That is a lot to close. Sorry to hear that.
04-20-2017 02:45 PM - edited 04-20-2017 02:46 PM
Just curious because no where from a single reply in this thread does it say what the percentage balance was.
If it was 45K on the 50K then wouldn't that automatically be taken as an absolute Red Flag even for people with 800 FICO Scores?
If indeed factual then isn't it surprising they waited this long before closing the door?
I think we all need to make some good sense out of this and not just blow it off as such & such etc.
This as awful an experience as it truly is for OP, in expressing the frustrations and absolute shock of what happen can maybe help others steer clear of the worst possible circumstances that triggered the complete wipe-out like this.
If there is a positive to all this is that OP still has other options to turn to so to put this matter behind them for good.
Thanks for sharing this with the forums and everyone will be pulling for you to finally regroup over it in time.
04-20-2017 02:54 PM - edited 04-20-2017 02:59 PM
90% is high, but if his overall util was low wouldn't it be ok, though of course it's not ideal, but he was making good payments and paid it off quick. I've run cards at 90% many times without issue in the past before coming to this board and learning, though usually only say 8 or 9k on a 10k card. 40k is a different story, but was he at 25% overall or was it 50% overall with the 45k reporting, not sure. If it was the latter then I could see why.
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