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Based on CCC. What are your thoughts !

Frequent Contributor

Based on CCC. What are your thoughts !

http://www.consumerismcommentary.com/10-purchases-that-can-harm-your-credit/

 

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23 REPLIES
Established Contributor

Re: Based on CCC. What are your thoughts !

I didn't think the coding system was so sophisticated to know the difference between a charge for tire retread vs balancing your tires. I wonder if I am mistaken or the article is mistaken. Anyone know?

 

 

 

 

Moderator Emeritus

Re: Based on CCC. What are your thoughts !

I don't think it's as big of a deal they make it out to be. I used my Amex all the time at Wally World, used it paying taxes, used it at spas, and used it paying for a ticket or two without issue. However, Amex hit me with an FR due to using it for legal fees, or so said the CSR.

Super Contributor

Re: Based on CCC. What are your thoughts !


llecs wrote:

I don't think it's as big of a deal they make it out to be. I used my Amex all the time at Wally World, used it paying taxes, used it at spas, and used it paying for a ticket or two without issue. However, Amex hit me with an FR due to using it for legal fees, or so said the CSR.


The story about the people who got their amex card closed for shopping at walmart had a LOT more information than people care to say. The people also had a mortgage with a subprime lender that (from what I read in the article about that) was doing very badly, and I think the mortgage firm ended up collapsing or being bought out or something. That was the main reason amex closed their card. 

Valued Contributor

Re: Based on CCC. What are your thoughts !

I break about half of those. The most obvious one is paying for bar tabs on cc's. Wonder what Chase would do to me if they knew I paid for my tab with a cc and drapped for their product while still in the bar? Smiley Wink


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Valued Contributor

Re: Based on CCC. What are your thoughts !


compassion101 wrote:

I didn't think the coding system was so sophisticated to know the difference between a charge for tire retread vs balancing your tires. I wonder if I am mistaken or the article is mistaken. Anyone know?


You are mistaken. MCC (coding system for Visa and MasterCard) DOES distinguish between tire retreading and a tire store.

 

5532 for tire shop, and 7534 for tire retreading.

 

http://www.irs.gov/irb/2004-31_IRB/ar17.html

Moderator Emeritus

Re: Based on CCC. What are your thoughts !

I guess I'll make a mental note of not paying for porn or booze with a credit card.  The porn part?   No problem there...  But seriously,  drinks?

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Valued Contributor

Re: Based on CCC. What are your thoughts !

I think the booze thing is a pattern one. If you never use card at bar then all of sudden start they may think something is up. That's why I start using them at bar early. Nothing to worry here. That's just how we roll in NOLA.


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
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Valued Contributor

Re: Based on CCC. What are your thoughts !

so using amex at a restaurant is okay but a bar no? 

 

ok its cool hit me with a fr for 60 dollars worth of drinks. 

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Established Contributor

Re: Based on CCC. What are your thoughts !


trumpet-205 wrote:

compassion101 wrote:

I didn't think the coding system was so sophisticated to know the difference between a charge for tire retread vs balancing your tires. I wonder if I am mistaken or the article is mistaken. Anyone know?


You are mistaken. MCC (coding system for Visa and MasterCard) DOES distinguish between tire retreading and a tire store.

 

5532 for tire shop, and 7534 for tire retreading.

 

http://www.irs.gov/irb/2004-31_IRB/ar17.html


Thanks, that's a great link!