Credit Card Center Advertiser Disclosure†
07-29-2008 08:14 AM
07-29-2008 08:51 AM
SWISSOATL wrote:I am being laid off work in a few weeks and decided to combine my cards so its one less card to keep up with. If anyone has seen my post I hate crap one also i have one of those $300-$500 (nvr get an increase) cards.I called the backdoor# to combine my cards and the lady was so nice as the backdoor people usually are and she says wow i see an offer for a $300 increase would this be helpful? YES Yes YES!!!! i couldnt take! it was for the mastercard and then said wow i see one for the visa also!!!! I LIVED!!!! i was sooooo shocked after the many days of depression after calling that backdoor and nothing happening!I now have a combined limit of $1850!!!!Thanks to mods for all your help and inspiration to finally clean that credit up! I am trying to close my fee card accounts now. I did the app spree thing and i am trying to take care of what i have in which as i stated will be laid of soon and will probably use the credit insurance for all of my accounts! eeww.But...I really want a Gas card (for hard times) and a Circuit city card (tax free weekend need a Notebook for the jobsearch!) which is by Chase! Too many inquiries on EQ and still High util on some cards. what should i do???
07-29-2008 09:14 AM
07-29-2008 09:21 AM - last edited on 07-29-2008 09:25 AM by cheddar
If you know you are going to be laid off soon and you are in the process of cleaning up your credit, it would be a disaster to get more credit. You already think you will have to use the credit insurance so why add more charges that you won't be able to pay? Also you will NOT be able to use your cc's while the insurance is in effect.Your best plan would be to pay off your balances and not use the credit insurance or credit cards so that your credit won't further decay while you are laid off. I don't know that using credit insurance will hurt you............ but I don't think your creditors will be happy about it so soon after getting increases, you may end up with cancelled accounts and that will tank your credit.Your plan borders on sounding unwise and unethical at worst. I don't mean that to sound rude but it sounds like a very bad plan.
07-29-2008 09:24 AM
Bella1980 wrote:I agree.If you were combining because you were worried about how you were going to pay,do not get anymore cards.Go to the library and use the internet for a job. You do not need to buy a laptop to get internet usage. The library is free! I am not trying to be mean but my friends and I have been in your position and we took the wrong steps and are now paying for it.Also, if you know you are about to be laid off start looking for a new job now.
07-29-2008 09:26 AM - edited 07-29-2008 09:26 AM
Something i have worked hard for over the past few years! I deserve it! i cant help im being laid off! [Edited] Also we pay Credit insurance for a reason just as we do for health and car! We never know what may happen! As far as creditors not being happy...that is not my concern! We are all still just 10-16 digits in there systems! am i lying? and Yes when u use credit insurance your cards are Frozen so u cant use them! that is fine but this is why its credit insurance! Credit insurance does not hurt you. Credit Counseling is what hurts your credit! because thats when your debt is taken and settled for a lesser amount! i plan on paying off the balances once back on my feet!
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.