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Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
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Re: Putting my 11 cards to rest until March


concert_debt wrote:

best advice i ever heard (but i'm no expert, so people feel free to educate me if this is wrong!) -  whatever you wanna buy, pay that money in advance on whatever card you want to use, then go buy itthat way you look REALLY good to the cards, little or no finance charges, it's almost exactly like paying in cash, BUT you have a record of your payment (the cc payment) in case of any disputes, and you earn whatever points and your accounts aren't inactive!

 

.....however, i have never been financially solvent enough to put this into practice.... but i got the advice from a teacher whose sister did the aforementioned...


Welcome to the forums.

 

PIF'ing accounts is a wise practice. Paying in advance of charging is actually not that good an idea. Generally speaking CCC's do not like credit balances. That's why most of them don't make it very easy to make payments that exceed your balance. The main reason to post a payment in advance of a charge is to be able to pump more through an account than the CL would otherwise let you do.

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pattycake
Posts: 760
Registered: ‎04-30-2007
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Re: Putting my 11 cards to rest until March

If you have Target, they will close your account for inactivity. They told me that they were doing me a favor by only slashing my CL by $2K since I hadn't used it in six months.

My Citi ExxonMobil card was closed last week, and I found out only because I got an SW alert.

pattycake's FICOs: 6/2/10 - TU: 708; EX: ???; EQ: 749
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
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Re: Putting my 11 cards to rest until March


pattycake wrote:
My Citi ExxonMobil card was closed last week, and I found out only because I got an SW alert.

This was part of a massive sweep. They dumped tons of these cards.

Super Contributor
DI
Posts: 5,744
Registered: ‎01-28-2008
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Re: Putting my 11 cards to rest until March


creditwherecreditisdue wrote:

pattycake wrote:
My Citi ExxonMobil card was closed last week, and I found out only because I got an SW alert.

This was part of a massive sweep. They dumped tons of these cards.


Can this thread be about my "Putting my 11 cards to rest until March"?    Just joking....Hi CWCID:smileyhappy:

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creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
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Re: Putting my 11 cards to rest until March


DI wrote:

creditwherecreditisdue wrote:

pattycake wrote:
My Citi ExxonMobil card was closed last week, and I found out only because I got an SW alert.

This was part of a massive sweep. They dumped tons of these cards.


Can this thread be about my "Putting my 11 cards to rest until March"?    Just joking....Hi CWCID:smileyhappy:


No one likes to feel alone!

 

:smileywink:

Super Contributor
DI
Posts: 5,744
Registered: ‎01-28-2008
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Re: Putting my 11 cards to rest until March-UPDATE- I cannot do this.

I cannot do this.  There's too much risk involve using a debit card only. 
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txjohn
Posts: 4,214
Registered: ‎09-12-2008
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Re: Putting my 11 cards to rest until March-UPDATE- I cannot do this.

DI,

 

You don't have to use all 11 cards.  You could elect 1 as your main use card.

 

Also, you could put an auto pay for 1 small bill on each major (electric, water, internet, cell, cable, satellite, etc) and then use each cards "auto-pay" to "pay entire balance automatically" to make sure that you don't have to log in to each account each month.  It would be for "expected" amounts that you normally pay cash for anyway and not involve any extra effort of steps.

 

IMO  :smileywink:

 

 

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: Putting my 11 cards to rest until March-UPDATE- I cannot do this.

If I recall your original plan, where you assigned recurring bills to most of the cards and had a few left over, it sounded like it would work. If you wind up with 4 cards not covering cell phone bills or whatever, just alternate 2 per month. That will keep them active, while preventing your brain from melting down from trying to keep track of everything. Ask if you can switch the statement dates or due dates of the cards assigned to recurring bills to the same date, so that you will always have just one date to pay your regular bills. Then the others won't be so much to schedule in.

Give this six months. By then, I'll bet a few cards will start to suggest themselves as candidates for closure. :smileywink:

But I agree, keeping track of a debit card for everything is a PITA. Even when you enter the amount in your checkbook as you're sitting in your car, it's so variable as to when the debit actually posts. I've definitely gotten spoiled by the convenience of CC's. One payment, one checkbook subtraction, one time a month per card.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
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jefftca925
Posts: 706
Registered: ‎08-14-2008
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Re: Putting my 11 cards to rest until March-UPDATE- I cannot do this.

I have considered not putting anything on a credit card and only using my debit card for purchases but one thing you have to keep in mind.  A lot of identity theft is occurring with debit cards nowadays and there isn't the amount of protection that you get when you use a credit card for the same purpose.  You basicly have to notify the bank if your card is stolen or compromised and often you won't know until your account is cleaned out.  Credit cards don't have that problem.  Just something to think about...

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DI
Posts: 5,744
Registered: ‎01-28-2008
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Re: Putting my 11 cards to rest until March-UPDATE- I cannot do this.


jefftca925 wrote:

I have considered not putting anything on a credit card and only using my debit card for purchases but one thing you have to keep in mind.  A lot of identity theft is occurring with debit cards nowadays and there isn't the amount of protection that you get when you use a credit card for the same purpose.  You basicly have to notify the bank if your card is stolen or compromised and often you won't know until your account is cleaned out.  Credit cards don't have that problem.  Just something to think about...


Exactly!  That's why I changed my mind.  I don't want to put everything on my debit card.

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