07-20-2010 07:39 AM
im new to this site...sorry for the repeat posts.
i have a card in the mail but not sure if i want to use the card at all... do i need to close a card that i have not activated or used once...or can i just rip it up and not even think about it again? i told them to send me the card in the mail but im reluctant to use the company that apprpved me...
07-20-2010 07:41 AM
In order to give you an informed opinion, we would need a little more information. What was the reason you opened this card? Why do you not like the company? Did you open the card so that you can start building credit and/or reestablishing credit? Does it have an annual fee? Interest rate? Do you have other major credit cards that you do use and pay regularly?
07-20-2010 08:08 AM
i have never been a cc guy. always cash. i always thought personal credit cards hurt the economy. maybe bad logic but i think banks should lend to business and not to girls who want to shop and stretch out a 300 dollar dress over 6 months...that being said im a little older. i got a bmw on my own with out a cosigner and credit served it purpose. pretty soon i will be in the market for a mortgage. i dont really need the card but in order to increase future purchasing power i think its in my best interest to get trade lines with a visa through wells fargo or my CU. since ive never ever missed a payment with my car or student loan or my bull****best buy card (issued through HSBC bank) i have been receiving numerous pre approved offers...citi, discover....almost 2 a week for gthe past 8 months! i just deposited some cash i had in my wachovia account (owned by wells fargo) and two days later i got a pre approved offer from wells fargo...i figured my chances to get a card will probably be best with wells considering i bank with wachovia for personal and business...so i gave in...and got approved....now my card is in the mail...no annual fee....the rate for wells fargo is an intro 0% then jumps to like 18%.....my credit union has an intro rate of 2.9 for 6 months then jumps to only 8 or 10%....id rather trade a 0% intro that jumps to 18 for a 2.9% that jumps to only 10%
i know there are horror stories about everything online...im well versed on internet research on certain products and service...but the reviews have been overrwhelmingly negative for wells fargo and incredibly positive for CU....
07-20-2010 08:11 AM
@wolf...the card is a wells fargo platinum visa....i just told the lady to send it to me after i found out i was approved. but ifffffff i decide to not use wells fargos card i was wondering if i need to officially close it by calling them or act like i never got it just throw it into the shredder?! if i decided to shred the card would that have some consequence?! dumb questions i know...and i apoligize...
07-20-2010 08:25 AM
I see you mentioned your HSBC Best Buy card... I have the mastercard which I use for my primary card currently. Do you have the store card? I'm curious as to what complaint you have with it?
I do agree with you though that cash is gold... or vice versa. I stopped paying credit card interest quite some time ago. I pay in full twice a month. My primary reason behind using a credit card is both the rewards (even though it hurts retailers) and knowing that it's easier to steal a waad of cash in my pocket than a CC. The only time I have loads of cash on hand would be at the casino.
07-20-2010 08:44 AM
@cyan....no complaints at all...it is a store card tho...i dont want to limit my credit to just best buy lol... i was under the impression that store cards are 3rd tier cards and not really the best tohave on your report...they did offer interest free 18 months which was cool...i have a limit of 2600 and a balance of 300..l....it built my credit to enable me to get an unsecured visa....
07-20-2010 09:29 AM
@330xi: Most people do have credit cards in order to establish future purchasing power. The worse thing is to need credit, but not have any. I would recommend that you go ahead and activate the card and start using it. You can put a monthly reoccuring bill on it and then make the payment at the end of the month so that you are not charged interest.
The reason that I try to pay in full each month is because I do not want to be spending more on my credit card than I can actually afford every month. That is a good habit to get into and will keep you out of trouble in the future.
If you are looking for a mortgage, most mortgage companies like to see 3 tradelines open to show that you know how to handle credit responsibly. You may want to talk with whichever company you are planning to use for your mortgage to see what they suggest.
07-20-2010 10:13 AM
You have 2 threads going on the same topic.
Welcome to the world of credit. If you want a mortgage, the lenders want to see you have a history of using credit. Three credit cards seem to be the minimum to prove this to most lenders.
One of the easier ways to make transistion to credit from cash is to put some of your monthly bills on your card and make 1 monthly payment per month. Simplifies your bill paying and builds great credit history. Having 1 card just for gasoline and paying once a month is another. Plan your budget so you use these like charge cards, pay in full once a month, just like any other monthly bill.
I think having banking and credit relationship with a major bank and a credit union is the best option in general. It gives you more options for the future.
I still suggest you pursue them both.
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.