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I thought you meant that you PIF'd before the original balance ever posted, so that you always had a string of $0's displaying. And of course you know that closing accounts doesn't help, and it probably hurts. It reduces your total available credit limit, thus potentially increasing overall util when you do have balances on other cards, and it reduces the number of open revolving accounts, increasing your chances of being dinged for "too many accounts with balances."
soonerORlater750 wrote:
I close store accounts after the item is paid for, ie: big screen TV purchased a year ago for $2400 at Fry's Electronics... I stretched that one out over 5 months, PIF and closed the account. I got another TV at Best Buy last month @ $900... already paid $600 and will PIF before the end of this month and will CLOSE the account....
I don't know what predicament of mine you're referring to --if you think that I'm being forced to defend the virtues of FICO scoring, I'm not. I'm just another member here, and all the mods are volunteers. So I don't have to toe the company line or anything. I'm quite certain that I'm not getting a paycheck!
soonerORlater750 wrote:
I do appreciate your predicament and sympathize, but still contend it's a FICO problem, not AmEx. I'll shush my mouth now.
Another idea is if anted to make a major prchase, I would call my CCC up and ask them about it. I would say that I'm going to spend $3k in Best Buy and assuming DW doesnt kill me, I intened to PIF in say 6 months so will you smack me on my CL for doing this.
Hauling- Nooooooo. Didn't mean you had "issues". lol I read and appreciate your posts/ guidance in this forum.
I guess all things (including BuyGold's situation) are viewed from one's own perspective. In my case, I'm 60, don't own a home now (no more yardwork! ) and really have no "need" for super-high FICO scores / high credit limits. If I need a high-ticket item, I open an account, charge it... PIF it in a very few months and close the account so I don't worry about ID theft, etc. I've opened / paid 6-7 CC's, including MCs and Visas in 2008. FICO may not like it, but I keep getting green lights. I do really, really, really like the "rewards points" and actually MAKE MONEY off them, especially during their introductory periods! Having taken BK in 2000, I'm allergic to balances, but I just LOVE having someone (hello Chase!) pay me to use their card. My credit may have the blem on it, but it's still good 'nuff for anything I need to do. Again... "perspective".
Hope you had a good T-giving and BuyGold survived Black (Red) Friday.
Now I'm gonna re-shush! <-- double-shush
@Watchmann wrote:
I'm a 28 year AMEX cardholder, $63k CL total on two AMEX credit cards, plus a Gold Charge card. Have never had a CLD or any adverse action by AMEX.
OP, pardon a brief threadjack -
Just a thought, Watchmann - why don't you make the above (or a variation of it) your sig line? That way you don't have to type it over and over, can just reference it instead for anyone new to the fora, and readers already familiar with your excellent history with AmEx can get to the other useful information/input offered in your posts without first having to wade through something they already know. Might simplify things all around.
@Scamp wrote:
@Watchmann wrote:
I'm a 28 year AMEX cardholder, $63k CL total on two AMEX credit cards, plus a Gold Charge card. Have never had a CLD or any adverse action by AMEX.
OP, pardon a brief threadjack -
Just a thought, Watchmann - why don't you make the above (or a variation of it) your sig line? That way you don't have to type it over and over, can just reference it instead for anyone new to the fora, and readers already familiar with your excellent history with AmEx can get to the other useful information/input offered in your posts without first having to wade through something they already know. Might simplify things all around.
Thanks for that excellent suggestion, good to see you are looking out for everyones best interest. Have a good Black Friday (now go shopping and be sure to use AMEX for all your holiday expenses).
Well, HSBC hit me recently. My initial credit limit was $4000 and I used approx $2000. I made my payments on time and reduced my balance to $900. One day I got a notice from HSBC saying they were decreasing my credit limit to $905. I thought I did something wrong (missed a payment, sent a payment late, etc.) but I didn't.
The credit limit reduction I didnt care too much about because I wasnt making any charges on the account. I was more concerned about my utilization ratioin that it accounts for 30 percent of your credit score. The lower it is, the better it is for your credit score.
When my limit was $4000, my utilization was 50 percent and slowly decreasing. When my limit was reduced to $905, my utilization maxed out to 99 percent. I have paid it down to $300--30%. I understand what the $40,000 AMEX holder is saying---cant reduce it to less than the balance, but your utilization is MAXED out. Either way, your 30% gets slammed and if your balance is maxed out your slammed.
Any thoughts....