Hello, I am new to this board but do come by to read posts and replies and I love the information and advice given here. Everyone is always so helpful and polite. Here is my delima:
I just refied my home from 5.25 to 4.50. One of the conditions was escrow will pay off my CC debt which thrills me. Now I am frightened that with zero balances the CC companies will close my accounts. I have had two cut the limits and I am so, so with that. In your opinion do you think they will now close my accounts or just lower the limits? I have several credit cards and department store CCs but they are all zero bal. My department store CCs I use and payoff each month regardless. All my accounts are in excellent standing and have a long credit history. Always pay on time and much more than the min. due. The next statements that generate will all have no balance. I am tempted today to grocery shop and use a CC which I have never done. And on the others do a little online shopping to about $100.00 on each just so there is a balance and they won't close. I was listening to Suze Orman last night and she now thinks paying min. payments only is the way to go until the economy and CC companies get it together. She says the CC comapnies are opting to close accounts with no balances now more often than lower. Any advice or thoughts on this. Thank you.
I have 2 GEMB cards and a National City Visa. I havent been the victim of CLD yet. They are all at 0 balance and while in the best I revolved a balance on all of them, I havent done so in over a year.
PIF everything and as HTSU says you will be fine.