Cycloptichorn
 
  1  
Reply Tue 9 Feb, 2010 10:19 pm
@spendius,
spendius wrote:

Quote:
It has ever been my policy that if you can't afford something right at that time, you can't afford it at all.


It's not the policy of the coalition that have won all the recent elections.


It's not the policy of ANY of the political parties to do this. The Republicans are just as bad about spending money without funding it as the Dems are, when they are in the majority.

Cycloptichorn
Irishk
 
  1  
Reply Tue 9 Feb, 2010 11:38 pm
One of the morning news shows had an economist on last week to rate credit card companies. I was only half-listening, but at the end of the segment, she said the plain AMEX card was the best. Not the Black or Platinum Amex, but the plain. (I disagree LOL).
roger
 
  1  
Reply Wed 10 Feb, 2010 12:56 am
@Irishk,
Maybe accurate, depending on the criteria. Consumer Reports does a good job, but you have to pay attention to what points they are evaluating.
spendius
 
  1  
Reply Wed 10 Feb, 2010 04:26 am
@Cycloptichorn,
Quote:
It's not the policy of ANY of the political parties to do this. The Republicans are just as bad about spending money without funding it as the Dems are, when they are in the majority.


That's what I meant Cyclo.

And even so, Fox News is reporting a poll that shows 75% of Americans are "Very angry (50%) or "Angry (25%). Only 19% are "Not angry".

Irishk
 
  1  
Reply Wed 10 Feb, 2010 08:57 am
@roger,
roger wrote:
Maybe accurate, depending on the criteria. Consumer Reports does a good job, but you have to pay attention to what points they are evaluating.


I'm sure she was right. I only disagree that it's not the best one for us, because we don't want to pay an annual fee. Amex sends us a card a couple times a year with a promise of 2 RT tickets anywhere in the US and no annual fee for a year, but we're happy with Visa.
0 Replies
 
InfraBlue
 
  1  
Reply Wed 10 Feb, 2010 10:45 am
Shiti (Citi), whom I'd been with for about twenty years or so, also sent me a letter late last year saying that they were going to jack up my interest rate another 7 points or so. I immediately opted out, and applied for a card through my credit union.

Linkat wrote:
. . . To be honest if you cancel and get a different credit card - that will impact your credit rating negatively.


but then:

Quote:
You are better off canceling the one credit card if you are dead set about opening another one from a different company (and I can fully understand your dislike of these large credit card companies over a credit union).

But if you are concerned about your credit rating, having more credit cards can negatively impact your rating (basically you have the potential for greater debt).


So, is it better to keep a Shiti card and not get a different one, or is it better to cancel the Shiti card and get a different one?
DrewDad
 
  1  
Reply Wed 10 Feb, 2010 10:55 am
@InfraBlue,
The answer is, "it depends".

New cards impact your credit negatively. Cards that you have had for a long time impact your credit positively (assuming you have a good payment history).

If you cancel your only long-standing card, then it will negatively impact your credit score. If you have other long-standing cards, then it shouldn't matter.
DrewDad
 
  1  
Reply Wed 10 Feb, 2010 10:57 am
@DrewDad,
I anticipate annual charges for people who have had their cards for a long time, precisely for this reason.
Cycloptichorn
 
  0  
Reply Wed 10 Feb, 2010 11:28 am
@DrewDad,
I can't believe that people would not get rid of a business which has shitty practices towards them, in hopes of keeping a nebulous 'score' as high as possible. It doesn't make any sense at all.

If you don't want the card, cancel it. If it negatively impacts your score to cancel a card, so be it!

What a ridiculous system. It has obviously been designed to keep the CC companies in as much business as possible - they have manipulated our society to the point where people are afraid to not use their services!

Credit cards didn't even exist 50 years ago, and somehow people managed to get by okay.

Cycloptichorn
Linkat
 
  1  
Reply Wed 10 Feb, 2010 11:47 am
@Gargamel,
It kind of depends on your current credit score and what your current situation is - if like Green Witch you have had good standing all along - getting another credit card isn't going to lower you too much or have much an impact. However, if your score is lower and you want to improve it - I would imagine that you would want to consider any aspect that would have a positive or negative impact even if small.
0 Replies
 
Linkat
 
  1  
Reply Wed 10 Feb, 2010 11:48 am
@DrewDad,
You are most likely right - I know it doesn't impact you hugely and I know it isn't too long of a period of time - but it does impact your score. Just something to keep in mind if you are trying to improve your credit score.
0 Replies
 
Linkat
 
  1  
Reply Wed 10 Feb, 2010 11:51 am
@InfraBlue,
Depends on your objective - do you plan to get a mortgage soon, then you may not want to cancel. If you have a very good credit rating already, then it is may be unlikely to push you down to a lower tiered interest rate.
0 Replies
 
Linkat
 
  1  
Reply Wed 10 Feb, 2010 11:54 am
@DrewDad,
What I've done in this situation is call the credit card company and tell them I am canceling and why - as a result a "supervisor" gets on the phone and then lets me know they will waive the fee for me.

If you find something changing on your credit card - just call them up and say I'm going cancel or else - often times they will give you what you want - not always - but often.
0 Replies
 
DrewDad
 
  1  
Reply Wed 10 Feb, 2010 11:55 am
@Cycloptichorn,
While I appreciate your ideals, most folks have to work within the system. Idealism has its place, but so does taking care of one's kids.
spendius
 
  1  
Reply Wed 10 Feb, 2010 11:58 am
@spendius,
A bit of a coincidence here- I wrote earlier-

Quote:
And even so, Fox News is reporting a poll that shows 75% of Americans are "Very angry (50%) or "Angry (25%). Only 19% are "Not angry".


And within the hour I came across this sentence in the book I'm reading-

Quote:
It is really sinful to indulge melancholy and discontent when the Almighty has been so bountiful to you.


It was written in1769. The dear Lady who wrote it must be whirling in her grave at the poll result. It wouldn't surprise me if she thought that a period of Martial Law was in order.
0 Replies
 
Linkat
 
  1  
Reply Wed 10 Feb, 2010 12:02 pm
@Cycloptichorn,
There is some logic on why getting into and out of credit cards impact your score for financial reasons - not as a favor to credit card companies.

Keeping a credit card for a while shows you are a responsible borrowing/obtaining new credit cards shows you have the opportunity to obtain more debt. It is more a risk type of basis your score is determined. There are also several rating companies and each look at things slightly differently so you most likely have different ratings depending on the company.

I would suggest canceling a card if you were not happy with, but not if you are trying to improve your credit score or if you plan on taking out a loan in the next year or two.
0 Replies
 
Cycloptichorn
 
  1  
Reply Wed 10 Feb, 2010 12:03 pm
@DrewDad,
DrewDad wrote:

While I appreciate your ideals, most folks have to work within the system. Idealism has its place, but so does taking care of one's kids.


So, people couldn't take care of their kids before Credit? How the hell did the human race make it to this point??

It isn't idealism. It's a philosophy which actually works - the problem is that it is incompatible with the Consumerist society that so many Americans have bought into. What's Idealistic is pretending that our national love for Stuff has no consequences, when we let that become the standard.

Cycloptichorn
DrewDad
 
  1  
Reply Wed 10 Feb, 2010 12:09 pm
@Cycloptichorn,
Cycloptichorn wrote:
So, people couldn't take care of their kids before Credit? How the hell did the human race make it to this point??

Credit's a tool. Folks got by without antibiotics up until the last 80 years or so, but I don't want to go back to not using them.

If it doesn't work for you, that's fine.
DrewDad
 
  1  
Reply Wed 10 Feb, 2010 12:11 pm
@Cycloptichorn,
Cycloptichorn wrote:
What's Idealistic is pretending that our national love for Stuff has no consequences, when we let that become the standard.

Where do you get the idea that I pretend there are no consequences to using credit? I suppose it's easier to maintain your superior attitude when you believe everyone else is stupid.
Linkat
 
  1  
Reply Wed 10 Feb, 2010 12:15 pm
@DrewDad,
I agree for the average person even someone not into having all the best gagdets, etc., credit can help with certain items.

For example, just imagine some one starting out - they get a new job, but may need a car to get to it - voila - they can borrow so now they can earn an income to eat food and have shelter.

A family wants a home - even a modest home - most would not be able to buy this home until saving up for 15 years or more. Not unreasonable - they can get a mortgage - and for the average home buyer they are in their home for quite a long time - there home will be worth more than when they bought it for - so bonus - they have a nice nest egg for retirement when downsizing.
 

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