Two credit cards are open; which one can I close without affecting my credit?

December 19, 2011

Two credit cards are open; which one can I close without affecting my credit?

I have two credit cards open at the moment. I opened a “student” type beginners credit card with my local bank and have had it for a while and now have a limit of $ 1,100.00. Another card was opened for me with more benefits (which I didn’t know it was another account or card I was opening) with a limit of $ 5,500.00. I do not want both of them open and would like to close one, but am afraid of hurting my credit. I want to close the $ 5,500.00 limit credit card because I do not want to be tempted to spend the extra money. I just recently opened it so I do not know which one to close. I would like some help from someone who’s familiar with the credit system! Thanks.
Doesn’t having a credit card open without using it hurt your credit? If I have to keep it open, how long down the line should I wait to close it?
I think I’ll keep it open then as long as it does not hurt my credit, right? How long should I keep it open for until I can close it?
CLARIFICATION ON MY QUESTION: I have had the “student” credit card for max time of 1 1/2 years. The other credit card was opened about 4-5 months ago.

Best answer:

Answer by griffin_art_design
You’re better off not closing one of them. If you feel you might be too tempted you can destroy the card so that you can’t use it without actually closing the account.

A large portion of credit rating is based on history, or how long you’ve had lines of credit. I would seriously advise you to NOT close one of the accounts.

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“student” loans? not a student, want to use money for vacation?

December 16, 2011

“student” loans? not a student, want to use money for vacation?

im 18, i have a credit card, have established SOME credit, i dont know what my score is, i am a high school senior- graduating in two weeks- i am enrolled at the community college and am taking a class there right now.

i need money. a lot of money. i want to travel the world for the next year. i dont have a job and i dont want to waste time with a job. i was thinking that maybe i could get a loan? but beause of my short, short credit history and age, would it be improbable for me to get a loan-loan? would the only choice for me be a student loan? but would all of the money i borrow have to be for student/school related costs, or could i use that money for my travels? and by the time i want to get the loan, i wont be enrolled in any classes, but will still be registered… so… does tht make me a student? anyone have any advise? i NEED to travel now, not in 10 years, not in 5, i need to do it within the next year and a half… how can i make it happen?

Best answer:

Answer by .:MELI:.
That is a BADDDD idea. If you don’t have a job, how do u plan on paying this back?? The interest is high as crap, and if you fail to pay it, they will srew you for the reast of your life. It’s a BAD idea. GET A JOB, save money, and travel later. GO to school!!

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What happens to a student credit card when you’re no longer a student?

December 15, 2011

What happens to a student credit card when you’re no longer a student?

I graduated college in May. Today I got a call from my credit card issuer (Discover) saying I need to update my information. I told them that I graduated but all my other information was still the same (income, etc…) since I only graduated approx 2 months ago.

Will Discover upgrade the account to a “regular credit card”, close the account all together or just leave everything the same? What do you think?? Please don’t tell me to “call and ask” I want your opinions or personal experiences. Easy 10 points!

Thanks so much guys!

Best answer:

Answer by W Y
If your account is in good standing, they will continue the card under the same terms. I don’t know if they will change the type of the account from “student” to something else, but the card will stay in effect, so the name does not matter.

However, if you have had problems paying on time, then they may use this change in status as an occasion/excuse to cancel your card and invite you to reapply, probably with a higher interest rate.

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Why can’t I get approved even for a student credit card?

December 14, 2011

Why can’t I get approved even for a student credit card?

I’m 20 years old. And I bank with Bank Of America and have been there a year.. I work full time .. and have been for almost 2 years straight with the same company. I make plenty of money to afford a credit card. I have absolutely no credit at all, so I just want to get a credit card and spend a small amount each month and pay it off just so I can start establishing some credit..

This shit is ridiculous why I can’t get approved.. I tried to apply for a student card.. and it said “it’s for full time or part time students that want their first card” so it’s basically targeting people with no credit from what I’ve read? but this just doesn’t make sense and it’s aggravating me because i can obviously afford it. I just don’t know what to do to get credit if I can’t get approved for shit. I know credit cards can be bad and people might say DON’T get one. but I want credit and I’m responsible so will do my best with one…

Best answer:

Answer by nice grief
The more often you apply, the worse your credit gets. You’ll be labeled a “credit seeker”.

I suggest speaking with a smaller bank or credit union and ask them to start you a small credit card of $ 250-$ 500 limit, but have them hold that amount in a separate account as a “guarantee”. That’s what I did, and it worked. Eventually I established enough credit history that I could cancel that “dummy card” and get my $ 500 back, and apply for a regular credit card.

And you generally can’t get a student credit card unless you’re a full time student. They often require a co-signer anyways.

Good Luck.

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My first Credit Card?

December 14, 2011

My first Credit Card?

I want to get my first credit card, so I can start establishing credit (I have none). I have researched and it is getting overwhelming. I have used a credit card suggestion thing online which told me to try the “Citi Forward Card for College Students” and “Discover Card for Students.”

My question is, do I just apply online to the respective sites in order to apply for the card? I mean, can you get these types of credit cards at my local bank or do banks just have their own card (I use PenAir). I ask because I would really like to be able to talk to a person about this card because I don’t want to mess it up…or get a bad card…but I guess if I tried to talk about a representative they would be more concerned about selling their cards than helping the person figure out how to use it properly (or if it’s for them at all…)

Best answer:

Answer by sapphira72
Many companies don’t even grant to 1st time borrowers; I was declined by Amazon before I got a $ 300 card with Capital One. (They’re not great. APR’s high, heavy on fees, etc.) But once I had that card for a few months I got a prequal offer from JC Penney, and another one from Chase. I’ve heard Target is really nice about opening accounts for most people.

If you’ve banked with PenAir for sometime they may give you a card as well. (Most local banks have some credit card to offer.) I would ask them what their policy is for first time credit. Hopefully they respect your relationship and wouldn’t mind loaning you a little bit of money.

I read about Cap One’s cards online, and then called someone to process the application by phone. He was quite knowledgeable. They always try to sell you payment insurance. I always decline that stuff personally.

Good luck!

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Got denied for a credit card. “insufficient income compared to debt.”?

December 13, 2011

Got denied for a credit card. “insufficient income compared to debt.”?

Well, I can’t exactly remember the wording. But, I’m a student and have government student loans… No duh my income is insufficient, I don’t have a job. I pay for school with FAFSA loans. So obviously my income is too low compared with my debt. I have a great credit score though.
I’m just wondering if there is way I can get a credit card, or will I always get denied? I don’t need one, I just want one to build my credit. How can I build my credit if I can’t get a card?
Thanks!
As I said, I want a card to build credit. I’m graduating and getting married soon and I think it would be a good idea. I have enough money from other sources to pay off my bills on time, no problem
Oh yes, I forgot to mention. I’m getting My Bachelors of Science in Nursing…. So I will have no problem finding a job. Plus, unlike other people, I will not accumulate debt on any credit card. I will be able to pay my bills the moment I get them. It’s not like I plan on going crazy if I get a card, just purchase a few small items on the card, like gasoline, so it will be a simple thing to pay it off. I did not ask this question to get scrutinized, I’m not a stupid college student. I was asking a serious question and expect serious answers… Which I have not received. All I want to know is if there is a way for me to get a credit card, or if I need to pay off my loans before that is an option. I have managed my money quite well, hence, the need to not have another job until I graduate, thank you very much.

Best answer:

Answer by KayleaF
If you don’t have a job you probably won’t get a credit card.
And why would you want one with no job?! A dangerous decision!

What do you think? Answer below!

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Question about Wells Fargo Credit Card?

December 13, 2011

Question about Wells Fargo Credit Card?

So one of the bankers from wells fargo told me about this ” Credit Card for College Students ” and how on every purchase I make, I will be charged interest. Say I spend 50$ on a new jacket, they will charge me for interest on that purchase and even when I pay off my balance in fulll, I still lose money? I’m trying to avoid all interest so if I spend 50$ on my credit , I actually only have to pay up to $ 50.
My spending limit is $ 700.

Best answer:

Answer by Your Uncle Dodge!
I see no reason to have that card. You need a standard credit card with a cap of $ 500 to establish credit for later.

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My credit score? Is it affected?

December 12, 2011

My credit score? Is it affected?

Ok, so I have two credit cards, one was a “student” credit card that didn’t seem to collect interest, the other just a regular rewards card. One card was maxed the other almost maxed. I paid the mostly on time.. making minimum payments most months and sometimes more than the minimum while i would slack off and forget to pay them other months. I would just not care and did not understand what any of it meant until my parents explained. So basically.. I’ve had months where I got phone calls telling me to pay. And I would after this obvious reminder. How badly is my credit score hurt?….. Over 1700-1800 dollars worth of debt carried for over a year… with a couple “missed” payments.. i guess. Yesterday I paid them both off fully at once. Was this a bad idea? How do I fix most of this?

I am a university student with no debt other than these 2 cards. My university tutition has been paid for in full and I’ve never needed a student loan or ever got one. Next year I am thinking about having a student loan to raise my credit score? I have a cell bill that my parents pay every month on-time. Thanks.

Best answer:

Answer by heiNey
your credit score is probably very, very low at this point. the only way to raise it back up is to use your credit card wisely from now on. meaning you should pay it off in full every month. it could take you a very long time to get your score back up. maybe a couple of years. you will probably not be able to get a student loan (or any type of loan) now since you have destroyed your credit score by doing this.

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Best student credit card for customer service?

December 11, 2011

Best student credit card for customer service?

I’m a college student, and will like to build up my credit. I’m pretty smart when it comes to my finances, so please do not say “Do not get a credit card”. I’ve had a bad experience with Chase mastercard customer service and would like some suggestions on other credits cards. I’m looking for a reliable company that won’t give me crap.
Thank you!

Best answer:

Answer by John P D
you are a dreamer…wish you luck

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How bad is my credit affected?

December 11, 2011

How bad is my credit affected?

Ok, so I have two credit cards, one was a “student” credit card that didn’t seem to collect interest, the other just a regular rewards card. One card was maxed the other almost maxed. I paid them mostly on time for the most part.. making the minimum payments most months and sometimes more than the minimum while i would slack off and forget to pay them other months and just not care. I did not understand what any of it meant until my parents explained. So basically.. I’ve had it happen twice where I got a phone call from the bank requesting me to pay. And I would after this obvious reminder. How badly is my credit score hurt?….. Over 1700-1800 dollars worth of debt carried for over a year… This week I paid them both off fully at once. Was this a bad idea? How do I fix most of this?

I am a university student with no debt other than these 2 cards. My university tuition has been paid for in full and I’ve never needed a student loan or ever requested one. Next year I am thinking about having a student loan to raise my credit score? I have a cell bill that my parents pay every month on-time. I currently work part time… and am forever guaranteed my job (employed for the full year).. so in the winter time etc I can work whenever I have time off school. I make quite a bit of money and own my own vehicle fully paid for…and just pay rent yearly.
Is it good now .. that i’ve fully paid them both off.. to use my credit cards to buy things then when I get home pay them off right away? will that help?

Best answer:

Answer by jenn.rabb
Sometimes paying off debt, in one lump sum can hurt your credit score, but you also stated that you plan on still using the cards and not carrying a balance. This, over time, will help you rebuild your credit. That is actually what I have read to be the recommendation, for building or reestablishing credit. You should use it for small amounts, only what you are able to pay, right away. For example, buy things that you would be paying cash for(cash that you have on hand)such as gas, dinning out, groceries, or a bill. If you know that you have the money and you send in your payment shortly after charging the amount, you will not incur such heavy intrest and you are building credit at the same time. I would not recommend getting a student loan, if you do not have to. Unless, of course you are going to pay it off in full or in larger installments then stated in your agreement. If your parents are paying off your cell bill every month, and it is in your name, that could be helping you. However, sometimes companies like utility providers do not report unless it is not paid. You can pull your credit report with no reprecussions, free online, at many places. Some with a free trial that require a credit card, some that do not. I hope that helps.

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