sdifox
No Lifer
- Sep 30, 2005
- 95,612
- 15,475
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Eh... I try to avoid cards that will have annual fees in the future, just because I know that I'll have to cancel them at some point.
just keep cancelling and get new ones with perks.
Eh... I try to avoid cards that will have annual fees in the future, just because I know that I'll have to cancel them at some point.
Yeah, I realize some offers could be better, but it was a kill two birds with one stone sort of thing: get a second card with no foreign transaction fee, and get some free money at the same time. And then also not have to worry about the phone call in a year to close/downgrade to avoid a yearly fee. Travel stuff could be nice, but my partner is in medical school, so not much time on the calendar for those adventures at the moment.Depending on how much you spend a month you may be able to do better than $200. I'll often check out this site for the best options when I'm ready for a new CC (Every 2-3 months or so). The offers have come down a bit for straight cash back (or gone up in spending requirements) but there are still some decent $500 options (and some 'points' cards are actually straight statement credits like this one)
So, I just checked my FICO with Visa and MC. One uses a 900 point system and the other 850. The 850 dropped to 849 and the other dropped from 894 to 883. The one that changed the most was my Vantage score through Amex, on a 850 point system dropped from 850 to 822. The strange thing was the available credit went from $25K to $65K in the same one year. Mind you in the past 60-days I've refinanced my home and cashed out some equity and got a car loan processed. I thought it odd that the creditor with the biggest credit score change was also the one that greatly increased my line of credit. Beyond that, the Visa and MC credit-issuers both said what was effecting my scores were too many accounts open with balances, which they had said for the past five years. Odd considering the only thing I had not paid off was my mortgage and I've never held a balance on a plastic card.
The system wants to keep you in debt. The only solution. GET RICH!!
There are people on YouTube who sell courses. Make $10k a day easily. How. Just by selling on Amazon.
Or, by their course on dogecoin. Millions await!
Some of them are pretty easy. For example with Chase I just send them a message from my Chase account and its closed within 24 hours. Takes like 2 minutes. You can either setup a calendar reminder or just wait till you get the bill with the annual fee on it and close it. All the banks give you ~30 days to cancel after that hits and they'll refund\waive the fee if you close in that windowEh... I try to avoid cards that will have annual fees in the future, just because I know that I'll have to cancel them at some point.
hahahahaaaaaaaa yeah right...Not true as far as I can tell.
It's never been listed as a "potential negative item" on any of my credit reports, and when I did end up carrying a balance, my score went down 4 points, so...hahahahaaaaaaaa yeah right...
On card churning (opening cards to get bonuses, then closing)
- It can damage your credit: Every time you apply for a credit card, the lender makes a hard inquiry into your credit report. Inquiries make up 10% of your credit score, and while a single one will typically only reduce your score by five points, you may see a more significant negative impact on your credit if you incur several in a short period of time. Opening new accounts can also lower your average credit age—a factor that's 15% of your credit score.3 4
- The odds of credit denial increase: If you've opened or applied for too many credit cards in the past 12 to 24 months, credit card issuers may deny your credit card application even if you have excellent credit. This is because lenders view excessive recent credit applications as a sign that you're in financial distress and are a credit risk.5
- It can increase your debt: Each card you sign up for will require you to meet a spending minimum to earn the welcome bonus. If you take out several credit cards, but can't afford the spending minimums, you could end up with more debt than you can repay, rendering moot any rewards you may have earned.
What Is Credit Card Churning?
Credit card churning involves frequently signing up for credit cards in order to take advantage of new card bonuses. Learn about its pros and cons.www.thebalance.com
How churning can affect your credit
One of the major risks associated with credit card churning is the damage it can do to your credit. This is because the things you’ll have to do to get the best rewards — opening a lot of cards and spending on them regularly — can have a negative effect on your credit scores if you're not careful.
The number of recent applications
For example, a relatively small percentage of your credit scores is determined by the number of new credit accounts you’ve opened recently. Multiple applications in quick succession may suggest to lenders that you're in financial distress and thus a risky bet, so in general a good rule of thumb is to wait six months between credit card applications.
How banks put up guardrails against churning
While credit card issuers love having new customers, they would rather form long banking relationships with cardholders rather than acquire fleeting users. Many issuers have put measures in place to pump the brakes on churners:
Should I Try Credit Card Churning? - NerdWallet
It's a way to quickly pile up credit card rewards, but doing it properly without damaging your credit requires great care. It's not for everyone.www.nerdwallet.com
If you want and will genuinely use a new card, seek ones out with the best bonuses for your situation. Don't hunt cards with bigger bonuses just to get the bonus with no intent to really use the card. They're not trophies for your wall.
to bad all the interest is a tax write off so there is no good reason to pay it off fast except less worries or no taxes to payNot everyone is lucky to get rich, so the next best thing is to just avoid debt as much as you can. The only "good" debt is a mortgage, and that's because the alternative is to rent, and you'd be spending just as much per month on rent, than you would a mortgage payment. At least eventually you pay it off. You want to try to pay as much as you can though, especially at the start of the mortgage, since most of the money goes to interest.
Unfortunately all this is easier said than done though, as costs of living keep going up so it means we have less and less disposable income unless we want to work even harder and harder such as getting a second job, but there is a limit to how hard one can work.
There's a lot of room to work with that most of the populace doesn't take. My mom was able to accumulate much money despite working at a job level no higher than 7-Eleven/Safeway bakery level of pay, despite a language barrier. Not to mention she got shafted early in life too, with the Cultural Revolution ending any educational path over there for well-to-doers.Not everyone is lucky to get rich, so the next best thing is to just avoid debt as much as you can. The only "good" debt is a mortgage, and that's because the alternative is to rent, and you'd be spending just as much per month on rent, than you would a mortgage payment. At least eventually you pay it off. You want to try to pay as much as you can though, especially at the start of the mortgage, since most of the money goes to interest.
Unfortunately all this is easier said than done though, as costs of living keep going up so it means we have less and less disposable income unless we want to work even harder and harder such as getting a second job, but there is a limit to how hard one can work.
Is this a Canadian thing because that's not how it works in the U.S.?to bad all the interest is a tax write off so there is no good reason to pay it off fast except less worries or no taxes to pay
maybe you have a bad accountant? you dont deduct interest from your taxable income? strange!Is this a Canadian thing because that's not how it works in the U.S.?
maybe you have a bad accountant? you dont deduct interest from your taxable income? strange!
Furthermore, even if we could, it would be a deduction, not a tax credit so we would still be out the difference between the interest paid and the reduction in taxes. It's much better to not pay interest.For most people in the U.S, we can't use CC interest as a tax deduction anymore.
I think he was replying to Red paying down his mortgage as quick as possible, but still its only a deduction.Is this a Canadian thing because that's not how it works in the U.S.?
I think he was replying to Red paying down his mortgage as quick as possible, but still its only a deduction.
But your one person and as such thats not a very good sampling......it happens....opps...hahahaaaaIt's never been listed as a "potential negative item" on any of my credit reports, and when I did end up carrying a balance, my score went down 4 points, so...
HAHAHAHHAAAAAAA YEAH RIGHT...
Hm, what about... all the other people in this thread who said that paying off their credit cards didn't hurt their credit score?But your one person and as such thats not a very good sampling......it happens....opps...hahahaaaa
You've been more than a bit vague in this thread. Which behaviors do you think help/damage one's credit score?But your one person and as such thats not a very good sampling......it happens....opps...hahahaaaa
VAGUE NOT AT ALL....if you read the post that I initially commented on....You've been more than a bit vague in this thread. Which behaviors do you think help/damage one's credit score?
You are not the best judge of when you're being vague. Now you're doubling down.VAGUE NOT AT ALL....if you read the post that I initially commented on....