Sentences with phrase «old credit card because»

- I'm a recent grad who has barely used my 2 year old credit card because all my expenses (besides my loans) were paid by my parents.

Closing an account can also be bad if it's your oldest credit card because a big part of your credit score is based on how long your accounts have been open.

Not exact matches

I had a delinquent mark on my credit report because we made a late payment on an Old Navy credit card.

Millennials are more likely to pay with cash than those 45 and older (53 % vs. 38 %, respectively) or with a debit card than those 55 and older (46 % vs. 20 %, respectively), probably because a full third of millennials (33 %) don't own any credit cards.

One of the most common mistakes that many consumers make is canceling their oldest credit card, often because they no longer use it.

I think the one most people don't realize is to keep old credit cards open because it helps with credit history.

There is an old (sexist) joke about how a man never reported a stolen credit card to the card company because the thief was charging less per month than his wife used to.

I am trying to rebuild my credit so I can be a first time home owners I was told I needed to get a secured credit card but I had so many doubts because I have not haad a credit card since I was 20 years old now ia m 30 and my credit was ruined very yung Iam now ffixing to pay my debts and trying to see wish secure credit I need to get!

Only recently (first in May with two cards from BoA) I left the cards open after shifting all but a couple of hundred dollars of credit line because I want to preserve the credit history of the old cards.

If you have to cancel one card among many, choose the newer ones because the oldest cards have the most weight on your credit score.

I lost my oldest open line of credit (a Sears card that opened in 1977 when I was in college) because I hadn't used it in four years (it was a very high interest card, but I would have a small purchase on it if I'd have known that was coming).

Now, if you decide to close credit card 2 because it's an old card that you never use, your credit utilization ratio looks like this:

Because we have more than two dozen open credit accounts, many with high limits, I finally shut down a couple old Chase cards we hadn't used in eons... with no perceptible impact on my scores.

Because of this, closing an old credit card that you no longer use can cause your score to drop, as it reduces the amount of available (unused) credit you have.

What this will do is allow the consumer to make a choice except the card rate increases?or opt out advantages of opting out allows them to pay off the card balance with the old rates and default rates previously set, but it negatively effects their credit scoring because of how the so called Fair Isaac system works it can be damaging to ones credit score.

The short answer: we never recommend closing old or unused credit cards because this rarely helps your FICO score.

The bad thing about credit cards being closed because of inactivities is that the cards are likely to be old cards.

Because it is one of several brands owned by Gap, Inc., the Banana Republic store - branded credit card, issued by Synchrony Bank, can be used for purchases at other affiliated retail stores, including all Gap, Athleta, Old Navy, Intermix and Weddington Way locations and for shopping on their websites.

I know friends who've had credit cards as soon as they turned 18 and only pay the minimum balance, while I also know people older than myself who choose not to have credit cards because they don't feel comfortable using them.

The question asked in your last paragraph (what's the downside) is answered simply; if you take out a loan and close the cards, that's a ding on your score because your leverage ratio on this portion of your credit jumps to 100 % or more, and because you'll be reducing the average age of your lines of credit (one line of credit a few days old versus five lines of credit several years old each).

«When you decide to switch credit card companies make sure and always request that your old lines of credit be closed because if not it appears that you just continue to have access to all these credit cards that you could possible go out and max out in a day's time.

Make sure to use an old credit card that you haven't used in awhile to be sure that it stays open because these old credit cards can be your best tools to increase your credit score.

At the same time, older Americans are increasingly finding it necessary to keep working — because their nest eggs and home values took a beating during the Great Recession, and / or because they still need to pay off credit cards, mortgages, student loans, and other debt.

«I've seen kids who are 25 years old who are declaring bankruptcy because they've rammed up credit cards,» Rosentreter says.

Use your older credit cards more often because the longer the credit history is the elevated your credit score.

That last point is important because canceling your oldest credit card will, in the long run, shorten your overall credit history — and length of credit history is a major factor in the way FICO calculates your credit score.

This card isn't as wildly lucrative as the others discussed here, but it has a special place in my heart simply because it's the oldest card on my credit report, has no annual fee, and consequently I'll never close it.

My question is I had 3 Amex CC two of them almost a year old the third one about 5 months old, when I» be applied for the first time I did it over the phone and before I continued with the application I told the agent that I filed for BK about 6 years ago and I never had a Amex CC then she told me that there are customers that applied with BK and been approved, when she said that I felt confident applying for it and she was right, Amex approved me with a nice credit line of $ 11,000 I was in shock, now explain this a year later I went to the website and I request a credit line increase and I was dinied I called for a recon and they told me I was dinied because in my credit report shows a BK so I said wait a minute when I had applied for that credit card I had approved with no problem and now I can't have a credit line increase and the agent told me there are different factors between applying for credit card and applying for credit increase so that was his answer but he didn't explain the factor why??? Do you have an idea why is the differents Thank you

One of the reasons I love this card is because you can have a smelly old credit rating that causes your snooty British chums to laugh at you as you shuffle your not - handmade shoes along the sidewalk, the card doesn't try to screw you like a banker does with a tax payer money bonus.

Dear Green Blues, Because this is your oldest card by far, canceling it will eventually erase a healthy chunk of your credit history.

Millennials are more likely to pay with cash than those 45 and older (53 % vs. 38 %, respectively) or with a debit card than those 55 and older (46 % vs. 20 %, respectively), probably because a full third of millennials (33 %) don't own any credit cards.

Jared Termini, a 23 - year - old television camera operator in Dallas, used both student loans and credit cards to cover his college costs because the loans weren't enough to cover his full tuition at the University of North Texas.

My thought was to get the new card with the $ 5,000 credit line and close out the old one, mostly because they're not willing to work with me on removing the annual fee.