got to love Credit Cards when near limit .

renovation · 09-03-2008, 06:19 AM

i just got my credit card statement from WAMU bank. I was aware i was close to my limit. not a biggie for me i thought as i pay it off monthly anyway. will i get hit with a over limit fee because of $35.00 why because the finance charge took me over my credit limit for this month. what also pissed me off is the fact i went over the credit limit.they are and have raised my annual intrest rate im charged now. they hiked it 10 % to 19.9 % from the 9.9 % it was .
and there not a thing i can do i called. but there is one and im doing it paying it off and closing the account. me im able to but im sure others wouldn't and never get out from under

DarkFury · 09-03-2008, 09:58 AM

Credit card debt = bad/evil

I pay my balance off every month and reap the rewards of my card versus paying intrest through the nose.

Prngr44 · 09-03-2008, 11:59 AM

If you're not worried about the hit to your credit score, then close the account by all means. Otherwise you might just leave it open, but unused.

zippyjuan · 09-03-2008, 12:54 PM

A few months ago, mine shortened the grace period- the time between when you get the bill and the payment has to be in to them- to about ten days. My bill was less than $100 and they hit me with a $30 late fee (or something like that). They raised my interest rate for that too.

If you pay it off (and not just pay on it) every month, it does not matter what interest rate they charge since you pay zero interest. Owing interest means you work for someone else and everything you bought with the card costs you a lot more than the price tag.

As far as I am concerned, the only good debt is a mortgage- and I am even trying to get rid of that.

And as far as the credit score- the big thing as I understand it is what percent of available credit you are using. Having a couple of credit cards with low or no balance is better than one card at or near its max.

Prngr44 · 09-03-2008, 01:03 PM

Quote:

Originally Posted by zippyjuan

And as far as the credit score- the big thing as I understand it is what percent of available credit you are using. Having a couple of credit cards with low or no balance is better than one card at or near its max.

I was thinking more along the lines of the reduction for eliminating the history of that open account.

zippyjuan · 09-03-2008, 04:28 PM

Even after you close an account, the information is still on file at the credit bureaus for a few years.

Prngr44 · 09-04-2008, 08:26 AM

Quote:

Originally Posted by zippyjuan

Even after you close an account, the information is still on file at the credit bureaus for a few years.

I understand that, but they score the length of history of your active accounts differently than your previously closed accounts.

I know it doesn't make much sense, but the double secret probation formula they use doesn't make much sense either.

Chgoman · 09-04-2008, 09:06 AM

If it's your oldest card, it's best to leave it open or you'll take a hit on your credit score. If it's one you opened more recently, then closing it has minimal effect as it probably won't hurt and may even help your average length of credit. Long term not a huge deal either way, but if you're looking for a mortgage or something in the near future, it may matter.

09-03-2008, 06:19 AM	#1
renovation Rear Admiral Upper Half Join Date: Jan 2003 Location: by a lake in michigan Posts: 3,674	got to love Credit Cards when near limit . i just got my credit card statement from WAMU bank. I was aware i was close to my limit. not a biggie for me i thought as i pay it off monthly anyway. will i get hit with a over limit fee because of $35.00 why because the finance charge took me over my credit limit for this month. what also pissed me off is the fact i went over the credit limit.they are and have raised my annual intrest rate im charged now. they hiked it 10 % to 19.9 % from the 9.9 % it was . and there not a thing i can do i called. but there is one and im doing it paying it off and closing the account. me im able to but im sure others wouldn't and never get out from under __________________ be careful of what you wish for . you may get a ton of junk e-mail ! smile or f-off

09-03-2008, 09:58 AM	#2
DarkFury Secretary of the Navy Join Date: Feb 2001 Location: Chillin' N Da 'Hood Posts: 33,477	Credit card debt = bad/evil I pay my balance off every month and reap the rewards of my card versus paying intrest through the nose. __________________ DarkFury's Pimptopia - Don't Hate the Playa, Hate the Game! Home of the Original OG Pimp (accept NO imitations)

09-03-2008, 11:59 AM	#3
Prngr44 Captain Join Date: Feb 2003 Location: St. Louis Posts: 1,991	If you're not worried about the hit to your credit score, then close the account by all means. Otherwise you might just leave it open, but unused. __________________ http://otthouse.blogspot.com

09-03-2008, 12:54 PM	#4
zippyjuan Picture of the Day Guru Join Date: Oct 2002 Location: Sunny San Diego Posts: 8,069	A few months ago, mine shortened the grace period- the time between when you get the bill and the payment has to be in to them- to about ten days. My bill was less than $100 and they hit me with a $30 late fee (or something like that). They raised my interest rate for that too. If you pay it off (and not just pay on it) every month, it does not matter what interest rate they charge since you pay zero interest. Owing interest means you work for someone else and everything you bought with the card costs you a lot more than the price tag. As far as I am concerned, the only good debt is a mortgage- and I am even trying to get rid of that. And as far as the credit score- the big thing as I understand it is what percent of available credit you are using. Having a couple of credit cards with low or no balance is better than one card at or near its max. __________________ I add new pictures to my photo gallery pretty regularly. You can see them here if you are interested: http://www.pbase.com/jeffryz

Thread Tools	Search this Thread
Show Printable Version Email this Page	Search this Thread: Advanced Search
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

09-03-2008, 04:28 PM	#6
zippyjuan Picture of the Day Guru Join Date: Oct 2002 Location: Sunny San Diego Posts: 8,069	Even after you close an account, the information is still on file at the credit bureaus for a few years.

09-04-2008, 09:06 AM	#8
Chgoman Lieutenant Commander Join Date: Apr 2002 Location: Mission Viejo, CA Posts: 564	If it's your oldest card, it's best to leave it open or you'll take a hit on your credit score. If it's one you opened more recently, then closing it has minimal effect as it probably won't hurt and may even help your average length of credit. Long term not a huge deal either way, but if you're looking for a mortgage or something in the near future, it may matter.

User Name
Password
Remember Me?