Cancel unused credit cards

[II kings 9:20]

I too carry no balance unless it's 0% free money, I like Capital one's go miles program. 20K miles gets you $200 CASH, or better yet pick your best flight, pay for it with Cap One card, go online and redeem miles within 60 days of purchase. Your card is credited for the dollar amount. The math, 80 x ticket price is the miles you burn so a $200 ticket costs 16,000 miles, a $100 ticket costs 8,000 miles. You go on line and click on the purchase price, miles are deducted and you get a $200 credit on your account. No more burning 25,000 miles for a cheap ticket which most never do, they buy the ticket and save the miles only to have the airline go bankrupt and lose all those miles or they expire etc. The Go miles program ensures you actually use your miles on any airline with no restrictions.

[Cdnhemi]

Originally Posted by HEMEEE

You're so right, that's my M.O. as well! That's why I love my AmEx... no interest if PIF each month... AND better than cash in many cases: incl. insurance for trips and rental cars, dbl. mfr. warranty for big ticket items, some items like cameras are even insured against theft and damage for 90 days.

Yup, same with my Visa gold,plus I can get merchandise with my points, which I never have used, hoping that a new car will be offered one of these days, but just my luck it will be a Lada!!!!!

[james jefferson]

be careful about paying off your cards, if you owe several thousand dollars, it could effect your credit rating negatively. if you are concerned about things like that. i should have added, paying off your cards AND cancelling them.

[II kings 9:20]

Funny you mention that, I had never been denied credit for anything, just cancelled 137 credit cards with over $200k available credit. I Went to finance a piano 2 yrs ago when I had about 100K of 0% money in CC debt (also Tax free MMKT fatter by 100K) and was denied because of too much CC debt LOL. I'm glad it worked out that way, come to find later these university music dept piano sales are a complete scam. They advertise the Music dept. is selling these little used pianos when in fact the piano sales company brings all these pianos in the week before, most are pre sold, but they "work you a deal" on a new one which is what I almost did, the deal is no deal at all. I wound up buying a 1952 Steinway for less money and much higher quality with less depreciation.

[Cdnhemi]

Cancelled 137 credit cards!!!!! Wow!!! My one card is all I need, but I still get tons of applications in the mail and it seems everytime I go to Costco they are trying to flog Amex on me as they won't take Visa. I also use my debit card which takes money right out of my account and as I am over 60 (man that's old) I don't have to pay a bank fee.

[HEMEEE]

Originally Posted by james jefferson

be careful about paying off your cards, if you owe several thousand dollars, it could effect your credit rating negatively. if you are concerned about things like that.

We pay our cards off every month, sometimes with a bal. of several thousand, and both of our ratings are in the 800's. It's not the $$ amount, or the fact that it was paid off in one payment, that can create a negative impact on your rating, it's a deviation from your normal pattern. If you typically pay only minimum monthly payments (please don't!!) then suddenly pay off all balances, your account may be flagged.

[II kings 9:20]

I am down to 3, 1 visa, 1MC, and 1 disco (for use at Sams club). All those I cancelled were not used, numerous Visa, MC, Disco, and dept store cards obtained over the last 7-10 yrs for 0% deals and "15% off today if you open an account".

[james jefferson]

Originally Posted by II kings 9:20

Funny you mention that, I had never been denied credit for anything, just cancelled 137 credit cards with over $200k available credit. I Went to finance a piano 2 yrs ago when I had about 100K of 0% money in CC debt (also Tax free MMKT fatter by 100K) and was denied because of too much CC debt LOL. I'm glad it worked out that way, come to find later these university music dept piano sales are a complete scam. They advertise the Music dept. is selling these little used pianos when in fact the piano sales company brings all these pianos in the week before, most are pre sold, but they "work you a deal" on a new one which is what I almost did, the deal is no deal at all. I wound up buying a 1952 Steinway for less money and much higher quality with less depreciation.

see my edit. its a screwy system. if i owe 10k and have 5 cards thats shown as 2k per card per debt ratio, which is good. if i owe 10k and only have one card, the ratio is worse. stupid but....................

[james jefferson]

Originally Posted by Mikeyjohn

Cancelled 137 credit cards!!!!! Wow!!! My one card is all I need, but I still get tons of applications in the mail and it seems everytime I go to Costco they are trying to flog Amex on me as they won't take Visa. I also use my debit card which takes money right out of my account and as I am over 60 (man that's old) I don't have to pay a bank fee.

thats strange. about a year ago, my visa card was used by a crook with costco and bought about $1500 worth of merchandize (russian guy). lucky for me i stopped the last $900 and notified my credit card bank. but it caused me problems for about 6 months before i got it straightened out.

[Cdnhemi]

Originally Posted by james jefferson

thats strange. about a year ago, my visa card was used by a crook with costco and bought about $1500 worth of merchandize (russian guy). lucky for me i stopped the last $900 and notified my credit card bank. but it caused me problems for about 6 months before i got it straightened out.

This is in Canada James, we can only use Amex or if you have a bank debit card they will accept that, no Visa, MC or any others are accepted.

I may be wrong on this but I had heard that bank debit cards were not very popular in the US but is widely used here on this side of the border. I very seldom use it as I like to get points on my Visa. If I am wrong on the debit card, I apologize.