Thanks. Unfortunately, the cc I'd like to close is the oldest one I have. Probably just leave it active and pass a transaction through it every once in a while.
No problem Nik. Glad to help. That's basically what I do with my card. It's my only credit card and I only keep it open since I've had it so long. I just make a transaction here and there, keep a small balance on it, no problemo. Have a good weekend.
Different issue. It is being smart, not being rich. Smart people make the time value of money work for them. They don't borrow money for expenses that can be put off. That is utterly stupid. You are paying them interest you don't have to so they will give you the privilege to borrow more at lower rates? I have no idea what my FICO score is and I don't care because I never borrow money. You ass-raped yourself by borrowing money on contractual terms where the lender could raise the interest rate any time it wanted to. Accept some responsibility for your decisions.
Typically, creditors will use different CRA's depending upon geographic location. For instance, someone in Texas opening an account at Chase might have their TransUnion score used, while Equifax might be used for another state. It's been awhile since I've tracked this sort of thing, but a site called Credit Boards.com has a spreadsheet where users input their location, their real FICO score, the Creditor and finally whether they were approved and with what credit line. The forums are also an interesting read into how these creditors just shut down credit lines, cut credit limits, etc. I noticed this sort of activity in a meaningful way back in the summer of 2007, several months before it was widely accepted we were in a credit meltdown.
Citi bank just did the same to me Raise me to %14.99 just when i opend a new business and requested 10K I am now fucked
No ET thread is truly complete without a psychotic, mindless troll. Ipatent is here to be the gapfiller for the vast emptiness that comes with a rational thread. Uhhhh no, not really. Try reading the thread again. Go ahead, I'll wait. Okay, so borrowing money at a low rate during a high inflationary period to earn more money by investing it elsewhere is a dumb idea? Oh okay...Thanks for clearing that up. I'll be sure to pay back debt as soon as possible instead of using it as leverage to attain a higher ROI. Insurance companies never do that. Thanks for the brilliant advice, Mr. Rich Man. You are so right!! That ~$2 a month in interest I pay on that $400-500 card that ended up saving me literally hundreds of dollars a month in interest on my mortgage because I had A+ tier credit was a total waste. Utterly stupid of me indeed. That wasted interest that I could have been saving would have been good for an extra Starbucks latte at least every 2-3 months. If I were only so wise as you, Mr. Smart Rich Man. You're a sage I tell you! If you would read before spewing nonsense, you would noticed I already mentioned that the only credit line I have that can be altered is the one with $400-500 balance. Any other debt is fixed rate. I do accept responsibility for that decision. If you are going to continue being a buffoon, please go away. You made a total idiot of yourself and it was absolutely unnecessary to do so. All because you wanted to be a troll. Take this lesson to heart.
I have no idea about what the "majority" of banks do. I can only give you first hand information of what a bank I worked at did. My bank was a regional bank in the southern United States. I never did credit card applications, only commercial loans (Lines of credit, letters of credit, fixed o/o mortgages, variable o/o mortgages) and high net worth indivual loans (mortgages, Lines of credit, secured loans) and I only used a credit score from one source