what is the best cc????

[AVERYxo]

Originally Posted by pepe mint

this is a "game" dh and I used to play all the time. but this is the first time I have looked at changing my own personal cc. I looked at capital one and am not really impressed. I think I will dig out some of the cc offers I have gotten in the mail lately and see what they have to offer.

i have a capital one credit card.. (and i have really great credit, fyi) but i have not really been impressed with them at all.. i have had this cc for a while(a couple years!).. and they never really do anything for long customers, etc. they are just a card.. and nothing more! (& like someone else mentioned if you are not careful, many of their cards have annual fees!! i wouldn't recommend it. where do you do your banking?? alot of times they will give you a better offer if you bank with them.. i have a BofA credit card..(i don't bank with them, i bank with WAMU.. but my bf does!) and so far i have been really happy with Bank of America.. i have a card that earns cash back.. check them out they have alot of options, etc. good luck!

[karensu68]

I used to have Capital One, but the fees were crazy. I would try your bank-with so many companies offering credit cards, it is competitive-so ask your bank what their interest is and fees-we have Visa with very low interest from ours.

[wookie]

Here's a great website where you can compare major credit cards:

Low Interest Credit Cards - CreditCards.com

[Timmy]

I like American Express....its not good to transfer your balances to another card often. It can mess up your credit score, especially if you keep opening new accounts. I know someone who had excellent credit she use to transer balances, open new accounts and when she went to apply for a home loan they denied her and her credit score was almost at 800. They denied her because of too many revolving accounts...although she hardly used them, their thinking was...oh this woman can go tomorrow and max all her accounts. Unfortunate but it happens, so be careful. I have a Visa, Mastercard, American express, care credit & home depot.

[Zanders' mom]

I have capital one, no rewards. I have been listening to the Dave Ramsey, Total Money Makeover, Real Debt Help - Get out of debt with Dave Ramsey's Total Money Makeover Plan.
he advises that one does not need to set up credit, it is a credit card gimmick to get people to run up their credit cards. He talks about being debt free is the closest thing to being a millionaire. I recently found his book at 1/2 off books, I've been reading a little. Does anyone here listen to him? Have you followed his program? Anyone debt free with his program?

[AVERYxo]

Originally Posted by Timmy

I like American Express....its not good to transfer your balances to another card often. It can mess up your credit score, especially if you keep opening new accounts. I know someone who had excellent credit she use to transer balances, open new accounts and when she went to apply for a home loan they denied her and her credit score was almost at 800. They denied her because of too many revolving accounts...although she hardly used them, their thinking was...oh this woman can go tomorrow and max all her accounts. Unfortunate but it happens, so be careful. I have a Visa, Mastercard, American express, care credit & home depot.

i have heard this too!! a similar thing happened to my BF's sister when she and her husband were buying a house a year or so ago.. they both had good credit.. but they had too many things open in their name(even though there weren't high balances on ANY of them.. some had nothing charged on them at all) plus the fact that her hubby is self-employed, didn't help either! but they got the loan for the house.. it was just more difficult than it needed to be!

so i have a question then.. does anyone know if it's better for your credit:
-to have a few more open cards, with no owed balance on them.. OR..
-to close a card or two, if you are gonna open another (..cuz i have heard it's negative on your credit score to close credit card accounts also!!) ?!?!

[mminichan]

Originally Posted by AVERYxo

i have heard this too!! a similar thing happened to my BF's sister when she and her husband were buying a house a year or so ago.. they both had good credit.. but they had too many things open in their name(even though there weren't high balances on ANY of them.. some had nothing charged on them at all) plus the fact that her hubby is self-employed, didn't help either! but they got the loan for the house.. it was just more difficult than it needed to be!

so i have a question then.. does anyone know if it's better for your credit:
-to have a few more open cards, with no owed balance on them.. OR..
-to close a card or two, if you are gonna open another (..cuz i have heard it's negative on your credit score to close credit card accounts also!!) ?!?!

Good Qs!! I want to know also!! I thought it was better to have more open cards with no owed balance on them bcoz it helps to keep the ratio up?

[LaPeque]

I've been pleased with my Capital One card ... there is a membership fee, but I just call customer service when it shows up on my bill and they have always dropped it.

You might want to check with your bank as well. My primary checking account is with Bank of America, and I have a great B of A credit card. The interest is relatively very low (8%, I believe) and there are no annual or membership fees.

No matter what CC you get, be really careful with the timing of your payments. A couple yeas ago I paid my Chase bill a day or two late, and my interest shot from 12% to 30%. I didn't catch that for a couple billing cycles. Luckily, all it took was a phone call to get the rate back down, but it seems the CC companies will use even the smallest slip ups to stick it to you big time.

Good luck!

[Too Cute Teddy]

I've always heard that the length of your credit is important. I have a Visa from high school that has a high interest rate, but I keep it open b/c it was my first card, and if I close it, then it will make it appear that I have only had credit for a shorter amount of time. I don't use the card, and if I do I pay it off in full (I actually do this with my other cards too). So I'm not sure how accurate this is, but if it is a card you had for a long time - I would pay it off, and stash it away, but not cancel it.

[mminichan]

So, have more cc open but with no owed balances are better than just close them is better for credit score?? Am I correct??

[Too Cute Teddy]

That's what I've heard. but don't hold me to it. I've read that they look at your length of credit, and your debt to credit ratio. If you have 5 credit cards, one with nothing on it, and you close the cc with no blance you make your debt to credit ratio worse not better because you actually have less credit, and more debt after you close the card with a zero balance.

[mminichan]

Originally Posted by Too Cute Teddy

That's what I've heard. but don't hold me to it. I've read that they look at your length of credit, and your debt to credit ratio. If you have 5 credit cards, one with nothing on it, and you close the cc with no blance you make your debt to credit ratio worse not better because you actually have less credit, and more debt after you close the card with a zero balance.

That what I heard too! But I don't know why my credit score isn't as high as I expected since I already paid all my CC off full every month! Anyone has any suggestion how to raise credit score?

[AVERYxo]

Originally Posted by mminichan

That what I heard too! But I don't know why my credit score isn't as high as I expected since I already paid all my CC off full every month! Anyone has any suggestion how to raise credit score?

that is good.. and is definitely helping your score! but also.. bigger purchases (like a car, etc) and staying current on all your payments(also paying more than the minimum required, etc.) also.. putting little things like the phone bill, gas, water, etc. in your name and having a long, good standing past with them as well! im sure there are other ways.. but i know the things i've mentioned are helpful! (also.. the amount of time you have had any credit.. say you opened a credit card when you were 18, 19, whatever.. and haven't really had anything else in your name then a few years later maybe put your cell bill in your name and open another card.. even in you have been great in paying off all your debt.. you haven't had enough history to back you(so it's positive but it doesn't have enough purchase history to back your good standing, or you may not have enough or even long enough of a credit history!) don't know if that made sense sorry!

i dont know all the ins and outs i just know.. as long as you are current on your payments & have a couple different forms of credit.. you will build a good standing and have a good credit score (if you show consistency in everything for a long enough amount of time) then after having that history to back you(ex. 2 credit cards, a dept. store cc, cell phone in your name, along with a few bills(gas, water, etc), are in good standing with your bank, and things like that..) you will most likely be approved for a bigger purchase(such as a car..) then say you purchase a car.. you are current, pay more than the minimum, and once you start to make a dent in the amount you owe.. your credit will continue to rise! (but be careful.. there are many little things that can lower it as well.. multiple late payments, running your credit score, etc.)

now that i wrote you a novel! haha. hope that made a little sense!

[mohawkmalli]

Love my Discover cashback on all purchases even more cash back when purchasing stuff online. Their interest rate is pretty good too!