Credit card cancellation...

[diesel1959]

Well then, I may have to open another account I won't use, lol.

Credit cards for particular purposes can be a useful habit. For instance, I use the Discover card for all ammo, firearms, and firearms-related purchases. I KNOW if there has been fraudulent activity in an instant if something other than those type of items show up. I've got a Visa that gets used as the go-to for clothes, gas, and other sundries. Then there's the AMEX that gets used whenever my wife and I eat out or travel. By dissecting our buying activity thus, it seems to make things simpler for us.

We don't ever pay cash and we pay off our balances entirely each month. So the credit card companies make nothing on interest from us--they ONLY make money from what the sellers pay them for our use of the card.

 

[Texas42]

But why would I want to get offers, I think I had the card for 15 years and had never used it. I am just concerned it will hurt my credit score, other than that I couldn't care less.

Why open a credit card you don't intend to use? Your credit might drop......so what? Got any major purchases you plan on? Give it six month, check your credit and move on with your life. Is a liability, not a benefit.

It just sounds like a lot of effort for so little gain.

 

[seeker_two]

I have a credit card (Cabela's) for emergency use that sat at zero balance for a few months. To keep it active, I started using it to pay my monthly dues to a professional organization (ATPE) which is often on the wrong side of gun issues.....

.....I kinda like the irony.

Sent from my HTC Desire Eye using Tapatalk

 

[karlac]

Once upon a time, decided to purchase the house we'd had on a lease/purchase arrangement for a few years.

Had way more than enough in savings to pay three times the selling price.
Yet had no credit cards, therefore no "credit score", therefore no mortgage could be arranged.

Topsy turvy world, yet, like good little sheep we continue to put up with the tail wagging the dog ...

</mixed metaphors>

 

[ZX9RCAM]

Credit cards for particular purposes can be a useful habit. For instance, I use the Discover card for all ammo, firearms, and firearms-related purchases. I KNOW if there has been fraudulent activity in an instant if something other than those type of items show up. I've got a Visa that gets used as the go-to for clothes, gas, and other sundries. Then there's the AMEX that gets used whenever my wife and I eat out or travel. By dissecting our buying activity thus, it seems to make things simpler for us.

We don't ever pay cash and we pay off our balances entirely each month. So the credit card companies make nothing on interest from us--they ONLY make money from what the sellers pay them for our use of the card.

As stated previously, I do the same.
The bank pays me on average $1000/yr to use their card.


ETA: Expand quote for bold text.

 

[txinvestigator]

Remember, the credit companies don't care about your score until they are considering giving you credit. Once you are in, they want you to spend as much as possible and keep the cards maxed out.

 

[ZX9RCAM]

Since I am not needing or wanting another CC, I have no reason to care what they think about my credit score.

 

[BRD@66]

... For instance, I use the Discover card for all ammo, firearms, and firearms-related purchases....

Ha! And that's why I only purchase ammo when I use your card number!

 

[Shady]

your score will drop some just because your losing a 15 year old account.

Age of the account makes a big difference in its value to credit reporting services. So if you have
a card for 25 years one for 10 years you have an average of 17.5 years. if you have 3 cards at 1 year and 1 at 17 years you have a 5 year average.

How much it drops depends on to many factors that the common man is not allowed to know .

Any card you have that has no annual fee should be used 1 time ever 6 months or so to keep it open. It costs you nothing if you pay before the bill is due.

With cash back rewards its almost silly not to use a CC and get the free money or travel points and all the other perks like free extended warente theft protection ext ext ext. And as long as you do not carry a balance its all free.

 

[Texas42]

Between 33 and 44 percent of American households carry balances. Credit cards are not the blessing you say they are.

 

[Dawico]

Between 33 and 44 percent of American households carry balances. Credit cards are not the blessing you say they are.

Like any tool, used properly they help you. Used improperly they hurt you.

 

[ZX9RCAM]

Between 33 and 44 percent of American households carry balances. Credit cards are not the blessing you say they are.

While I do empathize those who do, I make money off mine.

 

[diesel1959]

As stated previously, I do the same.
The bank pays me on average $1000/yr to use their card.


ETA: Expand quote for bold text.

But you're NOT doing the same. You're only using ONE credit card. That's not my point. My point is bifurcating (or even trifurcating) your credit card usage between cards based upon purpose. You seem to be stuck on using just a single card. What if that card gets shut down--even temporarily--due to (1) lost card; (2) fraud claim that requires them to send you out a new numbered card; or (3) use outside your normal pattern shuts down things temporarily; or (4) whatever . . . you wind up without the use of a card for some period of time. You want more than one card that you actually use and have available with you.

EDIT: and I make money (and other considerations) off all my credit card usages, though each is slightly different in that regard, here's the thing--I don't get so wedded to one single card such that things come tumbling down if that single card/account becomes unusable for even a couple days or so.

 

[ZX9RCAM]

I've had my CC compromised probably 5 times in the last 10 years, and they have always gotten a new card to me the next day.
There's nothing in my day to day life that requires me to "need" a credit card, it just makes things more convenient, and gives me money to boot.
I always carry cash in my pocket, or can hit an ATM, and can write checks if need be.

 

[diesel1959]

I've had three or four fraud holds put on my Discover card in the last several years. They handle things very well; however, the new card, with new account number doesn't get there the next day. It's at least a couple, two-three days. And if you're on the road or in another country, that becomes a serious complication. Having more than one credit card account just makes sense.

For me, a credit card is more secure than carrying cash, as the law limits my loss to no more than $50 with a credit card if I follow the rules (and most card issuers even waive that amount if you report and/or cooperate with their investigation). There's no such luck with cash. Once it's gone, it's gone.

Essentially, I treat buying with a credit card exactly the same as paying cash or writing a check. EVERY card balance gets paid off completely each month. With no mortgage and no vehicle debt, it's no problem.

 

[ZX9RCAM]

Very valid points, I don't disagree that 2 cards would be a good idea. Of course I can always hope I can pay with my debit card if lightning were to strike.

I also own everything I possess, no mortgage or vehicle debt, CC balance paid off EVERY month.

 

[Shady]

So by that same standard guns are used in crimes and in stupid ways so no one should have them.

All tools are a blessing to most and a curse to others. If you cant handle your Credit cards then don't use them. If you cant stop at a reasonable amount of booze don't drink the first one.

Between 33 and 44 percent of American households carry balances. Credit cards are not the blessing you say they are.

 

[F350-6]

How long you've had the account makes a difference and helps improve your credit score.

Have you considered calling them and asking to keep the card open? Doesn't really matter what they send in the mail. They could just be trying to scare you into using it more.

 

[ZX9RCAM]

How long you've had the account makes a difference and helps improve your credit score.

Have you considered calling them and asking to keep the card open? Doesn't really matter what they send in the mail. They could just be trying to scare you into using it more.

They did include in the letter that even if I started using it, it would still be closed.
I will call them tomorrow.

 

[TexasRedneck]

They did include in the letter that even if I started using it, it would still be closed.
I will call them tomorrow.

Talk to someone high up the food chain. Explain to them that you've had it as a "backup", and never realized it really mattered how often you used it, but losing it right now is REALLY inconvenient, since you just took on a new project/job that you were intending to use that card for. Explain that since it's an expense account, you aren't sure how prompt they'll be on reimbursements, and that's why it's important to you to keep it isolated. That might trigger their greed enough to keep it active - just be sure to use it routinely. I have 3 cards, and I simply rotate which one I use each month. None of 'em carry a balance, and all have high limits.