Credit card accounts

I just don’t believe

I just don’t believe having a credit card is going to “improve ones credit” to a large degree. I think what’s matters most is timely payemnts on large purchases and always being on time with lifes essentials… and a credit card is NOT one of life’s essentials. Even though advertising tries to convince us it is! It also helps one credit scaore to establish a permanent residence and have a saving account. If it was my daughter I would tell her to get Capital One out of her wallet. Last year there was a 100 year old man in the news. I remember a CNN host asking him for advice about a long life. He said he never had a credit card and didn’t want one. Maybe his life was less stressful than many who think they “need” credit cards! It makes perfect sense — for the credit card company!…

Budget management

I am confused

I am confused. I thought it was illegal to raise an interest rate this high??? This is highway robbery. I noticed a couple of mine went a little higher as well and it has really pissed me off but I would die if it went to 32%. There has to be a legal issue with this. I would dig deep. I also start thinking payday loans (from reputable providers like LendUp or KeeLoans) are much better than credit cards. If you are just a user on his CC account then it shouldn’t show up on your credit report. You are only a “user” and not and not a co-signer on the account so I would look into getting that removed from your credit report. I think it will show up because if someone adds another person as an authorized user, it helps the authorized user’s credit score. That is why many…

Credit card accounts

We don’t qualify for any more credit accounts

Because our credit is so maxed out now, we don’t qualify for any more credit accounts. We tried to get one, but were unable to. They said I can write to learn the “reason” they jacked up the rate, but I pulled the applicable credit report and there is nothing new on it. All payments are on time. Also our credit rating has been stable for 3 or 4 months, so it doesn’t make sense. What I’m thinking is if I can find other money, like borrow from my 401k for a year, I could maybe pay 1/2 of the account down, which looks a lot better. Then, I can ask my hubby to call and request an interest rate reduction. I’d rather borrow my own money than keep paying these idiots. I’d need to work the 401k loan so that the payments would be similar to what they would…