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!…

Interest rates

Credit Card rate jumping by 9%

I handle all our finances, including credit card payments each month, and yesterday, we got a notice on a joint credit card that the interest will be going from 22.9% to 32.9% in April. They gave us the option of closing the account to keep the current terms. We are close to maxed out on the account. This extra interest will amount to $610 a year, or about $50 more per month. We are overextended on our credit cards and other credit, but we have no adverse accounts on the credit report, all accounts are paid properly. The credit rating is not the best, but it is currently 630. Questions: Is it better to close the account and keep the current terms, or keep it open and pay more, but focus on paying extra to get the balance down faster? What would it do to our credit rating to close…

Interest rates

I am finally able to save some money

This imperfect sucker is going to be 60 years old this year. I am finally able to save some money. Who knows where social security will be? After plodding along for over a decade paying ,and paying ,and paying the last straw came when my business went downhill and I was three months behind with Citibank. All that was left of the debt was interest and fees. They sold it to a debt buyer who intimidated me and added their own interst, yet kept me in the dark about that. Almost $2000 later I find out the debt I thought I was paying was only getting larger! I thought interest was only to be charged on money borrowed. I didn’t borrow any from these crooks at that agency! If debt buyers are legally allowed to charge interest, it should ONLY be allowed for the amount they purchased the debt for…