AOPA credit card --- WARNING.

John Harlow wrote:

Plenty of people willing to offer me credit, those who have crappy
support, get the Scissor treatment. I usually have a few in the
drawer because they were giving something away for enrolling (Margy
needed at hat at Oshkosh once so we got EAA Visa cards lying around
in the drawer).


For those interested in improving their credit ratings: it can be
detrimental to have several open credit lines (with balances or not) as
potential lenders will consider the possibility of you running up balances
and not being able to pay their debt back. Make sure you call credit card
companies you have unnecessary credit with and cancel directly with them -
cutting up the card isn't good enough.

Actually it's the opposite. You do not want to be closing down a bunch
of cards where the only reson is you don't need it. Do a google search
on credit rating. Saw a guy on TV explain it. The new system values
the amount of time each of your accounts has been open. A bunch of
accounts open a short time and then closed is very bad. In fact a
twentysomething kid is not able to get as high a credit score as an
average 50 something simply because of the time factor.

For those interested in improving their credit ratings: it can be
detrimental to have several open credit lines (with balances or not)
as potential lenders will consider the possibility of you running up
balances and not being able to pay their debt back. Make sure you
call credit card companies you have unnecessary credit with and
cancel directly with them - cutting up the card isn't good enough.

Actually it's the opposite. You do not want to be closing down a
bunch of cards where the only reson is you don't need it. Do a
google search on credit rating. Saw a guy on TV explain it. The new
system values the amount of time each of your accounts has been open.
A bunch of accounts open a short time and then closed is very bad. In fact
a twentysomething kid is not able to get as high a credit
score as an average 50 something simply because of the time factor.

Yes, a few long term, responsibly used accounts will improve a rating, but a
dozen stagnent accounts with potentially high debt loads can be seen as a
liablility, plus exposes one to identity theft...

http://www.creditcards.com/dos-and-d...177692a3f5 c8

John Harlow wrote:
I use my AMEX (one of the first cards I ever got, member since 1981)
when travelling and I carry a second AMEX which is a freebie that has
my COSTCO membership card tacked on it. It only gets used at COSTCO.


AMEX used to be all the rage for some reason. They remind me of avocodo
colored stoves. Don't they still have some unavoiadable yearly fee - no
matter how long you've been a "member since"?

The traditional Green/Gold/Platimum have annual fees. Amex in order to
compete has added some other card services. My COSTCO Platinum Rewards
card is no annual fee plus it gives me some 1% cashback or something like
that.

Newps wrote:


Mike V. wrote:



Make that "past" as Check21 went into effect this month. Note your
deposits
STILL 'anti-float'...


Check 21 started to go into effect this month. It will be at least a
year before it is fully in effect, especially in the small places. They
ain't doing it here in Montana yet.

I'm not sure what you mean by "ain't doing it". While check21 ALLOWS
banks to do the "substitute" electronic clearing...there's no requierment.
If "Fred's Bank" can't deal with electronic clearing, they aren't under
any obligation to handle it.

The traditional Green/Gold/Platimum have annual fees. Amex in order
to compete has added some other card services. My COSTCO Platinum
Rewards card is no annual fee plus it gives me some 1% cashback or
something like that.

Now this is interesting in that as I currently only use a debit card there.
I'm checking into it; thanks for the info!

John Harlow wrote:
The traditional Green/Gold/Platimum have annual fees. Amex in order
to compete has added some other card services. My COSTCO Platinum
Rewards card is no annual fee plus it gives me some 1% cashback or
something like that.


Now this is interesting in that as I currently only use a debit card there.
I'm checking into it; thanks for the info!


The big advantage to me is that it has my costco info printed on the back
so I don't need a separate costco membership card.

Newps wrote:


John Harlow wrote:

Plenty of people willing to offer me credit, those who have crappy
support, get the Scissor treatment. I usually have a few in the
drawer because they were giving something away for enrolling (Margy
needed at hat at Oshkosh once so we got EAA Visa cards lying around
in the drawer).



For those interested in improving their credit ratings: it can be
detrimental to have several open credit lines (with balances or not)
as potential lenders will consider the possibility of you running up
balances and not being able to pay their debt back. Make sure you
call credit card companies you have unnecessary credit with and cancel
directly with them - cutting up the card isn't good enough.


Actually it's the opposite. You do not want to be closing down a bunch
of cards where the only reson is you don't need it. Do a google search
on credit rating. Saw a guy on TV explain it. The new system values
the amount of time each of your accounts has been open. A bunch of
accounts open a short time and then closed is very bad. In fact a
twentysomething kid is not able to get as high a credit score as an
average 50 something simply because of the time factor.

So is having a bunch of accounts open! My understanding is that the
credit score factors in not only your current level of debt and your
payment history, but also the amount of debt that you could quickly accrue.


Matt

Newps wrote in news:cdidnVHi1PGCBDHcRVn-
:



Mike V. wrote:



Make that "past" as Check21 went into effect this month. Note your
deposits
STILL 'anti-float'...

Check 21 started to go into effect this month. It will be at least a
year before it is fully in effect, especially in the small places. They
ain't doing it here in Montana yet.

I had an interesting discussion about this today with my bank's
branch manager. Check 21 went into effect October 28th. The larger banks
are using it NOW. Smaller ones have a window to convert over. The Check
21 legislation does NOT require the banks to shorten the holding period.

Today's Yahoo! financial page had an interesting article by Suze
Orman on Check 21. You can find it at http://biz.yahoo.com/pfg/e21check/

--
Marty Shapiro
Silicon Rallye Inc.

(remove SPAMNOT to email me)

"Casey Wilson" wrote in message
news:z%bqd.2405$wr6.140@trnddc04...

"Dick" wrote in message
...

That is unfortunate, but did you really "lose" money? The card companies
make the money from the card holders, not the vendors.

You couldn't be more wrong. Credit card companies charge the
'vendors' a fee for each and every transaction.

No, you couldn't be more wrong. Vendors choose the prices, consumers hold
the cards. Consumers make the purchases. The fees are passed to the
consumers.

Again, I asked if he actually "lost money" in services or other goods.


I fought with VISA for four months
over a disputed charge where they gave credit to the card user and refused
to refund the transaction fee they charged me.
The so-called customer used a credit card to sign up two people for a
conference. I paid the conference center based on a head count that
included him and his wife. I showed VISA the signed contract that put a
date limit on refunds. The customer did not provide any proof that they
had ever cancelled, much less on or before the cancellation date. VISA
refused to honor the charge and left me holding the bag. We no longer
accept credit cards for conference registration. I put most of the blame
on the scumbag deadhead.
Have you never noticed signs near cash registers that deny the use of
a credit card for sales below a minimum purchase? Have you never noticed
some 'vendors' will offer a discount to customers that pay cash?

Cub Driver writes:


4% pay cash.

Wow. The only reasons I can come up with for paying cash for a hotel
is 1) you earn a lot of money under the IRS radar, and this is a way
to spend it; or 2) the lady with you is not your wife, and your wife
or her lawyer has access to your credit-card records.

Or maybe you're tired of ****tyBank & Choicepoint tracking your
every move, not to mention Fatherland Security and Rev. Ike. There
was a time when what you [legally] did was your own business; but
that's no longer true in this country, unless you make real efforts
on your own behalf. And the most effective is: pay cash. When asked
for your name and address, ask back: Why do you need to know?
--
A host is a host from coast to
& no one will talk to a host that's close........[v].(301) 56-LINUX
Unless the host (that isn't close).........................pob 1433
is busy, hung or dead....................................20915-1433