ZeroDamage April 10, 2007 Share ZeroDamage Member April 10, 2007 If you are looking to upgrade and would like to save $250 or get a free $250 (however you want to look at it), this may be the way to do it. Of course if depends on your credit history and whether you want to apply for a credit card or not. There is no annual fee or anything and after one purchase, you get points that are worth a rebate of $250 dollars. You can spend $250 on memory and get it back later for example. Or you could put it towards that Cure 2 Quad processor that should be around the $400 mark later this month. http://forums.slickdeals.net/showthread.php?t=490743 Or just go here: http://www.chasefreedomnow.com/?CELL=6L3J&v=credit250n Link to comment Share on other sites More sharing options...
Magruter April 10, 2007 Share Magruter Member April 10, 2007 does opening too many credit cards kill your credit rating? Link to comment Share on other sites More sharing options...
shaftiel April 10, 2007 Share shaftiel Member April 10, 2007 does opening too many credit cards kill your credit rating? Not as such, but you need to be careful of your debt to income ratio. To much C.C. debt, even if you are current with payments will be detrimental. Also, if you have to much available credit compared to your income you can find it difficult to get more credit, such as a loan. Shaftiel Link to comment Share on other sites More sharing options...
ZeroDamage April 10, 2007 Author Share ZeroDamage Member April 10, 2007 From what I've learned, a few credit cards with 0 balances looks really good on your credit report. But you do not want too many due to the fees that some can incur over time from none use, etc. Link to comment Share on other sites More sharing options...
Preacher April 10, 2007 Share Preacher Member April 10, 2007 too many cards with too much of a limit will hurt your chances of getting a low interest home loan. That is only for real estate but something to think about. Link to comment Share on other sites More sharing options...
ZesteR April 10, 2007 Share ZesteR Member April 10, 2007 does opening too many credit cards kill your credit rating? also, included on what they say, too many credit cards will hurt you on getting a huge loan. it's harder to get more on a loan when you have "potential" spending credit limits on so many cards. which means you wont be able to pay off your loan payment. it's a happy medium thing... go find it Link to comment Share on other sites More sharing options...
NOFX April 11, 2007 Share NOFX Member April 11, 2007 (edited) I have like 5-6 credit cards... which sounds like it sucks, but If your smart with your money.. its smart.. 1 credit card is my personal.. 5.9% for life... I buy gas on it every month and pay it off every month.. 2nd credit card is through my bank and is my spending account overflow, so I dont get charged 40 dollars if I go over 2 cents. 3rd is my discover card. I have the rest of what I owe on my car on there.. $28000. It was 0% for life on balance transfers.. If I make two purchase a month(@11%), so i buy two snickers. when its all said and done, I paid $80 dollars to borrow $4000.... 4th and 5th are split up between my motorcycle... 0% for 15 months on each.. Once the 15 months is up, I will transfer to another 0% for 15 months.. or I will probably sell the bike first.. yea.. I dont think I need anymore credit cards and yes the more credit cards you have.. the more you are able to go in debt, depending on the ratio of income to credit limit.. it can really hurt you. I think I have somewhere around $35k in credit limits Edited April 11, 2007 by NOFX Link to comment Share on other sites More sharing options...
Magruter April 11, 2007 Share Magruter Member April 11, 2007 Could there be any problems with taking your car payment and transferring it to credit card? I do like what NOFX is doing! Link to comment Share on other sites More sharing options...
shaftiel April 11, 2007 Share shaftiel Member April 11, 2007 Could there be any problems with taking your car payment and transferring it to credit card? I do like what NOFX is doing! There would be no problem, but unless you pay the full amount of your car payment to the CC every month you will end up spending much more for the car due to the CC fees and interest. In essence you would be paying interest on the initial car loan, then interest on the CC. If you are talking about tranfering the entire car loan to a CC, be sure its at 0%, because other wise you will be paying interest on interest again. All in all there is no real point to doing that, unless you just trying to reduce your open accounts, and consolidate you debt. Shaftiel Link to comment Share on other sites More sharing options...
ZeroDamage April 11, 2007 Author Share ZeroDamage Member April 11, 2007 I like this site for these types of questions. The guy is a personal finance guru. Used to listen to him when I lived down near NC. http://www.clarkhoward.com Link to comment Share on other sites More sharing options...
NOFX April 11, 2007 Share NOFX Member April 11, 2007 Could there be any problems with taking your car payment and transferring it to credit card? I do like what NOFX is doing! I made a typo... I only owe 2800 on my car, but that doesn't matter... Its was very easily actually.. just do your math. I bought my car on my personal credit card. You know those checks they give you in the mail?? My card is at 5.9% for life. which at the time is better than what alot of dealerships will give you. I have a 16,000 limit on my card.. So what I did was write a check to myself and deposit in my bank. The checks have a 3% fee, maximum of $75 dollars... so I ate $75.. but its going to pay off in the long run. I knew I was making a huge payment on it soon. I got it down to 4,000(after I sold my other car). Then I got an offer from discover no balance transfer fees and 0% for life if you make two purchases a month...that is the kicker. The two purchases are at like 11%.. And remember when you have two different rates on the same card. They always put your money toward the lower rate first. So like I said, 50 cents minimum finance charge. I buy two snickers for 50 cents each. After 36 months and interest accrual on a dollar a month(two snickers) I'll make one extra payment of about 80 dollars. I pay 100 a month, but Im only have to pay about 50... $155 dollars to borrow money on a car that was originally $12,500. Screw the banks.... Now if I could only figure out how to do this with my house mortgage.... Link to comment Share on other sites More sharing options...
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