Jump to content


Photo
- - - - -

Credit card questions


  • Please log in to reply
39 replies to this topic

#1 IVIYTH0S

IVIYTH0S

    They call me... General Help.

  • Members
  • PipPipPipPipPipPipPipPip
  • 20067 posts
  • Gender:Male
  • Location:Pennsauken, NJ

Posted 16 March 2013 - 02:25 AM

So I'm still fairly newbish to credit cards still (only have two, the first of which is just about to hit 1 year) and I had some questions that some of you may be able to answer...

1st: I have an offer for an American Express that's tempting (Right now I have a CapitolOne-Mastercard and a DiscoverIt) with a free first year... Now if I were to cancel it right before it starts up the membership fee, would my credit rating take a hit?? (and if so, would it still be more beneficial to have it for that almost-year to build credit with, assuming I still come out higher than if I never got it)

2nd: Related to the nature of the first question, my CapitolOne has always has had an annual fee (I had no choice, it was my first card and nothing else would accept me) and I'm thinking about canceling it or switching to another one of their cards that still is a cashback card but doesn't have an annual fee. Would it still hurt my credit score if I switched cards within the same company??

Thanks for any help ya'll can give.

"GilliumX58" DESKTOP
Mobo: Asus P6TD Deluxe | Processor: Intel Core i7 920 @ 3.8ghz | CPU Cooler: Zalman CNPS9900MAXR | Videocard: MSI Twin Frozr HD7970
Memory: Patriot 12GB 1600mhz | OS SSD: SanDisk Extreme 240GB SATA | PSU: PC Power & Cooling Silencer 750W
Monitor: *Debranded* HP 24" 2408H | CD/DVD: Samsung SH-S223F | Keyboard: Razer Tarantula | Mouse: Razer Lachesis

OCC Cool Club Member

 


 

GPU Comparison tool on AnAndTech

 


#2 MercuryDoun

MercuryDoun

    Banana

  • Members
  • PipPipPipPip
  • 1544 posts
  • Gender:Male
  • Location:South Eastern Michigan, USA

Posted 16 March 2013 - 02:50 AM

Cancelling any card is going to negatively effect your credit, no matter how long or how short you've had it. That's just a fact of credit, regardless of how much or how little credit you have established the cancelling of a card is a fairly minor dent though. In my experience the annual fees are never worth it, so i agree with your desire to get rid of that annual fee.

 

Are you aware that most American Express cards are not actually credit cards, they are usually charge cards. Suffice to say, you are usually required to pay the full balance every month, this is something you'll want to double check on the AMex offer. Maybe you already knew and that's what you want, i just find that most people don't realize the difference between a credit card and a charge card. And they are pretty major differences.

 

As for #2, I'm honestly not sure, but I'd bet that you can't transfer card types within the company. But that question is better asked to Capital one, You might find that they can quite simply reissue the card under a different type, but again, I'm going to say they probably wont do that.

 

Hope I helped!


*My System*
>< Case: Antec DF-85 >< PSU: Antec CP-850 850w >< MoBo: Asus P6X58D-E ><

>< CPU: i7-930, @ 4.0Ghz >< CPU Cooler: Prolimatech Megahalems >< TIM: Artic Silver MTX ><

>< RAM: Mushkin Blackline 6gb DDR3-1600 @ 1914mhz 7-10-7-24 2T ><

>< SSD: Corsair Force F120 120gb >< HDD: 2x Samsung F4 320gb Raid-0 ><

>< GPU: MSI Twin Frozr II GTX570 @ 900/1800/2250 24/7>< Monitor: Asus 24" LCD @ 1920x1080 ><

My gold plated butt-plug business is being sued by Apple. Apparently they have a patent for overpriced crap for a holes.


#3 IVIYTH0S

IVIYTH0S

    They call me... General Help.

  • Members
  • PipPipPipPipPipPipPipPip
  • 20067 posts
  • Gender:Male
  • Location:Pennsauken, NJ

Posted 16 March 2013 - 06:38 AM

Cancelling any card is going to negatively effect your credit, no matter how long or how short you've had it. That's just a fact of credit, regardless of how much or how little credit you have established the cancelling of a card is a fairly minor dent though. In my experience the annual fees are never worth it, so i agree with your desire to get rid of that annual fee.

Are you aware that most American Express cards are not actually credit cards, they are usually charge cards. Suffice to say, you are usually required to pay the full balance every month, this is something you'll want to double check on the AMex offer. Maybe you already knew and that's what you want, i just find that most people don't realize the difference between a credit card and a charge card. And they are pretty major differences.

As for #2, I'm honestly not sure, but I'd bet that you can't transfer card types within the company. But that question is better asked to Capital one, You might find that they can quite simply reissue the card under a different type, but again, I'm going to say they probably wont do that.

Hope I helped!

So you're in agreement that I'd have more to gain then lose by possibly getting the Amex card?? (I don't mind it being a charge card, that's how I treat my credit cards anyway)

Yeah I figure I'll just give them a call and see. I'm guessing I'd have to cancel my current Cap1 card and apply for the better one which *hopefully* my slightly better credit will allow

"GilliumX58" DESKTOP
Mobo: Asus P6TD Deluxe | Processor: Intel Core i7 920 @ 3.8ghz | CPU Cooler: Zalman CNPS9900MAXR | Videocard: MSI Twin Frozr HD7970
Memory: Patriot 12GB 1600mhz | OS SSD: SanDisk Extreme 240GB SATA | PSU: PC Power & Cooling Silencer 750W
Monitor: *Debranded* HP 24" 2408H | CD/DVD: Samsung SH-S223F | Keyboard: Razer Tarantula | Mouse: Razer Lachesis

OCC Cool Club Member

 


 

GPU Comparison tool on AnAndTech

 


#4 Waco

Waco

    Lab Rat 2

  • Reviewer
  • PipPipPipPipPipPipPipPip
  • 15069 posts
  • Gender:Male
  • Location:Los Alamos, NM

Posted 16 March 2013 - 07:22 AM

Don't bother with a charge card like AmEx IMHO.

Posted Image

Booyah.


#5 IVIYTH0S

IVIYTH0S

    They call me... General Help.

  • Members
  • PipPipPipPipPipPipPipPip
  • 20067 posts
  • Gender:Male
  • Location:Pennsauken, NJ

Posted 16 March 2013 - 08:09 AM

Don't bother with a charge card like AmEx IMHO.


Thine reason being? I'm just trying to raise my credit up and I can't be too picky with cards yet.

"GilliumX58" DESKTOP
Mobo: Asus P6TD Deluxe | Processor: Intel Core i7 920 @ 3.8ghz | CPU Cooler: Zalman CNPS9900MAXR | Videocard: MSI Twin Frozr HD7970
Memory: Patriot 12GB 1600mhz | OS SSD: SanDisk Extreme 240GB SATA | PSU: PC Power & Cooling Silencer 750W
Monitor: *Debranded* HP 24" 2408H | CD/DVD: Samsung SH-S223F | Keyboard: Razer Tarantula | Mouse: Razer Lachesis

OCC Cool Club Member

 


 

GPU Comparison tool on AnAndTech

 


#6 Wesstron

Wesstron

    Member

  • Reviewer
  • PipPip
  • 206 posts
  • Gender:Male
  • Location:Canada

Posted 16 March 2013 - 08:47 AM

As far as the AMEX is concerned I suggest that you read the details of the offer and the contract that comes with it fully, then ask Q if you don't get something, and decide after that. Offers that are really good to pass on often come with a trap or two lol. Those guys will never ever think about your well-being but their own pockets lol

 

About annual fees, it really depends if you are a big spender or not. I have a Visa GOLD whatever and the annual fees are offset by the amount of reward points I'm getting on it. Points I use for travel and hotels mostly. If you don't spend on the card that much, just get rid of it and apply for a 0 fee one... no one has a perfect credit anyway lol



#7 Black64

Black64

    Black It Out

  • Members
  • PipPipPipPipPip
  • 3211 posts
  • Gender:Male
  • Location:The internet

Posted 16 March 2013 - 10:45 AM

Also note that AMEX is harder to use because it cost stores and vendors more to use it(so most don't even accept it). I would avoid AMEX.


Current System

[CPU]Intel Xeon W3670 (i7-970) @3.20Ghz---[CPU Cooling]Thermalright Silver Arrow---[MOBO]ASUS Rampage Gene III---[RAM]G-Skill Rip Jaws (24GB)(6x4GB)---[GPU]ASUS GTX 780 OC---[PSU]KingWin Lazar LZ-1000---[CASE]Bitfenix Colossus Venom Edition---[HDDs]WD Dives(6.5TB total storage) and Samsung 250GB SSD(boot)---[Monitors] 1X NEC 24" LCD2490WUXi ISP Panel and 1X Seiki 39" 4K monitor

 

PC 2.0 Audio System (Speakers) Triad InRoom Mini's --- (DAC) Schiit Modi --- (AMP) Topping Class T TP40 

 

5.0 Room Theater System (Speakers) Monitor Audio Silver 2's --- (Center) Monitor Audio RX Center --- (Sub) N/A --- (Receiver) Anthem 510 --- (Power Conditioning) UltraPower PGX-500

 


#8 Onion

Onion

    OCC Lawyer

  • Members
  • PipPipPipPipPip
  • 4140 posts
  • Gender:Male
  • Location:University of North Florida

Posted 16 March 2013 - 10:59 AM

Still don't understand the point in credit cards... If you want something, get it when you can afford it. The only useful aspect of credit is for a house, and maybe a car.

Rig 1: Q9450 @ 4.0 â–º P45-UD3R â–º GTX 275 â–º 2 x 2 G Series â–º 2x Raptor 150 â–º Truepower Quattro 1kw â–º WC'd â–º 3d Aurora 570
Rig 2: Q6700 @ 4.0 â–º 780i â–º 8800 GTS 512 â–º 4 x 1 Tracers â–º 2 x 640GB AAKS â–º Corsair 650TX â–º Temp. Stock Cooling â–º Antec 900
Rig 3: E2200 â–º P35-DS3L â–º 2900 ICEQ â–º 2 x 1GB Ballistix â–º WD 320 â–º Antec Earthwatts 380 â–º Stock Cooling â–º Ultra Armor
Rig 4: E2160 â–º P35-DS3L â–º 8400 GT â–º 2 x 1GB ballistix â–º WD 320 â–º Antec Earthwatts 430 â–º Stock Cooling â–º Custom Case
OCC - Home of the Potato Overclock


#9 SpeedCrazy

SpeedCrazy

    Life is one heck of a ride, so hang on tight!

  • Folding Member
  • 3793 posts
  • Gender:Male
  • Location:Between birth and death.

Posted 16 March 2013 - 11:05 AM

Still don't understand the point in credit cards... If you want something, get it when you can afford it. The only useful aspect of credit is for a house, and maybe a car.

+ 1

I have never had a credit card. I pay cash for everything.(debit card for big stuff, but that is basically cash). Its an easy concept, can't afford it? Don't buy it. Now i realize thats probably not feasible when buying a house, but I'm not there yet.


Every man dies, but not every man truly lives.

 

Fold for Team OCC
sigimage.gif?c1=FFFFFF&c2=000000&c3=0000
i7 930 @ 3.9 || Dual-SLI GTX 250 || ASUS P6X58D-E || 3x2GB G.Skill Pi @ 1600 || Corsair TX850w || 2x WD Caviar Black 500gb

 

“The problem is not the problem. The problem is your attitude about the problem. Do you understand?”

-Captain Jack Sparrow-


#10 bp9801

bp9801

    Please press any key to continue

  • News Editor
  • PipPipPipPipPipPip
  • 7793 posts
  • Gender:Male
  • Location:Deming, NM

Posted 16 March 2013 - 11:21 AM

 

Don't bother with a charge card like AmEx IMHO.


Thine reason being? I'm just trying to raise my credit up and I can't be too picky with cards yet.

 

 

So long as you keep making payments on time then your credit score will go up. Adding more cards really defeats the purpose, since it's just more payments you have to make each month. Stick to one card, pay it off each month (or whatever you can afford to), and your credit score will increase.


AMD Phenom II X6 1075T @ 3.6GHz - ASUS M4A88TD-V EVO - EVGA GTX 580 1.5GB
G.Skill 8GB DDR3-1600 - OCZ Agility 4 128GB SSD - Seagate 500GB + 750GB - WD 1TB - Cooler Master SPH 1050W
ASUS Xonar Xense + Sennheiser PC-350 Xense Edition + Sennheiser HD-280 Pro + HD-555 - Thermolab BARAM 2010 - Cooler Master HAF XM

Follow OCC on facebook.png
OCC E3 2013 Awards
fqIbpPl.png


#11 cjloki

cjloki

    Demigod

  • Donated T5
  • PipPipPipPipPip
  • 3032 posts
  • Gender:Male
  • Location:Riverside CA.

Posted 16 March 2013 - 11:25 AM

 

Still don't understand the point in credit cards... If you want something, get it when you can afford it. The only useful aspect of credit is for a house, and maybe a car.

+ 1

I have never had a credit card. I pay cash for everything.(debit card for big stuff, but that is basically cash). Its an easy concept, can't afford it? Don't buy it. Now i realize thats probably not feasible when buying a house, but I'm not there yet.

 

+1 ....and yet in today's world "some credit" is a necessity, (houses, cars, emergencies, etc)....if a person can resist the temptation to over use their credit, and pay off the purchases on time and responsibly then credit can be a benefit,...if not, credit can quickly become an anchor that will drag 'em down...my experience with capital one is that they're ok for establishing some credit, but nothing else,...a few small purchases here and there, pay it off quickly and your credit limit and scores will increase and then ditch them asap...amex forget about it, get rid of them, ....ivi, if you are able to show responsibility with your credit then in about 6 months credit card companies will be beating down your door, junk mail, junk phone calls, "special offers" will come pouring in...


#1) ASUS F2A85-V PRO+AMD 6800k@4.7ghz,Corsair H100,20gb Crucial Ballistix ddr3 1600@1866,xfx7970 Black,GTX650 physx,2x128gb vertex4's raid0,2x600gb WD velociraptors,Sony OptiarcDVD rw,Antec1200 Full tower,Coolmax cug-950,w8pro64, gaming

#2) ASUS rampage formula+qx9770@4ghz, Corsair h100, 4gb ocz 1200, twin cav black 500's raid/0, CF 2x6870, corsair 750, custom DIY coolermaster glite mid tower, Sony OptiarcDVD, w7pro64, main office/server/gamin

#3) Gigabyte p55ud5+I-7 875k@2.93turbo, 4g gskill PIS 2200, nvidia gt520, corsair h50, samsung f3 1tb, lg supermultiDVD, coolermaster 500w psu, raidmax sieran, win8pro64 clone, strictly folding 15k-30k ppd 

Bloodbath

 Warweeny: " just let it go, be free and relax ! "

 


#12 Onion

Onion

    OCC Lawyer

  • Members
  • PipPipPipPipPip
  • 4140 posts
  • Gender:Male
  • Location:University of North Florida

Posted 16 March 2013 - 11:25 AM

 

 

Dot bother with a charge card like AmEx IMHO.


Thine reason being? I'm just trying to raise my credit up and I can't be too picky with cards yet.

 

 

So long as you keep making payments on time then your credit score will go up. Adding more cards really defeats the purpose, since it's just more payments you have to make each month. Stick to one card, pay it off each month (or whatever you can afford to), and your credit score will increase.

 

 

Iirc two is better because it raises your score faster. 


Rig 1: Q9450 @ 4.0 â–º P45-UD3R â–º GTX 275 â–º 2 x 2 G Series â–º 2x Raptor 150 â–º Truepower Quattro 1kw â–º WC'd â–º 3d Aurora 570
Rig 2: Q6700 @ 4.0 â–º 780i â–º 8800 GTS 512 â–º 4 x 1 Tracers â–º 2 x 640GB AAKS â–º Corsair 650TX â–º Temp. Stock Cooling â–º Antec 900
Rig 3: E2200 â–º P35-DS3L â–º 2900 ICEQ â–º 2 x 1GB Ballistix â–º WD 320 â–º Antec Earthwatts 380 â–º Stock Cooling â–º Ultra Armor
Rig 4: E2160 â–º P35-DS3L â–º 8400 GT â–º 2 x 1GB ballistix â–º WD 320 â–º Antec Earthwatts 430 â–º Stock Cooling â–º Custom Case
OCC - Home of the Potato Overclock