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Old 05-27-2021, 08:06 AM   #81
Recycles dryer sheets
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Originally Posted by 523HRR View Post
PSA: For couples, when your credit cards are issued under one primary credit file, if the primary spouse passes, the card company will cancel BOTH cards. Went through this with my mom who had two cards, both issued under my dad's credit file. When my dad died, and we notified the card company of his death, they immediately cancelled her card as well - their policy, no debate. So we held off notifying the second card company until she could get another card issued under her name alone. Otherwise, she would have been left without a credit card at an already stressful time. Lesson learned: make sure your credit card is issued under your own credit file, not your spouse's, if possible.
A question about this. I mentioned it to my mother and she said that their primary credit card "is in her name and Dad is an add on". (From that, I don't know whose name(s) are actually on the card.) And that their secondary card "is in both names". Can you necessarily tell from the names on the card, whose "primary credit file" was used to open the account? And does this perhaps vary from state to state?
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Old 05-27-2021, 04:03 PM   #82
Recycles dryer sheets
 
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Originally Posted by LarryMelman View Post
A question about this. I mentioned it to my mother and she said that their primary credit card "is in her name and Dad is an add on". (From that, I don't know whose name(s) are actually on the card.) And that their secondary card "is in both names". Can you necessarily tell from the names on the card, whose "primary credit file" was used to open the account? And does this perhaps vary from state to state?
The name on the card does not tell you who is the primary and who is the add on. Probably need to call the card company to confirm.
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Old 05-28-2021, 03:35 PM   #83
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I canít fathom having only one. I have 6, three are used frequently and I pay off the balances at the end of every month. Score 833-836, depending on when they report the balances to the bureauís.
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Old 05-28-2021, 03:40 PM   #84
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i have only had one for the past 13 years. I'm over 800. I program a rolling average payment so that I only need to bother looking if I have a high month. Haven't paid fees in decades. Check on "the ascent" by the motley fool. lenders like to see a mix of credit and fixed loans. I've done plenty of both, with nary a hitch. I have used the quickie credit cards at Home Depot 3 times for the one year same as cash offer. they always cancel the card once i pay it off.
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Old 05-28-2021, 03:46 PM   #85
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Here is another reason to have more than 1 CC.

My Chase CC just got replaced with one with the tap chip, the expiry and code are different, so I have to update all 5 places that I auto pay because of this nice feature I never requested. My old card would be good for a few more years, but not now.

Instead I decided to update the places to another CC, as I was concerned about deactivating my old Chase CC for the new one, and then finding a glitch.

Luckily I'm changing the CC used for auto pays as the 4th company I called, told me they couldn't update for a week, as I'm near renewal notification time.

With only 1 credit card, I'd be stuck now with a deactivated card on the account, and a new active card that cannot be put on the account.
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Old 05-28-2021, 03:47 PM   #86
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Only 2, Discover and Apple Credit Card. Just bought a new 2021 Mazda CX-5 and found out my credit score was 843...got a great interest rate of 0.9%
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Old 05-28-2021, 04:03 PM   #87
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I have 2, but use only 1. My credit score is 825 or higher. Fortunately I could care less; I don't worry about credit score, since I will buy only what I can afford from my savings, as should any sane individual. THAT in my (humble) opinion is worth FAR MORE than any phony "score" assigned by some entity that honestly knows very little about me.
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Old 05-28-2021, 04:35 PM   #88
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Originally Posted by teejayevans View Post
I have 2, just in case I have a problem with one.
This.

We have 2, but only use 1 at any time. But inevitably about every 1 to 2 years, it gets hacked, and we switch to the other until the replacement cards arrive.

The CC companies always notifies us when it happens. "Did you buy $8000 dollars of telephones in Guam this morning? ... No, we did not. ... okay, we will give you a credit, cancel your cards, and mail you new ones. Have a nice day!"

Score just above 800.
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Just One CC
Old 05-28-2021, 05:53 PM   #89
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Just One CC

One Discover card, always pay ahead of time, score is high 700's to low 800's.
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Old 05-28-2021, 06:25 PM   #90
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I have no idea what my score is.
Iím not being smart os smug Byron honestly itís never been an issue that has made me need to know.
Iíve never been denied
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Old 05-28-2021, 08:35 PM   #91
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i have 2, just in case i have a problem with one.
x2 820+
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Old 05-29-2021, 12:16 AM   #92
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If you live outside the US like we do there is no such thing as a credit score. That is a purely American thing that indicates the level of immersion into the financial control world that exists in the US today. That said we have 2 American credit cards (plus 3 debit cards 2 of which are from foreign banks) and my score remains above 800. We carry zero balances but spend over $50k a year on the cards (sometimes double that). We use the Chase cards from the cashback and better currency conversion rates. We get these weird emails from Chase that my credit score has changed. Sometimes up and sometimes down. But, we do nothing different so it is weird to see. Really, I could care less what my credit score is. It has nothing to do with our lifestyle.

Europe and in particular Hungary, don't make loans or mortgages much. People pay cash here and if they want to buy something they save up for it or don't get it. They also had very bad experiences with Swiss and Japanese banks as the loans were made in the foreign currency early when Hungary left the Soviet system and entered into the EU. When the Hungarian Forint dropped in value by 50% (something coming soon to the US dollar again by the way) people who had loans got hammered. The government stepped in and ordered the banks to take a haircut and the loans to be repaid at the original currency conversion rates. They also made it impossible to foreclose. The foreign banks worked a deal to convert the loans to Hungarian banks and left forever. Hungary has since paid off the IMF and World Bank loans that permit the US to order any countries that are stupid enough to get these loans to do what they say. It is a different form of imperialism. This is part of the reason Hungary's government can mess with both the EU and US as there is zero financial control over the country by either the EU or the US. So; in part, the people are fully aware of the dangers of capitalism and debt so this has not become a thing here and probably never will. With a debit card you get the same ability to pay easy but no interest payments as you are only spending what you already have in your accounts.
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Old 05-29-2021, 07:19 AM   #93
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To illustrate the absurdity of the credit scoring methodology, consider my latest 12 point drop. The reason? My CC balance reported went from $1200 the previous month to $12 this month (still well, WELL below 1% utilization of course). To me, this make zero common sense.
Realize that the credit scoring systems aren't tuned for people like us. We people who have multiple cards with high un-used credit and who don't carry a balance but pay it off each month.

The systems are tuned to sniff out people who are likely to have trouble paying their bills. They care much more about detecting problem borrowers than about people who are rock-solid.

Last time we bought a car, when the F&I guy pulled our credit report he remarked that he almost never saw a report without at least one late pay.
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Old 05-29-2021, 07:29 AM   #94
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How is it that my credit scores isn't 850...
I have three credit cards and always pay them off in full every month. My average monthly CC bill is rarely over $2500 even if I add up the charges on all 3 cards.
"3 credit cards" That's it right there. I bet that you have low(ish) credit limits on them, too. Get another couple of cards, use them once a quarter to keep them active.

Only once have we asked to raise the credit limit on a card, but most of them have been crept up by the bank and now we have limits of $10K & $20K. Total balances of $2500 and total limits of $100,000 and you have really low credit utilization -- which results in a high score.
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Old 05-29-2021, 07:39 AM   #95
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I like the cash back or the points depending on the purchase.
^^^ This ^^^

Many cards have a 5% cashback category that changes every quarter.

BAC (if you are in the highest reward tier) always gives 3.5% on groceries & Sams Club, and 5.25% on a category of your choice.
We have two BAC cards, one set for 5.25% on gas, the other 5.25% usually for on-line purchases but sometimes set for 5.25% on travel purchases. Travel is airline fares and cruises.
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Old 05-29-2021, 10:20 AM   #96
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I have two credit cards but I only got my second card two months before I retired (Jan 2020). Last time my credit score was checked was in 2015 when I bought a new car and I was told it was in the 820+ range. My cards are paid in full every month.
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Old 05-29-2021, 02:45 PM   #97
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Number of cards doesnít matter, itís all about overall credit utilization, account age and payment standing. We have several with high or no limits but only use 3 for various rewards purposes. Credit scores are 820-840.
Exactly, we have ten credit cards and a credit rating that is around 820 (depending on which of the three agencies are queried). We (automatically) pay the balance owed on each one every month.

We use the credit cards for ALL purchases -- we wrote only five checks last year and I cannot remember the last time I paid for anything with cash (10 years?). (I do carry a twenty dollar bill just in case but have only had to replace it twice when it deteriorated into pieces.)

Our Credit Limits totals over 5 figures and our debt is around $2,500 each month. My guess is that "Credit Utilization" is the most important item in determining the "Score." (We have no mortgage nor a car loan -- or any other obligation of that type.)

FWIW: The reason for the many Cards is to take advantage of the many different "rebates" offered by each -- i.e., 5% on gas for one and 3% on restaurants on another.
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Old 05-29-2021, 03:00 PM   #98
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^^^ This ^^^

Many cards have a 5% cashback category that changes every quarter.

BAC (if you are in the highest reward tier) always gives 3.5% on groceries & Sams Club, and 5.25% on a category of your choice.
We have two BAC cards, one set for 5.25% on gas, the other 5.25% usually for on-line purchases but sometimes set for 5.25% on travel purchases. Travel is airline fares and cruises.
One should note that the highest tier is 100k and above, but agree overall and we have 3 cash rewards cards and 2 other BAC cards.
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Old 06-20-2021, 05:56 AM   #99
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At one point I had 11 credit cards (before reading Dave Ramsey's Total Money Makeover and getting my debt under control). In a matter of 2 1/2 years I focused and eliminated all my debt. Since then I nuked all credit cards, retaining Fidelity (for 2% unlimited back) as my primary card and Amazon (for 5% back) for amazon purchases. I also have a lowes card (due to the 5% back). I don't go for the cards with rotating categories or special savings since they require changing your spending patterns (and wasting time thinking about it!).

Credit score ~ 830 now

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Would like to know if anyone is doing this.
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Old 06-20-2021, 11:24 AM   #100
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Originally Posted by RetirementNinja View Post
At one point I had 11 credit cards (before reading Dave Ramsey's Total Money Makeover and getting my debt under control). In a matter of 2 1/2 years I focused and eliminated all my debt. Since then I nuked all credit cards, retaining Fidelity (for 2% unlimited back) as my primary card and Amazon (for 5% back) for amazon purchases. I also have a lowes card (due to the 5% back). I don't go for the cards with rotating categories or special savings since they require changing your spending patterns (and wasting time thinking about it!).

...
I have 1 card with rotating categories, I don't change my spending habits, I just change which card I use to pay the bill.
I put a note in my wallet to say which card to use for the special 5% category, so I don't have to remember which card.

It does take some mental effort once every 3 months, but I don't get sucked into extra spending.
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