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11-20-2004, 03:15 PM
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#1 of 17 
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Member
Join Date: May 2003
Local Time: 09:21 AM
Local Date: 09-07-2008
Posts: 1,154
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Well, it's no big surprise Credit Card companies love people who keep a balance. I mean if no one had a balance, the companies wouldnt be in business.
Seems those who pay off their balance in full every month are the enemy.
The question is have you ever been dumped by your credit card company for paying in full monthly?
I know two people this has happened too. They got a letter about how their business wasnt needed any longer or something like that.
This doesnt affect your credit in a negative way, does it?
Does it show up as they dumped you (which doesnt look good) on your credit report?
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11-20-2004, 03:38 PM
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#2 of 17
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Member
Join Date: Oct 2000
Local Time: 04:21 AM
Local Date: 09-07-2008
Posts: 913
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I too pay my balance every month but I haven't been dumped, however my previous card carrier "claimed" my payment didn't reach them in time when in fact I know it did. The payment was coincidentally the highest my balance had ever been with the card. They refused to wipe the charges so I dropped them.
But to answer your question, I've never heard of that before but agree, balance payers are definitely their enemy  |
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11-20-2004, 03:39 PM
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#3 of 17
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Member
Join Date: Aug 2004
Local Time: 04:21 AM
Local Date: 09-07-2008
Posts: 205
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it shows that you have a closed account no matter who closed it. the negative is the fact that you have less available credit which is negative on your credit report. unless however it is an account that does not have a long history. if it was an account with a long history, it's negative. if you have more than three revolving accounts, and the account is not long then it could be a good thing. it just depends...
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11-20-2004, 05:59 PM
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#4 of 17
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Member
Join Date: Dec 2002
Local Time: 01:21 AM
Local Date: 09-07-2008
Posts: 453
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I've never heard of this.
Ryan, what card company was this? Regardless if you're carrying a balance or not, the CC company gets a cut of any purchase made with the card.
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11-20-2004, 06:00 PM
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#5 of 17
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Member
Location: Mishawaka,IN
Join Date: Oct 2001
Local Time: 04:21 AM
Local Date: 09-07-2008
Posts: 760
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I wish I could pay off my credit card in one swooping payment.
$3k is hard to come up with at one time.
I've since learned I have a problem with credit cards but I still "need" them. I only have one, but it gets used.
What isn't helping is that my bank has increased my limit several times without me asking for it.
I realize my $3k is low to some people, but for a poor white guy it's a lot.
Gimme da cashhh!!
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11-20-2004, 06:43 PM
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#6 of 17
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Member
Join Date: Apr 1999
Local Time: 05:21 AM
Local Date: 09-07-2008
Posts: 1,570
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Yes, I believe for every purchase u make, they get like at least 0.5 or 1% Visa nd Mastercard. Most stores don't like Discover because they charge a whopping 2-3%. So its kind of unlikely for them to drop anyone unless u r not using them.
I think the best way to increase ur credit rating is to pay off ur balance every month not to mention ur credit limit. I've been doing that and right now, I can pay for a nice E320 with my CC outright....not that u can.....but its a nice way of illustrating how good one's credit could be.
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11-21-2004, 04:11 AM
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#7 of 17
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Member
Join Date: Jun 2004
Local Time: 06:21 PM
Local Date: 09-07-2008
Posts: 29
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Eric
Ever get spooked about what kind of charges could get run up on your card in the event your wallet goes missing? Just thinking of your sanity - but I'm not sure I would be comfortable in the knowledge that I had enough credit to get me into some deeeeeeeep sh*t.
I used to have a really big limit, but after a while using cards and running my finances, I now know how much limit I need and have set it appropriately. Keeps me from worrying too much and if an emergency arises, I know that my credit history is good enough to go and ask for an increase from the company.
FWIW, I haven't ever heard of a major bank or credit card company in Australia dumping a customer, unless they didn't use the card and didn't have any balance owing. I think if you keep a card 'dormant' for too long, they will shut it down.
This Week\'s Bumper Sticker: \"Ambivalent? Well yes and no....\"
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11-21-2004, 04:27 AM
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#8 of 17
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Member
Join Date: Mar 1999
Local Time: 11:21 PM
Local Date: 09-06-2008
Posts: 4,648
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If you want to pay it all off every month, I think that American Express has a card for that.
But what if you paid everything off except for like $5.00? Is there a minimum charge every month?
Glenn
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11-21-2004, 12:15 PM
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#9 of 17
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Member
Join Date: Feb 2002
Local Time: 05:21 AM
Local Date: 09-07-2008
Posts: 9,608
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Yes, I have heard of CC's dumping customers who pay in full every month. You're not a profitable customer, so their resources are better spent trying to find another customer who will carry a monthly balance.
Quote:
| What isn't helping is that my bank has increased my limit several times without me asking for it. |
So call them up and ask them to reduce it back to a reasonable level.
Quote:
| Ever get spooked about what kind of charges could get run up on your card in the event your wallet goes missing? |
If the card is stolen and you report it promptly, you won't be liable for any charges. So why worry?
Quote:
| But what if you paid everything off except for like $5.00? Is there a minimum charge every month? |
Yes, most cards have a minimum finance charge of 50 cents or $1. Not to mention that the second you charge something new, additional finances start to accrue. The only way to get that 25 day grace period is to start with a clean zero balance each month. If you have any balance at all, you start building finance charges from the day you charge any new items.
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11-21-2004, 09:46 PM
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#10 of 17
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Member
Join Date: Apr 2002
Local Time: 04:21 AM
Local Date: 09-07-2008
Posts: 197
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Well, I have had enough with AMEX, CITI and Bank of America, I will tell them "You're Fired" in the next 10 days...
I am keeping Bank One - Disney for the points, and the NASA FCU Visa. We are also closing Bank of America Checking, savings and investment accounts. Everything is being moved to the NASA FCU...
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