Disney Debit/Credit card question

[Mr. CPA]

Credit cards are a scary animal.

Definately check your credit on a regular basis. But, I would stay away from any of those companies offering to tell you your credit score or monitor your credit. Those companies charge an arm and a leg.

If you're trying to repair bad credit, the only advice I have is to be patient. Bankruptcy can be on your report for up to 13 years, and I've seen it up to 15 years. Don't close any credit card accounts. But, feel free to cut up the actual cards so you don't use them. When you apply for credit, it will cause a temporary drop in your score. So, all you can do is pay your bills on time and wait... I recommend paying 100% of your credit card balances each month.

 

[disneygirl76]

Credit cards are a scary animal.

Definately check your credit on a regular basis. But, I would stay away from any of those companies offering to tell you your credit score or monitor your credit. Those companies charge an arm and a leg.

If you're trying to repair bad credit, the only advice I have is to be patient. Bankruptcy can be on your report for up to 13 years, and I've seen it up to 15 years. Don't close any credit card accounts. But, feel free to cut up the actual cards so you don't use them. When you apply for credit, it will cause a temporary drop in your score. So, all you can do is pay your bills on time and wait... I recommend paying 100% of your credit card balances each month.

Oh no, its nothing like that.

 

[sgtmgd]

Credit cards are a scary animal.

Definately check your credit on a regular basis. But, I would stay away from any of those companies offering to tell you your credit score or monitor your credit. Those companies charge an arm and a leg.
.

.

USAA monitors.mine for 13.00 a month..this gives.me access to all three reports as often as I need them.and all three scores...it.also notifies me everytime someone inquires into my.credit...well worth the money

 

[tink65]

I am a banker with over 22 years of experience in the banking industry. My advice is to continue to make your payments in a timely manner and do not open a significant number of credit cards. Alot of banks consider available revolving (credit card) lines of credit when calculating debt to income ratios. If you review your credit report it will actually list revolving debt in calculating overall beacon score. Closing credit cards does not negatively impact your credit. If you close a card the creditor normally places a comment on that trade line that states the card was closed at the customer request. If you close a credit card request that a confirmation be sent to you in writing. By law you are entitled to one free copy of your credit report annually. You can log onto equifax.com to initiate that request. Although nothing shorter than 30 days late shows on your credit report it can still end up costing you in the long run......several credit card companies have a disclaimer that states than if you are late with your payment your interest rate can be increased. Also check with your bank to see what identity theft protection plan they offer!

Be patient...it does take time to restore your credit. Sounds like you are are the right track though!

 

[lilclerk]

you can also go to annualcreditreport.com to get your free credit report once a year from all three agencies.

 

[tracyandalex]

honestly... looking at the "benefits" of this card, it pretty much sucks so I wouldn't lose sleep over it

I have one of these cards and unless you got to WDW a lot and use the card a lot, there isn't really all the much benefit. I have the free card though. The card with the annual fee is supposed to have more/better benefits. Chase sent me the brochure, but to me the "extra" benefits aren't worth the fee.

 

[ddbowdoin]

I have one of these cards and unless you got to WDW a lot and use the card a lot, there isn't really all the much benefit. I have the free card though. The card with the annual fee is supposed to have more/better benefits. Chase sent me the brochure, but to me the "extra" benefits aren't worth the fee.

I have one as well... upon signing up they gave me a 10K credit line so they must know I love Disney lol.

The only fun thing was the free photo session / print in Innovations. But 1 pt per 100 dollars spent, ouch.

 

[tracyandalex]

I have one as well... upon signing up they gave me a 10K credit line so they must know I love Disney lol.

The only fun thing was the free photo session / print in Innovations. But 1 pt per 100 dollars spent, ouch.

That is the only benefit we really ever use! We hate using cards so we never get many points because the 1 for $100, we'd have to use that card for everything to rack up a decent amount of points! We know we are no where near disciplined enough for that.

 

[flynnibus]

I am trying to crack 800 for the first time.

I can tell you at these levels.. its freakin voodoo and you can't pinpoint why a score goes up or down. I have excellent credit (over 800 at times) but it can swoon with the phases of the moon and I've done nothing to penalize myself.

Pretty much I've just accepted that all you can do is demostrate you aren't a credit risk (get above those floor numbers) and from there its all about ability to pay... (income vs liabilities)

 

[Mr. CPA]

.

USAA monitors.mine for 13.00 a month..this gives.me access to all three reports as often as I need them.and all three scores...it.also notifies me everytime someone inquires into my.credit...well worth the money

I think $13.00 per month is outrageous. I'm just extremely cheap. Different strokes for different folks I guess. If you find it helpful, go for it.

Personally, I wouldn't close any accounts because that would increase your total debt to credit available ratio...

Someone who's fifth cousin's brother-in-law's uncle who WORKS at some company that provides janitorial services for a company in the same building as Experian, so he KNOWS... says that ratio accounts for a large portion of your score... apparently.

No one really knows how to increase your score. Just pay your bills on time and be patient.

 

[sgtmgd]

I think $13.00 per month is outrageous. I'm just extremely cheap. Different strokes for different folks I guess. If you find it helpful, go for it.

Personally, I wouldn't close any accounts because that would increase your total debt to credit available ratio...

Someone who's fifth cousin's brother-in-law's uncle who WORKS at some company that provides janitorial services for a company in the same building as Experian, so he KNOWS... says that ratio accounts for a large portion of your score... apparently.

No one really knows how to increase your score. Just pay your bills on time and be patient.

Debt ratio does bear a big weight in whether creditors issue new lines..again generally speaking your credit card debt ratio should not exceed 30% for maximum ratings