Author Topic: Use your Credit Card or get spanked!  (Read 3649 times)

New Jersey Guy

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Use your Credit Card or get spanked!
« on: April 12, 2014, 10:44:13 PM »
I've had a credit card since 2006 with a $3000 limit.  Since it was nothing really special, I kept it aside for emergencies.  It's been sitting there, unused, for like the past 20 months.

Alas....no emergencies, and the bank, without warning, closed the card.  I lost 12 points on my credit score. 

Upon calling the bank, they said I'd have to re-apply if I wanted to reopen the account.  Sorry, but that would not reinstate the age of the card and would probably result in a hard pull.  In addition, a new card will cost you a few more points to boot.  I was steamed.

Lesson.  If you have credit cards sitting around unused, find something to buy even it it's only a few bucks.
Return over deposits:   66.82%
IRR:   86.54%
As of April 30, 2014

core

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Re: Use your Credit Card or get spanked!
« Reply #1 on: April 13, 2014, 03:14:20 PM »
If you cared about the card's effect on your credit score, you should have been charging a pack of Camels on it each month.  Not letting it languish for almost 2 years and not reporting each month since they don't report $0 balances.  We went through this not more than a few weeks ago with all the kids here.  Your doing.

You sure seem "steamed" about a lowly $3k card which "is nothing special".  Fascinating.

How do you know you "lost 12 points"?  Where did you check this?  Why were you even worried at that moment?  Again, fascinating.  If you didn't pay $15 or pay for a hard inq then you don't know how many points you lost.  I'm more curious how all this came about.  And why it even matters.  I'm guessing there is more to the story here.

All a FICO score does is indicate how much you play kissy-face with the banks.  --paraphrasing someone with a white beard

New Jersey Guy

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Re: Use your Credit Card or get spanked!
« Reply #2 on: April 13, 2014, 04:33:44 PM »
Dang Core!  I'm not going to write a full blog on my one, isolated case!  I learned my lesson.  So the point is, if you have cards, you gotta use them.  That's it!  Post closed!

I can tell you're missing Dan!   ;) 
Return over deposits:   66.82%
IRR:   86.54%
As of April 30, 2014

core

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Re: Use your Credit Card or get spanked!
« Reply #3 on: April 13, 2014, 05:06:25 PM »
Dang Core!  I'm not going to write a full blog on my one, isolated case!

It probably would have taken fewer words for you just to come clean and tell us what the story was.  Rather than dance around it like this.  12 points my foot.  I think we all know what happens when you don't visit Mr. Credit Card for 20 months.  We may not all know what else happens when you're in the middle of a move and are paranoid about a 12 point FICO move with a wife from a communist country.  Something to think about.

I can tell you're missing Dan!   ;)

Mr. Cooper is currently busy with a Boeing 777, or escaping from it... from a 30 fathom grave.  He may or may not have help.  I cannot tell.  He's pulled it off before so nothing is beyond him.  This is his biggest one ever.  Yeah I guess I'm missing him because I'm in awe here.  He torpedo'd all those Chinese into the sea and then came here to post about some nonsense afterwards just to "prove" he's alive (and he did say he wasn't "back").  He ain't so dumb.

Bohb Daishi

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Re: Use your Credit Card or get spanked!
« Reply #4 on: April 14, 2014, 02:51:26 AM »
I lost 12 points on my credit score. 

Down-arrow FICO? You're now worth 5% less.
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