| Author |
Message |
TomD (Tifosi)
Advanced Member
Username: Tifosi
Post Number: 3572
Registered: 9-2001
| | Posted on Friday, May 09, 2003 - 1:32 pm: | |
they are just trying to get you to use it, that said having significant untapped sources of credit can be looked at negatively if you were going for a mortgage but one extra card should not matter |
Jere Dunham (Questioner)
Member
Username: Questioner
Post Number: 593
Registered: 1-2003
| | Posted on Friday, May 09, 2003 - 1:19 pm: | |
If you are paying off the card in full each month, it is neither negatively or positively affecting your credit score. It is doing the same thing as a cash purchase. You will need to carry a balance and pay on it for at least six months before a positive is added to your report. Of course, if you have a balance and do not pay it or pay on it for thirty days, then you receive an instant negative report.
I cannot see how not using your larger limit card could negatively impact your credit rating. You are choosing not to spend the money and they are not extending you a loan against the card (extended payment balance). You owe them no money so they should not be able to hold anything against you or your credit.
Did you and your wife jointly apply for the card she receives the bill on or just in her name??? If she filed for it individually, you receive nothing for using it. |
Dom Vitarella (Dom)
Junior Member
Username: Dom
Post Number: 169
Registered: 11-2002
| | Posted on Friday, May 09, 2003 - 12:22 pm: | |
My wife and I each have 1 credit card, one in her name, and one in my name, each with a second card (i.e., I carry 2 cards). Each card is payed off in full every month so we don't pay interest.
Of the credit cards, one (hers) is a ChaseMastercard that gives us a rebate (3% on gas, 1% on all other purchases), the other is just a regular card from MBNA (mine).
For purchases, I always use her (the rebate)card, and hardly ever use the other card(I may have used it once last year). I just got a letter from MBNA telling me that if I don't use my card it will negatively affect my credit rating. Will this really happen?
I don't know if it matters, but the credit limit on the card is $25,000.
I don't use the card because I don't get a rebate, but I don't want to cancel it because I want an additional card to use in case of emergency. Will my credit really be adversely affected if I don't use it?
My other question is about the other card, which is technically in her name (i.e., the bill comes to her), but I use it because 1) rebate 2) It's nice to have all of our purchases on one bill at the end of the month for recordkeeping, etc.
If it is technically her card, does it affect my credit rating?
Your thoughts please? I value the opinion of my fellow F-chatters.
Thanks,
Dom
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