NO automatic payments!

[Jstpssng]

You usually have to specify that extra money in your mortgage payment is to go to principle, some banks do that automatically but many don't.

I know that now, but that isn't so easy when paying online.

 

[Torvy]

I just spotted a recurring charge in our Amex

I had Wells Fargo

Wow. Two companies with which I would never intentionally do business. Having spent most of my professional life in financial services, these guys have some of the worst reputations.

Amex's system is a horrible deal. Much better off with MC or Discover.

 

[Jstpssng]

Wow. Two companies with which I would never intentionally do business. Having spent most of my professional life in financial services, these guys have some of the worst reputations.

Amex's system is a horrible deal. Much better off with MC or Discover.

I have too many credit cards... I had no credit and wanted to take out a small mortgage so signed up for a few and got a bit carried away. 8 of them are in a drawer, one I use for my truck and my Discover gets used for everything else.
Amex and Wells Fargo are two of the cards I don't use, but am not ready yet for the credit hit I could take when I cancel most of the cards.
It's a PITA because even though I don't use them I still have to log in a couple of times every month to monitor them.

 

[IndyJay]

I have too many credit cards... I had no credit and wanted to take out a small mortgage so signed up for a few and got a bit carried away. 8 of them are in a drawer, one I use for my truck and my Discover gets used for everything else.
Amex and Wells Fargo are two of the cards I don't use, but am not ready yet for the credit hit I could take when I cancel most of the cards.
It's a PITA because even though I don't use them I still have to log in a couple of times every month to monitor them.

How do you take a hit canceling cards you don't use?

 

[Jstpssng]

How do you take a hit canceling cards you don't use?

Supposedly my credit score will take a hit because I am reducing my available credit. I am trying to get everything paid off and eventually credit score won't matter. Right now I want to keep my options open in case I decide to refinance my home and two acres, so that it will be my only debt. That also would give me the option of selling that same house and two acres, walking away debt free with 18 acres to build on or sell.

 

[IndyJay]

Supposedly my credit score will take a hit because I am reducing my available credit. I am trying to get everything paid off and eventually credit score won't matter. Right now I want to keep my options open in case I decide to refinance my home and two acres, so that it will be my only debt. That also would give me the option of selling that same house and two acres, walking away debt free with 18 acres to build on or sell.

Our score actually went up when we closed a couple because it reduced our available credit.

 

[Jstpssng]

Our score actually went up when we closed a couple because it reduced our available credit.

That's good to know as I would like to cancel 8, totaling nearly 50% of my credit limit.

 

[Torvy]

Supposedly my credit score will take a hit because I am reducing my available credit. I am trying to get everything paid off and eventually credit score won't matter. Right now I want to keep my options open in case I decide to refinance my home and two acres, so that it will be my only debt. That also would give me the option of selling that same house and two acres, walking away debt free with 18 acres to build on or sell.

You were duped. If the bank closes your card, you will take a hit. If you close it, not really.

Available credit cuts both ways. Too much available credit can hurt because of the risk you may use it all at once. Not enough is almost exclusively a problem for young or "new to credit" people. Cancel them.

 

[Jstpssng]

You were duped. If the bank closes your card, you will take a hit. If you close it, not really.

Available credit cuts both ways. Too much available credit can hurt because of the risk you may use it all at once. Not enough is almost exclusively a problem for young or "new to credit" people. Cancel them.

Thanks. Right now there is a greater chance of nefarious activity hurting me, than me using the cards. I just wish it was as easy to cancel them as it was to open them; trying to talk to "Customer Service" is like turning straw into gold. Yet if I send half of the card back with a request to cancel, I'm sure they will get the message.

 

[IndyJay]

Yet if I send half of the card back with a request to cancel, I'm sure they will get the message.

Some twit will read the message as, "Oh my, he needs a new card!"