UnThreaded | Threaded | Whole Thread (18) | Ignore Thread Prev | Next
Author: BryanZ1 Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 311074  
Subject: Re: Credit Card Conundrum (kinda long) Date: 9/23/2003 4:41 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
1. Don't worry about it. Close the cards. If they ask, tell them the truth; that you signed up for them for various benefits and closed them when you realized how much you had.

The biggest reason for me is the potential for fraud. Consider if your wallet is stolen. How many people do you have to call because of credit issues? Will you remember each one?

My girlfriend went through identity theft last year. Someone stole all her mail, opened a Target card with a really high limit, and tried to run it up immediately. She's still feeling the residuals of the ID theft. I understand the pitfalls of it, but I do keep statements and phone #s handy in case anything like that happens. My mail also comes in a locked box while hers was in a regular mailbox. I also keep pretty good tabs on my credit report, so I'm not too worried about that happening.

2. If I understand correctly, you will get a better interest rate if you put money down on the house. The advantage of "taking advantage of these low rates" is moot when the rates aren't low for you.

Thus, the credit issue is moot just yet. Further, if interest rates go up, the cost of housing will go down.

Yea, I've pretty much put the idea of owning a house out of my mind for right now.

3. Do you have an emergency fund?
Kinda sorta. It's more of an active fund. When it gets a little bigger (it's growing) it'll be able to handle emergencies too, and I'll consider shifting it to my ING Orange account or somewhere away from my Wells Fargo account.

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (18) | Ignore Thread Prev | Next


TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.