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Author: CountessEvil Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308230  
Subject: A small question. Date: 10/27/2003 11:06 AM
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This is a done deal already but I would like your opinion on it anyway.

Ok so hubby was approved for a capital one platinum card with a limit of 200 and an annual fee of 59.

We don't plan on using this card at all. Our credit is very messed up and this is the first card we've gotten in about 3 years because of it.

If we don't plan on using it and we pay the annual fee, don't want to dispute it because of said bad credit, Will this help our credit??

Countess
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Author: Leviathan Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 172418 of 308230
Subject: Re: A small question. Date: 10/27/2003 11:19 AM
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Ok so hubby was approved for a capital one platinum card with a limit of 200 and an annual fee of 59.

We don't plan on using this card at all. Our credit is very messed up and this is the first card we've gotten in about 3 years because of it.

If we don't plan on using it and we pay the annual fee, don't want to dispute it because of said bad credit, Will this help our credit??


Will it help your credit score? Likely.

However, you know what else will help your credit? The passage of time and the lack of any new black marks on your credit report. There is NO WAY I'm going to take this card if I'm in your situation. Instead, I'm going to live cash-only and wait for all these old marks to age. Even then, I'm still not going to carry a credit card. Keep in mind that improving your credit gives you the ability to borrow more. Isn't that what got you trouble in the first place? Do you really want to go back to that lifestyle again?

Leviathan

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Author: CountessEvil Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 172419 of 308230
Subject: Re: A small question. Date: 10/27/2003 11:31 AM
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Leviathan,

I appreciate your concern about getting back into debt. And I wanted to clarify that once we realised what we had done to ourselves we started paying right and on time.

We have been doing this for about 3 years, cash only and waiting.
We don't charge on the cards at all anymore and we are cutting this one up as soon as it arrives.

We do want the ability to borrow more that is true, but only so that we can buy or build a house. We are going to be a family of five in april when child3 is born and right now we are living in a 2 bedroom trailer with about 700sq feet.

Countess



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Author: Yen64 One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 172420 of 308230
Subject: Re: A small question. Date: 10/27/2003 12:31 PM
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Since you said that this was already a done deal, I would look for any way possible to close this account RIGHT NOW. Try to avoid the annual fee. Maybe you can deny receiving the card or something similar.

I understand that you want to build your credit, but in my opinion this is not the way to do it.

Below is a link you might find interesting, you can find more bu searching. The basics are that this person got the card, the annual fee pushed him over the limit, which caused an over the limit fee, which raised the minimum payment beyond what he could pay, causing a late fee.

This is a very dangerous game. To quote the movie Wargames, the only way to win is not to play.

http://groups.google.com/groups?hl=en&lr=&ie=UTF-8&oe=UTF-8&threadm=01bd1b07%244a01e0c0%24b5956420%40fpfzqlga&rnum=2&prev=/groups%3Fhl%3Den%26lr%3D%26ie%3DUTF-8%26oe%3DUTF-8%26q%3D%2522capital%2Bone%2522%2B%2522postage%2Bpaid%2522%26sa%3DN%26tab%3Dwg


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Author: eyecolts Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 172429 of 308230
Subject: Re: A small question. Date: 10/27/2003 2:28 PM
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It won't help your credit at all unless you use it, because Capital One won't be able to report a positive payment history.

Can you put something small on it each month and pay it off? Your ISP maybe? If you do that, the card will show up as active, and as long as your payments are regular and timely, you should see some improvement on your CR....of course, the best cure for a spotty past is time...

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Author: cyberisme Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 172435 of 308230
Subject: Re: A small question. Date: 10/27/2003 3:13 PM
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It won't help your credit at all unless you use it, because Capital One won't be able to report a positive payment history.

yes it will - the annual fee.

C.

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Author: Leviathan Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 172437 of 308230
Subject: Re: A small question. Date: 10/27/2003 3:28 PM
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We have been doing this for about 3 years, cash only and waiting.
We don't charge on the cards at all anymore and we are cutting this one up as soon as it arrives.

We do want the ability to borrow more that is true, but only so that we can buy or build a house. We are going to be a family of five in april when child3 is born and right now we are living in a 2 bedroom trailer with about 700sq feet.


I'll admit that 5 people in a 700 SF trailer is cramped. However, if you've been keeping your payments up and have not had any new bad marks (and been paying down your debts) for the past three years then you should be bankable for a mortgage. Don't go to the biggest bank you can find, though. Go to a local lender that will actually sit down with you and listen. Assuming that you're not trying to buy too much house (and you might have trouble getting a construction loan, that's true) then you shouldn't have a problem. Now, if you still have a ton of debt then you're going to have problems getting a loan, good score or not.

Leviathan

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Author: CountessEvil Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 172474 of 308230
Subject: Re: A small question. Date: 10/28/2003 1:52 PM
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thanks everyone,

we have decided to keep this card and continue a cash only life for about another year and try a house loan.

thanks again.

Countess

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