Sometimes, when an item is returened, it is credited back to the card
as a payment. This means you can go buy an item, then return it
for a full refund on your card.
On Tue, 9 Dec 2008 11:21:29 -0800, Craig Lalley <[log in to unmask]>
wrote:
>This one is way of topic, how to keep your credit rating.
>If this doesn't affect you feel free to delete it right now.
>
>However, if you are like me, you probably have at least an inch or two of
credit cards stuffed in a drawer somewhere. Cards, that you have no
intention of using.
>
>During the immensely profitable period of the last two decades, credit card
companies were sending out millions of credit cards. All the credit card
companies were competing for market share.
>
>Well, now that times are getting tough, the companies are trying to minimize
their exposure.
>
>We (my wife and I) have received several notices from credit companies that
are re-evaluating our 'credit'.
>They are sending notices that we have not used the credit cards in the past
two years, so our account will be closed, if we don't use it in the next month.
>
>Having personally done this, DON'T LET THEM CLOSE YOUR ACCOUNT. Go to
Staples and buy a ream of paper. Then pay it off promptly, but don't let them
close it.
>
>Why? You credit score is based on the amount of credit you have available
vs. how much you are using. When the accounts are closed, you're credit
potential goes down.
>
>I know this sounds backwards, but that is the way the FICO scores work.
>
>Now that availability of credit is limited, it is important to keep a good score.
By closing three or four accounts, it is possible for your credit score to drop
close to 100 points. IF that happens, your active cards my hit you with a
increase in interest.
>
>A credit card is probably the only legal contract that can be modified by one
party (the card issuer) after signing.
>
>I am not an expert in this field, but it doesn't take a rocket scientist to figure
out where this is going.
>
>Merry Christmas Everyone, :-)
>
>-Craig
>
>
>
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