Questions regarding credit card APR

Started Feb 15, 2013 | Discussions thread
dad_of_four
Veteran MemberPosts: 7,379Gear list
Like?
Re: I'm no expert on this
In reply to Chato, Feb 17, 2013

Chato wrote:

But why keep more then two credit cards?

It's good to have a spare account for emergencies, but if you NEED more than two, what the heck are you doing?

I stand ready to be corrected, because, as I said above, I'm no expert.

p.s. It's not about maxing-out as many cards as possible. As I stated above, part of your credit risk is based upon the ratio of Credit Used / Credit Available. So having many spare accounts increase the denominator, which means a lower credit risk, which means a higher Credit Score.

A higher Credit Score gets you a better APR on a home mortgage, a car loan, and surprisingly Homeowners Insurance. Right-or-wrong, Insurance companies maintain the opinion that if you have crappy credit, you are more likely to submit a claim against your homeowners insurance. So higher credit score = Lower Insurance Premiums

 dad_of_four's gear list:dad_of_four's gear list
Nikon D70 Nikon D2Xs Nikon D700 Nikon D5000 Nikon AF-S DX Nikkor 18-70mm f/3.5-4.5G ED-IF +10 more
Reply   Reply with quote   Complain
Post (hide subjects)Posted by
(unknown member)
(unknown member)
(unknown member)
(unknown member)
(unknown member)
(unknown member)
(unknown member)
(unknown member)
(unknown member)
(unknown member)
Keyboard shortcuts:
FForum PPrevious NNext WNext unread UUpvote SSubscribe RReply QQuote BBookmark post MMy threads
Color scheme? Blue / Yellow