toyota visa card

[ilovetacos]

Originally Posted by aaronatl

my opinion, capital one is the worst

my credit record still reports 2 late payments 7 years later from
capital one, only neg. thing good luck closing that account

Those 2 late payments will stay on your credit at least 8 yrs even if the account is closed. Most people don't realize that once you open an account with any creditor it stays on your report 8 yrs or longer.

I work in the loan & finance industry and I review people's credit all day long. Most of my customers think that when their account goes into collections and reporting on their credit report they can pay it off and it will be removed from your credit report. Once it's on there it stays for at least 8 years.

[TorenApart]

I have 3 CC but have only ever used 1. Does it hurt my credit to show unused credit lines? My credit history is perfect, but I do have some smaller college loans and a truck...
The 1 card I use (Citibank Drivers-Edge) has a high limit. I pay for everythingI buy on this card. I regularly spend $800+ a month but pay it off in full every time...

[jandrews]

Originally Posted by TorenApart

I have 3 CC but have only ever used 1. Does it hurt my credit to show unused credit lines?.

Yes. Large amounts of unused available credit hurts your credit rating. Also, this works against your debt ratios. Banks/CC companies/etc view "available credit" (i.e. unused balance of your CC) as debt in your debt ratio. This is because you can use that credit and turn it into debt at any time and it is NOT collateralized (in other words, there's nothing to repo. If you eat dinner and pay with VISA, then default on the VISA, how are they supposed to repossess the steak?)

If you have unused credit cards, CANCEL THEM. If you're going to keep them open, spread your spending around...it doesn't take much. Just put $700 on your primary card each month, and $50 on each of the others.

As always, pay off all balances in full before the end of the grace period.

Also, look into yearly fees. Banks are bringing those back hardcore these days. Make sure you're not getting hit for $100-$200 yearly just to have all this unused credit hurting your report...

[mws4ua]

Haven't tried the Toyota card... I don't spend enough time/money at the stealership to need points there anyway.

Only card we have is a BP Visa. BP stations everywhere around here, and it's hard to turn down 5% back. We cash it out once a year for a few hundred bucks. Always pay it off, though... NOTHING is worth the interest those bastards charge.

[scrtsql]

use it , pay it, the reward points are good for parts and oil changes

[ttylerr]

good old TD canada trust emerald visa, 7.5% interest rate
so far only been used for mods... slowly but surely gettin it paid off. (until i pay for my toytec GB coils and shocks... damn!)