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Thread: Credit Card Question

  1. #1
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    Default Credit Card Question

    i got a question

    i currently have a BMO Mosaik credit card, use it alot make regular payments

    i was wondering if i was to get a credit card say from, sears, the bay, futureshop u buisnesses does that effect my credit at all or not

  2. #2
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    it can make it better or worse depending on making your payments on time.

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    Originally posted by BigDannyCool
    it can make it better or worse depending on making your payments on time.

    well id make the payments on time


    there was this time i was talkin to someone and he said that department store cards actually give u a lower credit rankin and what not so i wasent sure

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    Not only that, department store credit cards have horrendous interest rates......not a real problem if you don't carry a balance....you're better off to get a rewards type card, aeroplan or airmiles, they're great......Unfortunately, you cannot buy cars on them (I've tried), they don't like handing out aeroplan miles on $25K for some reason....
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    ^^^ Some dealers will let you put a deposit on your credit card. I was able to do $5000 on mine.

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    Umm i have both HBC and Sears. I'm lookin to cancel them, they always call with stupid offers like life insurance for only 8 dollars a month and other related crap. Then the interest rates are through the roof! It took me a good year to pay of 100 paying the minumum.



    It won't wreck your credit rating though if you have one. I don't know where you heard that from

    Its only when you miss payment by 30 days and such.

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    My wife has a sears card, we never get calls. We rarely use it cause theres no rewards on it.

    but it does come in handy 1 or 2x a year when you can get like a sale price with sears card only. Other than that is kinda stupid.

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    Originally posted by eclipseqt
    It won't wreck your credit rating though if you have one. I don't know where you heard that from
    They don't hurt more than any other credit cards. But the more credit cards you carry mean pontentially more liability, hence may hurt your credit rating.

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    Originally posted by eclipseqt
    Umm i have both HBC and Sears. I'm lookin to cancel them, they always call with stupid offers like life insurance for only 8 dollars a month and other related crap. Then the interest rates are through the roof! It took me a good year to pay of 100 paying the minumum.



    It won't wreck your credit rating though if you have one. I don't know where you heard that from

    Its only when you miss payment by 30 days and such.

    how bad could the interest rates be lol

    my bmo has 18.225% on it

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    Like I said above, typical department store cards have 27% rates, your card is average.......I on the other hand have 2 cards at 10.9%
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    Originally posted by TurboMedic
    Like I said above, typical department store cards have 27% rates, your card is average.......I on the other hand have 2 cards at 10.9%


    lol im only 18 so i guess my interest rate is good for a starter lol

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    18% is too high, and 27% is a complete joke, I had a bunch of store cards that I used a couple times, but since I payed them off right away I never cared about the interest, butI have got rid of all of them, hated using them, best one I got is a Visa from TD that has a 9-10% interest rate, and a backup Mastercard that has 18%, but is never used and is kept for emergencies.

    Best advice I could give someone about CCs is stay away from store ones, as if you miss a payment or end up having to pay the interest for awhile, it will cost loads.
    Although on some store cards you can set up certain plans for payment and be sure never to pay interest.......ok I'm getting way off topic.

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    Here's a question...

    As a new CC holder I heard that the best way to have "establish" credit would be for example...

    say your limit is 200, spend 200 but pay off your card in full everymonth, hence rack it up but pay it down...hopefully that makes sense

    any comments?


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    Originally posted by joyridder
    Here's a question...

    As a new CC holder I heard that the best way to have "establish" credit would be for example...

    say your limit is 200, spend 200 but pay off your card in full everymonth, hence rack it up but pay it down...hopefully that makes sense

    any comments?
    Basically just pay the minimum or the whole thing off. It doesn't matter. Just don't miss a payment and you are fine.

    I missed a payment by 1 day because the online banking doesn't process until 48 hours later. They didn't really care but it stays on your record credit card record for 6 months. If you are over 30 days late, your credit rating will drop dramatically and it will show on your credit rating that the credit bureau has.

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    Originally posted by joyridder
    Here's a question...

    As a new CC holder I heard that the best way to have "establish" credit would be for example...

    say your limit is 200, spend 200 but pay off your card in full everymonth, hence rack it up but pay it down...hopefully that makes sense

    any comments?
    That's quite true. Its better for someone to use their CC and pay it off every month then to leave any sort of balance. This way, even though it's 200$, you're showing that you can use your credit card responsibly. Making any sort of minimum payment does affect your credit rating either at the bureau or at the credit card company.

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    Originally posted by TurboMedic
    Unfortunately, you cannot buy cars on them (I've tried), they don't like handing out aeroplan miles on $25K for some reason....

    The reason for this is that the credit card companies charge the merchants a percentage. So if you were to spend $25K on your credit card, the dealership stands to lose quite a bit of cash.

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    Yeah, but I really wanted to earn a flight outta the deal....dammit....
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    I've read/heard about the department store credit card lowering your credit rating story. Although, I have nothing to back it up.

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    Originally posted by crazyning
    I've read/heard about the department store credit card lowering your credit rating story. Although, I have nothing to back it up.
    Department store credit cards (just like MC or Visa) will add to how much you can potentially get into debt.

    This will affect your ability to obtain further forms of credit like a mortgage, car loan or other credit cards. So it's best not to have department store credit cards if you don't need them.

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    i missed last month's payment on my backup mastercard because i was too lazy to go to a teller to pay it... it was $15, will this dramatically affect my rating?
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