Comments on: Should I Cancel My Credit Card? http://studenomics.com/credit/should-i-cancel-my-credit-card/ Thu, 29 Jul 2010 19:02:08 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Edwin http://studenomics.com/credit/should-i-cancel-my-credit-card/comment-page-1/#comment-16837 Edwin Wed, 16 Dec 2009 03:53:23 +0000 http://studenomics.com/?p=1459#comment-16837 Thomas, you are implying that it is impossible to trust your relatives and they are guaranteed to steal your money, which is ridiculous Everything you've said so far is not relevant whatsoever because if you can trust your parents to keep your credit card but not rake up charges then there is no problem giving it to them for safe keeping. I agree it's not a simple process where you either just get rid of your credit card or max it out but that's not relevant. I'm going to leave the conversation at this point because Studenomist gave a reasonable way to get rid of your credit card and I agreed with it. You then went on to some strange paranoia that all your parents would do is charge up the card, which I find ludicrous. You bring up important points which I agree with but using them to argue that destroying or giving away your credit card is absolutely a bad idea is silly. Thomas, you are implying that it is impossible to trust your relatives and they are guaranteed to steal your money, which is ridiculous

Everything you’ve said so far is not relevant whatsoever because if you can trust your parents to keep your credit card but not rake up charges then there is no problem giving it to them for safe keeping.

I agree it’s not a simple process where you either just get rid of your credit card or max it out but that’s not relevant.

I’m going to leave the conversation at this point because Studenomist gave a reasonable way to get rid of your credit card and I agreed with it. You then went on to some strange paranoia that all your parents would do is charge up the card, which I find ludicrous. You bring up important points which I agree with but using them to argue that destroying or giving away your credit card is absolutely a bad idea is silly.

]]> By: thomas http://studenomics.com/credit/should-i-cancel-my-credit-card/comment-page-1/#comment-16831 thomas Wed, 16 Dec 2009 01:48:10 +0000 http://studenomics.com/?p=1459#comment-16831 Well it sure is relevant because when the banks comes and says pay up, they won't ask what happened, they will just want the money. I mean just look around, how many people do you know that are debt free, excluding mortgages? I am fairly aggressive because the track record matters a lot. I don't think age makes a difference because we will need credit throughout our life. If a banks looks at your credit report and notices gaps, they will question it. Same idea with your job history. My main argument is that we all need credit, but also credit cards are tools for us to use or abuse. We can use it to our advantage or end up deep in debt and struggling. Well it sure is relevant because when the banks comes and says pay up, they won’t ask what happened, they will just want the money.
I mean just look around, how many people do you know that are debt free, excluding mortgages?

I am fairly aggressive because the track record matters a lot. I don’t think age makes a difference because we will need credit throughout our life.
If a banks looks at your credit report and notices gaps, they will question it. Same idea with your job history.

My main argument is that we all need credit, but also credit cards are tools for us to use or abuse. We can use it to our advantage or end up deep in debt and struggling.

]]> By: Edwin http://studenomics.com/credit/should-i-cancel-my-credit-card/comment-page-1/#comment-16823 Edwin Tue, 15 Dec 2009 21:44:46 +0000 http://studenomics.com/?p=1459#comment-16823 It's not relevant whether your parents can or can't handle debt. What matters is if they will steal from you or not. You don't just hand them your card and tell them it's time to go shopping. Dropping credit cards from your recent credit history is not near as dramatic as you make it sound. You still pay bills and likely have a car payment and possibly a house payment along with smaller bills like the cell phone. Thomas, you seem almost irrationally aggressive towards any attempt at someone getting rid of their credit cards and I don't really understand why. It’s not relevant whether your parents can or can’t handle debt. What matters is if they will steal from you or not. You don’t just hand them your card and tell them it’s time to go shopping.

Dropping credit cards from your recent credit history is not near as dramatic as you make it sound. You still pay bills and likely have a car payment and possibly a house payment along with smaller bills like the cell phone.

Thomas, you seem almost irrationally aggressive towards any attempt at someone getting rid of their credit cards and I don’t really understand why.

]]> By: thomas http://studenomics.com/credit/should-i-cancel-my-credit-card/comment-page-1/#comment-16799 thomas Tue, 15 Dec 2009 12:23:31 +0000 http://studenomics.com/?p=1459#comment-16799 Let's face it, majority of our parents are in debt and can't handle money properly. Whoever you give the card to, you will still be held responsible when things go wrong. And cutting up the card doesn't solve anything, what happens to your credit history when you go apply for a loan a year from now? They will look at your history and tell you sorry you have no credit history for the past year or for however long it is. Let’s face it, majority of our parents are in debt and can’t handle money properly.

Whoever you give the card to, you will still be held responsible when things go wrong.

And cutting up the card doesn’t solve anything, what happens to your credit history when you go apply for a loan a year from now? They will look at your history and tell you sorry you have no credit history for the past year or for however long it is.

]]> By: Edwin http://studenomics.com/credit/should-i-cancel-my-credit-card/comment-page-1/#comment-16707 Edwin Mon, 14 Dec 2009 03:38:54 +0000 http://studenomics.com/?p=1459#comment-16707 Thomas, Studenomist made the suggestions and I think it can be a good idea. But of course that depends on the amount of responsibility that person themselves has. I for one could easily trust my parents but I wouldn't just recommend everyone go around giving their credit cards out. I would just cut the credit card up personally but if someone doesn't want to get rid of it, giving it to a trusted (keyword trusted) relative is a good way to keep it out of your hands yet not destroy it. Thomas, Studenomist made the suggestions and I think it can be a good idea. But of course that depends on the amount of responsibility that person themselves has. I for one could easily trust my parents but I wouldn’t just recommend everyone go around giving their credit cards out.

I would just cut the credit card up personally but if someone doesn’t want to get rid of it, giving it to a trusted (keyword trusted) relative is a good way to keep it out of your hands yet not destroy it.

]]> By: thomas http://studenomics.com/credit/should-i-cancel-my-credit-card/comment-page-1/#comment-16706 thomas Mon, 14 Dec 2009 03:14:48 +0000 http://studenomics.com/?p=1459#comment-16706 So Edwin, you are suggesting giving your card away to someone else because you can't seem to know how to handle it properly yourself? On top of that, risk comes with that, what if that parent or partner maxes out your card and leaves it to you to pay it off, was giving your card such a great idea now? So Edwin, you are suggesting giving your card away to someone else because you can’t seem to know how to handle it properly yourself?

On top of that, risk comes with that, what if that parent or partner maxes out your card and leaves it to you to pay it off, was giving your card such a great idea now?

]]> By: Edwin http://studenomics.com/credit/should-i-cancel-my-credit-card/comment-page-1/#comment-15950 Edwin Fri, 04 Dec 2009 05:48:00 +0000 http://studenomics.com/?p=1459#comment-15950 Ya giving it to a parent, partner or whatnot would do the trick just as well. Plus if you did want it back at some point and had a good reason, you can get it back :) Ya giving it to a parent, partner or whatnot would do the trick just as well. Plus if you did want it back at some point and had a good reason, you can get it back :)

]]> By: Studenomist http://studenomics.com/credit/should-i-cancel-my-credit-card/comment-page-1/#comment-15946 Studenomist Fri, 04 Dec 2009 04:56:37 +0000 http://studenomics.com/?p=1459#comment-15946 @Edwin Simple, yet effective. Instead of getting rid of it, why not give it to one of your parents? (unless you have a bad relationship with them). @Edwin Simple, yet effective. Instead of getting rid of it, why not give it to one of your parents? (unless you have a bad relationship with them).

]]> By: Edwin http://studenomics.com/credit/should-i-cancel-my-credit-card/comment-page-1/#comment-15935 Edwin Fri, 04 Dec 2009 00:31:34 +0000 http://studenomics.com/?p=1459#comment-15935 While waiting to cancel your credit card to avoid taking that short term credit hit, you can greatly lower the possibility of fraud or even the temptation to start using it again by getting rid of the card itself. While waiting to cancel your credit card to avoid taking that short term credit hit, you can greatly lower the possibility of fraud or even the temptation to start using it again by getting rid of the card itself.

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