Credit: How bad to take a card for a year?

Discussion in 'Community Discussion' started by silbeej, Mar 24, 2009.

  1. silbeej macrumors 6502a

    Joined:
    Feb 3, 2007
    #1
    How bad for my credit would it be if i take a credit card to get the year free, then dump it at the end of the year?

    Also, i heard that having no limit cards like the AMEX gold, which this one would be, are bad for credit since you have no "credit limit" and it just goes off of your highest amount for the month. How bad is that for my credit?
     
  2. fireshot91 macrumors 601

    fireshot91

    Joined:
    Jul 31, 2008
    Location:
    Northern VA
    #2
    I don't think that it'll be bad if you pay however much you buy.
     
  3. njl macrumors regular

    Joined:
    Mar 15, 2009
    Location:
    SAT
    #3
    go to the forums at myfico.com and ask that same question. you don't want to just dump a card (close it i assume) after a year - go there and find out exactly why.
     
  4. wvuwhat macrumors 65816

    wvuwhat

    Joined:
    Sep 26, 2007
    #4
    Pick up a card, use it, pay it in full every month. When you stop using it, cut it up, but don't close the account. It'll actually help your credit.
     
  5. dukebound85 macrumors P6

    dukebound85

    Joined:
    Jul 17, 2005
    Location:
    5045 feet above sea level
    #5
    opening too many accounts can negatively impact your credit
     
  6. silbeej thread starter macrumors 6502a

    Joined:
    Feb 3, 2007
    #6
    Only reason i'd close it is because i don't want to pay the $150/yr fee.
     
  7. njl macrumors regular

    Joined:
    Mar 15, 2009
    Location:
    SAT
    #7
    once again, go to myfico.com to learn and understand credit and credit cards.
     
  8. Surely Guest

    Surely

    Joined:
    Oct 27, 2007
    Location:
    Los Angeles, CA
    #8
    Then you shouldn't have it.
     

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