I just paid off nearly all of my credit cards, which was nearly $25,000 total in debt, and my FICO credit scores for all three reporting agencies have jumped over 100 points each. As I approach the magic 800+ scores, I’m trying to maximize every line on my reports. One of the things that has helped increase my scores and that I recommend to most people is to never close your credit cards, just pay them off and get them to a $0 balance. There are exceptions to this of course, such as if your card has a yearly fee, but the cards that can stay open at $0 forever (or as long as there is a small balance, like $1) with no fees should stay open.

Why? One simple reason: Credit history. The accounts you can show that are open and paid will extend your credit history and show that you can have revolving open credit with no money management problems. Closing a card can potentially cause two problems to occur: One is that it will decrease your average lifetime of accounts, and two is that a closed account can drop off of your report at anytime with no warning, especially after seven years. Good luck getting it back on if your account is closed.

In the end, keep those credit card accounts open at a $0/$1 as long as possible. Remeber, 15% of your score is determined by the length of your credit history and this will give it a boost. Years from now it will pay off as you reach towards the perfect 850 score.

I’ve been looking around for a good deal on an auto refinance now that my personal scores have jumped to 700+. BECU right now has a great 6.99% rate on a refinance for 72 months! The only problem is that you have to live in Washington State to open an account with them. But if you’re from the area, like me, take advantage of this deal. You can even get an 84 month loan at 7.49%.

The Credit Forum has decided to expand our topics a bit to include auto loans, mortgages, refinancing, business credit topics, and more. We’ve also decided to add a Wiki so users can share their knowledge to others easily to the other members. Affiliates and links in will grow and our goal by the end of the year is to have a huge site with tons of article and useful information. Expanding membership is number one on our list, so join up!

This site will help you get that credit score that you’ve always wanted. Need help getting those bad items off of you credit report? What are the tricks to raise your score quickly in 30 days? Enter the forums and you’ll find what you’re looking for.

Ethan
Admin

Every year, millions of Americans go on vacation. This is a great way to enjoy time with family and friends in a relaxing atmosphere. Most vacations are spent between the months of April and September. Whether the vacations are spent domestically or abroad, states and countries depend on the millions of dollars they receive from the tourist industry every year. Vacationers do not realize exactly how much they can spend every year until they tally it up at the end of vacation.

In recent years, using cash or checks on vacation has become obsolete. It is much easier to use a credit card when you rent a car or check into a hotel. In fact, there are some hotels and rental companies that require a it for security purposes. If you do not have one or want to use it, you may find that you will have a difficult time. You may choose to use it for large purchases only, however you may not have a choice if you want to stay in a five star hotel.

Using your charge card can also protect you. It is a detailed record of what you have purchased and when you purchased it. Your statement can even state the time you made the purchase. Your statement acts as your receipt of all purchases you have made, regardless if you do or do not have the original store receipt. You have detailed information of all transactions made when you use it. It can be viewed anytime, on or off line.

Another advantage to using a credit card is that you do not have to carry large amounts of cash with you. It is not recommended that you do this because of the threat of violence if a fat wallet is noticed. It may only require a signature and an ID. It is much easier than counting cash every time you want to make a purchase or take your family to local attractions.

Many companies offer a cash back reward each time you make a purchase on it. This means that the company will give you a small percentage of every purchase that you make. And is usually given on a monthly basis.

There are many companies that award points for every dollar you spend throughout the month. These points can be redeemed at local merchants for a plethora of different items. It is not necessary to redeem your points every month, you can save them and let them add up to purchase that big item that you want.

For people that do not have one. This does not mean that they cannot go on vacation or will not have a hotel room. For those people, there is hope.

Many stores now sell credit cards that are rechargeable. This means that you put funds in it and that is the spending limit that you have. It is feasible to put all of your vacation funds on it. By visiting participating retailers, you can add funds whenever you want.