Ask Creditnet Questions

Ask Creditnet Questions

Ask Creditnet: Must My Son Relinquish His Credit Card?

 Dear Creditnet: My son has had his own credit card since his 18th birthday. He is a now a 20-year-old college student, has never carried a balance, and uses his credit sparingly. We taught him well. Under the new credit card laws, will he be required to relinquish his credit card because he will not be 21 until 2011? Answer: It's always nice to find a parent that actually understands the value in teaching their children how to responsibly manage credit from a young age. Unfortunately, parents like you are few and far between. Believe me, your son has an enormous head start on most of his college-age peers.

Ask Creditnet: How In-Store Financing Can Hurt Your Credit Scores

 Dear Creditnet: I'm currently in the market for a new TV and Best Buy is offering 0% financing for three years. My question is when you open an account like this, how big of a hit does your FICO score usually take and how long will it take to rebound? I could easily pay cash for the TV up front, but the "finance" person in me says it's free money—why not take the terms?

Ask Creditnet: Switching to a No Annual Fee Credit Card

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Dear Creditnet: I currently have a credit card that expires in August 2010. This card has an annual fee, and I'm tired of paying it every year.

Do I have to cancel my card in order to apply for a different card from the same credit card company with no annual fee?

Ask Creditnet: Dealing with Closed Credit Card Accounts



Dear Creditnet: I recently lost my job and won't be able to make next month's credit card payment. So I called the credit card company to discuss my options. Less than a week later, they closed my account without even notifying me. I was told by a customer service agent that it didn't matter whether I closed the account or they did because it affects my credit the same. Is this true? Also, is there a way to get this off my credit report now? Or should I just wait for it to go to collections and then negeotiate a "pay for delete"?

Ask Creditnet: Best Hotel Rewards Card for Newbies

Dear Creditnet: My fiancé and I are new to credit cards (we've only used debit cards in the past), and we're looking to get one that will give us hotel reward points. Any idea which card would help us better our credit scores while banking hotel points as well?

Ask Creditnet: Interest Rate Jacked on Existing Balance

Dear Creditnet: The issuer of my primary credit card just sent me notice saying they're raising the rate on my existing balance to 30 percent. My account is already into the thousands and I can barely make payments as it is! I have been a little late in the past, for which I will now be massively penalized. Is there anything I can do? Any recourse?

Getting a New Credit Card? What to Do with Old Cards

Dear Creditnet: I'm thinking about applying for a new hotel rewards credit card, but I already have two other cards with high limits. One card has a $34,000 limit, and I don't even use it. Before applying for the new card, should I ask to have this account closed or the credit limit reduced to the minimum? I don't want to have my credit score dinged too bad by having a new card.

New Annual Fee: Should I Pay Up or Move On?

Credit questions 


Dear Creditnet: I just received information in the mail Saturday that Citi Platinum Select will now start charging an annual fee of $60. I have had this card since 1989. Of course there are ways to avoid that fee, but should I just start looking for another credit card?

How Closed Credit Cards Affect Your Credit Score

creditcards Dear Creditnet: I haven't used my credit card in a long time, and I think they may have closed it on me. The expiration date on my card passed a few months ago, and they didn't send me a new one. It had a pretty large credit line. Was my credit score dinged? Answer: You never received a replacement credit card in the mail, but that doesn't necessarily mean your account was closed. The bank may have made an error and failed to send a new card, or perhaps the card was lost in the mail? You need to do some legwork first to determine the true status of your account.


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