Stimulus

Quote: SOOPOO

Luckily the well crafted stimulus package has given Harvard $10,000,000. Because, you know, their endowment is only $41,000,000,000.

I don’t think anyone on either side would claim it was well crafted. It was a rush job (for obvious reasons). Gonna be lots of dumb s***/errors in a bill that big that was put together that hastily.

Quote: Evenbob

I have 5 Cap One cards. My wife
has Chase and twice they have
reduced her available credit for
no reason. She has hardly any
balance and a 790 credit rating.
CapOne has never reduced my
credit, ever.

That is why they lower your available credit. If you use the credit cards and leave a small balance they won't lower your credit limit.

I have so many credit cards in my safe, probably over 50, that I don't even know which ones are good anymore. I apply for just about every credit card that doesn't have annual fees but offers me some sign up bonus. I have two that I use regularly. One is the Amex which does have a fee, but I use that card just about every day and pay it off each month. I also use one of my no interest cards for bigger purchases and just make sure it is paid off prior to the 0% interest running out.

Quote: DRich

That is why they lower your available credit. If you use the credit cards and leave a small balance they won't lower your credit limit.

I have so many credit cards in my safe, probably over 50, that I don't even know which ones are good anymore. I apply for just about every credit card that doesn't have annual fees but offers me some sign up bonus. I have two that I use regularly. One is the Amex which does have a fee, but I use that card just about every day and pay it off each month. I also use one of my no interest cards for bigger purchases and just make sure it is paid off prior to the 0% interest running out.

Chase does not like unused cards. I had a card and stopped using it as I tried to pay off my huge debts 2005-2016. Eventually I got a Dear John from Chase saying since I did not use it they closed it. Citi did the same with one I did not use for 2 years. I used to have a ton of cards, now down to like 5, only 2 of which I use.

I always advice people keep several cards open as if you hit a jam like we have now it can buy you time.

Quote: DRich

That is why they lower your available credit. If you use the credit cards and leave a small balance they won't lower your credit limit.

I have so many credit cards in my safe, probably over 50, that I don't even know which ones are good anymore. I apply for just about every credit card that doesn't have annual fees but offers me some sign up bonus. I have two that I use regularly. One is the Amex which does have a fee, but I use that card just about every day and pay it off each month. I also use one of my no interest cards for bigger purchases and just make sure it is paid off prior to the 0% interest running out.

Wow, I should look into that, signing up for cards with a bonus and no annual fee.
I'm at a point in my life where I will probably not get another big loan. Furloughed and considering easing into retirement.
My credit is spotless.
I just have 2 cards, one connected to MGM, the other CET. I pay them off every month and use them for all purchases. I use the rewards in Vegas. I wonder if there will be much of Vegas left when this is all over.

Routine phone call with my entomologist son, the one in Gainesville, Florida. He is the one who makes a tad over minimum wage, and other than him being on my phone plan, never asks for money. I asked him what he will be doing with the $1,200 he just got. He answered he is trying to figure out which charity will use the money most efficiently to help people affected by COVID-19. And he will donate it all. He says he is still fully employed and it makes no sense for him to get any additional money from the government. I'm proud of him.

Quote: DRich

That is why they lower your available credit. If you use the credit cards and leave a small balance they won't lower your credit limit.
.

No, that's the opposite of what
happens. If you leave a small
balance, or pay them off every
month, that's when they reduce
your credit limit. That's what
happened with my wife and
Chase. She had a $50K limit,
they cut it to $25K, then $10K.
She was so furious she dropped
them forever.

Quote: Evenbob

No, that's the opposite of what
happens. If you leave a small
balance, or pay them off every
month, that's when they reduce
your credit limit.

Huh. I pay my credit cards off every month and they randomly raise my limit all the time.

Quote: ams288

Huh. I pay my credit cards off every month and they randomly raise my limit all the time.

Goody for you. Many do just
the opposite. Chase and Citi,
for instance.

Quote: Evenbob

Goody for you. Many do just
the opposite. Chase and Citi,
for instance.

Not sure what's up with your credit. I have both Citi and Chase cards and they periodically up my limit. They ask and I just have to check a 'yes' box. I've checked 'no' occasionally. I have no need for giant credit limits; 25k is fine.

I can't recall my limits every going down, but I hurt my credit score by canceling some cards before I knew that was the thing not to do.