Data leaks denting Web shoppers' confidence

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Credit Cards

I applaud both of you for your caution but it is a very sad fact tht your actions will probably lower your credit scores, maybe even substantially. Especially as time goes on, this IMO scam of lowering scores to justify raising interest rates punishes people for having little or no open credit lines, and likes to see people with a mix of various types of credit, although using over a certain percentage of that credit will lower your score (confusing--and they make it purposely so). In reality, you are hurting your credit scores by having only 1 card with a $500 limit. They also go by the date a credit source was opened--if you have no recent accounts it will lower your scores.

Most credit cards protect the cardholder and make him/her responsible for the first $50 of a fraudulent transaction.

Just so you know, I'm not a big fan of this system but have studied it well and know some of their "tricks". Credit bureaus HATE people who use cash.

Hope this helps somewhat.

Posted by: EBathory   Posted on: 06/24/05 You are currently: a Guest | Members login | Terms of Use

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