Discussion in 'Credit Talk' started by Killer, Dec 7, 2000.

  1. Killer

    Killer Guest

    Ok I am going to admit that I am a Net 1st card holder (stop laughing!!). You see I got this card early this year when I had no credit card and bad credit. I needed a card for internet purchases and they guaranteed a card with no credit check. At the time it seemed like a good solution. In actuality, this card is an expensive debit card that gets reported to CRA's. I paid $89 for the card and pay $8 monthly. I can charge any amount over $8 that I send in. I'm saying all this so people won't attempt address how awful the card is. I needed some other advice! So please skip condemnation of the card. Here are my 2 questions:

    1) The rep at Net 1st said this card offer is now 2 years old. IS THERE ANYONE WHO HAS HAD THE CARD FOR 2YRS? OR DO YOU KNOW ANYONE WHO HAS? What was offered after completion?

    2)I want to get rid of the card. Since opening this accout I've obtained Orchard, DMB, Chevron, and Wells Fargo car loan. So I don't need it. However, in 3 months the account will be 12 months old. Should I keep it for 3 more months or does it matter. Seems if folks are always saying keep a card at least 12 months for it to positively effect your FICO score. Is that true? How does account longevity affect FICO score?
  2. sam

    sam Well-Known Member

    Keep it for 3 months, its only $24 thats hardly dinner.

    Your credit is priceless, and very costly to restore. Paying $8 a month for a "fake?" tradeline is not bad. Some places (and people here) want hundreds or thousands to put tradelines on your credit report.

    (I say fake, because they report your HC as higher than what it is in reality).

    very small price to pay for a free tradeline.
  3. Killer

    Killer Guest

    Thank you! You have an understanding! Your definition of "fake" is very accurate in this case. LOL

    Yep I thought I should keep it. I just wasn't sure.

    Do you know how a 12-month old account in good condition effects score?
  4. sam

    sam Well-Known Member

    Nope im afraid not, but the longer the better :). Most of the cards like your describing, also post your limit and balance at 100 (maxxed out) , until it is closed. So im not sure how much benefit other than credit longevity, it is. Must be worth something :)

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