Cabela's Credit Card

[Marco]

Big Bad Wolf,

Nevermind!



Mark

[halomidge]

Credit score doesn't matter if you don't want to use credit. It's not a good or bad thing it's a tool to use if you want to.

Ability to pay doesn't insure a good credit score... the three credit reporting companies have no way of knowing your ability to pay. They establish your score based on your history of using credit.

Credit scores come from a number of things, but to get a good score you have to use credit, establish it, use it and pay it back.

[CO_Flyfisher]

I got what I assume is my notice from Cabela's a day or so ago. I haven't read it yet, but if they (World's Foremost Bank - yes, Cabela's OWNS it) think they're going to raise my rate, I'll shred the card and tell them to jump off a cliff.

I only got the card at the Ft. Worth store when I lived there to use for large purchases so that I could get Cabela's points. Those points have bought me a lot of stuff over the last few years (a pair of waders recently), but as has already been said, you're kidding yourself to think you're getting the better end of the deal unless you pay it off EVERY month.

I have VERY good credit; near 800 because I've had credit since high school and paid it off nearly every month. If they won't give me back the lower rate (esp with my score), I'll simply tell them off and drop the card, then get the regular Cabela's Club card. Unfortunately, you don't earn points on anything but what you buy in their stores or through the website that way, but if that is how they're going to be, then fine!

[Bugsy]

Credit score also takes into account your balance-to-limit ratios. When you carry a high balance (over 50% of limit) on any revolving account or when your total balances are in excess of 50% of your revolving limits, your credit score take a hit.

When you get mad at a creditor and close your revolving account, you increase your balance-to-limit ratios, assuming you carry a balance on at least one account. That subjects your credit to a downgrade. Downgraded credit means you're more likely to be targeted by creditors for their new, uglier terms.

Cutting up cards might feel good, but closing accounts out of fury or the inability to control your spending is like financially shooting yourself in the foot. Compound this with the fact that cc companies aren't as anxious to open new accounts, so you might find yourself in a tougher position to open an account should you need or want to do so.

If the chop 'n' close approach works for you, then do it. But don't just do it because your neighbor, a palm reader, or Dave Ramsey says you should. Times are tougher, and I hate to see people doing things that could make it harder on them subsequently. We all get mad, and that's okay.

[Betty Hiner]

Credit score doesn't matter if you don't want to use credit. It's not a good or bad thing it's a tool to use if you want to.

Ability to pay doesn't insure a good credit score... the three credit reporting companies have no way of knowing your ability to pay. They establish your score based on your history of using credit.

Credit scores come from a number of things, but to get a good score you have to use credit, establish it, use it and pay it back.

I knew there was a catch!! You've got to pay it back!!! Darn!

[Sonny Edmonds]

YOU'VE GOT TO PAY IT BACK?

Maybe Congress will give ME a bailout?

Yeah, Right!