A warning when putting a credit card down for room charges!!

[MOMOFMNM]

I have seen these, but when I checked into them, they seemed like a hefty service fee.

But, I might get one just for gas on our travels down....so I don't scan our card into the gas station.

gymbomom

is that you and dh in old downtown LV?? You are very cute!!

I only wish I could have fought the frizzy hair while in WDW!! My hair is great when we go to Vegas but I need a hat while in FL!!

My dh and I love LV too!! I prefer the strip...

 

[kellib36]

My sister lets the cc companies raise her credit limit all the time, she has a $35K limit on a couple of cards - I think that is nuts.Alice

I agree, its nuts, as well as dangerous for SO MANY reasons. Also, that outstanding credit, even if not used, can and probably will be counted against her when she goes to buy a house or car....

She needs to rethink that situation.

 

[Brygida]

I agree, its nuts, as well as dangerous for SO MANY reasons. Also, that outstanding credit, even if not used, can and probably will be counted against her when she goes to buy a house or car....

She needs to rethink that situation.

Actually, that is *not* true. The scenario you describe is generally *more* beneficial to your credit score. Credit score is a complicated formula.... so I can't be certain without other details.

A high credit limit is *good* if you can afford the total amount of your loans & credit limits. For instance if you typically have $1000 balance on a credit card with a limit of $1000, that counts against you. Whereas $1000 on a credit card with a $35000 balance counts for you. They like to see you use the card, but not max it out. They like to see high credit limits, but only if you can afford it.

 

[tlbwriter]

Actually, that is *not* true. The scenario you describe is generally *more* beneficial to your credit score. Credit score is a complicated formula.... so I can't be certain without other details.

A high credit limit is *good* if you can afford the total amount of your loans & credit limits. For instance if you typically have $1000 balance on a credit card with a limit of $1000, that counts against you. Whereas $1000 on a credit card with a $35000 balance counts for you. They like to see you use the card, but not max it out. They like to see high credit limits, but only if you can afford it.

Is this something that changed in the last few years? I remembe reading that it was *not* good to have a lot of available credit, even if you hadn't used it, because creditors would assume you *could* use it and it might count against you - when determining how much of a mortgage you qualified for, in particular, it was said that a lot of available credit would impact your debt ratio. But everything I hear recently says what you said - better to have it and not use it than to not have it at all.

 

[Brygida]

Is this something that changed in the last few years? I remembe reading that it was *not* good to have a lot of available credit, even if you hadn't used it, because creditors would assume you *could* use it and it might count against you - when determining how much of a mortgage you qualified for, in particular, it was said that a lot of available credit would impact your debt ratio. But everything I hear recently says what you said - better to have it and not use it than to not have it at all.

No. I don't think it has changed. The *good* or *not good* is in the details. Yes, creditors always assume you could use it. But...

Let's say your income supports $2000 a month toward loans/credit payments, and your prospective mortgage was going to be $1000. You could afford up to $1000 more in credit card payments. If your credit limits on all your cards added up to more than that in minimum payments, then yes you would be denied the mortgage.

On the other hand if you were going for the same $1000 mortgage and had no credit cards. You could also be denied the loan, because they have no history on you!

Your credit score likes happy mediums. You should have a couple credit cards to establish history, but keep the balance to credit limit ratio low. And if your income supports a higher credit limit, do it, because it will help your rating.

 

[CharlieTuna]

I feel your pain! On August 2nd, I checked my credit card statement online (I check it fairly often) and there was a $3,582 charge on August 1st for Disney World Resorts -- that I didn't make! The bank kept asking me, "Are you sure you weren't in Orlando yesterday?" ... believe me, I was sure. Anyway, they removed the charge right away.

The worst part? I WASN'T at Disney World and someone else was! I felt like one of those commercials for identity theft!

You can't blame Disney for that. My ID was stolen and they even had a picture ID made. These people are very good.

 

[D L and K's Mom]

While we were in WDW we used our Disney Visa at the World of Disney
Store and the CM had to call in the #. The Cm then gave DH the phone and he had to take tot he credit card company to verify it was him. We had no more problems. When we returned from the trip we were checking our statement and noticed $2500 that we had not used. We called and they said it was a cash advance! YIKES. How can someone do that....take a cash advance without the card??? Well, they took it off but I thought it was odd. We were staying at POR and had just paid the bill with our card 2 nights before. I never thought someone could have taken the # at WDW.

 

[Flyerfan]

No. I don't think it has changed. The *good* or *not good* is in the details. Yes, creditors always assume you could use it. But...

Let's say your income supports $2000 a month toward loans/credit payments, and your prospective mortgage was going to be $1000. You could afford up to $1000 more in credit card payments. If your credit limits on all your cards added up to more than that in minimum payments, then yes you would be denied the mortgage.

On the other hand if you were going for the same $1000 mortgage and had no credit cards. You could also be denied the loan, because they have no history on you!

Your credit score likes happy mediums. You should have a couple credit cards to establish history, but keep the balance to credit limit ratio low. And if your income supports a higher credit limit, do it, because it will help your rating.

I believe this is called a FICO score, right? Learned that from Suze Orman.

 

[Gymbomom]

gymbomom

is that you and dh in old downtown LV?? You are very cute!!

I only wish I could have fought the frizzy hair while in WDW!! My hair is great when we go to Vegas but I need a hat while in FL!!

My dh and I love LV too!! I prefer the strip...

Yes!! We just got back from Vegas. We made a trip downtown and it was one of the few times we brought our camera. BUt, although the lights were neat to see...I wasn't overly fond of downtown. I enjoyed staying at the Mirage and the hotels around there.

As for my hair...it was WINDY the whole time we were there....but when you got in the sun..it felt awesome!!

 

[MOMOFMNM]

Yes!! We just got back from Vegas. We made a trip downtown and it was one of the few times we brought our camera. BUt, although the lights were neat to see...I wasn't overly fond of downtown. I enjoyed staying at the Mirage and the hotels around there.

As for my hair...it was WINDY the whole time we were there....but when you got in the sun..it felt awesome!!

I just meant there you are looking like a super model whereas, I have SOME potential of looking like, well...a lot better than I did at WDW that is for sure!!


but 95 degree heat and 100% humidity...ahhh If only I had a "cute" pic of me at the World!!

The closest I got to a cute pic was me at the TOT before it POURED rain on my natural CURLS that had been flattened that morning!! By the time we got to the Muppets that day, I looked more like Ms Piggy than Sleeping Beauty!!

The pic of me with the family at Philharmagic down below is another one of my "best" shots at WDW!! Pretty pathetic for someone who is usually somewhat photogenic!! At least I thought, and had been told!!

as for old downtown I agree!! We usually stay on the Strip at Bally's or Alladin...We liked the lights but that was about all I liked. My brother who has A LOT of $$$$ LOVES old downtown and even stays at the 4 Queens even though he could afford the Bellagio, suite!! He is crazy!!

I found it very noisy and smokey!!
How silly I am in Vegas complaining of noise and cigs!! LOL

Next I will be whining about ringing slots and drunks!!!

 

[Gymbomom]

How funny...I thought I was at the fair. I told my hubby I must be a snob, lol. But, the tables weren't cheaper, the drinks didn't come around, I was like okay...what are we doing down here after about an hour. LOL If I am going to lose my money...at least give me a drink while I do it. lol
No, in Vegas I was in wife mode, when I go to Disney I am mom again. hehe....
I actually "fixed" my hair most days in Vegas.