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Like everyone, I’m frequently asked at the checkout of drugstores and retail outlets if I have a credit card linked to the store and, if not, why don’t I quickly apply then and there to get a discount or cash bonus when my application is approved? I was recently tempted by $50 offered at the local chain drugstore, but then I thought about the time and energy to unfreeze my credit score and declined the $50 offer (but I continued to think about it for a short while 😊). However, when I got a notice last week that my backup credit card, currently with a $0 balance, is increasing its annual fee from $99 to $249, I decided it was worth my time and energy to apply for a $0 or low fee card. After all, this is just for my convenience and peace of mind if the one I use all the time needs to be replaced. Quick research found a no-fee card with the same bank. Though I haven’t yet followed through with the application process or the unfreezing, I have learned that everything can be done either online or on the phone and takes well under 10 minutes per scoring company. I think it will be worth my time to follow through later, but I’m interested in your opinions before doing so. Thanks.
When I downgraded my Barclay’s Arrival card with fee to the Barclay’s card without the fee I did not have to go through the application process (did not have to unlock my credit freeze) since it was with the same bank. I did this through a phone call so the downgrade may be easier than you think.
I knew that when I purchased my car, I would need to unlock my credit line (even tho I paid cash). I asked the dealer which credit reporting agency they used and only unlocked that one temporarily. I can do this online and only takes a few minutes. What I have learned about my credit score is that as I run all my expenses through credit cards (2 of them for rewards reasons), my monthly cash flow is such that on a monthly basis I can use about 60-70% of my total allocation and then it goes to zero. My credit score is like a yoyo and goes up and down every month by as much as 50 points depending if they check it when I am at a zero balance on my cards or a much higher percentage.
Transactions in cash / check over $10 K USD require verification of funds, and soft credit check per regulation by the Federal Office of Foreign Asset Control.
I never knew this. If a soft check, it sounds like there’s no reason to unfreeze credit for this to happen.