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« How Will I Be Taxed When I Sell Inherited Property? What's My Cost Basis? | Main | Does a Roth IRA Conversion Really Make Sense? »

01/22/2010

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A lowered or low credit score may affect much more than loan rates for autos, etc. My insurance company will, with the approval of the insured, check my credit and lower my premium if my score meets their criteria. In my case, I saved about $200 just by have a good credit score.

Just rec'd notice from Citi of the new annual fee of $60 year for the privilege of possessing their card. They will refund the $60 after you spend $2400 on it. I sure can't afford to spend $2400 on each credit card I own (and there are a lot), but I don't want to damage my credit score if I cancel any cards.

They've got us over a barrel. I also can't afford to pay the annual fee for all the cards I have. The credit monitoring firms need to show when we cancel one of these cards that it was because we refused to pay the new annual fee and it should not negatively impact our credit score. A vendor told me the card companies have raised their fees to them from 3% to 5% (Amex to 7%) so they'll still make millions on that! Of course, it will get passed on to us as higher prices so we're getting hit twice.

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