Canceling credit cards?

[invest1choice]

Okay I now have three credit cards... Hooters just added to the list ..
Is it wise to transfer the two balances over to hooters? Orchard 400.00 and premier 250.00 ...So they are not maxed ? I know that is hurting our credit but we had car problems still do...
Also should I cancel premier if I pay it off , Since that is the highest fee or should I wait. Premier is under my husbands name as primary I am the authorized user. I guess that would be my concern since that is his only primary credit card in his name, On Orchard and Hooters he is authorized user.... will that hurt him just being authorized users? He really needs to rebuild he never had a mortgage , credit card premier is his first card .

Also Being a authorized user , Does it give you the same credit rebuildering as being primary acct holder?

[FilingOnMyOwn]

Being an authorized user is a great step to make. The credit line should appear the same on credit reports of all users.

As for the balances, its best not to carry balances on these high interest cards, or really even to begin with. You want to carry a balance on them, and THEN transfer them to a nearly 30% interest card! Thats crazy. Pay them off, and pay your hooters balance in full as you go.

[invest1choice]

I was thinking about it all last night and Hooters card is scaring me a little
(I have to be quite honest ). I am regreting applying with them because I feel maybe that 1000.00 limit will be to tempting in emergency's which I tend to be having a lot lately,
I could always put it away , But not sure how much help that will be..
But there is $48 annual fee . I know 30% is very crazy.... but will this help or is three credit cards just too much anyways? We are rebuilding with two with the lower balances which I am going to pay off once I find a job . We have been having so much car problems money after money now they both are broke again. My husand is freaking cause he can't get to work. As of this time I am borrowing more money from family to fix one car . It just seems like it never ends . I did have the choice of gettting a car apyment at 16% but choose not to do that because I did not want to be upset down that much in a car agian like prior to bankruptcy. I know I can't be the only one in this type of situation. Can't win for losing...Everytime we try everything falls people say it is so easy after bk but really to me it is a hard road until you get restablished that is such an important factor but you have to have the will not to use up the credt card balances in those emergency's which I have a lot of them lately . Since I have no car to get to work actually right now neither one of us do. what a mess.... My Dad tells me to not accepyt that hooters card since we have already ran up the other two . I am screwing this rebuilding up totally.... and stressed out ....

[FilingOnMyOwn]

Well, if you can't handle credit cards responsibly at all, maybe you should just have one.

[invest1choice]

I am trying to be responsible but with all the car emergencies it is hard right now . Maybe your right I should cancel two of them... Thanks for your help.

[FilingOnMyOwn]

You don't have to 'cancel' them. Just cut up the cards and pay the bills in full. They will still remain as positive open tradelines on your credit reports.

[monlyba]

someone told me years ago a good tip for credit cards... you may have heard it. they said freeze your cards so that they are in a block of ice and keep them in your freezer, that way if you are thinking about using them you will have to go home, thaw them out, etc so you will never be able to use them on impulse, you have that time to really question the importance and necessity of the purchase. sounds like sort of a good idea, but i know that i would just break out the hair dryer.

[invest1choice]

Thats a good idea , Freeze them could be a great option . I just really had car emergencies so it is not like I just blew the money on eating out , or whatever ... we have two cars one broke down then the other at the very same time , of coarse my luck ... So 700.00 between both cards went rater quickly in car repairs. Hooters on the other hand I might freeze that one and hide my blow dryer LOL,...

[FilingOnMyOwn]

someone told me years ago a good tip for credit cards... you may have heard it. they said freeze your cards so that they are in a block of ice and keep them in your freezer, that way if you are thinking about using them you will have to go home, thaw them out, etc so you will never be able to use them on impulse, you have that time to really question the importance and necessity of the purchase. sounds like sort of a good idea, but i know that i would just break out the hair dryer.

Yeah um doesn't sound effective to me. You would just take the block of ice outside, smash it on the ground, and pick up the card

[invest1choice]

Why is hooters card such a high interest rate . It is higher than orchard and premier .. granted premiers one time fees kill you but after that it is 9.9% ... I talked to hooters rep and they said they do not report authorized users only primary.. what good will that be?????

[FilingOnMyOwn]

I talked to hooters rep and they said they do not report authorized users only primary.. what good will that be?????

None whatsoever. Hooters is kind of a sorry excuse for a credit card anyways. They are next on my list to be cancelled

[invest1choice]

Well I guess they are on the list after you get Orchard and premier for rebuilding... What do I have to wait 6 months or a year for this to be effective? Assuming I pay off balances. Soon....

[brownlayde]

hooters and authorize users

That,s not true my husband has a hooters card which i,m a authorize user and it is reported on my credit report.

[FilingOnMyOwn]

Well I guess they are on the list after you get Orchard and premier for rebuilding... What do I have to wait 6 months or a year for this to be effective? Assuming I pay off balances. Soon....

You generally have to start with the bottom of the barrel and work your way up. Noone is going to give you a mastercard or visa with a 4 or 5 figure limit, if you haven't reestablished some positive new tradelines.

If you cancel any cards, they should be the high fee cards first. The annual fees on a first premier or aspire card are more than what the annual interest would be even on a maxed out hooters card. What good is 9.9% if they rape you on fees? About the worst card I recommend anyone use is household & orchard, which is still high, usually $59/year.

And that last poster just said that hooters does in fact report au's....