45

This happened to me a few months ago. I received a statement in the mail from the bank who issued the card that showed a credit. They did not send a check to me proactively but after contacting them they did send a check for the amount of credit.


19

I've paid off my mortgage and never carry a balance on a credit card and my credit score is 818 (excellent). Banks don't publicly disclose how exactly a credit score is calculated, so it's hard to predict anything with certainty but, chances are you will be just fine with paying off your mortgage and credit card balances. Close the credit cards that you are ...


12

Because if I were to pay off all my cards, and never borrow again, everything would age off in a few years and my excellent credit would disappear. Credit cards stay in your credit file as long as they are active. To keep them active use them and pay the balance off before you are charged any interest. It doesn't take much usage to keep them alive. Use one ...


9

In the UK at least, one of two things will happen: The receiving bank will contact you and ask how you wish to receive the credit. Possibly less a small administration fee. If the bank has a reliable way of identifying a bank account that belongs to you, say a recent direct debit or another account that belongs to you with the same bank, they'll just ...


7

I believe this is similar to an XY question. Since you own your home, don't have debt, likely aren't applying for a new job, and don't need to borrow money, your credit score probably is irrelevant and not worth a moment's thought or your valuable energy. There is virtually no need to worry about your credit score if you are never going to need to borrow ...


5

Is there some workaround? There is no need to. Let the event company refund via the credit card, and then contact the bank or credit card processor to receive the proceedings. This is because: The event company may have no means to know if the person emailing them is the credit card owner. So the only safe way (for them) to process the refund is by using ...


3

It helps if we know your country, and the issuer. I had a similar issue at Kinko's some years back. I also had a situation with a phone banking app developed in partnership with Vodafone and my bank. It allowed transfers to cancelled cards at times. Such deposits and refunds can go into a suspense account if the card number has not been re-used. It may also ...


2

Disclaimer: Note my answer is based on US FICO credit models, but my understanding is that Canada uses similar models, so I expect most of this answer will be relevant. In theory, it would be better for you if all banks did an initial soft credit check first so they can provide rates based on your information. (I don't know why not all banks do this.) Once ...


2

It was 1982; I was in my early 20s and working my first adult job. I applied for the original American Express card which was a NPSL charge card. They used to mail out card applications back then; that is how I got my card. I remember the activation fee was $35. There was no interest charged. I didn't use it for a month or two then used it on a vacation....


2

If I make a payment to my credit card, how does that transaction actually happen behind the scenes? Note that "credit card" isn't relevant here. The answer is the same whether you are paying your mortgage, car payment, or any payment you would make to a bank. In the end it is a bank to bank transfer. The method used for the payment varies, ...


1

The card has both an initial fee and an additional annual fee that may be waived. Fees Annual Fee (one time): Rs. 499 Renewal Fee (per annum): Rs. 499 from second year onwards. Renewal Fee reversed if annual spends for last year >= Rs.1,00,000 Add-on Fee (per annum): Nil However it does potentially offer an interest free period E. Interest Free Grace ...


1

In order to protect my age of credit, do I need to not pay off my mortgage? No, pay off your mortgage. It would be stupid to pay interest as an effort to keep your credit score higher. Your score might drop a whole 10 points per https://www.fool.com/the-ascent/personal-finance/articles/what-happens-to-your-credit-score-if-you-pay-off-your-mortgage/ my ...


1

The signalling of intent and depth of reporting are the biggest differences. Soft pulls are initiated by marketers and others with an interest in assessing your value as a prospective customer. Soft pulls are being run against you all the time, usually ahead of your receipt of pre-approved credit cards and other junk. Since this is happening (somewhat) ...


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