Category: Credit Scores

Miles & Points 201 – Should I Cancel That Credit Card?

One of the questions I get asked most often is how to think about canceling a credit card. If you have read my “Miles & Points 101” series and understand how credit scores work, then the key question to ask before canceling a credit card is “How do I make sure it helps (or at least does not hurt) my credit scores?”

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Reader Question: How Do I Use Miles & Points to Plan a Trip for Two to London?

Our Twitter reader Chris asked us for help with planning his upcoming 6-day/5-night trip from Washington DC to London in October with his girlfriend to celebrate his graduation from graduate school (Congrats, Chris!). I thought that this topic might be helpful to some of our other readers who might be considering a similar trip.

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How to Get Started

Thank you for stopping by! Before you dig in, you might want to read my very first blog post published on 03/12/12.

Here is a quick index of the “How to Get Started” series:

Miles & Points 101

  1. Things to Think about Before You Start [3/13/2012]
  2. What Is a Mile or Point Worth? [3/14/2012]
  3. Is Your Credit Going to Take a Hit? [3/15/2012]
  4. What Credit Card(s) Should You Get? [3/17/2012]
  5. How Do You Keep Track of Everything? [3/19/2012]
  6. What Else Can You Do to Increase Your Mile & Point Balance? [3/21/2012]

Miles  & Points 201

  1. Should I Cancel That Credit Card? [7/18/2012]
  2. When Do My Miles & Points Expire? [8/4/2012]
  3. What Fees Do I Have to Pay When Making Award Bookings? [12/21/2012]

As we travel along the path of getting more miles and points, we will update this page accordingly with future series and posts relevant for beginners. Meanwhile, feel free to use the search tool and the categories in the sidebar to look for information. I have also added a few index pages to facilitate your navigation.

Below is a list of the follow-up posts that might help you get started:

  1. What Credit Cards Might Help You Maximize Return on Your Everyday Spending? [added April 18, 2012]
  2. A New Way of Valuing Your Airline Miles [added April 28, 2012]
  3. How to Earn 5% Cash Back (or 5x Points) on Everything [added May 1, 2012]
  4. Chase Ink Card – Your “Secret Weapon” to Earning 5%/5x [added May 2, 2012]
  5. More Things to Consider While Buying Gift Cards with Chase Ink [added May 7, 2012]
  6. “What’s in My Wallet?” – An Answer in a Graphic [added August 16, 2012]
  7. Use Charles Schwab Bank ATM VISA Debit Card to Access Cash Free Anywhere in the World [added August 21, 2012]
  8. How Much Do You Get Charged by Rental Car Companies for Earning Miles & Points? [added August 28, 2012]
  9. Getting the Best Redemption Values out of Your Airline Miles [added August 30, 2012]
  10. Bugeting for Your Next Big Dream Vacation [added September 26, 2012]
  11. Putting Your Non-Bonus Category Spend on Club Carlson Premier Visa [added February 18, 2013]

 

 

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Miles & Points 101- Is Your Credit Going to Take a Hit?

Before we start, here is a quick index of the “How to Get Started” series:

  1. Things to Think about Before You Start;
  2. What Is a Mile or Point Worth?
  3. Is Your Credit Going to Take a Hit?
  4. What Credit Card(s) Should You Get?
  5. How Do You Keep Track of Everything?
  6. What Else Can You Do to Increase Your Mile & Point Balance?

Whenever we talk to people about signing up for credit cards to rack up miles and points, the single most frequently asked question is “Am I going to ruin my credit by doing this?” So, in today’s post, we are going to talk about how your credit scores are calculated, and how you can make your credit work for you in collecting miles and points. (There are other credit scores being advocated, but for the purpose of our discussion, we are going to focus on the still-widely-used FICO scores, ranging from 300 to 850.)

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