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Flexible Spending Credit cards

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Christopher
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Subject: flexible spending credit card.
 
Posted on Wed Nov 14, 2012 2:12 am  

I have a new Citi bank credit card and see on my credit report that it is a flexible spending credit card. I have never seen this before all my other credit card accounts just say there credit cards but this one is different. So I called Citi bank to ask what that is. I was told that that a flexible spending credit card means you can go over your credit limit some without being penalized. My credit report dose show a credit limit but apparently I can go over that limit without fees or declines. So says the rep I spoke with, this must be something new. This is what the rep said is all it means only some accounts qualify.
Willy
Guest






Subject: entry from my Credit Report regarding flex CC terms
 
Posted on Tue Dec 18, 2012 10:50 am  

Account Type Flexible Spending Credit Card

Payment Status Current
High Balance $1,135.00
Limit $3,800.00
Terms Revolving

Its just a credit card like any other - yet, you are more easily able to increase the limit than a standard card.
DEION
Guest






Subject: PURCHASING A HOME
 
Posted on Mon Mar 25, 2013 2:41 am  

ME AND MY WIFE ARE PLANINGON PURCHASING OUR FIRST HOME. WE HAVE SOME CREDIT REPAIRING TO DO. MY QUESTION IS I LOOKED ON MY REPORT & HAVE THREE DIFFERENT SCORES.. TWO ARE APPROXIMATELY THE SAME AND ONE IS LIKE 50 POINTS LESSER. WHICH SCORE WILL THEY USE?
Gerry Whitfield
Guest






 
Posted on Tue Mar 26, 2013 3:27 am  

It is a debt. Your friend has to pay off the debt.
Gerry Whitfield
Guest






 
Posted on Tue Mar 26, 2013 3:31 am  

Hello Deion,

Mortgage lenders give the most importance to FICO credit score.
Scott D.
Guest






Subject: Credit Quality of Clients
 
Posted on Tue Apr 09, 2013 6:51 pm  

Thank you for the information by guest EMC, but I would politely disagree that these are used by "customer's with Prime credit". If you have to manipulate your credit card balances to improve your score then I do not consider that a strong borrower. Strong creditors pay their cards off monthly. My parents always taught us that credit card debt is lifestyles in excess of what your earnings can afford.
EMC
Guest






Subject: FSCC
 
Posted on Thu Apr 11, 2013 10:35 pm  

Dear Scott D.,

Paying off some or all of your credit card balances in a FSCC to improve your credit score is not manipulating the balance. It is a responsible credit management measure. I think everyone interested in getting financing to buy a home or other major purchases should reduce their credit card balances before they do, regardless of whether it is a FSCC or a regular credit card. However, this recommendation may prove particularly useful for those who carry a balance in a FSCC that doesn't report the credit limit and whose total debt-to available-credit ratio is in excess of 50% or even 100% as a result.

Also, with all the respect your parents inspire me, I disagree with their view. When I travel (and I travel a lot because of work) I use my credit card for everything from hotels, to car rentals and restaurants. I never carry cash and I never use my debit cards. I do that for obvious security reasons while away from home and for convenience. It is not living beyond my means. "Why doesn't he use traveler's check?" your parents may ask... Because it is the 21st century! The security my FSCC offers me when buying things on-line cannot be beat either.

Now, in your book I may not be a "prime credit" customer, but I sleep very well at night knowing that I can charge $100K or more on my FSCC in case of an emergency. I do agree with you that paying your balances every month is also a good idea. That's how I got my credit limit to go up so high without even asking and my credit score to leap over 800 points. Also, being a home owner who pays his mortgage on time helped a lot.
EMC
Guest






Subject: censoring?
 
Posted on Thu Apr 11, 2013 11:03 pm  

I think it is a shame that my post explaining what FSCC are was eliminated. It was long, but it needed to be so to clarify all the misconceptions in the forum about FSCC. Did it get dropped because I actually gave FREE advice on how to improve your credit score if you have a FSCC? Why didn't the forum monitor eliminate all the incorrect information posted before? Hmmmm... this makes me wonder about the true intentions of the forum. It thought the purpose was to educate.

Maybe with the help of the following statement my posting won't get dropped. Here it goes...

Forum user: Please provide your personal information to the good folks at "creditmagic.org" so that they can distribute it to all of their sponsors. Both will probably profit from it, but you shouldn't hate them for that... it is the American way.
Mertcan
Guest






Subject: ZvpVpKvcgFYsGFi
 
Posted on Sat Aug 31, 2013 6:28 pm  

You can deduct the amnout of day care not covered by the flex plan. The test with the IRS to allow the deduction is the employment status of both parents. You both have to be working full time to qualify to deduct daycare expenses.Let's assume you have $ 13K in expenses for 2006. You'll get $ 5000 of that covered by flex spending which leaves $ 8000 as a regular deduction. That will be written off against income just like any other itemized deduction (like mortgage interest). Normal phase outs will apply as your income goes up. Your daycare provider will issue a statement of payments for the year and their EIN number. Most daycare providers (larger ones) are non-profits 501(c), so if you made any contributions to them you can ask to have those included as well.
Marthalina
Guest






Subject: YpewWxPVTpqYdgjgvBy
 
Posted on Mon Sep 02, 2013 11:38 am  

Not sure where Fryemall got his information, but most of the excses will not be deductible. If you have only one child, then the best you can do is max out your FSA none of the excses would be deductible. If you have two or more children, you can take a deduction for an extra $ 1,000 on your tax return on top of the $ 5,000 that you paid tax-free through the FSA.

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