Daily CC ?: Credit Protection Services

[BurntOrangeOrder]

Since I got laid off, I gave my old friends at MBNA a call to inform them that I want to initate my credit protection insurance. They told me that I had to remain unemployed for 30 for the service to kick in. Since there have been so many informative threads about the nice things CC companies can do to you lately, I was just wondering if this is a good idea?

This is something I've been paying for basically since I've had the card, which I got when I moved up here. Since I was fresh faced college grad facing the uncertainties of the post-9/11 NYC job market, I thought it was a good idea. Have I been wasting my money?

If I do initiate my insurance, does it reflect my credit score, which may be a moot point, but I'd rather not mess it up anymore. I could conceivably pay the minimums every month, but if I've been paying for this service, why not use it?

 

[Holden]

it is insurance, you've paid the premiums, let it kick in. I would think that it would NOT affect your score. Look at the user agreement.

 

[Dead Horse]

It doesn't affect your score. I used it on my wife when she got laid off and it saved us a good bit of interest.

I can't remember since it has been several years but I want to say it only applies to previous purchases and all new purchases charges interest or something like that? Or maybe you couldn't use the card until you removed the insurance?

Anyway, don't fear your score. It will not affect it, at least it didn't affect mine or my wife's.

 

[BurntOrangeOrder]

Holden: The cedit agreement!? I don't understand that small type shite! (Maybe that's my problem)

Thanks.