Credit card companies are F'ing retarded

[dullard]

Originally posted by: D22
crystal - I am not talking about 10 thousand LOC. I am saying that is how much it may end up costing me in the end when it comes time to apply for a mortgage loan or a car loan. I am saying that $500 is not much of a risk when I just paid $800 like 6 months ago.

You are confusing me a bit. You paid $800 but owed $1200? You owed on a credit card but it was your ex with a debit card that caused the problem?

It really doesn't matter what happened. We have a game. A game where the rules were written by the rich. Either you play by the rules (and gain tens of thousands of dollars of benefits) or you don't play by the rules (and lose tens of thousands of dollars). The amount of the offense doesn't matter. All that matters is IF you played by the rules or not.

You aren't looking at it from the standpoint of people who run the credit cards. You may have only bailed (initially) on $200. But their other customers bailed out on paying billions. Make that tens (or even hundreds?) of billions of dollars last year. Would you yourself loan money to someone like you? Would you loan $500 to me, a complete stranger? Would you loan $500 to me knowing that just a few years ago I refused to pay a loan and knowing that many people like me just cost you a ton of money by not paying you?

And of course Buy.com doesn't want your business. It seems like you won't be a profitable customer. (1) you recently bailed out on a debt and (2) you just want coupons and discounts which means you won't be making them money.

 

[Bryophyte]

Originally posted by: acemcmac

Originally posted by: D22
Yes I did. I also did not mention the reason the card wasn't paid off was my debit card got a chargeback after my ex-girlfriend took it and started on a little spending spree. I moved and was no longer receiving statements in the mail. Since I thought it was paid, I didn't worry about it since I was also just fighting for my own survival at that point...

So you pressed charges for credit card fraud against the ex and recovered all of the funds in resitution, right?

 

[LikeLinus]

Originally posted by: Mill
D22, you aren't going to find any sympathy here, because no one here every makes mistakes. How anyone can justify someone's credit be screwed for 5-7 years because of 200 dollars is beyond me. He settled the debt, is making payments on new accounts now, and there is no reason for it to take 5-7 years to reclaim his good credit.

Not only that, lets be honest here, kids make mistakes. Even if they know better. An 18-20 yr olds judgement sometimes is in his pants, with friends, drinking or anything else and they don't realize or care to realize the ramifications for these actions.

Mill is right, some people here think they've never done anything wrong and their perfect, but sh1t happens. 7 Years is a long time when you're that young.

 

[Genx87]

660?

That isnt very good imo.

My score hovers around 780 now.

 

[Genx87]

Originally posted by: acemcmac
You are so confused. :laugh:

Credit takes work. Mine is absolutley perfect and what do I have to show for it? About 70k in unsecured credit card lines and a mortgage at 20 years old. I EARNED it. You BLEW it.

I LOVE the credit system , and so do the rest of us responsible people...

I dont know many people who brag about how much high interest debt they can accumulate, but you were just added to my list.

 

[b0mbrman]

Originally posted by: D22
Yep...I subscribe to True Credit so I can pull my report anytime I want to. The only negative mark is that charge off on the $200 credit card. I told them I would pay the full $1200 if they would just take it off my report...they would not budge.

That is a 600% return in 4 years...How is that entitlement? Young kids with NO GUIDANCE WHATSOEVER MAKE MISTAKES. I rectified my mistakes, what more do they want me to do? They want to give me the fuvkin Cucumber treatment for the next 7 years over one stupid card. I didn't even know what a credit score was back then.

Do those who think I am being treated the way I deserve, may I ask why? What doesn't make sense about me thinking I deserve a frickin' $500 credit card?

It's not about "deserving" it. Credit card companies are businesses, pure and simple.

Maybe you'd keep a perfect record with a credit card, but you've been lumped in with all the people who've had a charge off in the last 4 years, and as a group, statistics say they're risky.

 

[BigJ]

Originally posted by: Genx87

Originally posted by: acemcmac
You are so confused. :laugh:

Credit takes work. Mine is absolutley perfect and what do I have to show for it? About 70k in unsecured credit card lines and a mortgage at 20 years old. I EARNED it. You BLEW it.

I LOVE the credit system , and so do the rest of us responsible people...

I dont know many people who brag about how much high interest debt they can accumulate, but you were just added to my list.

That's funny considering you just made an e-penis++ post.

Originally posted by: Genx87
660?

That isnt very good imo.

My score hovers around 780 now.

 

[Genx87]

Originally posted by: BigJ

Originally posted by: Genx87

Originally posted by: acemcmac
You are so confused. :laugh:

Credit takes work. Mine is absolutley perfect and what do I have to show for it? About 70k in unsecured credit card lines and a mortgage at 20 years old. I EARNED it. You BLEW it.

I LOVE the credit system , and so do the rest of us responsible people...

I dont know many people who brag about how much high interest debt they can accumulate, but you were just added to my list.

That's funny considering you just made an e-penis++ post.

Originally posted by: Genx87
660?

That isnt very good imo.

My score hovers around 780 now.

What does either have to do each other?
Bragging about a credit score is a lot different than bragging about how much debt you can accumulate.

If you cant see the different open your eyes. My current credit card max is about 13K, I only have two cards, Discover and a Visa, and specifically avoid letting them raise my limit.

 

[acemcmac]

Originally posted by: Genx87

Originally posted by: acemcmac
You are so confused. :laugh:

Credit takes work. Mine is absolutley perfect and what do I have to show for it? About 70k in unsecured credit card lines and a mortgage at 20 years old. I EARNED it. You BLEW it.

I LOVE the credit system , and so do the rest of us responsible people...

I dont know many people who brag about how much high interest debt they can accumulate, but you were just added to my list.

I understand that you guys think I'm up on some kind of high horse here, but I completley fail to grasp how anyone "in this day and age" can start getting involved with credit cards without realizign that these are the risks!

Oh, and I've never paid a penny in credit card interest. In fact... I've made a few grand in cash back from them.... so...

 

[D22]

NO I did not press charges. I would have never seen a dollar of it anyway, and if you think the police care about those kind of cases you are wrong...I have tried to file a police report over a debit card and believe me, there is NO investigation nor concern on their part. They are too busy busting non-violent Marijuana offenders to care about credit card fraud.

To those who understand the simple point that a $200 mistake which I paid $800 to settle is not worth getting raped for tens of thousands of dollars, I thank you. Everyone else here is more than likely one of the typical silver spoon stuck up your @$$ rich white americans who never make mistakes, don't care about poverty, and believe that everyone in this country has the same opportunity to be a success. A bunch of hypocritical morons who avoid questions and when challenged change the subject, etc, etc.

Get off your moral high horse and think logically about punishments fitting crimes. Oh wait, that's right, you are probably the same people who think every impoverished black person caught with 5 grams of crack should get a mandatory minimum of 20 years in jail. Logic does not apply to your type.

 

[BigJ]

Originally posted by: Genx87

What does either have to do each other?
Bragging about a credit score is a lot different than bragging about how much debt you can accumulate.

If you cant see the different open your eyes. My current credit card max is about 13K, I only have two cards, Discover and a Visa, and specifically avoid letting them raise my limit.

Unless you have serious spending problems, having a high amount of credit is not a negative in almost all cases. If you did have these spending problems, you wouldn't have a high credit limit in the first place.

Having no/low debt to a high credit limit actually helps to increase credit scores.

 

[acemcmac]

Originally posted by: Genx87

Originally posted by: BigJ

Originally posted by: Genx87

Originally posted by: acemcmac
You are so confused. :laugh:

Credit takes work. Mine is absolutley perfect and what do I have to show for it? About 70k in unsecured credit card lines and a mortgage at 20 years old. I EARNED it. You BLEW it.

I LOVE the credit system , and so do the rest of us responsible people...

I dont know many people who brag about how much high interest debt they can accumulate, but you were just added to my list.

That's funny considering you just made an e-penis++ post.

Originally posted by: Genx87
660?

That isnt very good imo.

My score hovers around 780 now.

What does either have to do each other?
Bragging about a credit score is a lot different than bragging about how much debt you can accumulate.

If you cant see the different open your eyes. My current credit card max is about 13K, I only have two cards, Discover and a Visa, and specifically avoid letting them raise my limit.

You should let them rise. It lowers your utilized credit to total credit ratio.

 

[b0mbrman]

Originally posted by: acemcmac

Originally posted by: Genx87

Originally posted by: acemcmac
You are so confused. :laugh:

Credit takes work. Mine is absolutley perfect and what do I have to show for it? About 70k in unsecured credit card lines and a mortgage at 20 years old. I EARNED it. You BLEW it.

I LOVE the credit system , and so do the rest of us responsible people...

I dont know many people who brag about how much high interest debt they can accumulate, but you were just added to my list.

I understand that you guys think I'm up on some kind of high horse here, but I completley fail to grasp how anyone "in this day and age" can start getting involved with credit cards without realizign that these are the risks!

Oh, and I've never paid a penny in credit card interest. In fact... I've made a few grand in cash back from them.... so...

Word. High credit lines are good for your credit...

And high 0% BT is fun

Oh, and especially when the owner of such credit lines is responsible :thumbsup:

 

[MercenaryForHire]

Originally posted by: Genx87

Originally posted by: BigJ

Originally posted by: Genx87

Originally posted by: acemcmac
You are so confused. :laugh:

Credit takes work. Mine is absolutley perfect and what do I have to show for it? About 70k in unsecured credit card lines and a mortgage at 20 years old. I EARNED it. You BLEW it.

I LOVE the credit system , and so do the rest of us responsible people...

I dont know many people who brag about how much high interest debt they can accumulate, but you were just added to my list.

That's funny considering you just made an e-penis++ post.

Originally posted by: Genx87
660?

That isnt very good imo.

My score hovers around 780 now.

What does either have to do each other?
Bragging about a credit score is a lot different than bragging about how much debt you can accumulate.

If you cant see the different open your eyes. My current credit card max is about 13K, I only have two cards, Discover and a Visa, and specifically avoid letting them raise my limit.

Similarily, if you can't see the difference between having available credit and using it, open your eyes, pot/kettle/black, etc.

Having a Platinum card with a $50K limit doesn't mean it's maxed out every month.

- M4H

 

[spidey07]

Wow, talk about an entitlement mentality.

D22, you don't deserve anything. You aren't entitled to good credit. Nobody is.

You have to earn it by making proper decisions. You made a mistake, no big deal. I did to (defaulted on a 500 dollar card about 15 years ago at age 19). But I worked hard to build my credit and am now sitting pretty. They didn't give you a card because you were too risky, and the bad credit score shows it. Keep working on it and it will improve over time if you make the correct decisions/choices.

 

[mcvickj]

I think the real problem is the mystery that is the credit system. I've never found any great information about how it works and what can happen. The real meat and potatos of just how important those three numbers can mean to you.

 

[Tom]

Banks want to lend people money.

And they want to be paid back.

All the credit card score is, is their assessment that if they lend some money, they will get paid back. It's based on research and their experience with millions of people over decades and decades.

It's nothing personal, you happen to fit their profile of too much risk for the potential gain. If it takes 7 years to get out of that profile, then that's because in the lender's experience, that's how long it takes for a person to demonstrate they can be expected to repay their debts.

 

[acemcmac]

Originally posted by: mcvickj
I think the real problem is the mystery that is the credit system. I've never found any great information about how it works and what can happen. The real meat and potatos of just how important those three numbers can mean to you.

http://www.fatwallet.com/c/52/

 

[acemcmac]

Originally posted by: Tom
Banks want to lend people money.

And they want to be paid back.

All the credit card score is, is their assessment that if they lend some money, they will get paid back. It's based on research and their experience with millions of people over decades and decades.

It's nothing personal, you happen to fit their profile of too much risk for the potential gain. If it takes 7 years to get out of that profile, then that's because in the lender's epxerience, that's how long it takes for them to have renewed confidence that you will pay them back.

7 years is when stuff falls off your credit report

 

[b0mbrman]

Originally posted by: acemcmac

Originally posted by: mcvickj
I think the real problem is the mystery that is the credit system. I've never found any great information about how it works and what can happen. The real meat and potatos of just how important those three numbers can mean to you.

http://www.fatwallet.com/c/52/

and: http://www.myfico.com/CreditEducation/WhatsInYourScore.aspx

 

[JeffreyLebowski]

Originally posted by: acemcmac

Originally posted by: LikeLinus

Originally posted by: acemcmac
You are so confused. :laugh:

Credit takes work. Mine is absolutley perfect and what do I have to show for it? About 70k in unsecured credit card lines and a mortgage at 20 years old. I EARNED it. You BLEW it.

I LOVE the credit system , and so do the rest of us responsible people...

Why would you apply for / receive 70K in credit at 20?

Did you not go to college? Are you in college?

I already graduated, Bachelor's CompSci (econ minor) while working full time. I have an Amex, the Citi Dividend Platinum, an MBNA/BoFA Platinum, A Chase Platinum tier Wawa card, a Kohls card and a Wachovia Platinum card.

FICO used to calculate my mortgage was ~750. I got ~6.0% after the points (which I financed into the loan since the break even point was ~4 years).

My point is that the OP completley missed the point on how credit works and is going to have to do a lot more to repair it than just make payments for a year. You really have to work at it. I couldn't disagree with the OP more. The credit system is AWESOME. You have to learn to play it.

you obviously have never fallen on bad times, or if you have your parents have helped you. Some of us that are responsible do lhave jobs, but one day you show up and the doors are locked and no one can get in.
Sometimes people get in a pickle and their credit suffers.
I went through it myself.
I had a good job making decent money, then I went to work and the company was closed, no notice or warning. Guess what a lot of people are stuck with. Car notes, mortgages and no income. I had some money in the bank, but it wasn't enough. Then you juggle, what's more important, my house, the car, or some credit card bills???? Guess which you don't pay 1st. Yup, credit cards. You call them and explain it to them and they don't care. Guido wants his money, pay up of Vinnie the Thumbs is gonna do more than break you knee caps, he's gonna report you to the credit agencies, so when you do get a job and start paying off the bills you accumulated you get jack hammered in the corn hole on anything credit related for the next 7-10 years.

 

[Bryophyte]

How long ago did you settle the debt? Your 'mistake' wasn't 4 years ago, in their eyes. The date on the settlement makes it more recent. *One year* of paying bills on time doesn't show much of a history. Applying for a THIRD credit card over the course of a year or so actually will drop your FICO a bit, temporarily. Being denied that card also is a hit on the score. You need to be approaching all credit decisions based on how it will affect your credit score/report, not based on whether you can get coupons and discounts. When you are buying something at a store, you are frequently asked "Do you want to apply for xx card? You can save 10% (or 15% or whatever)!!!111!!!" The immature response is to get the card without thinking about the consequences to your credit score. Those kind of impulsive decisions usually indicate somebody is not a good credit risk.

 

[kranky]

Originally posted by: D22
To those who understand the simple point that a $200 mistake which I paid $800 to settle is not worth getting raped for tens of thousands of dollars, I thank you. Everyone else here is more than likely one of the typical silver spoon stuck up your @$$ rich white americans who never make mistakes, don't care about poverty, and believe that everyone in this country has the same opportunity to be a success. A bunch of hypocritical morons who avoid questions and when challenged change the subject, etc, etc.

Could I point out the flaw in your logic?

You are comparing your situation to those with flawless credit and you feel you should get the same rates that they do.

Let's set aside the buy.com incident since you are really talking about "tens of thousands of dollars" - meaning you are considering the impact of your credit situation on mortgages, car loans, etc. over a long period of time.

You will qualify for a mortgage, and you will qualify for a car loan. It's not as though you cannot get financed for those things. But, based on your record, you will have to pay a little more than people who never made a mistake.

Try to look at it from the proper perspective. You can get credit. Your rates will be based on your record, just like everyone else. But to say you are getting screwed just because you made a mistake is misunderstanding the real situation. No one is entitled to the best possible rate, it goes to those who have a perfect record.

Does that make sense?

 

[dabuddha]

Originally posted by: acemcmac

Originally posted by: D22
Acemcmac: I do know how to play the system now. What I am saying is the punishment does not fit the crime in this case. We are talking getting raped for maybe 10+ THOUSAND DOLLARS over a TWO HUNDRED DOLLAR credit card. Again, if you can use that college education of yours to logically explain to me how that makes sense, I AM ALL EARS

Did you read the CC contract before you signed it? I must have read the one on my first credit card a hundred times before I signed it. It was all right there, plain as day. If you don't pay in full and on time, they fvck you up the ass. That's how it works. Did you miss that part?

That may be true but you're still not addressing D22's point which is a valid point. People make mistakes when they're young. The punishment does NOT fit the "crime." In case you didn't realize it, people grow up and they mature and become responsible.

 

[Vic]

Regardless of what CapOne got out of you, you still have a chargeoff on your credit report and a "B" rating credit score. Obviously you didn't meet their risk criteria.

There is no mystery to the credit system, and it was invented over hundreds of years by millions of people who were obviously very smart. I'd like to take this time to point out that, if the OP's application had been approved, and he had gotten the credit card, ran up his debt beyond his means, and then been forced to declare bankruptcy (or similar), then this rant would be about how lenders offer credit too freely.
It is the ignorant who refuse to recognize the dual-edged nature of credit, and instead think selfishly only about themselves and their personal wants, who have such trouble understanding the credit system.
Now somebody give the OP his bottle...