I applied for another credit card today :(

[Slacker]

Originally posted by: RossMAN

Originally posted by: Slacker
just got a $10,000.00 mastercard today , and a $7,500.00 visa in january, bestbuy wont give me a card though

Isn't that a great feeling though? I was shocked when Fleet said yes and even more shocked at the $10k limit.

Great feeling? yeah, made me laugh actually, those fools! they have no idea

To me this is a very valuable tool, I always lived paycheck to paycheck and if I lost my job I would have sunk very quickly, now that I have $17,500.00 credit available I would be able to get by for a few months, long enough to either get another job or pack my sht up and sell the house see, I have about $70,000 equity in my home.

 

[Kadarin]

Originally posted by: RossMAN

Originally posted by: Hubris

Originally posted by: aphexII

Originally posted by: Qosis

We get people at work who have cards with $150,000 limits.... and their over $500-750,000 in debt....

I used to have $75k cards, was $375k in debt...

can I join the club of binge spenders?

Yea, your definately in our club of "problem cases'

Yeesh. And I thought my $2,500 was bad.

I would kill to only owe $2,500 I'd have that puppy paid off in 2 seconds.

Me too. I pay almost $2000 PER MONTH on credit card debt, and I've got a ways to go. Thankfully, the balances are being reduced quite rapidly (but not rapidly enough!)

 

[Zombie]

Do student Loans count towards your credit? I mean if I pay it regularly and pay it off ASAP does it help my credit in any way? The intrest rate on my student loans is like 5.25. Just wanted to know if I should even bother paying it off early or just take my time.

 

[Demon-Xanth]

Student loans DO help out your credit rating alot. But remember, it is a loan. Last year I paid off $1000 in principle and $1000 in interest in the loan that was in my name (I did however, pay off alot more on the ones in my parent's names, those loans are gone now).


Can someone define "pull"? It seems to me that someone just looking at thier credit rating shouldn't hurt it. Especially w/ unsolicited checks.

 

[Pacfanweb]

<<Actually, that is no longer entirely true. You can now have your credit pulled up to 10 times per industry and have it only count as one pull. >>

I don't think that's true. I pulled my credit here at work (car dealer), ran it through Lendingtree.com,(4 checks), then went to the credit union......I took my report from work with me, and it had dropped 20 points when they checked it just from 4 inquiries. We compared them and they were identical except the CU's report showed more inquiries. This was within 1 1/2 weeks.

 

[DCFife]

Originally posted by: Hubris

Originally posted by: aphexII

Originally posted by: Qosis

We get people at work who have cards with $150,000 limits.... and their over $500-750,000 in debt....

I used to have $75k cards, was $375k in debt...

can I join the club of binge spenders?

Yea, your definately in our club of "problem cases'

Yeesh. And I thought my $2,500 was bad.

My wife and I have about $40K worth of credit cards (including a $15K Fleet card...what a surprise that was!) and it's all totally empty. Whenever I use one of the cards I pay it all off whenever I get the bill. I guess it's time to start cancelling some of the cards so I can buy that new house next year.......

Dave

 

[Zombie]

Does a good balance in Savings account have any effect on your credit rating? How about stocks? I ask this because everytime you apply for any sort of credit they ask you if you have a 'Savings account'. In fact they seem more intrested in savings than checking.

 

[Farmall]

A savings account is good for your credit rating, look how few people have any savings today. I would be willing to bet that the percentage here on AT is very low, Probably around 10% maybe.

To many lines of open credit are bad for your credit score, you will be a credit risk because of the possibility of racking up untold amounts of debt.

A "pull" is when a creditor checks your credit with your approval - unsolicated credit offers in the mail do not count.

I can tell you from experience that having the "spare" credit cards laying around is only a temptation to use them. All of a sudden the purchases that you really don't need but want become so easy to buy and then you will spend YEARS paying them off. How good does the meal at the restaurant taste when you could potentially be paying it off a couple years later? At one time I fooled myself with the above notion and had approx $18,000 in cc debt, I have paid down and closed several "spare" cards but still have a ways to go.

Word of advice to you all - DON'T DO WHAT I DID!!!!

Farmall

 

[FrustratedUser]

Originally posted by: Qosis

We get people at work who have cards with $150,000 limits.... and their over $500-750,000 in debt....

I used to have $75k cards, was $375k in debt...

can I join the club of binge spenders?

$375k in dept on a CC!!??.... THAT'S A VERY NICE HOUSE MAN!!!

 

[Vic]

Originally posted by: Pacfanweb
<<Actually, that is no longer entirely true. You can now have your credit pulled up to 10 times per industry and have it only count as one pull. >>

I don't think that's true. I pulled my credit here at work (car dealer), ran it through Lendingtree.com,(4 checks), then went to the credit union......I took my report from work with me, and it had dropped 20 points when they checked it just from 4 inquiries. We compared them and they were identical except the CU's report showed more inquiries. This was within 1 1/2 weeks.

No two credit pulls ever come up with the exact same score, especially if they were pulled from different places.
Also, avoid Lendingtree.com like the plague. They sell most of their leads to sub-prime lenders.

 

[yakko]

$3,000 Best Buy line of credit - not sure what to do with it

I will send you a list.

 

[RossMAN]

Originally posted by: yakko

$3,000 Best Buy line of credit - not sure what to do with it

I will send you a list.

Sorry I'm not fluent in nefese

 

[randomlinh]

heh, i just called up discover to ask/confirm about the terms of the 3.9% balance transfer they were offering.. i just called to ask really... that's what i said and as i was about to hang up, the rep offered 1.9% and a limit boost (ok, only up to 1750.. but it's still something ) Heh, works out nicely for me, so i said sign me up.

It's tempting to apply for BB/CompUSA cards cause of that no interest stuff.. but #1, i know i'd get rejected, and #2... it just seems dangerous to me... that new printer and LCD i wanted just gets too easy to get.. hehehe

 

[RossMAN]

lnguyen - If you know you're going to be declined then it's definitely not worth getting another inquiry on your credit report.

But it's oh so hard to resist the LCD displays they have at BB, the laptops, the big screen TVs, the vacuum cleaners which can suck oh so well, you get the idea ...

I wonder how long I should give Amex before calling them to see if I was approved or not?

 

[randomlinh]

heh, that's pretty much why i have never bother applying.. i know i'll get declined. not worth it. I'll just keep piling on the charges on my sony and get points instead I'll get my LCD that way... or something else ..heh. I think i run 75% of what my family spends on credit thru my sony.. so it speeds things up a bit.

 

[mattyrug]

Originally posted by: aphexII
I work at a debt consolidation company if you need any help

Not to go ot here, but....
How come I always get declined by the Debt Consolidation companies?? I'm about $2.5k and counting in CC Debt, is this not enough to consolidate?? I did very good with my CC's until this past winter when the work dried up. It's picking up now, but I'm not making enough to pay off the Minimum Monthly Payments, yet....

 

[SuperTool]

How do I get one of those high limit credit cards. I have a couple with $5K limit, but I want to get one more with $10K. I have pretty good credit, I think that free credit report I got said something like 750. Not sure. Anyways, I never keep a balance on my CC's, but I want to get credit while I don't need it, because if I ever do need it, then noone will give it to me.

 

[RossMAN]

mattyrug - I've noticed whenever I talk to car dealers they don't usually care about my credit (how long I've had it, if I've paid all my bills on time because they assume you've had credit for a while at least 5 years and have paid all your bills ontime). Instead I get asked how long have I been at my current job (almost 8 years working for a bank), how long have I been at my current residence (several years), and last but not least what my DSR (debt to service ratio) is, add up all your monthly credit debts divide that into your gross monthly income. The lower the number, the better. If you have any small cc's which you have had for less than 2 years, paid those off down to 0 then CLOSE those accounts, after that's done, wait 2 months for your credit report to reflect those changes. Also make sure you don't have a lot of inquiries. Good credit takes time.

SuperTool - Good question, $5k is a reasonably high cc limit. Read my above post, maybe apply for a Fleet card? fleet.com

 

[Slacker]

I want to get credit while I don't need it, because if I ever do need it, then no one will give it to me.

^^ aint that the truth:frown: