Son of a....

[lifeobry]

Chase raised a certain amount on one card and reduced same amount on my other less used card. I try to use all my credit cards now.

 

[zoiks]

Originally posted by: ebaycj

Originally posted by: cKGunslinger

Originally posted by: ebaycj

Originally posted by: Alienwho
Your Visa check card does not build credit

Who cares? Credit is for people who don't have money.

Meh - I'll agree that cash is king, but not everyone can reasonably buy a car/house in cash. So when you *do* have to finance something, getting a nice rate is much better than not.

Scenario:

I have $20,000 cash earning ~3% in some CDs.
I need a new car.

No credit:

I cash-in my CD and buy a car in cash. I lose 3% and have no emergency reserves.

Good credit:

I finance the car for 5 years with 0%. I keep earning interest on my CDs and have them in case of emergency.

I've found that your credit rating becomes nearly immaterial when you can prove that you have the financial resources to pay the loan in full from day one. (i.e. you don't need the money).

I have never charged anything to my card if I didn't have the cash for it. I do it for the airline miles and to build my credit. My credit score is near 800 and has been that way for about 5 years now. Certainly my credit rating is not immaterial when I have the financial resources to pay for them. And when I will buy a house, my credit will not be an issue in me procuring the loan.

How old are you anyway? You sound very naive.

 

[Alienwho]

Originally posted by: zoiks

Originally posted by: ebaycj

Originally posted by: cKGunslinger

Originally posted by: ebaycj

Originally posted by: Alienwho
Your Visa check card does not build credit

Who cares? Credit is for people who don't have money.

Meh - I'll agree that cash is king, but not everyone can reasonably buy a car/house in cash. So when you *do* have to finance something, getting a nice rate is much better than not.

Scenario:

I have $20,000 cash earning ~3% in some CDs.
I need a new car.

No credit:

I cash-in my CD and buy a car in cash. I lose 3% and have no emergency reserves.

Good credit:

I finance the car for 5 years with 0%. I keep earning interest on my CDs and have them in case of emergency.

I've found that your credit rating becomes nearly immaterial when you can prove that you have the financial resources to pay the loan in full from day one. (i.e. you don't need the money).

I have never charged anything to my card if I didn't have the cash for it. I do it for the airline miles and to build my credit. My credit score is near 800 and has been that way for about 5 years now. Certainly my credit rating is not immaterial when I have the financial resources to pay for them. And when I will buy a house, my credit will not be an issue in me procuring the loan.

How old are you anyway? You sound very naive.

I'm guessing he is a young teenager who has a mother who is anti-credit due to ignorance and he's just going with the flow. He obviously doesn't know what a mortgage is since he doesn't believe anybody pays interest on a house.

To all you people who fear credit, I am sorry you are not smart enough to take advantage of all the freebies available because you are scared of "one screw up", which doesn't make sense anyway. You can set up automatic payments so as long as you have money in your checking account it will automatically pay every month so you will never miss a payment. Just because you use a credit card it does not mean you don't have the money and are "borrowing" it.

 

[puffff]

Originally posted by: FettsBabe
I work in debt collection and I will tell you to cut those things up now!!!!!! you have no idea how many cases we sue per year!!!!!

The interest rates, default rates, etc. are horrible, they tend not to work with you but go for a Judgment.

In any event, you don't need free rewards, etc. In the long run, those programs work to raise money for the credit card company. trust me, if they didn't, they wouldn't do it.

Pay for everything in cash. It won't hurt you to wait on the big screen tv or trampoline.

Also, Capital One is one of the worst. Cut those cards today!!! 29.99% default rate plus over the limit and late fees.

FettsBabe, since you work in debt collection, I imagine the cases you see are always of people abusing the cards. People who use their cards responsibly wouldn't be in touch with you. All those statistics you're claiming... I'd like to see some link to a reputable study claiming the same.

My experiences with credit cards have been entirely positive. And there were a couple times when I used it to basically take out a small loan for a couple months, something a debit card wouldn't allow me to do. A line of credit is a useful thing to have. By definition, a debit card doesn't provide that.

 

[OutHouse]

Originally posted by: ebaycj

Originally posted by: zoiks

Originally posted by: ebaycj

Originally posted by: Alienwho
Your Visa check card does not build credit

Who cares? Credit is for people who don't have money.

If you think that credit should only be used if you don't have money then it's a really good thing you don't have a credit card. For responsible people, credit is something they can't do without if they want to buy a house or secure a low apr car loan.

Who pays interest on houses or cars ?

my house is at 4.9% and the loan for my camry was 4.1%. so i guess i paid interest on my house and car.

 

[ric1287]

Originally posted by: Alienwho

I'm guessing he is a young teenager who has a mother who is anti-credit due to ignorance and he's just going with the flow. He obviously doesn't know what a mortgage is since he doesn't believe anybody pays interest on a house.

To all you people who fear credit, I am sorry you are not smart enough to take advantage of all the freebies available because you are scared of "one screw up", which doesn't make sense anyway. You can set up automatic payments so as long as you have money in your checking account it will automatically pay every month so you will never miss a payment. Just because you use a credit card it does not mean you don't have the money and are "borrowing" it.

Yeah, you are in complete control of everything. There are no random "screw ups" since you are the one using the card. Treat it like cash and it works perfectly. If you are responsible, its stupid NOT to use one for every purchase.

I don't trust my bank's fraud protection system over my CC and would much rather have someone fuck with my CC than empty my bank account.

 

[nick1985]

Originally posted by: JeffreyLebowski
Mines at 0. If I need a credit card I'm doing something wrong with my finances.

Interesting. If I dont use my credit card for purchases, I'm doing something wrong.

Chase Freedom = Free Money.

/shrug

I'm 24 and have ALWAYS paid my CC off in full each month. I love getting nice $50 checks in the mail once in a while. Free money baby! Now if I had paid in cash or with a stupid check card, I would have lost out on over $200. I understand a lot of people, especially people my age, are too retarded to control their spending but those of you saying "you cant beat the CC companies" and "omg destroy your cards" are just plain ignorant.

Here is an equation I use:

Chase Freedom + not buying stupid shit I cant afford + paying bill off in full each month = Free money + established credit.

Please correct the above equation if I messed it up. Thanks!

-Nick

 

[jiggahertz]

Originally posted by: FettsBabe
AlienWho,

yes 90-95% of all people abuse the cards.

They wouldn't be in business otherwise. They are not here to give you profit but to make money. If they don't make it off you then they make it off others.

My Visa Check Card does the same thing.

The Visa Check Card rewards program really sucks compared to citi platinum dividend, chase freedom, pen fed, discover gas card, etc.

 

[hanoverphist]

Originally posted by: FettsBabe
I don't spend $35k if I don't have it. If I have a business then my company would reimburse me and yes, i would have that access.

the owner of the company i work for has a visa harley card. he uses the chrome cash he gets back to fix, maintain and add toys to his harleys, buy apparel and stuff like that. he travels a lot, visits harley shops around the country and buys shirts from them all with it. some months we can go thru 150k on that card, he gets many benefits for that.


i dont have a bonus program, i use it regularly for minor purchases and 99% of the time pay it off every month. i dont see that as a bad thing.

 

[datalink7]

Originally posted by: ebaycj

Originally posted by: cKGunslinger

Originally posted by: ebaycj

Originally posted by: Alienwho
Your Visa check card does not build credit

Who cares? Credit is for people who don't have money.

Meh - I'll agree that cash is king, but not everyone can reasonably buy a car/house in cash. So when you *do* have to finance something, getting a nice rate is much better than not.

Scenario:

I have $20,000 cash earning ~3% in some CDs.
I need a new car.

No credit:

I cash-in my CD and buy a car in cash. I lose 3% and have no emergency reserves.

Good credit:

I finance the car for 5 years with 0%. I keep earning interest on my CDs and have them in case of emergency.

I've found that your credit rating becomes nearly immaterial when you can prove that you have the financial resources to pay the loan in full from day one. (i.e. you don't need the money).

Yes, well, most people can't afford to pay for house in full. It's nice that you're rich and all though.

 

[mugs]

Originally posted by: ebaycj

Originally posted by: Alienwho
Your Visa check card does not build credit

Who cares? Credit is for people who don't have money.

That's funny - when I had no money, I never used credit. Now that I have plenty of money, I use credit extensively - at no cost to myself.

 

[nick1985]

Originally posted by: FettsBabe
You are the .01% that does that. Most people abuse it and pay way more than needed for items they could have waited for.

You are the exception to a very common problem.

I am willing to bet that more than .01% of the population is financially responsible.

 

[A5]

Originally posted by: nick1985

Originally posted by: JeffreyLebowski
Mines at 0. If I need a credit card I'm doing something wrong with my finances.

Interesting. If I dont use my credit card for purchases, I'm doing something wrong.

Chase Freedom = Free Money.

/shrug

I'm 24 and have ALWAYS paid my CC off in full each month. I love getting nice $50 checks in the mail once in a while. Free money baby! Now if I had paid in cash or with a stupid check card, I would have lost out on over $200. I understand a lot of people, especially people my age, are too retarded to control their spending but those of you saying "you cant beat the CC companies" and "omg destroy your cards" are just plain ignorant.

Here is an equation I use:

Chase Freedom + not buying stupid shit I cant afford + paying bill off in full each month = Free money + established credit.

Please correct the above equation if I messed it up. Thanks!

-Nick

I save up my rewards and get the $250 check at $200. Never missed a payment and paid in full every month - I've made $750 on this card in 2 years ($250 sign-up bonus, and 2x $250 reward checks)

 

[nick1985]

Originally posted by: A5

Originally posted by: nick1985

Originally posted by: JeffreyLebowski
Mines at 0. If I need a credit card I'm doing something wrong with my finances.

Interesting. If I dont use my credit card for purchases, I'm doing something wrong.

Chase Freedom = Free Money.

/shrug

I'm 24 and have ALWAYS paid my CC off in full each month. I love getting nice $50 checks in the mail once in a while. Free money baby! Now if I had paid in cash or with a stupid check card, I would have lost out on over $200. I understand a lot of people, especially people my age, are too retarded to control their spending but those of you saying "you cant beat the CC companies" and "omg destroy your cards" are just plain ignorant.

Here is an equation I use:

Chase Freedom + not buying stupid shit I cant afford + paying bill off in full each month = Free money + established credit.

Please correct the above equation if I messed it up. Thanks!

-Nick

I save up my rewards and get the $250 check at $200. Never missed a payment and paid in full every month - I've made $750 on this card in 2 years ($250 sign-up bonus, and 2x $250 reward checks)

They did away with the $250 for $200 IIRC

 

[A5]

Originally posted by: nick1985

Originally posted by: A5

Originally posted by: nick1985

Originally posted by: JeffreyLebowski
Mines at 0. If I need a credit card I'm doing something wrong with my finances.

Interesting. If I dont use my credit card for purchases, I'm doing something wrong.

Chase Freedom = Free Money.

/shrug

I'm 24 and have ALWAYS paid my CC off in full each month. I love getting nice $50 checks in the mail once in a while. Free money baby! Now if I had paid in cash or with a stupid check card, I would have lost out on over $200. I understand a lot of people, especially people my age, are too retarded to control their spending but those of you saying "you cant beat the CC companies" and "omg destroy your cards" are just plain ignorant.

Here is an equation I use:

Chase Freedom + not buying stupid shit I cant afford + paying bill off in full each month = Free money + established credit.

Please correct the above equation if I messed it up. Thanks!

-Nick

I save up my rewards and get the $250 check at $200. Never missed a payment and paid in full every month - I've made $750 on this card in 2 years ($250 sign-up bonus, and 2x $250 reward checks)

They did away with the $250 for $200 IIRC

They did for some people, but I never got the letter and I got a check last month. And the $250 check for $200 still shows up on the website when I look at the rewards...

 

[nick1985]

Originally posted by: A5

Originally posted by: nick1985

Originally posted by: A5

Originally posted by: nick1985

Originally posted by: JeffreyLebowski
Mines at 0. If I need a credit card I'm doing something wrong with my finances.

Interesting. If I dont use my credit card for purchases, I'm doing something wrong.

Chase Freedom = Free Money.

/shrug

I'm 24 and have ALWAYS paid my CC off in full each month. I love getting nice $50 checks in the mail once in a while. Free money baby! Now if I had paid in cash or with a stupid check card, I would have lost out on over $200. I understand a lot of people, especially people my age, are too retarded to control their spending but those of you saying "you cant beat the CC companies" and "omg destroy your cards" are just plain ignorant.

Here is an equation I use:

Chase Freedom + not buying stupid shit I cant afford + paying bill off in full each month = Free money + established credit.

Please correct the above equation if I messed it up. Thanks!

-Nick

I save up my rewards and get the $250 check at $200. Never missed a payment and paid in full every month - I've made $750 on this card in 2 years ($250 sign-up bonus, and 2x $250 reward checks)

They did away with the $250 for $200 IIRC

They did for some people, but I never got the letter and I got a check last month. And the $250 check for $200 still shows up on the website when I look at the rewards...

Interesting. I got the letter, but the option for the $250 check is still on my rewards options.

 

[Svnla]

Originally posted by: nick1985
They did away with the $250 for $200 IIRC

Not all. I just cashed out my $250 check two weeks ago. The Chase CC is not bad but I am thinking about switching to another one with higher cash back for "day to day" categories such as Pen Fed.

You are not alone. In the FW Finance forum, a lot of folks still have them and a lot of folks don't have them anymore.

 

[nick1985]

Would it be a good idea to get a PenFed card just to buy gas with, then use my chase freedom for all other purchases?

Thanks in advance for input

 

[nerp]

Originally posted by: JeffreyLebowski
Mines at 0. If I need a credit card I'm doing something wrong with my finances.

What was your technique to have a good credit score? Do you have a house?

 

[nick1985]

Originally posted by: nerp

Originally posted by: JeffreyLebowski
Mines at 0. If I need a credit card I'm doing something wrong with my finances.

What was your technique to have a good credit score? Do you have a house?

He bought his house with a suitcase full of money. I mean, if he didn't have the money upfront he shouldn't be buying the house anyway. :roll:

 

[nerp]

Originally posted by: nick1985

Originally posted by: nerp

Originally posted by: JeffreyLebowski
Mines at 0. If I need a credit card I'm doing something wrong with my finances.

What was your technique to have a good credit score? Do you have a house?

He bought his house with a suitcase full of money. I mean, if he didn't have the money upfront he shouldn't be buying the house anyway. :roll:

Hehe.

I, like many other posters here, don't carry balances and reap the rewards. I only use cash at small mom and pops places to save them the merchant fees.

I also have enough in savings to cover all my cards if they were ever maxed out. That's how it should work, ideally. If you have 25,000 in credit, you should have at least 25,000 in a savings account (not long term retirement, of course).