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3818 cr points
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29 / EST
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Posted 12/20/07 , edited 12/20/07
I hate credit cards...

i have one debit card... and its because my mom kinda forced me...

lol...i don't care if i ever need it badly..
no loans
no more cards

i dont' wanna live to pay off debt
159008 cr points
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30 / M / Aboard the Hyperion
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Posted 12/20/07 , edited 12/20/07
I get finance 101 from my mom so I don't need to worry about messing up my credit or anything finance related.
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18448 cr points
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39 / M / toronto
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Posted 12/20/07 , edited 12/20/07
My credit rating is near perfect:)
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30 / M / Home of SeaBiscuit
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Posted 12/20/07 , edited 12/20/07
Haven't checked my score yet but I have never been late on a payment so it shouldn't be bad. I have 2. One for emergencies ( which I haven't used once) and another for general spending.

My plan is crap but meh.. at least it came with a good looking card. Whats in YOUR wallet.
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38 / F / Fort Meade, MD
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Posted 12/20/07 , edited 12/20/07

Hopchow wrote:


Dusterbayala wrote:


Hopchow wrote:

Credit really only matters when you're applying for a loan of some sort.

Also having multiple credit cards with high limits is a good thing if you're responsible.

What do I know though it's not like I handle that sort of thing for a living...


Actually that's REALLY bad for your credit, having a high liability on yourself for having multiple credit cards with high balances is terrible. Even if those cards don't have high balances, and just have high limits, that's also damaging to your credit score.
You would be suprised what all happens with your credit score.

Employers can look at your credit score and choose to not hire you because of bad credit.
The typical loans, as well as when you buy a house,
Your credit affects almost every large purchase you make.

You want to take care of it... TRUST ME!


Having multiple credit cards with high limits in no way shape or form hurts your credit score if you are not using them. You deal with people with bad credit every day, I deal with people with phenomenal credit and millions of dollars I think I have some idea of how to handle money responsibly.

You can easily bump a credit score 50 points by simply manipulating the finances you currently have if you know what you're doing.


It also depends on the income of the person.

I mean to have an unstable income, such as stock and bonds, or a fledgling company, is not the way to have good credit.

And i deal with million dollar investors mainly, not the bad credit people you seem to think i deal with.
Yes i do taxes for many people who have average credit.
But i see people sinking into the traps that credit can get you into, simply because they aren't armed with the knowledge.

Having high limits on your credit cards DOES hurt your credit score because there's the HIGHER possiblity that you could raise your liabilities to more than you could ever hope to pay off.

We're talking CREDIT CARDS here, not mortgages with equity built into them.

Credit cards are UNSECURED possible liabilities.
That can affect your credit score tremendously.

58645 cr points
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22 / M / Boston
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Posted 12/20/07 , edited 12/20/07
To above (too lazy to edit the quotes again)

If you have a clean credit report having additional room to create liability is not going to hurt your credit score. Obviously if you have a good and clean credit report over the past 20 years you're not going to just jump into debt without either a mental break down or an emergency. Credit companies are aware of your past.

I have a fledgling company or two and my credit is spotless.

I don't have any credit cards though since I have a large HELOC and prefer paying in cash.
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27 / M
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Posted 12/20/07 , edited 12/20/07
Yes, pF is in the forums for no apparent reason. I guess it is because someone quoted my post from over a year ago and I was sucked in somehow.

Anyways. The most important thing to realize, is that banks/credit card companies are smart as hell and will take any opportunity to fuck you in the ass. I mean, look at all the recent ank foreclosures. Banks mercilessly force people out of their homes. So, what I'm trying to say, is that banks try to outsmart people. And so they figure young people are dumb people. And thus Dusty's anecdote about the companies whoring their products at a college ties in very well.

But, you can outsmart the outsmarters. Banks/credit card companies are in the business for the money, and thus, they want to have people with no or bad credit as their clients. Turn that statement around in your head a little, and you will realize that they won't fuck people with good credit. This leads me to my actual advice:

Establish good credit. For you uneducated noobs on CR who have no idea what I'm tlaking about, this sounds like child's play. For those uneducated idiots who are in debt, this sounds like the toughest thing in the world. Well, it isn't, because I'm going to tell you how to boost your credit.

Admittedly, this only boosts your credit a little, but in the world of capitalism, this is a huge advantage. Basically, use your credit card only for utilities. Nearly all the utilities I am aware of (internet, cell phone service, heat, power, et cetera) have the option to use your credit card to automatically pay your bills when they are due. And, if you are smart enough to follow me this far, ll you have to do know, is wait. Slowly but surely, your credit score will go up, and banks and credit card companies will stop trying to embezzle your money from you.
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22 / M / Boston
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Posted 12/20/07 , edited 12/20/07

n_n303 wrote:

i wish you would have given me that information before im already in debt
even with my debit card im -500 dollars


Stop spending money, go out and work as hard as you possibly can to pay it off. It's not all that complicated you do whatever you can to get out of debt and that needs to become a priority for you. Don't rely on your parents or anyone else to help you, go take care of it yourself.
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22 / M / Boston
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Posted 12/20/07 , edited 12/20/07

punkfilter wrote:Slowly but surely, your credit score will go up, and banks and credit card companies will stop trying to embezzle your money from you.


That's a cute line of thought. Just as an example for how much banks are really screwing you let's take a look at an average 30 year mortgage. If you borrow 200,000 dollars to buy a house at 6% interest (the average right now is actually a bit higher than that) then you end up paying 1199.10 a month for 30 years or $1199.10 * 12 * 30 which comes out to $431,676. Don't kid yourselves even with perfect credit banks are still absolutely raping your wallets by loaning you money.
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27 / M
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Posted 12/20/07 , edited 12/20/07

Hopchow wrote:


punkfilter wrote:Slowly but surely, your credit score will go up, and banks and credit card companies will stop trying to embezzle your money from you.


That's a cute line of thought. Just as an example for how much banks are really screwing you let's take a look at an average 30 year mortgage. If you borrow 200,000 dollars to buy a house at 6% interest (the average right now is actually a bit higher than that) then you end up paying 1199.10 a month for 30 years or $1199.10 * 12 * 30 which comes out to $431,676. Don't kid yourselves even with perfect credit banks are still absolutely raping your wallets by loaning you money.


That is also providing that you weren't a fucking asshat and got an Adjustable Rate loan. But that is besides the topic. And I don't know if I said this, but my advice was aimed more towards those who haven't already screwed themselves over.
Posted 12/20/07 , edited 12/20/07
thank God I have good credit, like a score almost 700 and like thousands of dollars worth of credit cards...
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27 / M
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Posted 12/20/07 , edited 12/20/07

taltor727 wrote:

thank God I have good credit, like a score almost 700 and like thousands of dollars worth of credit cards...


Shit, with that many cards and a score like that, you must be rolling in the Benjamins.
Posted 12/20/07 , edited 12/20/07
na, my grandma put me under her credit cards a few years ago and i 'inherited' her great credit. if it was not for that it would be a bit lower....but i do hate credit cards...
675 cr points
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30 / F / 651
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Posted 12/20/07 , edited 12/21/07
What I usually do with my credit cards, is I always keep track of my balance, so as I get to half way of the limit that they give me, I'll put my cards away, until once i'm done paying for all of that i've used, I'll slowly use the cards again
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29
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Posted 6/9/09 , edited 6/9/09
Wow, that was stupid. I'm so not gonna get a CC.
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