smashweights Posted November 30, 2009 Report Share Posted November 30, 2009 What's it matter? Who keeps a balance on their credit card?who has a credit card? Quote Link to comment Share on other sites More sharing options...
jporter12 Posted November 30, 2009 Report Share Posted November 30, 2009 I guess you're paying for all the other customers in default. Either way' date=' having credit card balances is always a bad idea. Credit is overrated and the desire to have 'perfect credit' so one can buy things they cannot afford is precarious, at best. I know.. been there, done that. Debt free living is the way to go. We're working on the house starting next year. Both cars and all the bikes are paid for. Credit cards have been gone for a while. In a few years the mortgage will be paid and her student loan will be squashed. Then, we will be officially 100% debt free. Working my ass off for shit I don't need in the first place is finished. Fuck that shit.[/quote']From here on out the only credit I should ever need will be to maybe buy a house later on. Quote Link to comment Share on other sites More sharing options...
Fonzie Posted November 30, 2009 Report Share Posted November 30, 2009 Having cash in a bank or brokerage account gives you a good credit rating also.Tom.... I worked in banking & brokerage for 8 years, and I don't ever recall cash in any of those accounts counting toward your credit ratingIf you don't have any open lines of positive credit, you're not gonna get any credit card other than maybe a secured, or department store like Sears, Penny's, etc Quote Link to comment Share on other sites More sharing options...
tomato_racing Posted December 8, 2009 Author Report Share Posted December 8, 2009 BUMP for one last question. One clause in the statement read something to the effect: '...and we reserve the right to demand immediate payment, as allowed by law, for any outstanding balances at any time at our discretion.'uhhhhhhh can they do that? Quote Link to comment Share on other sites More sharing options...
Disclaimer Posted December 8, 2009 Report Share Posted December 8, 2009 Yes, as soon as you breach the contract by missing a single payment - they can put an immediate call on all debt you owe.That goes for Credit Cards, that goes for a promissory note from your uncle, that goes for anyone that you have a binding debt contract with.... usually, as with anything there's always exceptions.And even if they're legally allowed to call your debt when you miss a payment - realistically, they'll probably work with you because it's cheaper in the long run to reduce your rate and let you pay than to take you to court over it. But, your credit score will take a beating. Quote Link to comment Share on other sites More sharing options...
jporter12 Posted December 8, 2009 Report Share Posted December 8, 2009 Proverbs 22:7 "The rich ruleth over the poor' date=' and the borrower is servant to the lender."[/b']Words to live by.Even if you don't believe in God, or the Bible, this is very true. Most people believe that we have all these freedoms that are talked about in the Constitution, then the bitch and moan about how much debt they have. People are turning themselves into slaves, and the rulers are the creditors. This is not to say that ALL debt is bad, there are some things that would be nearly impossible to have without credit and getting a loan, such as a house. CARS DO NOT FIT HERE. Get over yourself! You don't NEED that new H2. So many have no concept of NEEDS vs. WANTS. Quote Link to comment Share on other sites More sharing options...
redkow97 Posted December 8, 2009 Report Share Posted December 8, 2009 What's it matter? Who keeps a balance on their credit card?Agree 100% i am amazed by the number of people who have no clue how credit works.High School economics should devote at least a week to this sort of thing; but that assumes everyone makes it to high school economics... Quote Link to comment Share on other sites More sharing options...
redkow97 Posted December 8, 2009 Report Share Posted December 8, 2009 BUMP for one last question. One clause in the statement read something to the effect: '...and we reserve the right to demand immediate payment, as allowed by law, for any outstanding balances at any time at our discretion.'uhhhhhhh can they do that?they can - but they won't. They make a lot more money by allowing you to make minimum payments for months on end, while your interest wracks up.I don't know why my credit card company keeps increasing my limit - I've never given them any money. Quote Link to comment Share on other sites More sharing options...
tomato_racing Posted December 8, 2009 Author Report Share Posted December 8, 2009 they can - but they won't. They make a lot more money by allowing you to make minimum payments for months on end, while your interest wracks up.I don't know why my credit card company keeps increasing my limit - I've never given them any money.For God's sake people:1. I'm not making minimum payments-- never have and never will2. I'm closing the account because they over doubled my interest rate from 6.25% to 13.75% 3. I'm just making sure that it is still in my best interest to close the account and make large payments while locking in my low interest rate. I also want to make sure they don't demand immediate payment as soon as I close it-- just because I closed it. That defeats the purpose of what I'm trying to do. Quote Link to comment Share on other sites More sharing options...
max power Posted December 8, 2009 Report Share Posted December 8, 2009 i bank with chase and have multiple loans with them and no. maybe they are targeting low credit scores or peeps with high balances.Chase and 5/3 have raised my rates from 7% fixed to some ridiculous variable rate. I have an 800 score and dont do variable rates. I declined both and am paying off the 3k balance on the one (the other has no balance) @7% fixed. They are targeting everyone.TR, call the # (or write the letter) and decline the rate. They wont demand payment in full. Quote Link to comment Share on other sites More sharing options...
ironbuttwannabe Posted December 8, 2009 Report Share Posted December 8, 2009 Thanks again for the help guys, I'm 21 and just want to make sure I don't make any bonehead moves that will come back to haunt me when I tryin buy a house or something. My advice just get rid of all your credit cards. I always paid mine off every month, but figured out I spent less money when I didn't have one to use all the time. I keep one at home for buying off the net. Quote Link to comment Share on other sites More sharing options...
ironbuttwannabe Posted December 8, 2009 Report Share Posted December 8, 2009 Best advice anyone can give a 21 year old. Well... maybe not the best advice' date=' but it's up there.[/quote'] I don't think credit cards would have any effect on how much the banks loan me. They want to know all your assets and debts before they give you the loan. Right now if you have money to show the bank it does more "talking" than paying on your credit card would. That being said, I have paid off a few big notes. That is what raises your chances of getting money through a bank.I'm now open for business loaning out money at 10% to go toward paying off credit cards Quote Link to comment Share on other sites More sharing options...
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