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too many pages to read... but my simple advice;

Don't get a card because you need money... get it because you have money.

I cycle large amounts of money through my credit card and pay it off at the end of every month, sometimes earlier and dodge a lot of interest rates. Basically, all my insurance(s), bills, rates, remote payments and emergencies (things that need fixing immediately) go through it and it makes for a good credit rating eventually.
I also only have one.
That's all it does.
If you're the type who gets one and then decides that you actually think you have say, $10,000 on your card available and think you are entitled to go spend it on a big TV, new computer or whatever, then you're going to get slaughtered. Credit cards by themselves aren't inherently evil things, people however are inherently stupid creatures that always think they're worth more than they are... thus many of them end up hurting themselves from a lack of sense.

quote:

Originally posted by Lilith I cycle large amounts of money through my credit card and pay it off at the end of every month, sometimes earlier and dodge a lot of interest rates. Basically, all my insurance(s), bills, rates, remote payments and emergencies (things that need fixing immediately) go through it and it makes for a good credit rating eventually. I also only have one. That's all it does. If you're the type who gets one and then decides that you actually think you have say, $10,000 on your card available and think you are entitled to go spend it on a big TV, new computer or whatever, then you're going to get slaughtered. Credit cards by themselves aren't inherently evil things, people however are inherently stupid creatures that always think they're worth more than they are... thus many of them end up hurting themselves from a lack of sense.

lol yep. but your like 40 now anyways and bought 200 houses. so no worries for you.

aj: whether you need money or not, should never be the basis of getting a credit card, although it should not be used if you dont have money either.

quote:

Originally posted by Lilith If you're the type who gets one and then decides that you actually think you have say, $10,000 on your card available and think you are entitled to go spend it on a big TV, new computer or whatever, then you're going to get slaughtered. Credit cards by themselves aren't inherently evil things, people however are inherently stupid creatures that always think they're worth more than they are... thus many of them end up hurting themselves from a lack of sense.

+1. The only reason why I've got a credit card is because I need it to do some online shopping. I've never ever had a problem with it.

quote:

Originally posted by gehzumteufel you have just explained a major problem with US society. they see a "deal" that really isnt a deal, its just a gimmick to get you to bring your business to them. $25 after spending 5k. come on. "buy 5 get 1 free" so you buy 5 and waste 3. did you save? no. you wasted 3! oh and you have too many credit cards. 6 is way to many unless your making a ton of money (read: 100k+)....

WRONG.

AMAZON CARD: you get 3 points for every dollar on amazon you spend. when you get 2500 pts, you get a $25 gift card. 2500 pts / 3 pts per dollar = $833. $833 is one mortgage payment. imagine that. every month when i pay my mortgage i get $25 on amazon. over a year, that's $300 FREE just because i used a credit card to pay my mortgage payment. use the credit card for the payment, then pay off the credit card via online banking w/ chase (since it's all lumped together).

BP GAS CARD: 5% cash back for all BP purchases. when you get $25, you get a $25 gift card to BP mailed to you (or other participating partners as well). thus, to get $25 in rewards, i only have to spend $500. $500? that's other bills per month. you pay the bills w/ the cards, then pay the cards again with free online banking w/ Chase.

This is how you use the system. if you go nuts and splurge, and never make the payments, then of course you won't get the full benefits. again, it just takes regular common sense and a little money smarts to figure this shit out.

travel a lot? get a credit card that gives you points for every mile you fly. after a few trips, you've got a free one.

have a business on the side? get an amex and get even more points for business shit.

it doesn't take a rocket scientist to figure this shit out, really.

Yeah, between us T-Bills and I, we have the collective intelligence of a drunk baboon and we can work it out!

quote:

Originally posted by gehzumteufel lol yep. but your like 40 now anyways and bought 200 houses. so no worries for you.

Bit of difference between 28 and 40 thankyou!

But my point still stands, if you pay your bills on time, be they $200 or $20,000, it is important not to be in arrears there and if you use a credit card to do it, (you're going to pay them anyway) then you'll get a further advancement on your credit rating. Pay it early and avoid a big interest whack, its not hard to be responsible and use them for what they are.

Re: Credit Cards

quote:

Originally posted by biznology so ive been meaning to get one...not that i totally am in love with the idea. i've never had one and since im going on 4 years out of school i could likely deal with one. i work full time and have a limited history with loans, rent, cell phone - but i still dont feel like getting raped. i do know that has more to do with how you pay off the card, but i also know that all those low rate starter deals are bogus in the long run. i dont necessarily need a picture of pedobear on the front, (capital one card lab), but i would like something somewhat painless that could allow me to purchase something more extravagant. anyone else deal with this recently? the idea of debt freaks me out, but then again i have nothing new to show for it|

Keep in mind high interest rates (anything over 15%). Also, if you miss one month, they could raise your rate substantially, usually over 20%. They could also raise your minimum monthly payment for being over your credit limit.

Re: Re: Credit Cards

quote:

Originally posted by Krypton Keep in mind high interest rates (anything over 15%). Also, if you miss one month, they could raise your rate substantially, usually over 20%. They could also raise your minimum monthly payment for being over your credit limit.

but if you pay on time, and continue to use it, you can increase your credit score.


also, the longer you have a card, and the more you use it, the more they (potentially) may raise your max limit. this comes in handy if you have an emergency and have to drop $5k

I'de say just make sure you can afford the card. If you fuck up, the companies will have no mercy. They slap on all the charges they could dream of...

quote:

Originally posted by tubularbills WRONG. AMAZON CARD: you get 3 points for every dollar on amazon you spend. when you get 2500 pts, you get a $25 gift card. 2500 pts / 3 pts per dollar = $833.

you just illustrated my point. you spend a bunch and get back nothing. dont try to make me look stupid by throwing out a bunch of numbers. i have a better idea. throw 200/month into a high yield savings account, or put 5k into a cd, reinvest the interest into another investment. seriously. you can make $25 by standing out on the corner claiming to be homless for 1hr! fuck your trying to make a GIMMICK look better than it is!!! you will make more on INTEREST off a good savings account.

will: also, have you thought about other aspects of how those cards suck? ill take a lower interest rate and no gay ass gimmicks (airline miles, amazon bullshit, paypal bullshit, any kind of "sponsor" bullshit) since those gimmicks actually cause overhead which in turn makes the interest rates higher.

quote:

Originally posted by gehzumteufel you just illustrated my point. you spend a bunch and get back nothing. dont try to make me look stupid by throwing out a bunch of numbers. i have a better idea. throw 200/month into a high yield savings account, or put 5k into a cd, reinvest the interest into another investment. seriously. you can make $25 by standing out on the corner claiming to be homless for 1hr! fuck your trying to make a GIMMICK look better than it is!!! you will make more on INTEREST off a good savings account.

you aren't getting it. i'm not doing anything out of the ordinary with these cards.

every month i have to pay my mortgage right? so instead of writing a check to my mortgage company for $850, i put it on a credit card. then pay the credit card online for FREE with Chase banking.

by simply paying w/ the card, and not a check (so no extra funds are used at all), i get $25 FREE from amazon. EVERY MONTH.

how is that a gimmick? if i pay off the mortgage payment w/ online free checking (i.e. the same thing as if i had mailed a check directly to the mortgage company) then how am i being gimmicked? there's no interest to be paid and amazon just gave me $25 to spend.

also, my interest rates on my amazon/BP are 14%. which, imo, isn't as bad as those that are over 20%. i mean, its a credit card, what do you expect, 5% APR for the entire lifespan of the card? if you'r elooking for that, don't hold your breath...

and if you pay your bills on time (i.e. not like angela did), then they stay at a lower percent.

i've had credit cards since i was 17...folks cosigned on a capital one card that had a max spending limit of $250. 8 years later, i have 6 cards which one of them has a credit max of $14,000. it just takes common sense and money savyness to not get yourself inundated in debt or "over your head" with them.

i take that back, my BP card was up to 18% for some reason. but i called up Chase and asked for it to be reduced and they brought it back down to 14% like the amazon one (also owned by chase).

lol.."get this card, for every $900 you spend you get half a tank of gas!!!!!"....how is that NOT a gimmick!? i do get that you dont do shit to get it really, but the fact that you get really nothing, is a waste. and then to top it off you have way to many credit cards open. whether they are empty or not it doesnt matter. from a creditor point of view, its bad. i dont know what you make, but im sure that it isnt anything massive.

ps: Gimmick: In marketing language, a gimmick is a unique or quirky special feature that makes something "stand out" from its contemporaries. However, the special feature is typically thought to be of little relevance or use. Thus, a gimmick is a special feature for the sake of having a special feature.

quote:

Originally posted by tubularbills you aren't getting it. i'm not doing anything out of the ordinary with these cards. every month i have to pay my mortgage right? so instead of writing a check to my mortgage company for $850, i put it on a credit card. then pay the credit card online for FREE with Chase banking. by simply paying w/ the card, and not a check (so no extra funds are used at all), i get $25 FREE from amazon. EVERY MONTH. how is that a gimmick? if i pay off the mortgage payment w/ online free checking (i.e. the same thing as if i had mailed a check directly to the mortgage company) then how am i being gimmicked? there's no interest to be paid and amazon just gave me $25 to spend. also, my interest rates on my amazon/BP are 14%. which, imo, isn't as bad as those that are over 20%. i mean, its a credit card, what do you expect, 5% APR for the entire lifespan of the card? if you'r elooking for that, don't hold your breath... and if you pay your bills on time (i.e. not like angela did), then they stay at a lower percent. i've had credit cards since i was 17...folks cosigned on a capital one card that had a max spending limit of $250. 8 years later, i have 6 cards which one of them has a credit max of $14,000. it just takes common sense and money savyness to not get yourself inundated in debt or "over your head" with them.

6 cards is too much. You can actually hurt your score with all that available credit. BTW, those of u looking to get your first card or if u need a better rate card...don't laugh...its the World of Warcraft card. It has the best rating!

quote:

Originally posted by KiNeTiC ENeRgY 6 cards is too much. You can actually hurt your score with all that available credit. BTW, those of u looking to get your first card or if u need a better rate card...don't laugh...its the World of Warcraft card. It has the best rating!

lol who is the WoW card issued against?

quote:

Originally posted by gehzumteufel lol who is the WoW card issued against?

http://www.worldofwarcraft.com/visa/

6 is not too much. my credit score is 740 last time i checked

besides, who doesn't like getting at least a little free reward now and then for gas?

my bank card, i also get rewards for that one too - instead of using it as debit, i'll use it as "Credit" and get 4 pts per dollar. another great way to pay for things, and get points. in fact, i think i can get a $50 gift card soon.

i make about $38k a year.

Can I interest you in a Sears card?

i would be embarrassed if i payed for a purchase in the store using the WoW credit card

quote:

Originally posted by leph555 i would be embarrassed if i payed for a purchase in the store using the WoW credit card

lol, yea but don't look at it that way. If your just starting out, its a great card to go with. Just ignore the WoW print on it

quote:

Originally posted by tubularbills 6 is not too much. my credit score is 740 last time i checked besides, who doesn't like getting at least a little free reward now and then for gas? my bank card, i also get rewards for that one too - instead of using it as debit, i'll use it as "Credit" and get 4 pts per dollar. another great way to pay for things, and get points. in fact, i think i can get a $50 gift card soon. i make about $38k a year.

Only reason I say that is it could affect u in getting a loan of some sort. They look at the credit line u have in relation to what your income is. You have alot of available credit for your income.

quote:

Originally posted by tubularbills 6 is not too much. my credit score is 740 last time i checked besides, who doesn't like getting at least a little free reward now and then for gas? my bank card, i also get rewards for that one too - instead of using it as debit, i'll use it as "Credit" and get 4 pts per dollar. another great way to pay for things, and get points. in fact, i think i can get a $50 gift card soon. i make about $38k a year.

the fact that you make similar to what i do, when i have a job anyways, and have 6 cards, says a lot. it doesnt directly show on your credit score that 6 cards will fuck you, but it will. 6 cards is too much in almost all lenders eyes when making 40k/yr. they want to see closer to 100k/yr for 3 cards. remember, they want the least risk possible with the most gain. giving someone with a 14k debt potential, plus a mortgage, plus a car payment, another credit card is not the least risk. its high risk. getting a loan now will be impossible with 6 cards. they will say you must close some of them.

ps: you should close 3 of them anyways.

i got my $113,500 mortgage loan with no problems....

quote:

Originally posted by tubularbills i got my $113,500 mortgage loan with no problems....

yeah, that was before the credit crash of 2008.

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