RE: Credit cards-Does having them really help build credit?
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RE: Credit cards-Does having them really help build cre... - 9/22/2008 8:48:23 AM
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kernsfamily
Posts: 1358
Joined: 4/26/2006
From: Dallas (originally Detroit)
Status: offline
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quote:
We had no score because we were responsible, carried no debt whatsoever, bought everything with money we had, and owned everything outright. Paragons of responsibility don't get rewarded in the debt-based system.
very true...
and who "runs" the "Debt based" system? lobbyists for the credit card companies.....who pay untold amounts of money to have the privilege of making sure that those who are responsible, and are not beholden to "credit cards", and DO work outside of their "system" "Pay" for doing so....
yet, another example of how credit cards are such a "racket"....
_____________________________
Proud dad of 3 great girls....Erin, Emilie and Elise
Blessed to have all of them in a "totally awesome" public elementary school!
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RE: Credit cards-Does having them really help build cre... - 10/8/2008 4:54:05 PM
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michepetrick
Posts: 1
Joined: 10/8/2008
Status: offline
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For the millions of consumers with bad credit and no credit, getting
approved for a major credit card takes a lot of effort. Unfortunately,
establishing credit is as equally challenging as re-establishing credit.
Creditors consider both types of people as risky applicants. Thus, they
are less eager to extend a line of credit. However, there are ways to
get around this problem. Bad credit credit cards are intended to make it
easier for some to obtain credit.
The Importance of Establishing a Good Credit History
Even with poor credit, you will be able to finance many purchases such
as a home or vehicle. However, good credit has certain advantages.
Those with a high credit score receive prime rates on home loans and auto
loans.
For some, low rates may not be a huge deal. Yet, low interest rates on
loans can potentially save you hundreds each month. Moreover, having
good credit unlocks the door to better financing alternatives.
Similarities Between Having No Credit and Bad Credit
Unfair as it may be, some lenders group those with no credit and
individuals with poor credit into the same category. This makes it harder for
young people and those trying to establish credit. Individuals with
poor credit made certain mistakes that justify a lender's reluctance. On
the other hand, those with no credit history have zero credit mistakes.
So, why do some lenders deny credit to those with no credit history?
In a nutshell, before granting a credit card or loan, lenders will
review credit reports to examine past relationships with other creditors.
It’s a way to determine an applicant's likelihood of repaying funds. If
you have no credit history, lenders become uncertain. Instead of taking
a gamble, they rather deny an application.
Getting Approved for a Bad Credit Credit Card
Getting approved for a bad credit credit card is easy. The tricky part
is finding a lender that specializes in this sort of credit. Use the
internet to your advantage. Many bad credit credit card lenders offer
online applications and instant approvals. If you are hoping to build a
good credit history, this is one of the easiest approaches.
There are two types of bad credit credit cards. If you are approved for
an unsecured card, you may receive an initial low credit limit.
However, as you maintain regular payments, the creditor may gradually increase
the spending limit. With a secured credit card, applicants must open a
saving account with the lender. In the event that you decide to stop
making payments, this account serves as collateral.
--------------------------
best credit card balance transfer deals
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RE: Credit cards-Does having them really help build cre... - 10/9/2008 6:58:07 AM
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csl7037
Posts: 1639
Joined: 3/24/2008
Status: online
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Dh and I watched a documentary recently called "Maxed Out" (I think, we got it from Netflix after someone recommended it)....after watching that, you'll never want to touch another credit card. Just like everything else, everyone thinks they're the exception and they wont get sucked in over their heads. If you think you can be the absurdly tiny minority of people who can play the game with these companies and make your FICO score the measure of your success and stay in control, go for it. Good luck, you're going to need it.
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RE: Credit cards-Does having them really help build cre... - 10/10/2008 3:21:21 AM
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humansarecylons
Posts: 8
Joined: 10/10/2008
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As long as you pay on time and you try to pay as much of it as you can, or at least slightly above the minimum payment required. Then you're bound to get a good credit rating.
And as much as I'd like to pay everything in cash, in today's economy, having a credit card is really becoming more of a necessity than a luxury.
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PeopleAhead
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RE: Credit cards-Does having them really help build cre... - 10/10/2008 9:10:35 AM
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kernsfamily
Posts: 1358
Joined: 4/26/2006
From: Dallas (originally Detroit)
Status: offline
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quote:
ORIGINAL: csl7037
Dh and I watched a documentary recently called "Maxed Out" (I think, we got it from Netflix after someone recommended it)....after watching that, you'll never want to touch another credit card. Just like everything else, everyone thinks they're the exception and they wont get sucked in over their heads. If you think you can be the absurdly tiny minority of people who can play the game with these companies and make your FICO score the measure of your success and stay in control, go for it. Good luck, you're going to need it.
VERY interesting documentary....as I was watching it, I was saying to myself, "THAT WAS ME"!....(being manipulated by the companies....whether it was having them let me think that their "product" was a "necessity", to their endless schemes they create to separate you from your money)...
quote:
And as much as I'd like to pay everything in cash, in today's economy, having a credit card is really becoming more of a necessity than a luxury.
For me, it's been 5+ years.....no credit cards....and, I am still alive (but, just don't tell VISA, MC or AMEX that....)...and, there really haven't been any "negatives" to it (except for knowing I am beyond their reach)......and, my credit score didn't even flinch when I closed those accounts....it's basically the same it's always been....
_____________________________
Proud dad of 3 great girls....Erin, Emilie and Elise
Blessed to have all of them in a "totally awesome" public elementary school!
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RE: Credit cards-Does having them really help build cre... - 10/10/2008 9:23:32 AM
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laura...
Posts: 2861
Joined: 3/1/2005
From: NE Ohio
Status: offline
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quote:
ORIGINAL: kernsfamily
quote:
ORIGINAL: csl7037
And as much as I'd like to pay everything in cash, in today's economy, having a credit card is really becoming more of a necessity than a luxury.
For me, it's been 5+ years.....no credit cards....and, I am still alive (but, just don't tell VISA, MC or AMEX that....)...and, there really haven't been any "negatives" to it (except for knowing I am beyond their reach)......and, my credit score didn't even flinch when I closed those accounts....it's basically the same it's always been....
I have gone many years without a credit card. No problem until we recently tried to rent a car. In the past we've rented cars using our debit card. The only hitch was that it would tie up $500 in our account until the car was returned. We allowed for it. The last time we tried to rent no one would accept the debit card. They had to have a credit card. We even called one place, set it all up with them telling us the debit card was acceptable. Then, when we went to pick up the car...no, it wasn't accepted.
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This is what the Lord says: “Stop at the crossroads and look around. Ask for the old, godly way, and walk in it. Travel its path, and you will find rest for your souls. But you reply, ‘No, that’s not the road we want!’ Jer 6:16
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RE: Credit cards-Does having them really help build cre... - 10/15/2008 2:04:06 PM
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Leslie_JnJs_mom
Posts: 898
Joined: 9/6/2007
Status: offline
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We used to use our cards as a fun day out now and then and pay it off pretty quick. Everything got so expensive and we ended up using them for gas and groceries. We now have a couple thousand on it and we are really trying to force ourselves not to use it anymore. Gosh though it is so hard when we need gas or we are out of milk. We are going to pay that thing off with our tax return then put some money aside just for gas and groceries throughout the year.
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<------- Jessica and I had so much fun with grandma!
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