Posted on 09/09/2015 2:11:44 PM PDT by blam
Yeah, I got a couple hundred on my VISA right now. Can’t imagine having an average of $7800 or so.
The credit card companies ding you if you pay off the cards or turn over the cards to get lower interest rate or not using them often enough. Heck I was at a car dealer and told him I had a credit score near 800 as he would find out but he said they have their own way of scoring. Example given was I did not buy too many cars over the years.......
Wish I could do the same. Though, we did manage to get rid of a lot of our credit cards.
Can a new wave of bankruptcies be far behind? I recently got a card offer for a $600 credit limit with a $175 setup fee, plus a 36% APR. They know a lot of people will just apply without reading the details. They also fully expect to have many default, and they will still make money.
This all started under the Bankruptcy Reform Laws. For honesty purposes I've been bankrupt twice now. First time Chapter 7 full bankruptcy 28 years ago on nearly $200K in hospital bills and this summer Chapter 13 which I will pay back 100% plus lower interest to the bankruptcy court trustee.
Now these corporate Idiots know that by chapter 13 laws I can not apply for credit. Yet my mailbox has no less than 3-4 solicitations daily. I went Chapter 13 due to a 40% permanent no recover from monthly income loss. That mail increased greatly right after my filing was approved with the trustee.
One company I owed the most too was a big box stores credit partner that did away with layaway and instead gave out a store credit card to everyone and likely their dogs and cats as well with high limits. A persons nearly one year total income as the credit limit? Come on! Yeah the applicant is to blame also but still credit card companies did not exercise good business sense themselves.
Blam, I’m sorry.
I just didn’t realize that putting that army surplus
GI can heater on my credit card would disrupt the
nations debt...
The scores are a Hoax created by the card companies. You can be a multimillionaire and have a Zero score. Why? No recent purchases. Dave Ramsey talks about it. He had his checked. He didn't have one LOL. He started out basically as a property flipper and was successful at it and made millions. He worked with a bank to front the money and all was well. The bank was sold as was the debt and the new company saw too much risk and called the loans. He went bankrupt.
He got back on his feet by using cash only or a bank debit card and took the technique he used to get back out of debt and built a company on how to handle money. He's back on top.
Some credit is nearly impossible to avoid like a home especially in middle class or lower earnings. But for things like a new car? He advises buy used. He also advises if you want a good deal go into a store and dicker waiving cash. If that business declines it the next one likely won't. Which is true. Car lots make a good chunk as agents for banks. But Cash is then and there and not many businesses want to decline an opportunity even at a lower profit.
We do as well some are not as fortunate flame away if you want
Yikes! And I’m freaking out over the $200.00 I owe on my Kohl’s charge, LOL!
Suckers.
Excellent find, BTW! :)
Don't be so hard on yourself. My new Chase card offers 5% off on global warming juice purchases so I've switched to that from cash. My bad.
Bryan has a co-worker whose wife has 18 credit cards, all maxed out. There is nothing
we can do to advise him or help him. He’s really in a terrible financial bind, making
minimum payments on all the cards will never get him out of the huge hole she has dug.
Old habits die hard. Before I got married, I always paid off the card before any interest
accrued, so I simply continued on that track, and I insisted that Bryan (hubby) pay off all
his debts before I would marry him. He did, and paying before interest accrues is sure to
have saved us a lot of money in interest payments over the 36 years of our marriage.
The 36th year is coming up in November.
And flame away? Huh? I would never flame you, my friend.
Good grief!
I like Ramsey but I think, like “Rich man”, he pretty much got wealthy by his radio show and selling books, etc...could very well be wrong....
I had to watch on video his course and had to pay to do so as part of Ch 13 agreement. Or that was the one showed me in my lawyers office. You're right I think he had or has a radio show maybe still does and he does write books and courses on money management. He has some good ideas and kept my attention with the info he taught. I can understand and support the USBC's requirement of counseling and the ones who develop it do deserve payment. It was a reasonable price maybe $40 of which the lawyers and court likely got $20 I'm just guessing. I imagine he isn't a friend of lending institutes or credit scoring ones either LOL.
Rich man? Are you talking about the guy who went to prison for among other things books giving medical advice? As far as I know Ramsey sticks with teaching financial courses. Ramsey isn't selling how to get rich but rather more on how to stay out of debt and get back on your feet honestly.
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