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That credit card hit is minimal and not long lasting when opening a new line of credit. Even when you close the line of credit, the hit is minimal and your score recovers quickly. A credit score is just a number anyways. It doesn't affect you much unless you'll be applying for new line of credit. So don't go opening/closing accounts right before you get a mortgage.
If you are shopping in a store and they ask you if you would like to open a CC what makes you say yes? What are the reasons that you would like to open this credit card....would the fact that I can save you 40% on an initial purchase help?
Opening a "store" CC is without doubt THE single dumbest thing a person can do!
No one gives money away so all these percent off offers are is an invite from the spider(the store) to the fly (YOU!) to get eaten alive with interest & other charges!
Opening a "store" CC is without doubt THE single dumbest thing a person can do!
No one gives money away so all these percent off offers are is an invite from the spider(the store) to the fly (YOU!) to get eaten alive with interest & other charges!
OMG, does every mention of credit cards or charge cards have to yield the "credit is evil" or "stupid people use credit" posts?? We're not all idiots who charge more than we can afford. Some of us are capable of using a card wisely. Sheesh.
OMG, does every mention of credit cards or charge cards have to yield the "credit is evil" or "stupid people use credit" posts?? We're not all idiots who charge more than we can afford. Some of us are capable of using a card wisely. Sheesh.
Opening a "store" CC is without doubt THE single dumbest thing a person can do!
No one gives money away so all these percent off offers are is an invite from the spider(the store) to the fly (YOU!) to get eaten alive with interest & other charges!
I haven't paid a cent on interest on my Best Buy or Home Improvement cards. I just pay off the balance before the interest hits on the same as cash programs.
I haven't paid a cent on interest on my Best Buy or Home Improvement cards. I just pay off the balance before the interest hits on the same as cash programs.
OMG, does every mention of credit cards or charge cards have to yield the "credit is evil" or "stupid people use credit" posts?? We're not all idiots who charge more than we can afford. Some of us are capable of using a card wisely. Sheesh.
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Originally Posted by Tallysmom
Yep... and then they bring up Dave Ramsay....
Quote:
Originally Posted by oneasterisk
I haven't paid a cent on interest on my Best Buy or Home Improvement cards. I just pay off the balance before the interest hits on the same as cash programs.
Credit isn't evil so long as you use it wisely.
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Originally Posted by Lacerta
Same, all of the benefit, none of the penalties.
What people that have more than one or two CC are in denial about is that the credit limit on each card is viewed as already owing the whole limit...because you can with just one charge!
More that one person have been turned down for a loan 'cause the banker looked at your CC history and saw all that......potential....debt hanging out there in your future.
So OK, some of you have skated by with no troubles or worries. BUT that doesn't mean that you will always live a worry free life as long as you nurse the CC industry with your blind faith in what they say or tell you.
One thing in life will always be true..... money has no friends nor any owners. Borrowed (CC) money has even less..........
Nothing goes on the credit card unless I can instantly pay it off. What's the difference if I use cash or plastic at that point? Also I really doubt my $3500 credit limit Best Buy card will bring the house of cards tumbling down on my head.
With the same logic, pain killers will be inherently evil because people misuse them too...
Nothing goes on the credit card unless I can instantly pay it off. What's the difference if I use cash or plastic at that point? Also I really doubt my $3500 credit limit Best Buy card will bring the house of cards tumbling down on my head.
With the same logic, pain killers will be inherently evil because people misuse them too...
That is a good point. This is why my husband monitors my credit
What people that have more than one or two CC are in denial about is that the credit limit on each card is viewed as already owing the whole limit...because you can with just one charge!
More that one person have been turned down for a loan 'cause the banker looked at your CC history and saw all that......potential....debt hanging out there in your future.
So OK, some of you have skated by with no troubles or worries. BUT that doesn't mean that you will always live a worry free life as long as you nurse the CC industry with your blind faith in what they say or tell you.
One thing in life will always be true..... money has no friends nor any owners. Borrowed (CC) money has even less..........
I think you're wrong, and here's why.
When I was in banking they looked at the amount you charged on your cards AND the amount you could charge and said this person doesn't use all his credit and therefore is a good risk. At the time a few credit card companies were looked down upon as causing problems on a credit report, like Capital One -- because Capital One would give you a 20K credit line, but then only report what you used as a credit limit, so the second you charged on your CapOne card you looked as if you were charged to the hilt.
And I know for a fact that our credit rating was in the 815 range, and we easily got a home loan and a car loan AND our credit report listed available credit via credit cards at three times what we earned in a year.
We might be going back that way again -- in which case it would make sense to close lines you don't use versus leaving the lines open and destroying the card so you don't lose track of it. I've had several credit cards that we haven't used in years mail us letters thanking us for our past business, but since we hadn't used the card in years, it must no longer meet our critieria for use, and they closed it. BUT -- I haven't had a letter like that since like 2008.... so it looks like the credit card companies have stopped doing that.
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