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Bumping this old thread out of curiosity - there were soany people who posted on this thread that they only use cash. Why on earth would you do that? I don't get it:
1. A card cannot be stolen. If someone takes it or you lose it you just call and cancel. The credit card company will cancel charges. Stolen cash is just gone.
2. Purchase protection. Extended warranties and price protection on everything you buy
3. Free insurance typically on your travel and rental cars.
4. Points and cash back on everything you spend. With cash you get nothing.
I just don't understand a single benefit of using cash over credit unless you just don't have the willpower to not overspend?
I think the reason is split 50/50. Half don't have the willpower to not overspend so they choose not to have a card. The other half simply don't know about 1-4 so they keep doing what they are used to and pay by cash.
Bumping this old thread out of curiosity - there were soany people who posted on this thread that they only use cash. Why on earth would you do that? I don't get it:
1. A card cannot be stolen. If someone takes it or you lose it you just call and cancel. The credit card company will cancel charges. Stolen cash is just gone.
2. Purchase protection. Extended warranties and price protection on everything you buy
3. Free insurance typically on your travel and rental cars.
4. Points and cash back on everything you spend. With cash you get nothing.
I just don't understand a single benefit of using cash over credit unless you just don't have the willpower to not overspend?
I purchase several items with cash just because I don't want a trail. This is why several in the know people use cash.
Strange was it a business line? That's not a normal request
If you’re spending a lot or applying for several cards within a short time, some creditors will run what’s called a financial review to verify your income. Such reviews are expensive for creditors to conduct, though, and tend to be rare.
During such a review, you may be asked to provide tax returns and other documents to verify your income. If you can’t provide proof of your reported income, the creditor may lower your credit limits or close your accounts
Strange was it a business line? That's not a normal request
I have heard of this request before, and I do not think it is an uncommon practice. Usually when I have heard about it it has been in regards to someone requesting a credit line increase, when they already have a very large line. I believe it's a simple process as long as the person is being truthful.
On the MyFico forums I have read a few stories of people getting FR'd, and they are stressing out because surprise surprise! they lied about their income.
I purchase several items with cash just because I don't want a trail. This is why several in the know people use cash.
Good point, actually, cash protects your privacy better, especially if the government snoops on transactions.
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