Yeah, whatever you say user# 1077

Aglar, i didn't read any of the responses here. i just want to say, don't get one unless you absolutely need one.
if you need one to get credit history then start with a loaded card. one you put money on first then use. use it and then put money back on it. keep a balance of $200 or so and use it regularly putting money back on it regularly.


ok, now i read the other replies.
i'm 39 and my credit is ****. i don't think i'd get a $500 credit card if i wanted one. like someone said earlier, spending money i don't have and then being in a position where i can't pay for it is my own fault. no one elses.
i bought a house with minimum down. i had a few credit cards and i used them. washer and dryer, window coverings, computer and nice desk, etc. when i got laid off i had a few thousand in savings, i was getting about one third of my take home from employment insurance and i had $24,000 in various debts which i was easily handling while i was employed.
it doesn't take more than a few months to have your credit score go straight to hell even when you tell them on the phone there is a for sale sign on your lawn and as soon as the cheque comes in the mail for sale of the house they'll get paid in full. they don't care. they want it now!
i got a cheque in the mail for $44,000 9 months after i was laid off. it was gone in 30 seconds and my credit score was ****ed for the next 7 years.
i have no credit cards and i'm content knowing i'll never own a house again.
to properly buy a house you put 10% down (~$30,000 to $35,000 in todays market including all associated fees and costs). then you need, yes need a years worth of mortgage payments in case the worst happens. that's $15,000 to $20,000 of easily accessible cash. and you need to be ready to continue to make payments on any other outstanding debts you have in case you need it. i know it's very unlikely i'll have $50,000 anytime in the next 5 to 10 years with the small amount of savings i keep. even at $1000/mo. i wouldn't be able to do it for 5 years and i'd be savings poor, not buying anything or doing anything for those 5 years.

on another note, the banks need to take more responsibility when it comes to people's debt and actions. when i owned a house the bank knew everything about my finances. everything. they knew i shouldn't be borrowing any more money from them yet the constantly offered me money on the order of $10,000 everytime i went into a branch to discuss anything.
"do you need a pool?"
"do you need central air?"
"do you want to finish your basement?"
"you can do that today mr. Evad."
they knew full well that if i got laid off, and i did, i wouldn't be able to make payments on more debt yet they kept offering it to me.
never ever make the mistake of believing them when they say they care about you and your financial future. they don't care one bit.

This is one piece of information that is very true - never think that any credit card or loan company is out to help you. They want to make a buck off of you (and, more likely in the case of a loan, they will).

Before you get a credit card, outline a budget. Set higher limits on essentials (groceries, gas, household needs) and lower limits on non-essentials (entertainment, hobbies, dining out). Once you feel that you can safely spend within these ranges, then you can get a credit card.

The common element in credit card horror stories is that people spend money they don't have. Whenever I use my credit card (and I pretty much use it for everything), I always keep an eye on the balance for the month to make sure it less than rent + utilities + gas + groceries + other essentials + padding (the padding being > $1000). I never, ever spend money I don't have.

I don't use cash that often, and, when I do, it's usually cash given to me by people paying me back. I don't write checks often (except for rent) - thus, I manage to keep the expenditure of the funds in my checking account pretty much limited to my credit card. Do this (keep the number of ways you spend money to a minimum), and it becomes far easier to manage your money.

It's kept me afloat and out of debt since I got my credit card at the tender age of 18. Five years in, and these practices I developed in college have allowed me to put about 30% of my pre-tax paycheck into various forms of savings and still have a burgeoning checking account.

If you can't be responsible with your money then you shouldn't be getting a credit card.

But hell, that advice applies to damn near anything.

If you can't be responsible when drinking, then you shouldn't be getting drunk.

If you can't be responsible when driving, then you shouldn't be driving.

If you can't be responsible when gambling, then you shouldn't be gambling.

Etc.

In any case, Wookie06 was wrong on just about everything he said, so just ignore him.

I have a 724 credit rating, a paid off car on my credit, one that is 'current' and two other loans/bills that show current, and I can't even get a bestbuy or a newegg card...

Why the hell would you want a store brand card?

Those are always the worst.

Because 6 months interest free promos are an easy way to finance a TV, not pay interest (because paying off a TV in 6 months shouldnt be hard for anyone) and build more credit rep. Having a card I can use anywhere is bad, I don't want the temptation.

A. You can use store credit cards anywhere
B. Not many people get no interest on a store credit card because of what you just mentioned.

What is wrong with you? Do you have some kind of mental defect that prevents you from having a normal conversation?

Haha, I didn't know you could use store cards anywhere... I don't really see why they would allow that, is that even true for newegg? Oh well, in any case, I don't have one, and I really don't even want one.

My advice is stupid because, aparantly, Rob thinks it is better to accumulate debt. You don't need debt or a credit score for anything other than a mortgage and you can get the best mortgage even if your credit score is zero. The only way to get a credit score is by going in debt. A FICO score anyway. Anybody here that thinks you need a credit score to buy a home, let alone other things you can't afford, is misguided. It's not their fault. It has pretty much been ingrained into our culture.

Or it's the truth...

So you disagree that debt and FICO scores are unnecessary?

I thought that was obvious?

The problem with keeping debt on credit cards is that even if you can amass a lot of credit, it's still a bit dangerous because the credit card company's goal is to have you paying off the interest for the rest of your life. You can avoid that by being disciplined, but it's a bit more risky than I like. I'd rather seek professional advice of some sort before I started building credit that way. I'd at least like to see a few articles explaining the pro and cons.

Or a new car. Or an apartment. Or a decent rate on a rental car.


I could go on.

Buying a new car is usually stupid. Unless you have the power of cash to negotiate with but even then you overpay for the car. I have never seen the rate of an apartment be better if you are already in debt and Visa debit cards are always treated the same as Visa credit cards when you rent a car.



That's cool. It is also obvious to me that you are ignorant on the subject.

No.

Rob's rollin' with the rich foke.

You just cited numerous examples of where credit has nothing to do with it.

And seeing how 95% of everyone here disagrees with you I'm going to go with my gut and say the only ignorant one is you.

Actually, it is because you lose nearly half the value of the car the second you drive it off the lot.

Seems to me like it'd be a bit sooner, like the moment you sign the contract

Same difference. New cars are a luxury. It's far, far, more economical to buy year old used cars.

95% of Massassi disagrees with me all the time. Slight exageration but you get the point. Still, not being in debt is better than being in debt. The only real exception is a mortgage where the monthly cost of the loan is usually equivalent to renting. Saving money to pay cash for a car is better than borrowing and not "buying" into the myth that everyone should have a credit card is better than going into debt on a routine basis.

But what do I know, I'm not the one complaining about $170 a month "massassi bill".

Oh snap!

My god wookie (BTW it has two Es) are you trying to get banned?
You're damned lucky CM can pay that bill, if he liked he could institute a "Pay to post" thing.

Uh durr.

But investing in emergent technology is never bad. (You do this when you are buying a new car that is designed to get better gas mileage. Not just talking hybrids)

It's also nice (if you do research) to have something that doesn't require as much maintenance as an older car.

Obviously I'm not captain silver spoon. Otherwise I wouldn't be so concerned about recieving health care.




Do you REALLY have room to say something like this.

I prefer my spelling. If I didn't I would have changed it a long time ago just so nerds wouldn't complain that I mis-spell a made up name with a made up spelling for a made up species.

Wookiees all smell like **** anyways.


What? How could **** NOT get caught in their fur?

I was wondering the same thing about you.

Or you could buy an older toyota pickup which will never die anyway.

You want FGR.











PS, Toyota can suck me.

I possibly have 150~k on mine, and all I've had to do is change the oil twice since I got it. I looked at one that had over 300k on it. And it was still running well. Whats so bad about a good design?

Yes because it's not like people can have different experiences.

Oh, and wookie, people always disagree with you because you're always wrong. Credit score does matter, period. You can earn credit score without ever paying interest. Thus, being in "debt" has absolutely no downside besides making you more responsible.

I'm still right when I say you can earn credit faster by being in minimal debt. >: (

Might be able to but I don't see it being worth it, especially since you're basically paying them for credit at that point (Regardless of how little it may be).

You can get massive credit score if you cheat and use a credit score service.


They basically fake issue a fake card, with someone elses account and info (You can sell your good credit for this use) and after a few fake payments BAM. Instant high credit, go buy a ferrari.

But I had a short amount of time to boost my credit score, so it worked out for me.

(Interest I've paid amounts to about $58.63)

You say I am always wrong but then you make a false statement of fact. A credit score only matters if you are trying to borrow money. Even then, the only thing the average person might need to borrow money for is a home loan. If you have no debt and, therefore, no credit score you are certainly in a more financially sound position for a home loan and the loan could easily be manually underwritten. Payment history is not an issue because there are several other monthly expenses that can be used to show satisfactory payment history.

Except no one is going to manually underwrite your loan because they've got no reason to trust you're going to pay it off. Bill payment is not satisfactory in even the slightest.

And yes, duh, credit score only matters when you need a loan, but newsflash: you'll need a loan at some point. Paying for a home in cash is not something people are capable of doing, unless they don't want to buy a house until they're 50. And getting a car isn't very easy either. If you need a car now, not later, and you don't have the cash, what are you supposed to do? Rent? Please.