It seems on Creditnet, that some people are trying to clean up their credit in order to make the same mistake again. Get every credit card out there for all the amounts they can get. Some people have been wronged and need to clean up, however most are doing the dump my debt game for new debt.
LOL... I have no doubt some will have to learn this lesson more than once, but I think a higher percentage of others will recall the blood, sweat and tears and will never again make a credit affecting decision without thinking about how it will impact their credit score. It does look like a lot of people are doing everything they can to get more credit...any credit they can qualify for, but if you keep in mind that you have to have credit to get credit and you have to have certain kinds of credit and so many of this and maybe one or two of that in order to get a good score, it all starts to make sense. Not enough retail accounts...no recent application for credit, etc...all this plays a part in a lower score apparently. There is a method to the madness and I am watching closely and learning fast...lol. L
This is, in part, a true observation. HOWEVER, it's only part of the story. The sad truth is, in order to have GOOD credit, you have to HAVE credit. A blank credit report is worth nothing. Therefore, you have to open up credit card accounts in order to establish good credit. Granted, if you go out and charge up every card known to man, and do not have the income to support it, you probably WILL end up in the same awful mess you started out in. However, opening up credit card accounts and using them sparingly is probably the goal of many here... in order to reach a bigger goal, like buying a house.
Dakota62, your comment was the most massive example of uninformed overgeneralization I've seen posted to this board probably ever. I know you believe it, so there's clearly no use in debating with you. Best, Doc
I really don't mean to be mean. I just noticed that people chase credit scores and what it takes to get more cards. Credit is good, used correctly it helps in everything, buying homes and autos etc. Just chasing "How much more can I get" seems prevelent, ( Just waiting for that Brown Eye 59, input)
Well I guess every case is different. I'll tell you my situation. I was 17 when I got married and knew NOTHING about bills. I came from a middle to upper class family where I was handed car keys to a brand new mustang at 16 yrs old along with an Exxon and Mobil credit card. I *totaled* it within 2 weeks and was bought a second brand new car off the showroom floor. It was a 1987 Camaro and the year was 1986. So...jump to late 1987 when I got married. I was used to being handed everything. I had never had a job or even done chores for allowances. I started applying for credit cards and by the time 1989 came along Ex-hubby and I had 37 credit cards. You name the store we had it. From gas cards, Major credit cards, store cards had them all. I still had never worked a day in my life. 1990 I wanted a new brick home so we bought it. By now I was driving a new car every 18 months or less. 1991 I finally got a job as we had debt out or kazooo. My parents were still giving me $400 month allowance, even being married for 4 yrs now. 1992 I got pregnant and was put on bed rest very early on and couldn't work and we had even more debt. 1993 we filed CH 13 bankruptcy. 1994 found out hubby was sleeping with the 15 yr old babysitter, I kicked him out. I alone as a single parent continued to pay the BK payment as it was garnished from my paycheck every 2 wks. I paid $700+ a month on my own and didn't get a damn dime child support. I finally got it paid though. 1996 met the wonderful man I am now married to. 1998 went to college full-time for my nursing degree. 1999 wallet was stolen at college along with my SS#. I have been fighting fraud accounts since 2000. I am slowly but surely getting them removed. 2002...I have one 100% clean credit report and I have applied for 3 credit cards. I am married to a man that makes $100K a year and I'm making about $56-60K on my own. We have a house payment, my new Dodge Durango, insurance, utilities, groceries, daycare and the big screen TV we just financed at 0% interest for 24 months. We pay $250 a month on it. Otherwise we have no debt except my 2 small secured credit cards $150 & $300 limits. Sorry this is so long....I just felt this might be directed to me and wanted to explain my whole situation. I will NEVER be in debt like I was in 1991 again and I'm not dumping debt, since most of it was fraudulent accounts. I'm not trying to be mean..but you might not know someone's story. Are you trying to get rid of fraud accounts or debt you simply got behind on and didn't pay? See the difference.
You have to realize that alot of p[eople didn't have "a pot to piss in". Some were in the low 400's and couldn't get a CC unless it was secured. It's sad that YOUR credit life isn't worth a measely $250 CC. I know for the most part alot of the people have no one to blame BUT themselves. Once, they have cleaned up their credit they need another "fix" and/or reward to themselves, but that's their problem. You can call them anti-establishment, or I like to call them Robin Hood's. WHO really cares. My 2 cents. By the way, why are you HERE!!!!! Charlie
Fair Question, to clean up my and my wifes past stupiditys. Not for more extravangant $35,000 credit card limits.
Not to worry, Dakota62, I didn't say you were mean. I said you were overgeneralizing as a result of clear ignorance: link. People are often mean on bulletin boards. You're doing something quite different. Yours in mutual understanding, Doc
Every now and then someone comes along who, for some reason, needs to play the "baiting game." My answer: Who cares? It's their business.
THE FACT OF CREDIT IS THAT IT IS REQUIRED!!! Even SOME-WHAT bad credit is BETTER than NO CREDIT!!! Somebody with a couple of lates, maybe a collection or two will get a MORTGAGE...someone with NO CREDIT EVER will have a very hard time getting a MORTGAGE...
At least what I'm fighting is fraudulent accounts. You come on here and talk about what everyone is doing, but you are admitting right here where you have unpaid debts. Why are you HERE???
You probably nailed it Doc. As I said just an observation. What is that saying, " Opinions are like A$$holes, every body has one and is entitled to it." I am just starting to learn this stuff,and I may be wrong.
Dakota62, I was the mean one. Regarding the matter you brought up, sure, there are some here who are addicted to credit. However, any number of others are here to improve their utilization ratios (credit used to credit available) in order to maximize FICO scores because they are shooting for a mortgage. (It's still the norm to hunt for the house after getting married and having the kids. For that matter, mortgages are pretty common among singles.) Yet others suffered an unexpected bad break -- layoffs, health problems exacerbated by managed care bureaucracy, a tragic accident, divorce (which can be a credit destroyer), post adolescent fiscal mismanagement, etc., etc., etc. -- and now face the prospect of attempting to clean up their credit so that they can get on with their lives. To simply state a belief that the majority of people here just like looking at pretty plastic is almost certainly a misguided conclusion. Doc
Would you like to have MAYBE 1 or 2 $10000 CL cards? or MAYBE just 1 $5000 CL? It doesn't matter. We are all here to better ourselves financially. So, WHO cares what Tom, Dick and Harry are doing??????? Charlie
I really like the color of my Household gold card. It's really pretty. Ok. just kidding. As usual, you are right on the money Doc.
No Probs Doc, I have learned much here, and was not pointing any fingers whatsoever. Just trying to learn how to clean up after a Chapter 13 discharge. Which really is'nt too much as far as "correctly' reported debts, " CHRISTI"
