Ok, I've been a lurker on this board for a month or so now, and after reading so many messages I just had to post this question (and register for the board). Now I realize that this forum is aimed at the avg consumer, esp those with past problems with credit. However, every post I seem to read is like: "Yippee! I just got approved for xx card with $x,xxx limit! And my TU score was only xxx. Now it's time to go get that xx card and hopefully the xxx card too!" What's with the hurry to get all these credit cards? Isn't that how you got into financial trouble in the first place? I realize that with poor credit there is the catch-22 of having to get crappy credit cards with high aprs just to rebuild ur credit (unless you have like a mortgage or auto loan). Personally I hate credit cards, I've managed to only use them like 3 times in the past 5 years and only because of a cash crunch or something similar. Am I missing something? Just recently I finally applied for an Exxon-Mobil gas/credit card, but only because the 3% rebate on gas prices (and 1% off all purchases) makes it the best card I could find with no annual fee.
For some of us, it wasn't HAVING a bunch of cards that got us into trouble, it was a lack of income and BIG unexpected expenses that put us in the crunch. The rush of getting cards is just part of playing the credit game and beating 'them' at their racket. If all they want to see if positive trade lines, why not overwhelm them if it wont hurt your livelihood? The whole purpose of the game is to get what you want when you really need it or really want it. In the meantime, play a game of credit solitaire... Please dont knock what you do not understand. Each of us have different circumstances...that's my two cents...
I USE CREDIT CARDS TO SAVE MONEY$$$$$$$$$$$$$$$$$ I have one with 0.00%...I pay minimum payment. Some months, I charge as many as 200-300 times per month. I write no more than 10 checks per month. I don't lose the money out of my checking account in 3 seconds, or 2 days... I personally am trying to BETTER my "CREDIT PORTFOLIO"... I have a CASH BACK CARD...I PAY IN FULL...I PAY 99 CENTS ON THE DOLLAR...
most of the cards i see people bragging they were approved for aren't those type of cash back cards. usu. its charge cards (sears, target, etc.) and various citibank and other corporate visa/mc's. btw: if you like the 1% cashback on your cc, check out the paypal debit card, 1.5% cashback ...and its not tiered. however paypal does have its drawbacks (you have to be a verified business premier user which means they take a large chunk of any money u receive from other users). 200-300 times per month? jeesh thats like 1 hr per day ur charging stuff...not to mention how long u must spend shopping...what do u do???
First of all the excitement of getting any type of new card is because for so long most of us got denied for EVERY card we applied for, well at least for me. Second, the only reason I had "bad credit" was because I was foolish and didn't realize how bad the consequences would be down the road. Third, FICO bases your points on many different things, how many retail cards/gas cards/Major CC's, installment loans, balances, CL's, ect. From what I gather, the collective minds of this group have figured on avg you should have 3-6 cards. Whether it be 2 retail, 2 MC's, and 2 gas cards. Also like myself the ONLY reason I want any type of new cards is to help my balance ratios. I know for a FACT that THAT is the reason for such a low score, no matter what the "reason codes" are. I hope this explains it for you, at least from MY perspective. KHM
AS MUCH AS...200-300, some months more, some less. 10/day 30 days= 300 I charge absolutely EVERYTHING I can...
I dunno about that 3-6 card thing, I have checked my credit on a few different places and even with my infrequent use and only like 2 cards (mebbe 3, I think I had a structure charge card I used once). My score is still about low 700s/high 600s. And that's without a home loan or auto loan. In my entire credit history I've probly only made 6-8 charges and I think I was even 30 days late on one a few years ago. Some of the accounts I've had are pretty old tho, so perhaps that's what helps ...not sure. Tho I know for sure its a lot easier to get careless and kill ur fico score than it is to rebuild it.
I can see charging everything you purchase, however 20-30 purchases per day seems a little mind boggling. What DO you do? The most I can comprehend is like 4-5/day. Are you like an artist or a contractor where you need to get parts/supplies all the time? Or are you a shopaholic? Cuz assuming only a $10 purchase for each transaction (which is like a 12 pack of coke, a pack of cigarettes and a candy bar...or maybe 8 gallons of gas) that's still 2-300$ /day which is more than most people GROSS. Please help me understand how you make 200-300 purchases per month.
No offense, but what is the big deal with how much he charges and how many items????? I don't think he needs to go into great detail to satisfy your curiousity.
1. GUM 25 cents 2. Doritos 50 cents 3. 16 oz soda 99 cents 4. Paper towels 99 cents 5. An apple 99 cents (avg) 6. Candy bar 50 cents 7. Pens $1.69 shall I go on?
Boden11, I don't get this, I don't he has to go into detail to tell you what he does. You can choose to believe him or not. If I were in his position, I will not even bother to answer you. I am on this board because I had no idea what the consequences of having bad credit has on your life. I was a dumb college kid when I got my credit cards and practically run them to ground in about a year or two. I also had some though situations in my life that led to a repo. You get the picture. What you might take for granted I really do get excited about. I am at the point where I can actually apply and get credit. I once had a great job and the company applied for Amex corporate card on my behalf and got denied. do you know embarrassing that is? Needless to say I had to leave the job because a great deal of the job required travelling and the company couldn't do anything for me. Oh yeah, I get excited about the prospects of having good credit again!
I don't think its a big deal that he elaborates on specifically what he purchases, but still it does seem ...well odd. Come on, you think about it, going to the store, picking up an item or two, waiting in line, purchasing it and getting back to where u were. That one transaction could easily take at least 10 minutes. 20 times a day...that's more than 3 hours of shopping a day...for doritos and gum? Did you perhaps mean you purchase 20 items a day??? Even if you don't work 8 hrs a day, shopping 3 hrs a day requires quite a lot of dedication
hey, i just thought this forum was to help people rebuild their credit, and while it does take some purchasing and new credit cards to do that, just the ESSENTIALS of living should cost enuff to charge and rebuild. gasoline, some bills that let u pay with a cc, groceries for a month, some appliances and household items on a charge card, yeah, nothing elaborate, but necessities that you alread will buy, on a cc or not. if you guys want to take a liberal stance on the use of credit cards, go ahead...but credit card abuse can easily lead to repos and BKs. think about how much u purchase even if u were head of purchasing for a nuclear family...25 purchases /day? yeah that seems odd, probly because they are non-essential items. now i'm sure you guys will get all miffed and peeved at me cuz i'm judging another person's spending habits which may seem like none of my business. but if you really want to help someone rebuild credit or even just spend their money wisely, your conscience knows that that amount of purchasing is excessive.
Who are you to judge other people? You have no idea why people are here. No one here owes anyone else any explanation. Everyone has their own agenda and it is their business what it is. May I ask why you're here? AT this point, you are just the next one in a long line of posters who, after a week or so of reading this board, make similar pronouncements, and seem to think they are entitled to judge another when they have no details about that person's life or finances. There is no reason for anyone to explain themselves to you. This board is for support and for sharing experience. We give advice only when it is asked for, and we do not judge each other. If you would like to join us in that spirit, your input would be welcome. I would say you are starting off on the wrong foot, but others have made the same mistake and then backed themselves up, started over, and are respected members of the group. I hope that will be the case with you.
I am MANAGEMENT in RETAL if you must know. I work as many as 80 hour per week. I have a wife and kids who buy STUFF. I charge the cell phones. I charge the DIRECTV. I charge MCI. I charge @ HOME. I charge local phone company. My wife buys STUFF for her work. To make you happy, I may just only charge 3 things in JANUARY 2002.......NOT!!! SPANISH INQUISITION?
