No checking account.

Discussion in 'Credit Talk' started by LIGHTSPEED, Feb 3, 2001.



    Hello, Do all credit cards require you to have a checking account? I ask this question due to the fact that I hold my own moneys instead of putting it in a bank.
  2. dave

    dave Well-Known Member

    a few require a checking account. generally these are subprime lenders. most companies don't even ask.
  3. sam

    sam Well-Known Member

    actually all creditors that use fico ask

    do you have a savings and/or checkings.
  4. miles

    miles Well-Known Member

    I think creditors see this as a sign of responsibility & financial security of the applicant.
  5. kenny

    kenny Well-Known Member

    I don't understand? Why do you keep cash on you instead of putting it in the bank? So if you have like 8000.00 sav ed up you keep in in a safe at home or something? That's nuts. Your asking to get robbed if someone findsout you do that.
  6. Geo

    Geo Well-Known Member

    So.. How will you pay your monthly statements?
  7. jamie

    jamie Well-Known Member

    I had to laugh when I saw this one. It reminded me of my youngest son. When he first started working at 15, he opened a checking and savings account and had a CD in the same bank for a substantial amount of money. He did really well with it until one day, he got a notice saying he overdrew and they charged him $25 for service charges. He knew that wasn't possible because he had kept very good records, only wrote 2 checks a month and he had $5 balance according to him. After going to the bank, they informed him he overdrew because his account had a monthly $6 service charge. Since he went over by $1 they said that as a courtesy they would refund the $25 SC. He said, Fine, do that. After he made sure that everything was kosher, he said, "now, close my savings and checking and my CD account."
    "I can keep my money in a box under my bed and it won't cost me anything!!!". And thats what he did for years. Except for the CD which he used for collateral on his first car. He paid that off 2 years early, got the CD back and invested it in Home Depot. We used to laugh, when he was in high school, we'd have to sometimes borrow off him to make the bills. Boy, he was tough, 10% interest per week and he wanted it when it was promised. We didn't do that too often.LOL
  8. Geo

    Geo Well-Known Member

    You did not answer the ??
  9. jamie

    jamie Well-Known Member

    Ever heard of cash?
  10. sam

    sam Well-Known Member

    whoa you send cash in ? :)

    heh j/k

    If you want to take advantage of fast online payments (= reduced interest charges, less likelyhood of lates). Then you should at least have one checking account ..
  11. GEORGE

    GEORGE Well-Known Member

  12. jamie

    jamie Well-Known Member

    We live in rural PA. You go right past the local bank everyday to work. Mental note: Make car payment. Get to work in town 30 miles away: Make mental note: Pay car insurance. What did we ever do without the internet and pastic? My dad, never had a credit card or a checking account in all his life. He managed just fine. Its a good way to get to know who your dealing with too on a one on one basis. Heck, the girls at our bank know our acct. numbers by heart. You just slap your pay check down and say I want to put X in Savings, X in checking, and Pay the morgage while were at it. Who needs a deposit slip? And we've never had a problem.
    And anytime we need a cash loan in a hurry, we walk out with the cash in hand before the paper is signed. Its nice dealing with a small town bank where everyone knows who you are. Its the big city folk you have to watch out for. They'll rip you off as quick as they can and then blame it on your FICO score.

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