Stressed: I need Advise on Credit Issue

[Gelfin]

good for you and may your gamble pay off, I'll avoid having to gamble by using cash I have.

Good for you and may your gamble with muggers pay off. I'll avoid having to gamble by keeping little cash on me and using a card

- with a much lower limit than the contents of my bank account.
- which I can immediately deauthorize if it gets stolen.
- that falls under laws absolving me of responsibility for fraudulent charges, unlike debit cards.
- that I can pay off monthly with the cash I actually do have, but don't care to walk around with.

The fact that I can also get a good rate on a mortgage as well as perks like airline miles presumably funded by the sort of semi-conscious spendthrift you assume everyone to be is just a happy side effect.

 

[rhsgolfer33]

And you once again....miss the point

The majority of people do not have 50k to buy a car

Hence they MUST rely on credit. If you have a bad credit, expect to get denied a loan or be paying high rates

I really can't believe I have to spell this out to an adult with real world experience tbh

You know that even renting an apartment requires a credit check right? ......

CC is not gambleing at all

How can you not see this? You are an adult right? If you are responsible, it's no where NEAR a problem

Don't waste your time Duke, between a few others and myself it was spelled out to him about 7 times.

 

[sushi]

Interesting thread. Just some random comments:

• It's always best to get credit when you don't need it.
• Credit cards can be used responsibly, are convenient, provide benefits, and can simplify life.
• Our society is credit based.
• If you can live a life cash base life that's great, but few can.

 

[steve2112]

Good for you and may your gamble with muggers pay off. I'll avoid having to gamble by keeping little cash on me and using a card

- with a much lower limit than the contents of my bank account.
- which I can immediately deauthorize if it gets stolen.
- that falls under laws absolving me of responsibility for fraudulent charges, unlike debit cards.
- that I can pay off monthly with the cash I actually do have, but don't care to walk around with.

The fact that I can also get a good rate on a mortgage as well as perks like airline miles presumably funded by the sort of semi-conscious spendthrift you assume everyone to be is just a happy side effect.

Ugh, more FUD. Visa and Mastercard have zero liability for credit and debit cards.


Plus, it's not like I carry around large sums of cash. When people talk about buying stuff with cash, it's not like they are carrying around a suitcase of cash all the time.

If you can live a life cash base life that's great, but few can.

More than a few can. People call into the Dave Ramsey show every day living this way. They pay cash for cars, they pay cash for vacations, they do get mortgages, but often pay them off in 10 years or less. And these aren't rich people making 6 figures. They are average people who are just willing to do it.

 

[sushi]

More than a few can. People call into the Dave Ramsey show every day living this way. They pay cash for cars, they pay cash for vacations, they do get mortgages, but often pay them off in 10 years or less. And these aren't rich people making 6 figures. They are average people who are just willing to do it.

Sure some do it.

I would venture to say that less than 5-10% of American's live this way.

Anyhow, the less debt that you have the better. No doubt about that.

That said, credit cards are handy. I use them to pay for everything. Then at the end of the month, I transfer the funds to cover my debt thus paying no interest charges. Simple.

 

[iOrlando]

How to develop credit when you never had a credit card?

Pretty simple


1) go to your local mall and sign up for credit cards at some stores that you shop at. Plan accordingly, and maybe do your Christmas shopping the day you open an account, you can typically save 20-25% your entire order. You can even try those smaller stores (American Eagle, Express, J.Crew, etc). Most of these stores will give you credit if you simply dont have any. Some might not extend credit if you have a really low score due to not paying prior bills.

2) Use family members to co-sign with you on a credit card at your local bank or credit union. Credit unions tend to give credit to its members more willing. Very often there are teachers credit unions, firefighters etc. Check your family to see maybe you are already a member of a credit union. Usually the family is welcome to join if one person qualifies. Give it a year or two, and you can transfer coverage just to you and your co-signer can say bye.

3) If in college, sign up for one of these cheesy credit card give aways. Although they have really high rates, if you pay on time, you dont need to worry about it. They usually are easier to get accepted since they are geared towards college kids.

the economy has made it harder in general to get credit, so you may have to try twice as hard compared to 2007 or even 2008.