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RE: CNBC "On The Money" - 8/13/2008 3:52:04 PM
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kernsfamily
Posts: 1359
Joined: 4/26/2006
From: Dallas (originally Detroit)
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NOT close out paid off cards?
closing those rip-off cards......how low can it really lower the score? i doubt enough to really make a difference.
I have a "better than average" score....and, I have NO cards....and they have ALL be closed for about 4 1/2 years now.....the guy at the bank says my score COULD be higher, but it wouldn't make a difference if it was, anyway.....
what a scam...
of course they want you to keep the cards accounts "open"....so, there will be at least a chance that you'll use them.....which, in turn, gives them another chance to rip you off.
_____________________________
Proud dad of 3 great girls....Erin, Emilie and Elise
Blessed to have all of them in a "totally awesome" public elementary school!
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RE: CNBC "On The Money" - 8/13/2008 5:14:06 PM
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GregandJenny
Posts: 616
Joined: 2/16/2006
From: Near Seattle Washington
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quote:
of course they want you to keep the cards accounts "open"....so, there will be at least a chance that you'll use them.....which, in turn, gives them another chance to rip you off.
Part of your score calculation is you ration of used credit.
G
_____________________________
It does not have to be well with my circumstance to be well with my soul!
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RE: CNBC "On The Money" - 8/13/2008 6:10:59 PM
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GroupW
Posts: 2906
Joined: 11/16/2007
From: Up in the hills of Colorado (very BIG hills...)
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quote:
ORIGINAL: kernsfamily
NOT close out paid off cards?
closing those rip-off cards......how low can it really lower the score? i doubt enough to really make a difference.
I have a "better than average" score....and, I have NO cards....and they have ALL be closed for about 4 1/2 years now.....the guy at the bank says my score COULD be higher, but it wouldn't make a difference if it was, anyway.....
what a scam...
of course they want you to keep the cards accounts "open"....so, there will be at least a chance that you'll use them.....which, in turn, gives them another chance to rip you off.
Statistically, people with significant unused balances on a modest amount of borrowing capacity default less frequently on their debt. As you note, beyond some reasonably good score, there would be no particular benefit. Offhand, I would guess most people above 720/740 fico's wouldn't get any benefit from the higher score and might as well close out the cards - at least those not needed for emergency purposes.
For those folks sitting on the cusp, it can make a tremendous difference. Those folks should definitely keep them open.
_____________________________
“For every problem, there is a solution that is simple, elegant and wrong.” -H.L. Mencken
"Most people would rather die than think; in fact, they do so." -Bertrand Russell
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RE: CNBC "On The Money" - 8/14/2008 7:50:21 AM
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P31W
Posts: 2972
Joined: 6/13/2005
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quote:
Part of your score calculation is you ration of used credit.
Yes this is what they said.
quote:
For those folks sitting on the cusp, it can make a tremendous difference. Those folks should definitely keep them open.
That is the type of people they appear to be helping on this program. The impression I have is exactly what you said. For those people it could make a huge differance. Even to the point of being able to rent or not.
I was unable to watch the program last night. It was suppose to be on retirement. I hate I missed it.
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RE: CNBC "On The Money" - 8/14/2008 9:24:33 AM
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kernsfamily
Posts: 1359
Joined: 4/26/2006
From: Dallas (originally Detroit)
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quote:
Dave has really done a number on you.
no....the credit card companies did a number on me....(dave was the one who explained that it is actually possible to live without credit cards.....i was ALREADY wanting to get rid of them....but, was believing the LIE that they were "necessary" for my existence)
changing the "rules" and "terms" several times yearly.....getting "charged" for "fees" "out of the blue" unexpectedly....and, fighting with them EVERY MONTH to get unexplained "fees" and charges off of my bill.....shifting of "due dates" for payments (so they could slip in "late fees" easier)....
I haven't used a credit card in almost 5 years.....and, it's great to know that they can't mess with me anymore.....and, it hasn't cost me a CENT.....(it's actually saved me TIME and FRUSTRATION).....and, there is NOTHING I haven't been able to do because I don't have one.....no differences at all.....
hey...if that's what works for you....go for it....
I can totally understand when a BUSINESS needs cards to operate......that's entirely different.....i have even been thinking about getting a credit card JUST for business travel (so, when I go out of town, my $300/night hotels and meals and all aren't coming out of a bank account...until I get reimbursed.....).....but, I have been hesitant to do so...and, with good reason.....
quote:
BTW I have no clue what my FICO score is. So far I have not been able to find out how to get it without having to pay for it. I don't care enough to give them a few dollars.
I dont' know what mine is, either.....like i said, i had it checked a year or two ago, and it was fine. Could it have been "better"? sure....but, it wouldn't matter anyway....
responsible use? i use alcohol responsibly.....but, my pastor says that's a "bad" thing, as well....wonder why that is.....
_____________________________
Proud dad of 3 great girls....Erin, Emilie and Elise
Blessed to have all of them in a "totally awesome" public elementary school!
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RE: CNBC "On The Money" - 8/14/2008 10:00:53 AM
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P31W
Posts: 2972
Joined: 6/13/2005
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quote:
I can totally understand when a BUSINESS needs cards to operate......that's entirely different.....i have even been thinking about getting a credit card JUST for business travel (so, when I go out of town, my $300/night hotels and meals and all aren't coming out of a bank account...until I get reimbursed.....).....but, I have been hesitant to do so...and, with good reason.....
Remember your business card is in reality "your card". So it's just like before. It sounds to me like you were doing business with a bad company or else you did have some financial problems they were taking advantage of. Most of the people I know who have good credit and pay their bills off each month have no problem with credit card companies.
Never charge on a card when you don't have the money on hand to pay it off that very minute. That's how you keep from falling into the debt trap.
I would not advise you to get a card and "wait for the company" to reimburse you unless you continue to put that money aside incase they don't reimburse you as planned. The credit card company is going to look to "you" for payment no matter what the business does.
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RE: CNBC "On The Money" - 8/14/2008 10:17:04 AM
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kernsfamily
Posts: 1359
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From: Dallas (originally Detroit)
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quote:
It sounds to me like you were doing business with a bad company or else you did have some financial problems they were taking advantage of.
paid it off each month (or at least attempted to....sometimes those efforts were thwarted by the company)....the old "change the due date" trick...
doing business with A "bad company"? try at least 5-6......we would attempt to change companies (talk about a hassle!) when we got fed up with their tactics... ....thinking things would get better....
but, now....we're not under their control....i don't have to spend my precious time "undoing" their schemes to cheat me out of my money....and, we're better off because of it....
_____________________________
Proud dad of 3 great girls....Erin, Emilie and Elise
Blessed to have all of them in a "totally awesome" public elementary school!
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RE: CNBC "On The Money" - 8/14/2008 10:20:37 AM
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P31W
Posts: 2972
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The only time I can remember having some trouble with a credit card was not with the card company but another who decided to "hold my number" in their file and someone used it to charge something to me.
Talk about me going off on that company for allowing someone else "not me" to authorize a purchase on that card!!!
ROFL.
Not only did the credit card company take the charge "off" my bill but the company who allowed the bogus charge "credited" my account. So I made money. (the company knew I was talking legals to them!!)
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RE: CNBC "On The Money" - 8/14/2008 10:20:45 AM
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kernsfamily
Posts: 1359
Joined: 4/26/2006
From: Dallas (originally Detroit)
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quote:
Remember your business card is in reality "your card". So it's just like before.
which, is why I am hesitant to get another card.....they'll come up with yet another way to get me....I have better things to do than to play their silly games....
quote:
I would not advise you to get a card and "wait for the company" to reimburse you unless you continue to put that money aside in case they don't reimburse you as planned.
true...though, I have NEVER had ANY problems whatsoever with reimbursement.....which is why I haven't bothered getting a credit card for travel.....haven't needed it......i do fine without it....
_____________________________
Proud dad of 3 great girls....Erin, Emilie and Elise
Blessed to have all of them in a "totally awesome" public elementary school!
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RE: CNBC "On The Money" - 8/14/2008 10:22:04 AM
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kernsfamily
Posts: 1359
Joined: 4/26/2006
From: Dallas (originally Detroit)
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quote:
The only time I can remember having some trouble with a credit card was not with the card company but another who decided to "hold my number" in their file and someone used it to charge something to me.
consider yourself very lucky
_____________________________
Proud dad of 3 great girls....Erin, Emilie and Elise
Blessed to have all of them in a "totally awesome" public elementary school!
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RE: CNBC "On The Money" - 8/15/2008 1:20:21 AM
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relady
Posts: 1281
Joined: 4/11/2005
From: Greater St. Louis Metro
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Kernfamily - I understand completely. Especially the shifting of the due dates each month. Just 2-3 days one way or the other, and quite frequently due on Sunday. You're right, they do play games and I've had it as well. I am considering keeping one card for business but other than that, I have no need for one anymore. The banks are just way too sleazy and unethical.
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RE: CNBC "On The Money" - 8/15/2008 7:25:57 AM
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P31W
Posts: 2972
Joined: 6/13/2005
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Why do yall wait to the due date to pay off the card? Why not just pay it when it comes in the mail?
quote:
consider yourself very lucky
But I am not "lucky". I am in the norm. If credit card companies were as horrible as you and relady believe they could not stay in business. Most people don't have those types of problems. Do you believe it could have something to do with your trying to time your payment to the last few days instead of just sending in the money when the bill arrives or within that week?
< Message edited by P31W -- 8/15/2008 7:55:20 AM >
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RE: CNBC "On The Money" - 8/15/2008 9:22:36 AM
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kernsfamily
Posts: 1359
Joined: 4/26/2006
From: Dallas (originally Detroit)
Status: offline
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quote:
ORIGINAL: P31W
Why do yall wait to the due date to pay off the card? Why not just pay it when it comes in the mail?
quote:
consider yourself very lucky
But I am not "lucky". I am in the norm. If credit card companies were as horrible as you and relady believe they could not stay in business. Most people don't have those types of problems. Do you believe it could have something to do with your trying to time your payment to the last few days instead of just sending in the money when the bill arrives or within that week?
quote:
But I am not "lucky". I am in the norm. If credit card companies were as horrible as you and relady believe they could not stay in business. Most people don't have those types of problems. Do you believe it could have something to do with your trying to time your payment to the last few days instead of just sending in the money when the bill arrives or within that week?
but, that's my point. WHY do I have to send in a payment at all? and be at their "beckon call"?..... nothing good came out of having them....
i just pay for something when I buy it.....and, leave out the "middle man", who is always out for his "cut" of the "action"......
isn't that what our parents and grandparents did? what did THEY do before credit cards?
_____________________________
Proud dad of 3 great girls....Erin, Emilie and Elise
Blessed to have all of them in a "totally awesome" public elementary school!
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RE: CNBC "On The Money" - 8/15/2008 9:43:59 AM
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P31W
Posts: 2972
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I am not saying you need a credit card.
I am addressing the fact that you believe "I" am lucky because I don't have problems with credit card companies. I don't believe I am luckey. I believe it's the norm to not have trouble.
I am trying to find out why you and now Relady appear to have so much trouble and it appears that you both have had trouble with several companies.
The only connection I have found between the two of you is that you both appear to focus on your due dates and try to send in the payment only a few days before it's due.
I don't know the due date on any of my credit cards. I pay them off within the week that I get them in the mail. That leads me to believe you both appear to be trying to wait to long to pay off the bill and you both have run into trouble "because" you do/did that.
I also cannot help but think the reason you both wait so long to pay the cards off is because you don't have the money on hand when the bill arrives. That's why you don't play games with credit cards. If you don't have the money on hand you don't charge. Just like you don't write a check if you don't have the money in the bank. You don't play those types of financial games without expecting to get burned.
< Message edited by P31W -- 8/15/2008 10:35:27 AM >
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RE: CNBC "On The Money" - 8/15/2008 11:30:04 AM
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kernsfamily
Posts: 1359
Joined: 4/26/2006
From: Dallas (originally Detroit)
Status: offline
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quote:
ORIGINAL: P31W
I am not saying you need a credit card.
I am addressing the fact that you believe "I" am lucky because I don't have problems with credit card companies. I don't believe I am luckey. I believe it's the norm to not have trouble.
I am trying to find out why you and now Relady appear to have so much trouble and it appears that you both have had trouble with several companies.
The only connection I have found between the two of you is that you both appear to focus on your due dates and try to send in the payment only a few days before it's due.
I don't know the due date on any of my credit cards. I pay them off within the week that I get them in the mail. That leads me to believe you both appear to be trying to wait to long to pay off the bill and you both have run into trouble "because" you do/did that.
I also cannot help but think the reason you both wait so long to pay the cards off is because you don't have the money on hand when the bill arrives. That's why you don't play games with credit cards. If you don't have the money on hand you don't charge. Just like you don't write a check if you don't have the money in the bank. You don't play those types of financial games without expecting to get burned.
If, for over a year, the due date is the 17th....i'd pay it when convenient to do so (when other bills around that time are due)......but, then, VOILA!....my payment due date gets switched to the 2nd.....then, a while later, to the 22nd.....and around...
and, that's only ONE 'issue' with the cards.....
having to call and fight to have "charges" removed....(claiming I approved for some sort of "insurance" or whatever)....that would come up about 1-2 times a year.....
ever shifting "grace periods"...
again....IF IT WORKS FOR YOU...then, iam happy for you.
for me, it's one less worry I have. I don't have to worry about paying a bill...whether it's being paid the day on the day I get it in the mail.....or, when I pay it SUPPOSEDLY on time....or, if they come up with SOME lame excuse as to why they didn't receive payment....
quote:
You don't play those types of financial games without expecting to get burned.
that's exactly my point.
again...what did our parents/grandparents do before credit cards?
_____________________________
Proud dad of 3 great girls....Erin, Emilie and Elise
Blessed to have all of them in a "totally awesome" public elementary school!
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RE: CNBC "On The Money" - 8/15/2008 12:15:11 PM
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P31W
Posts: 2972
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But I don't play games with credit card companies and I don't have problems with them. I think you played a game with them and you got burned.
I don't mean to offend you but I honestly believe you need to take a long hard look at your role in that situation so that in the future you will know how to avoid those types of problems when you are involved with other financial contracts.
My grandparents also didn't have indoor plumbing but that does not mean it's not a good thing.
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RE: CNBC "On The Money" - 8/15/2008 12:39:57 PM
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kernsfamily
Posts: 1359
Joined: 4/26/2006
From: Dallas (originally Detroit)
Status: offline
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quote:
I don't mean to offend you but I honestly believe you need to take a long hard look at your role in that situation so that in the future you will know how to avoid those types of problems when you are involved with other financial contracts.
i don't have problems with financial situations/contracts.....except credit card companies who are CONSTANTLY changing the terms of those so-called "financial contracts" so often, you never know what the rules ARE!
quote:
I think you played a game with them and you got burned.
yes... i trusted them to be honest. (like any other company I do business with).....
that was MY mistake.
now, i don't have to worry about them finding a way to burn me anymore.....and, my life is no worse off for it...(actually, it's better....because I am out of their reach....away from their grubby, greedy little hands).....
_____________________________
Proud dad of 3 great girls....Erin, Emilie and Elise
Blessed to have all of them in a "totally awesome" public elementary school!
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RE: CNBC "On The Money" - 8/18/2008 8:56:36 AM
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P31W
Posts: 2972
Joined: 6/13/2005
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Rules: Knowing the rules of how your credit score works, or the structure of your mortgage, or the terms of your loan agreements, or how IRA investments can keep hundreds, even thousands of dollars in your pockets each year. Read the fine print, demand your terms in plain language up front and ask the right questions. These rules aren’t easy and they keep changing—all the more reason to keep on top of them, and I will too.
The above is a copy and paste from Carmen's blog on the site I posted in the OP. It's a little overview of what the program is about.
Living in todays world I think it's only wise to keep on top of the obligations we choose to put ourselves under.
Friday the program was on what you can expect when you start a family and financial infidelity of a spouse and the signs. Both great topics that I believe can help some folks.
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RE: CNBC "On The Money" - 8/19/2008 7:48:58 AM
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bzirk
Posts: 2956
Joined: 4/11/2005
From: Where the deer and antelope play
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I always paid off my bill, and despite always mailing payments with more than enough time to get there, they sometimes changed my due date, and sometimes said my payment was late even if the due date didn't change. When this happened, I pitched a fit, and they backed up and gave me credit and didn't report to the credit bureau. Hmmm. I wonder why they did that.
Frankly, I think going back to something like AMEX is the way to go if you need a piece of plastic strictly for convenience and not a loan.
P31W,
I used to think like you until I got messed around by the credit card companies for no good reason than they wanted to make some money off of me that they were not making. If you haven't experienced the shadiness, it's because it just hasn't happened to you yet.
But as to closing accounts, it really depends on the individual's scenario. If the credit score is high enough already, I don't think it's an issue at all. I've closed accounts before, and my score was just fine afterward.
_____________________________
may the God of hope fill you with all joy and peace in believing, so you will abound in hope by the power of the Holy Spirit. Romans 15:13
Great quote: I just ain't God and don't know it all. -- SonInMe1
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RE: CNBC "On The Money" - 8/19/2008 8:13:09 AM
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P31W
Posts: 2972
Joined: 6/13/2005
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quote:
I always paid off my bill, and despite always mailing payments with more than enough time to get there, they sometimes changed my due date, and sometimes said my payment was late even if the due date didn't change. When this happened, I pitched a fit, and they backed up and gave me credit and didn't report to the credit bureau. Hmmm. I wonder why they did that.
We had a problem with our payments to Georgia Pacific one of our suppliers. I don't believe "they" were trying to get extra money out of me.....(I would lose my 2% discount which was several hundred dollars per month). Instead I believe the Atlanta post office or somewhere in between here and there was at fault.
I just started having the money go directly from my checking account into theirs. Problem solved.
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RE: CNBC "On The Money" - 8/21/2008 11:49:15 AM
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bzirk
Posts: 2956
Joined: 4/11/2005
From: Where the deer and antelope play
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I think the post office can also be a problem, but that was not all there was to it in one of the situations. The truth is the credit card companies do make mistakes (and don't care if it nets them some more money), and it's up to the cardholder to stay on top of them. Just like with anything else.
_____________________________
may the God of hope fill you with all joy and peace in believing, so you will abound in hope by the power of the Holy Spirit. Romans 15:13
Great quote: I just ain't God and don't know it all. -- SonInMe1
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RE: CNBC "On The Money" - 8/21/2008 11:53:40 AM
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P31W
Posts: 2972
Joined: 6/13/2005
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Yes we all make mistakes. Sometimes we just have to realize there are risk in life.
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RE: CNBC "On The Money" - 8/22/2008 8:26:24 AM
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P31W
Posts: 2972
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OK so I have watched several of the programs now. They are mainly focused on people who are broke and indebt or helping people take the babysteps of laying down a soild foundation. There is alot of focus on FICO scores and how to raise them or keep them up. Or how to let them drop if it's wise.
They also teach not to put money into savings when you have cc or auto debt because it cost you money and takes you longer to get out of debt. Sure you will have to probably use the cc for an emergency but they teach that at least your balance is lower than it would have been had you not done that. (they don't tend to focus much on the underlying problems some people have with credit rather they are viewing the people/audience as people who are able in control but just lack the education to know "how" to impliment various financial plans to their benefit)
They teach alot of good stuff for the beginner. They also present for me at least new opinions to consider.
< Message edited by P31W -- 8/22/2008 9:10:03 AM >
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