A question about Credit!! [Archive]

bobcat1

07-21-2008, 06:17 AM

Go to www.annualcreditreport.com . Visit all 3 consumer reporting agencies and challenge everything negative in your report. It can be done online now. You don't have to mail letters. If your challenge is not answered in 30 days it has to be removed. That's federal law.

Anything that has a balance or late payment in your report negatively affects your credit report. Go to www.MyFico.com to learn more about your credit score.

If you have too much credit card debt of at least $10,000 with each account over $750 or medical bills in collection over $1,000, PM me. I can help if you are struggling. I have been working in this field for about 5 years now with a previous history in finance for 15 years.

waterboy

07-21-2008, 07:20 AM

Originally posted by Go Blue
med bills don't go towards your credit....

just pay off those bills or whatever and it should go up
I thought they changed that a few years ago. If I'm not mistaken, medical bills do go on your credit report now. Maybe someone can clarify that for us. I'm curious about it.

Phil C

07-21-2008, 08:21 AM

Don't buy at all on credit unless you absolutely have to. The only long term debt you need is on automobiles and houses. Debit card is ok.

Chief Woodman

07-21-2008, 09:02 AM

I have a credit score of....794. Pay everything on credit card that will they let me , but I pay the ENTIRE balance each month. The only long term debt I have is my hangar home. I also have worked very hard and have one full years salary in the bank for a very rainy day, month or year.

BreckTxLonghorn

07-21-2008, 09:13 AM

Originally posted by PHS Wildcats
Yea, I don't have to worry about credit cards. I've never had them and don't want them either:D . All I need is my Debit card. The only thing I have is a telephone and electric bill from College. I do have a few medical bills.

Did they show up as a collection? Or do you just owe them?

Old Tiger

07-21-2008, 12:40 PM

Originally posted by Chief Woodman
I have a credit score of....794. Pay everything on credit card that will they let me , but I pay the ENTIRE balance each month. The only long term debt I have is my hangar home. I also have worked very hard and have one full years salary in the bank for a very rainy day, month or year. well that's why you got a 794 ;) :D

PHS Wildcats

07-21-2008, 07:56 PM

Originally posted by BreckTxLonghorn
Did they show up as a collection? Or do you just owe them?

It's on my credit report

WOS87

07-21-2008, 08:00 PM

Actually.... LACK of credit card accounts can keep your credit score down.

CHS_CG

07-21-2008, 10:47 PM

As far as I understand with medical bills, as long as you are paying an amnt each month, they cant report it negatively but I could be wrong on that as well.

I know with american express we dont report anything bad on the account unless you are 120 days past due and at that point you have already been notified you are in internal collections and will be sent to an O/A if the monthly payments arent made.

CHS_CG

07-21-2008, 10:54 PM

Originally posted by WOS87
Actually.... LACK of credit card accounts can keep your credit score down.

This is completely true.. if you have a charge card its due in full each month and that really does not help your credit.. if you have an actual credit card and you pay it off in full each month to avoid the finance charges you arent helping your credit either. The best thing to do is build up a little bit of a balance, pay it down then build up another balance pay it down, and continue to do so.. Just dont build a balance so big you cant ever pay it off.

Chief Woodman

07-22-2008, 07:26 AM

seems like thats true, but my score (the one I posted is what my mortgage company reported to me) sure wa not hurt by paying my cards each month.

Originally posted by CHS_CG
This is completely true.. if you have a charge card its due in full each month and that really does not help your credit.. if you have an actual credit card and you pay it off in full each month to avoid the finance charges you arent helping your credit either. The best thing to do is build up a little bit of a balance, pay it down then build up another balance pay it down, and continue to do so.. Just dont build a balance so big you cant ever pay it off.

rancher

07-22-2008, 08:08 AM

Take the advise earlier, GET RID OF CREDIT CARDS ONLY HAVE A DEBIT CARD. Having credit cards is a loses game, look at what the banks are charging as interest rates, nothing but loan sharking period. LIVE ON A BUDGET AND PAY CASH, I find that paying cash money, I always get a better deal or just walk away. If you cannot afford it , dont buy or wait. Always ask yourself is the item you are about to purchase a need or want.

BreckTxLonghorn

07-22-2008, 09:55 AM

Originally posted by PHS Wildcats
It's on my credit report

Well, there's two ways it can show.

1) Installment/Loan--if it shows up as this, like you set up a 'loan' with them to pay off debt, then you're ok as long as you're paying on time, nothing more than 30 days late.
2) Collection--This is not good. Even if it has been paid off, a collection will show on your credit report for up to 7 years (not 100%, but fairly confident on that). When I did HE loans, we did not even consider a client if they had a collection dated from the past 3, and if it was still open, it didn't matter how old. If you're still in debt to them, pay it off as quick as you can after you pay off all your credit cards.

Bull's-eye

07-22-2008, 05:22 PM

Originally posted by rancher
Take the advise earlier, GET RID OF CREDIT CARDS ONLY HAVE A DEBIT CARD. Having credit cards is a loses game, look at what the banks are charging as interest rates, nothing but loan sharking period. LIVE ON A BUDGET AND PAY CASH, I find that paying cash money, I always get a better deal or just walk away. If you cannot afford it , dont buy or wait. Always ask yourself is the item you are about to purchase a need or want.

Remember, most car rental places & hotels require a credit card. I suggest getting a credit card with a cash reward. As long as you pay off the entire balance and control your spending, you will be better off. There are certain credit cards that will pay you up to 5% on gas purchases. With gas being so high, we need to take advantage of these savings. I agree that credit cards can be bad for some people, but there are plenty of advantages and savings if they are used right.

CHS_CG

07-22-2008, 10:12 PM

Originally posted by Bull's-eye
Remember, most car rental places & hotels require a credit card. I suggest getting a credit card with a cash reward. As long as you pay off the entire balance and control your spending, you will be better off. There are certain credit cards that will pay you up to 5% on gas purchases. With gas being so high, we need to take advantage of these savings. I agree that credit cards can be bad for some people, but there are plenty of advantages and savings if they are used right.

With some cash rebate cards they arent worth it. I see it everyday. AMEX has a Blue cash rebate card and its an UP TO 5% cash back card. Its basiclly a 2 tier structure where if you spend $0-$6500.00 in a rolling year (if you get the card in August it goes from August to August) you get 1% on your everyday spend (gas, drugstores and grocery stores) and .5% on non-everyday spend after $6500.01 or more in the rolling year you get 5% on everyday spend and 1.5% on non-everyday spend.. its really not worth it when you can get a card with membership rewards that gets you 1 point to every dollar you spend on the card.

Now costco has a few AMEX cards that get like 3% automaticlly on gas chrgs and it has a completely different structure which is much better than the regular cash rebate card we offer, only down side is you have to be a member of costco to get it.

marlin fan

07-22-2008, 10:16 PM

Originally posted by CHS_CG
With some cash rebate cards they arent worth it. I see it everyday. AMEX has a Blue cash rebate card and its an UP TO 5% cash back card. Its basiclly a 2 tier structure where if you spend $0-$6500.00 in a rolling year (if you get the card in August it goes from August to August) you get 1% on your everyday spend (gas, drugstores and grocery stores) and .5% on non-everyday spend after $6500.01 or more in the rolling year you get 5% on everyday spend and 1.5% on non-everyday spend.. its really not worth it when you can get a card with membership rewards that gets you 1 point to every dollar you spend on the card.

Now costco has a few AMEX cards that get like 3% automaticlly on gas chrgs and it has a completely different structure which is much better than the regular cash rebate card we offer, only down side is you have to be a member of costco to get it.

i hate costco cus they lie too Capital one auto finance customers abt getting lower apr's and stuff

CHS_CG

07-22-2008, 10:21 PM

Originally posted by marlin fan
i hate costco cus they lie too Capital one auto finance customers abt getting lower apr's and stuff

From what I understand Cap 1 is the worst card company out there, but I cant compare them because 1) I dont have a credit card and dont want one and 2) I have only worked for AMEX

marlin fan

07-22-2008, 10:25 PM

Originally posted by CHS_CG
From what I understand Cap 1 is the worst card company out there, but I cant compare them because 1) I dont have a credit card and dont want one and 2) I have only worked for AMEX not tlkn bout credit cards lol costco says customers can get lower apr on their car loans and it isnt true lol

CHS_CG

07-22-2008, 10:34 PM

Originally posted by marlin fan
not tlkn bout credit cards lol costco says customers can get lower apr on their car loans and it isnt true lol

its probably SOME customers.. based on what you are approved for at the time of applications:D

rockdale80

07-22-2008, 10:38 PM

Originally posted by CHS_CG
From what I understand Cap 1 is the worst card company out there, but I cant compare them because 1) I dont have a credit card and dont want one and 2) I have only worked for AMEX

I like capitol one cc's. It is hands down the best one I have ever had. This isnt based on any survey or ratings, but my experiences with them.:)

marlin fan

07-22-2008, 10:39 PM

Originally posted by CHS_CG
its probably SOME customers.. based on what you are approved for at the time of applications:D lol no we dont do anything with them

orange machine

07-22-2008, 10:40 PM

CREDIT SUCKS

Ranger Mom

07-22-2008, 11:23 PM

Bull's-eye

07-23-2008, 12:44 AM

Originally posted by Ranger Mom
If you have a debit card with a mastercard or visa logo, they work just the same. I have rented a car AND got a hotel using mine.

I paid all my credit cards off and cut them up about 7 years ago....if I can't pay cash for it, I don't get it!

Do you ever travel? What if your transmission went out? Are you carrying that kind of cash or have that much money in your debit card account? Credit cards can be a life savor in all types of emergencies. I paid my daughter's tutition with my credit card and received a 1% cash rebate. I could of just went to the bank and sent them a check, but I wouldn't of received the rebate. I was also able to float that money for an extra month and get an extra month of interest on my savings. I pay all my gas with a credit card because I get an extra rebate for gas purchases. I understand that some people just can't control their spending, but I save lots of money using my credit cards. Getting a cash rebate on all my purchases is a big advantage. The problem is not the credit cards, but the people that abuse them. Remember, you must pay the total balance and only buy what your budget allows.

bobcat1

07-23-2008, 07:43 PM

Originally posted by Bull's-eye
Do you ever travel? What if your transmission went out? Are you carrying that kind of cash or have that much money in your debit card account? Credit cards can be a life savor in all types of emergencies. I paid my daughter's tutition with my credit card and received a 1% cash rebate. I could of just went to the bank and sent them a check, but I wouldn't of received the rebate. I was also able to float that money for an extra month and get an extra month of interest on my savings. I pay all my gas with a credit card because I get an extra rebate for gas purchases. I understand that some people just can't control their spending, but I save lots of money using my credit cards. Getting a cash rebate on all my purchases is a big advantage. The problem is not the credit cards, but the people that abuse them. Remember, you must pay the total balance and only buy what your budget allows. I hope life never happens to you as it does to so many people. You can rent cars thru Avis with a debit card and a current utility bill. You can have your daily limit on your debit card raised to what you want it to be for emergencies. You can have one debit card for checking and one for savings. That is all I carry. Those credit cards and emergencies have made Card Companies such as AMEX filthy rich at the expense of people that think it will never happen to me and then out of the blue, WHAM heart attack, stroke, loss of job, cutback on hours and whatever else can go wrong to affect your financial situation. The best thing is to use your own money and never owe anyone. If you're not there, get there quick. Times are not getting better. We get 500-1000 applications daily. *steps down from soapbox*

PHS Wildcats

07-23-2008, 08:04 PM

I have a debit card with a Mastercard logo thru Capital one and I have no problem with spending limits or anything like that. I'll never apply for a credit card. I make all my payments with it. Car, utilities, Home etc.

Plus I can choose how I want the charge..either credit or debit. When I choose credit I get reward points and cash back at the end of the yr.

CHS_CG

07-24-2008, 10:40 PM

I have my debit card with a mastercard logo through citibank. After seeing everything with credit card and working for AMEX, IF I ever did get a credit card I know the tricks with it. I have never ran into a probably with a daily spending limit on my account and I am able to pay my car note, cell phone, insurance... anything. Used it for hotels to hold the room. If I dont have the money for it I dont buy it either.

Credit cards can be useful.... but I'd rather not have them... The ONLY reason I would have one would be for my gas, I spend so much in gas every month its not funny. The way I think about it though is I'd have to pay for it sooner or later so why not just pay for it now.

bobcat1

07-25-2008, 06:42 AM

We did a quick study and found that once a gallon of gas is purchased at $4 a gallon on a credit card you would pay $12 by the time you paid it off with interest paying the minimum payment.

rancher

07-25-2008, 08:04 AM

THANKS RANGER MOM, YOU SAID IT BEST, WAY TO GO. I have to ask, why need a credit score if paying cash. CASH IS KING, and have an emergency fund or rainy day fund for when life happens. REMEMBER ALWAYS THE BORROWER IS A SLAVE TO THE LENDER. Break those chains of bondage. Always ask is this a want or need.

Farmersfan

07-25-2008, 10:12 AM

If everyone would follow suit, the credit industry would straighten out. They have created an evironment where the consumer is dependant on them when it should actually be the other way around. I also got rid of all credit cards and pay cash for everything or I don't buy it. It is amazing how much extra money I have when I am not paying revolving accounts their monthly minimums..........................

Originally posted by Ranger Mom
If you have a debit card with a mastercard or visa logo, they work just the same. I have rented a car AND got a hotel using mine.

I paid all my credit cards off and cut them up about 7 years ago....if I can't pay cash for it, I don't get it!

Bull's-eye

07-25-2008, 12:00 PM

Originally posted by bobcat1
We did a quick study and found that once a gallon of gas is purchased at $4 a gallon on a credit card you would pay $12 by the time you paid it off with interest paying the minimum payment.

Agree, but if you paid the full balance with a credit card giving 5% rebate on gas purchase, that $4 gas would of cost you $3.80. That would be an average of $3 on every fill-up and about a $150-200 in savings per year.

Most people can't afford to pay cash for a home or even the vehicles they drive. A good credit score is beneficial when making these major purchases. Qualifying for a home loan is becoming more difficult and a good credit score will definately help. I currently pay less than 1% on my car loan, due to a good credit rating. My savings still pays a better rate and I haven't tied up my cash flow. Did you know that car insurance rates are cheaper for people with a higher credit score? Paying cash is great, but there are advantages to having a good line of credit. Many successful companies couldn't of been started without some type of a business loan.

rancher

07-25-2008, 03:41 PM

If you are paying cash and have a good track record paying monthly requirements such as rent, power and , phone company you can request a home lender to manual underwriting instead of the quick "credit score". As far as a car payment, pay cash for it, let someone else take the butt kicking of depreciation as you lose half your money in the first three years. Again save, you know will need a vehicle and it is going to break down, so plan for it. Try living a frugal lifestyle it will change your outlook on life. It is only stuff, and stuff comes and goes.

Bull's-eye

07-25-2008, 05:33 PM

Originally posted by rancher
As far as a car payment, pay cash for it, let someone else take the butt kicking of depreciation as you lose half your money in the first three years. Again save, you know will need a vehicle and it is going to break down, so plan for it.

I agree about the saving part, but a car will depreciate just as fast if you decide to pay cash. In my case, I could of paid cash, but my savings was earning more interest than the cost of the loan. You would be much better investing that kind of cash in a CD than tying it up on a car loan. The smart business move would to take advantage of the >1% car loan and make more money with the CD. Just wondering, but would you still pay cash if the dealer offered you a 5 year 0% loan?

bobcat1

07-25-2008, 08:23 PM

Originally posted by Bull's-eye
I agree about the saving part, but a car will depreciate just as fast if you decide to pay cash. In my case, I could of paid cash, but my savings was earning more interest than the cost of the loan. You would be much better investing that kind of cash in a CD than tying it up on a car loan. The smart business move would to take advantage of the >1% car loan and make more money with the CD. Just wondering, but would you still pay cash if the dealer offered you a 5 year 0% loan?

:clap: :clap: :clap: I think you are one special individual. I bet 1.5% of credit card users pay their full balances monthly. You are such a shining star. 3 cheers for you! :clap: :clap: :clap: