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Equipoise
23rd December 08, 10:34 AM
What's yours?


Recently (3 months ago) we used a GE card for roughly 3700 $ between my wife's card and my own. As it was interest free for 3 months, I paid everything off last week. I'm now credit card debt free however the company decides to lower my and my wife's credit limit due to paying everything off early. Also, I can't get approval for some cards (Newegg for one) despite having a rating in the 700's.


Does anyone else think the whole credit number/reporting system is a load of crap? Also, the fact that you can only get one free report a year is asinine. To me the whole system is in place to keep people who can't pay off their cards in permanent debt to keep the money flowing to the credit companies. I'm guessing that shitty lending practices is just yet another reason that our economy is in the toilet.

Cullion
23rd December 08, 10:37 AM
They probably aren't lowering the limit just because she's paying it off early (although this is one factor in one's score), it's happening to lots of people in lots of countries with all kinds of different credit profiles because they are simply trying to reduce their exposure to credit risk, fairly desperately.

This sharp fluctuation in credit availability is ultimately a result of a failure of centralised price control, in the US case by a quasi-private monopoly, in the UKs case by a nationalised central bank.

They basically held the price of credit down too low for too long, and now the credit's running out, just like bread would if you passed a law that said bread had to cost half it's market price.

new2bjj
23rd December 08, 10:41 AM
The lending practises, along with the fee schedules are crap in the
USA. I can't speak for the rest of the world, but our corporations have rooms of people that sit around trying to figure out how to charge you more and more for less and less and call it "value". Read Bob Sullivan's "Gotcha Capitalism".

I have a decent credit rating, but right now, if you can pay cash, pay cash. Actually, if you can save cash, do that!

Equipoise
23rd December 08, 10:49 AM
I never buy anything I don't have the cash for and when a company offers no interest for 12 months, that's a nice way to spread out a new tv or what have you. It's just bullshit when I see ghetto Shaniqua get a gigantic tv or Escalade on credit when I know she doesn't work or works at Mcdonalds and I have a hard time getting a bs credit card with a good credit score.

Cullion
23rd December 08, 10:54 AM
I never buy anything I don't have the cash for and when a company offers no interest for 12 months, that's a nice way to spread out a new tv or what have you. It's just bullshit when I see ghetto Shaniqua get a gigantic tv or Escalade on credit when I know she doesn't work or works at Mcdonalds and I have a hard time getting a bs credit card with a good credit score.

You are fortunate to have the self discipline not to fall for this shit.

However, part of the reason your TV costs what it does is because you are effectively bidding for it in a giant auction with other people who have access to X amount of credit. Reduce X and the price of that TV drops.

Keep doing what you're doing and don't worry about how much money people are prepared to lend you. They're just trying to snare you into an economic trap. You ought to pity Shaniqua. I do.

It makes me angry sometimes.

HappyOldGuy
23rd December 08, 11:40 AM
Equipoise. If you weren't already a racist, it's time to find another job.

Or maybe move. I think being a cop in west virginia would be good therapy.

Equipoise
23rd December 08, 12:34 PM
I can't be racist, my wife's Hispanic. You can also substitute Shaniqua with Bonnie Rae, Manuel Labor or whatever you feel more comfortable with. I just see the L'vontae stereotype all too often here, at work and on tv.

new2bjj
23rd December 08, 01:14 PM
These people you see with all the "stuff" are going to fall into a trap and have that shit taken away. There are plenty of "rent to own" places that charge exorbitant rates then repo the stuff and rent it to someone else.

Out here we call it ghetto fabulous/trailer park queens, etc. You need to read up on some of this stuff and find out the best way to manage your credit. Another thing is to better manage your career, (i.e. look out for number one) so you make more money, so you can buy shit right on the spot, with out having to do the zero interest shit. BTW, you might already know this, but those zero interest deals are simply ways to get you to start paying then use any excuse they can to claim a late payment and switch you to 19.9 % or whatever for the remaining term of payment.

Oh yes, you can have a wife of another nationality and still be racist.

elipson
23rd December 08, 01:39 PM
My rating is mid 700's.

I went in for a loan in August and found out that the Student Loan service was screwing up my rating by being a bunch of morons. They had my maximum allowable credit at X, but the amount of money I currently had borrowed was X + 600, meaning I had already borrowed 600 more than I was technically allowed to. Now this is stupid because student loans are practically open-ended and the max limit goes up with your student loans, so basically they just fucked up. I had some choices words for them on the phone, as almost no one I talked to new what the hell I was talking about.

Took me a month to get shit straightened out and my credit rating went up 100 points.

HappyOldGuy
23rd December 08, 01:48 PM
On topic. I'm somewhere in the 700's with two of the three bureaus, and fucked in another. I just had my home equity line of credit yanked because home values in my zip code have dropped past some cutoff number. The banks have done this to hundreds of thousands of people in california. It wasn't a huge deal. I don't keep credit card balances. And I didn't have much of a balance in the LoC. I mostly used it to tide me over short term bumps (like the holidays or remodeling) instead of carrying a credit card balance for a month or two. The annoying thing is that despite a perfect payment record, the fact that the bank closed the account seriously knocked my rating with one of the bureaus, and there is nothing I can do about it.

f4n4n
23rd December 08, 01:56 PM
I thought your wife is from SaoPaulo, last time I called my friend from SP hispanic I had to pay for my drinks that night... never made that mistake again.

new2bjj
23rd December 08, 02:01 PM
Sadly, you have to be on guard. The "free market" business practices we have are basically a land mind of fees and traps. They want your rating to fall, so they can use it as a bludgeon to get more interest out of you.

For all you guys and gals that don't have it, I would suggest getting a copy of Microsoft money or Quicken, and get you financial house in order. Once you have everything in one place to see where you are, then you have a map to get to where you want to be. You have to have a starting point as well as a destination on a journey. I'm not saying "he who dies with the most stuff wins", but those who wind up under a freeway underpass definitly lose.

new2bjj
23rd December 08, 02:02 PM
Also, my rating is 780. At least it was last month.

f4n4n
23rd December 08, 02:08 PM
So how does this work? Dept=0, money in the bank=x + value of real estate =y money in fonds/bonds etc. = z

What does that mean for my credit rating?
And how does this effect me since I never had a credit card or used a credit option and pay on the spot, usually cash(which can be funny).

new2bjj
23rd December 08, 03:37 PM
Some guy just came out with a decent book on managing your credit. Got to the library and get it. He was on the "Your money" show on cable, as well. While it's nice that you pay cash, for most mere mortals, good credit has an effect on the biggest purchases you make- car, insurance and house. If you can get all those for straight cash, you don't need anyone's advice from here.

Equipoise
23rd December 08, 03:48 PM
These people you see with all the "stuff" are going to fall into a trap and have that shit taken away. There are plenty of "rent to own" places that charge exorbitant rates then repo the stuff and rent it to someone else.

Out here we call it ghetto fabulous/trailer park queens, etc. You need to read up on some of this stuff and find out the best way to manage your credit.

My credit is fine. I just take issues the companies attempting to fuck people out of their money by making a solipsistic arbitrary system that makes no sense.



Another thing is to better manage your career, (i.e. look out for number one) so you make more money, so you can buy shit right on the spot, with out having to do the zero interest shit.

I think you missed the point of the entire thread. I CAN PAY FOR THINGS OUTRIGHT...however getting the option of spreading it out overtime without interest is nice.



BTW, you might already know this, but those zero interest deals are simply ways to get you to start paying then use any excuse they can to claim a late payment and switch you to 19.9 % or whatever for the remaining term of payment.

Right... if you miss a payment, however pay 8-10 days early per month and you won't have a problem. Plus with those programs such as the ones at Rooms-To-Go, you get no payments for two years. I vanquished a 2600 dollar credit charge 4 months before I had to start making payments on it. No penalties or anything. See the benefit?


Oh yes, you can have a wife of another nationality and still be racist.

Thanks for point out the obvious... I was being facetious.


I thought your wife is from SaoPaulo, last time I called my friend from SP hispanic I had to pay for my drinks that night... never made that mistake again.

Don't let them lie to you. They are Hispanic. They just have their own culture and speak Portuguese. On any government forms, they don't put "other."

f4n4n
23rd December 08, 06:06 PM
While it's nice that you pay cash, for most mere mortals, good credit has an effect on the biggest purchases you make- car, insurance and house. If you can get all those for straight cash, you don't need anyone's advice from here.
I guess the way I was raised is the reason I never bought something I can't afford right away. Not going to buy a car but if, I would buy it cash because you get % off when you pay straight cash. I don't see myself buying a house anytime soon but I guess I might need to look into credits for the type of house I would buy (as my dad always says, a house you want to grow old in and raise your kids is the only thing worth getting in debt for), houses and land here are not (that) down like in the US.

new2bjj
23rd December 08, 09:59 PM
Equipose, myt advice, for what's it's worth, was not just aimed at you. Some peopke are unaware of these little traps.

Equipoise
23rd December 08, 11:16 PM
Gotcha. I think most of the people aside from the resident retards that we keep as pets are aware of fiscal responsibility to some degree.

Speaking of fiscal things... Obama's NASA people are thinking of grounding our projected Space Program despite his promises to do otherwise. I'm hoping this isn't the start of failed promises, etc.