Sindra Posted March 12, 2009 Share Posted March 12, 2009 Oooo...I also get Visa WorldPoints on every dollar I spend (sometimes double points)....and I'm so eying a mini food processor right now to redeem them for. =D Quote Link to comment Share on other sites More sharing options...
zircon Posted March 12, 2009 Share Posted March 12, 2009 Actually its the opposite for me. I always had a problem not having enough credit lines open. I had great a credit score (700+), but I didn't have enough credit lines open, so I had a ridiculously hard time getting anything.From my limited experience with this, I found that the key is to open credit lines and actually keep them paid off. That in turn, helps your credit tremendously. Every once in a while, you go out and buy some stuff on credit (even if you have the money to pay for it), and when your statement comes in, pay it off. Screw that minimum payment shit. Pay it off! And repeat it over and over again. I've been doing this for a couple of years now, and my combined credit score is about 770. Sorry if this seems like a lecture, but this is how I managed to get my credit up. What improved your credit was buying lots of stuff on credit and paying it off quick, which is exactly what I recommended. I can guarantee you that more credit lines is NOT good for your credit. One or two are the ideal numbers. Quote Link to comment Share on other sites More sharing options...
Schwaltzvald Posted March 12, 2009 Share Posted March 12, 2009 Eh... I bought my PS3 with cold hard cash, the games/PSN cards though on credit among actual essentials. :3 Quote Link to comment Share on other sites More sharing options...
Nicole Adams Posted March 12, 2009 Share Posted March 12, 2009 I need to echo what zircon said on the previous page. I use two credit cards. One is an American Express rewards card and the other is a simple Visa. I use the Amex for everything unless a store doesn't take Amex or if I'm only spending a few bucks. I build up a lot rewards points this way, which makes up for the card's annual fee. I pay off my cards each month and therefore have no debt. Being a pessimist, I doubt the majority of Americans will learn from the recession. Once things bounce back, people will start justifying why they "need" this and that. Quote Link to comment Share on other sites More sharing options...
sgx Posted March 12, 2009 Share Posted March 12, 2009 @ StarZanderIt was a combination of factors, but that was probably the biggest issue. The easy credit that was given (i.e. subprime mortgages), and the subsequent investment of major financial institutions in these subprime mortgage packages made people happy for a time but was destined to crash. It all comes down to greed. People trying to live beyond their means, lenders trying to make a quick buck, and investors thinking that the high interest rates on these mortgage packages make them a good idea in which to invest. A ton of it was banks allowing those mortgages based on the idea that every house being bought is going to go up in value forever which was dumb. With that in mind, they can approve people who aren't even likely to be able to make their payments since if the bank had to repossess the house and sell it, it would have accrued value and still made the bank money. People applying for loans generally aren't experts on economy and finances, so when the banks are telling you "sure, you can afford it! We approve you!!" they'll tend to believe them and do what these "experts" are recommending. People should have been more responsible for their own finances yes, but the banks were quite misleading, recommending unsafe mortgages. The credit-card debt though, is all the individual's fault! Being a pessimist, I doubt the majority of Americans will learn from the recession. Once things bounce back, people will start justifying why they "need" this and that. I don't think anything's going to bounce. I bet it will slowly come back to something normal over 5-10 years. I hope. Quote Link to comment Share on other sites More sharing options...
Sole Signal Posted March 12, 2009 Share Posted March 12, 2009 Oh, absolutely. The financial "experts" investing in the mortgage packages and bankers recommending unqualified people for mortgages are also to blame. House values going down exposed the major problems in the system. It'll be an interesting next few years... Quote Link to comment Share on other sites More sharing options...
Native Jovian Posted March 12, 2009 Share Posted March 12, 2009 People here (well, okay, it was only one person) have been quoting their credit scores. I find myself wondering how you know what it is. Obviously there's those annoying "FIND YOUR CREDIT SCORE FREE!!!1!1" websites, but I've heard that those are a scam of some kind or another (though admittedly I can't remember how it works). Mine should be pretty good -- I have a Visa card through my bank that I've had since high school (I'm now 22 and have graduated college -- my bank is a Credit Union, incidentally, which I've been told is a good thing but I honestly can't remember why). I don't buy much with it, mainly gas (which is a significant expense now that my job is about 30 miles from my house!) and the occasional online purchase. I keep it paid off every month. I'm also paying off student loans, and I'm careful to pay those on time as well. I seem to have a bad memory for financal stuff. Oh well. At least I can remember to pay my bills on time... Quote Link to comment Share on other sites More sharing options...
Strike911 Posted March 12, 2009 Share Posted March 12, 2009 People here (well, okay, it was only one person) have been quoting their credit scores. I find myself wondering how you know what it is. Obviously there's those annoying "FIND YOUR CREDIT SCORE FREE!!!1!1" websites, but I've heard that those are a scam of some kind or another (though admittedly I can't remember how it works).Mine should be pretty good -- I have a Visa card through my bank that I've had since high school (I'm now 22 and have graduated college -- my bank is a Credit Union, incidentally, which I've been told is a good thing but I honestly can't remember why). I don't buy much with it, mainly gas (which is a significant expense now that my job is about 30 miles from my house!) and the occasional online purchase. I keep it paid off every month. I'm also paying off student loans, and I'm careful to pay those on time as well. Hey, I don't know about your state's laws or anything (hell, or if you even live in the US) but over where I am, the state allots one free credit score lookup... thing. Free of charge, as a free service to everyone. I've done it only once, but your state SHOULD have some kind of official way to look up your credit score for free, every year. I'd imagine there's chance that it wouldn't, but I think it's a pretty standard practice. It's handy, if anything, just to make sure you don't have any false transactions that you never made or wonky errors that might hurt you a little... happens occasionally. Knowledge is power! Actually its the opposite for me. I always had a problem not having enough credit lines open. I had great a credit score (700+), but I didn't have enough credit lines open, so I had a ridiculously hard time getting anything. I've actually heard this same thing before being healthy for your score, providing you do pay it off. I think I was watching some credit seminar/tv broadcast thing on PBS a year or so ago when they said it. Hm. Quote Link to comment Share on other sites More sharing options...
noTuX Posted March 12, 2009 Share Posted March 12, 2009 People here (well, okay, it was only one person) have been quoting their credit scores. I find myself wondering how you know what it is. Obviously there's those annoying "FIND YOUR CREDIT SCORE FREE!!!1!1" websites, but I've heard that those are a scam of some kind or another (though admittedly I can't remember how it works). I bank with Chase and Chase has a credit monitoring program that keeps an eye out for identity theft and whatnot. Once you sign up, they give you a copy of your credit report. After losing my wallet at school one day, I quickly canceled all of my credit card accounts and signed up for the program to be on the safe side. Later on that day, I found out that a friend of mine found it and kept it in a safe place, so I kinda did all that for nothing. BTW, I love how this thread got derailed so quickly. Quote Link to comment Share on other sites More sharing options...
SLyGeN Posted March 12, 2009 Share Posted March 12, 2009 That reminds me. I had a credit card tied to my mother's account, and the shitty thing was, we found out that that was not building me any credit. I saw that Zircon mentioned doing something like this? Or did you mean the other way around, and tie a wealthier person to your account? And yeah, I was using a CitiBank Rewards card everywhere I went, and I paid everything off every month. There were no added fees. Thanks to the rewards, I got the first two seasons of Two and a Half Men for free. Also, a little bit of a hassle, but really pretty cool: They automatically sent me a new card with a new number saying something to the extent of they thought my credit card number had been compromised. I'm pretty safe with my card, but it's still pretty cool they they're helping me be better safe than sorry, and I didn't have to cancel a thing. They did it all. Is AMEX or Discover any better than Visa or MC? I notice that AMEX is accepted a little less often than MC and Visa, and Discover is accepted even less than AMEX. Is there a reason? Is it a good idea for me to try and get a Discover or AMEX card, and use MC only when I can't use the others? Quote Link to comment Share on other sites More sharing options...
zircon Posted March 12, 2009 Share Posted March 12, 2009 There is no legal way to get your credit SCORE for free, if by credit score you mean FICO score. On the other hand, U.S. law entitles everyone to get one free credit *report* (which does not include FICO score, but is still very useful to see your status) per year, from each of the major credit bureaus - Equifax, Experian, and Transunion. You do this by going to http://www.annualcreditreport.com/ and ANY other site claiming to give you your "free report" is a scam. This includes freecreditreport.com. Amex and Discover are not any better than Visa or MC. Visa is better than MC because Visa is the most widely-accepted card on Earth and tends to have the best terms. Amex cards tend to have annual fees but better bonuses or rewards programs. I've actually heard this same thing before being healthy for your score, providing you do pay it off. I think I was watching some credit seminar/tv broadcast thing on PBS a year or so ago when they said it. Hm. Again this is definitely not true. More open credit lines hurts your credit score no matter how quickly you pay them off. This information comes directly from the people who make the scores, it's not speculation. You can still have a very good score with multiple lines, but, especially if you're young, stick to two credit cards, tops. Remember that "credit line" can refer to other things besides credit cards, such as a relationship with your utility company. Quote Link to comment Share on other sites More sharing options...
sgx Posted March 12, 2009 Share Posted March 12, 2009 I've heard from a couple people that you can build your credit score a bit if you carry a small balance once in a while and then pay it off, instead of paying your credit card every month on time. Anyone heard anything like that? Quote Link to comment Share on other sites More sharing options...
Bahamut Posted March 13, 2009 Share Posted March 13, 2009 Only the premium AMEX cards have annual fees, namely the Gold, Platinum, and (the very coveted) Centurion card, but they also come with premium benefits. Quote Link to comment Share on other sites More sharing options...
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