Credit Card Interest

[reckedracing]

i heard on the radio that us CC companies made 1.2 TRILLION worth of credit just disappear in 2009.

and they were lowering limits on people across the board, depending on how much debt that individual branch of the CC had outstanding
it was all part of the banking "health" check that was going on.
none of mine were lowered, and I dont think any of my rates went up, but as soon as i closed on my house i canceled all the cards i had played the 0% game with, and just kept my oldest card with the most credit history, and my daily card, that i get rewards on.

not sure if it changed my credit, but i was up there to begin with, so i assume i am still safely way above average. and i don't give a fuck about my credit score now that i locked down my mortgage/housing situation

 

[GSRCRXsi]

yea the GM (the GM!!) of the best buy i worked at had his limit crippled after he paid it off. i think he had like a 10k limit and they knocked it down to like 500 or 1k. i think BB is thinking that if you pay off your card you wont use it anymore, so to be able to give increases to others (or just reduce their total open-to-buy) they arent putting more funds up, rather just shifting it around.

 

[reckedracing]

no interest for 2 years on a best buy card is just asking for people to default, especially in a bad economy

people pay the min fee for 2 years, and then it comes times to pay it off and they dont have the extra money in their monthly budgets, cause they didnt use the 2 years wisely to budget it out

or better yet, they break the tv, or lose the house that they bought the new applicanes for
who is gonna pay off something they cant use anymore?

i see all these people take out all the 0 interest 0 payments for 1-2 year deals
and they rack up all this debt, and then when the monthly payments actually come due, they have no means to afford it.
you would be surprised at the stupid fucking shit people do sometimes and get themselves in holes.

 

[GSRCRXsi]

yea i know. thats why im not retarded, i paid off the tv well before the 2 years. i just used it for other stuff after that.

 

[B16]

credit cards are beneficial to build credit
and if you pay them off every month and have a rewards card of some type you get "paid" for just paying your bills

I got into a lot of trouble with credit cards in college. Paid it all off and have just paid cash since. My credit score is 790 which is good enough for me.

I agree on the rewards; I need to re-think my banishment of CC's.

 

[GSRCRXsi]

oh really? 790 is "good enough" for you? so sorry your highness :worthyp::worthyp::worthyp:



mine was mid 700's last time i checked

 

[B16]

oh really? 790 is "good enough" for you? so sorry your highness :worthyp::worthyp::worthyp:



mine was mid 700's last time i checked

lol, he said they were for boosting your rating. I was suggesting it has done nothing for my rating since I haven't used them in years.

 

[Korax]

lol, he said they were for boosting your rating. I was suggesting it has done nothing for my rating since I haven't used them in years.

If anything (idk if you have other credit builders) it probably went down since you haven't used them.