My friend is listing all the credit cards he has collected....

[bad_cheque]

He seems to be getting a new one every other week :|

[Social_larki]

He seems to be getting a new one every other week :|

are they his? or does the word "collection" refer to something else...

[bad_cheque]

are they his? or does the word "collection" refer to something else...
They are his of course. :|

[Social_larki]

They are his of course. :|

well once a week is alot... but who cares right? its not like its loaded with money... u have to pay it off in the end. AND THAT is what i hate about credit cards. :mad:

[__krYptonite]

Oh man, it's so freakin' tempting because stores always offer discounts/benefits to credit customers.
I only have three though.:mrhappy:

[IPunjabi.Blood]

well once a week is alot... but who cares right? its not like its loaded with money... u have to pay it off in the end. AND THAT is what i hate about credit cards. :mad:

I see, so you a gold digger?

[Smartchild]

He seems to be getting a new one every other week :|fake or real? activated or no? hehe.

[bad_cheque]

fake or real? activated or no? hehe.
real and activated. :)

[Social_larki]

I see, so you a gold digger?

yes i am. You are brilliantly smart for having figured that out. Bravo to you. :rolleyes:

[fragiledoll]

lol.. it makes me laugh.. if the cards are not for use then why collect? :sarb: oh wait! maybe i am stupid i dont know anything about the cards!!

[bad_cheque]

lol.. it makes me laugh.. if the cards are not for use then why collect? :sarb: oh wait! maybe i am stupid i dont know anything about the cards!!
Of course the cards are for use.

[reaz]

he's crapping up his credit history. i hope he realises that.

[bad_cheque]

he's crapping up his credit history. i hope he realises that.
Like he cares. He's not going to spend a lot anyway. Just in case, he needs to make some quick large payments, he can use the credit cards.

[Smartchild]

real and activated. :)oh, wow. sometimes its not a very good idea to have so many CC. no wut i mean?

[sexxichic2envy]

Tip of The Day: having more that 5 credit cards reflects bad credit management on your credit report, and therefore, it lowers your credit score.

---Signed, mortgage professional.

[bad_cheque]

Tip of The Day: having more that 5 credit cards reflects bad credit management on your credit report, and therefore, it lowers your credit score.

---Signed, mortgage professional.
I don't like credit cards myself.

[sexxichic2envy]

I don't like credit cards myself.
But you should still have between 3-5........Having no credit cards is bad, too...because when banks or lenders want to fund u for a car loan/home loan, etc.. they have no credit history to go by...and so no credit is looked at as bad credit.

[bad_cheque]

But you should still have between 3-5........Having no credit cards is bad, too...because when banks or lenders want to fund u for a car loan/home loan, etc.. they have no credit history to go by...and so no credit is looked at as bad credit.
I know. It's nothing but a conspiracy. I do have a credit history.

[fragiledoll]

Of course the cards are for use.
:sarb: how lucky of him!!! he gona buy what... a mansion now? deinately a millionaire!

[Monaa]

damn i dun even have one... :ashamed:

[bad_cheque]

damn i dun even have one... :ashamed:
Can you manage to do without one in the UK? Do you need a credit history built upon your credit card spending to take out loans there?

[sexxichic2envy]

I know. It's nothing but a conspiracy. I do have a credit history.
:werd:

[bad_cheque]

:werd:
Fight the power! :salut:

[reaz]

I don't like credit cards myself.

me neither. The reason why your friend should care about his credit history is because a bad credit rating will cause him to have high interest rates which in turn will cause him to lose more on borrowed money.

I am sure you know this, so for the benefit of others here's an example. If he borrows 10,000 for 3 years on a 13% APR credit card, he will end up paying back 14428.97 at the end of 3 years. If he does the same on a 18% APR credit card, he will end up paying 16430.32 which is about 2000 more.

Ofcourse I don't like credit cards because if I can save up enough to pay now I lose nothing and if I invest my money now at a 12% annual rate of return I should have 14049.28 at the end of 3 years. I'd rather not lose money if I dont need to. I didnt realise this for a while but now that I do I hardly ever use the credit card.

[bad_cheque]

me neither. The reason why your friend should care about his credit history is because a bad credit rating will cause him to have high interest rates which in turn will cause him to lose more on borrowed money.

I am sure you know this, so for the benefit of others here's an example. If he borrows 10,000 for 3 years on a 13% APR credit card, he will end up paying back 14428.97 at the end of 3 years. If he does the same on a 18% APR credit card, he will end up paying 16430.32 which is about 2000 more.

Ofcourse I don't like credit cards because if I can save up enough to pay now I lose nothing and if I invest my money now at a 12% annual rate of return I should have 14049.28 at the end of 3 years. I'd rather not lose money if I dont need to. I didnt realise this for a while but now that I do I hardly ever use the credit card.
I pull the credit card to build my credit history but it is used more like a debit card. I pay back on time. I think in the credit card industry, people like me are called deadbeats.

I am against consumerism and conspicuous consumption. I am not fun but that's ok.

[notoriou$punjabi]

I always walk with cash and for everything else there`s mastercard

[bad_cheque]

I always walk with cash and for everything else there`s mastercard
That's risky.

Anyway, will someone enlighten us on the situation in the UK. To think of it I've never had an internet friend from the UK lol

[Monaa]

Can you manage to do without one in the UK? Do you need a credit history built upon your credit card spending to take out loans there?

Huh? :sarb:

Use cash better. i am too poor to own a credit card.

[bad_cheque]

Huh? :sarb:

Use cash better. i am too poor to own a credit card.
Carrying cash is not safe.

[notoriou$punjabi]

That's risky.

Anyway, will someone enlighten us on the situation in the UK. To think of it I've never had an internet friend from the UK lol
wheres the risk ? The mastercard belongs to Mastercard.

[sexxichic2envy]

me neither. The reason why your friend should care about his credit history is because a bad credit rating will cause him to have high interest rates which in turn will cause him to lose more on borrowed money.

I am sure you know this, so for the benefit of others here's an example. If he borrows 10,000 for 3 years on a 13% APR credit card, he will end up paying back 14428.97 at the end of 3 years. If he does the same on a 18% APR credit card, he will end up paying 16430.32 which is about 2000 more.

Ofcourse I don't like credit cards because if I can save up enough to pay now I lose nothing and if I invest my money now at a 12% annual rate of return I should have 14049.28 at the end of 3 years. I'd rather not lose money if I dont need to. I didnt realise this for a while but now that I do I hardly ever use the credit card.
:love:

Intelligence is so sexy

[bad_cheque]

wheres the risk ? The mastercard belongs to Mastercard.
I talked about carrying cash on yourself.

Visa > Mastercard

[RoMeO6969]

two mastercards is all i need :dance3:

[notoriou$punjabi]

I talked about carrying cash on yourself.

Visa > Mastercard
whose takin MY cash anyway ?

VISA Master or AmericanEx .. I dont have any CC`s but just tons of approval applications to be filled n returned

Credit companies are the biggest LEGALISED scams

[bad_cheque]

whose takin MY cash anyway ?

VISA Master or AmericanEx .. I dont have any CC`s but just tons of approval applications to be filled n returned

Credit companies are the biggest LEGALISED scams
Agreed!

[ewwwww]

He seems to be getting a new one every other week :|
so he gets more into debts every week....

talk about inviting trouble

[bad_cheque]

so he gets more into debts every week....

talk about inviting trouble
I don't think he's planning to use them unless its an emergency.

[ewwwww]

I don't think he's planning to use them unless its an emergency.
Regardless a large no of cr cards is not good for ur cr score

[bad_cheque]

Regardless a large no of cr cards is not good for ur cr score
That has been already said.

I think he also wanted to reduce his APR...maybe he will discontinue the older cards that he got when he was new here.

[notoriou$punjabi]

That has been already said.

I think he also wanted to reduce his APR...maybe he will discontinue the older cards that he got when he was new here.
a better way is to call Customer service & discuss switching cards cos you just got a better offer..

If you have been a client long enough the agent will surely find a lower rate

[bad_cheque]

a better way is to call Customer service & discuss switching cards cos you just got a better offer..

If you have been a client long enough the agent will surely find a lower rate
I think he tried with one bank and they refused.

[notoriou$punjabi]

I think he tried with one bank and they refused.
Its always better to keep the major cards n try getting lower rates for those.

[reaz]

I wouldnt call credit cards a scam. If you think they are a scam, so are banks. A credit card debt is like any other debt, a loan. You borrow money and promise to pay back for no additional charge during the grace period or incur a finance charge.

[reaz]

I think he tried with one bank and they refused.


But opening new accounts will hurt the credit score and in return the interest rates on his cards will go up once the introductory period is over.

[selina_786]

Dirty work? .... or scammed cards? I know they are still around in the UK but not as much anymore.

[notoriou$punjabi]

I wouldnt call credit cards a scam. If you think they are a scam, so are banks. A credit card debt is like any other debt, a loan. You borrow money and promise to pay back for no additional charge during the grace period or incur a finance charge.
Scams in a broader sense.

[ProxDJ]

is he planning to flee the country after collecting several dozens?

[notoriou$punjabi]

is he planning to flee the country after collecting several dozens?
LOLS

so you know ppl too who built their credit then fucked off

[pimpkidman828]

discover all the way

[ProxDJ]

LOLS

so you know ppl too who built their credit then fucked off
i know couple of bengalis did it...

so bad_cheque... i advise you call the homeland security on your bro lol

[bad_cheque]

is he planning to flee the country after collecting several dozens?
No. What is wrong with people here?

[bad_cheque]

I wouldnt call credit cards a scam. If you think they are a scam, so are banks. A credit card debt is like any other debt, a loan. You borrow money and promise to pay back for no additional charge during the grace period or incur a finance charge.
They are more of a conspiracy to fleece people. You can call me a conspiracy theorist for that. It works on the psychology of people. People love spending money that they don't own. Second, they are not able to quantify money when swiping a card as much as when paying in hard cash. The fact that people have to build a credit history and that can be done only by using a credit card is indeed a form of monopoly. I'm surprised that this has not come under trust action yet.

[SinghPimPin]

one card with a 600 dollar limit

does me well

[reaz]

They are more of a conspiracy to fleece people. You can call me a conspiracy theorist for that. It works on the psychology of people. People love spending money that they don't own. Second, they are not able to quantify money when swiping a card as much as when paying in hard cash. The fact that people have to build a credit history and that can be done only by using a credit card is indeed a form of monopoly. I'm surprised that this has not come under trust action yet.

You are wrong when you say that it's the ONLY way to build a credit history. Student loans, Utility bill payments, mortgages, auto loans, as well as your cell phone bill all report to the credit bureaus. I also believe that your bank reports to the credit bureaus when you open a checking or savings account, but does not report your cash flow.

But I'll agree that people who don't know how to restrain themselves will eventually get fleeced by the credit company. It is definitely hard to quantify money when using a card. It has happened to me in the past, which is why I dont use credit cards anymore. I don't need to anymore either.

[bad_cheque]

You are wrong when you say that it's the ONLY way to build a credit history. Student loans, Utility bill payments, mortgages, auto loans, as well as your cell phone bill all report to the credit bureaus. I also believe that your bank reports to the credit bureaus when you open a checking or savings account, but does not report your cash flow.

But I'll agree that people who don't know how to restrain themselves will eventually get fleeced by the credit company. It is definitely hard to quantify money when using a card. It has happened to me in the past, which is why I dont use credit cards anymore. I don't need to anymore either.
In order to get loans, take out mortgages etc you need a credit history. I think only utility bills are the ones that you can pay without a history but again in that case sometimes you have to put down a big deposit. Credit cards are the only easy and quick way and they have made it so deliberately.

[reaz]

In order to get loans, take out mortgages etc you need a credit history. I think only utility bills are the ones that you can pay without a history but again in that case sometimes you have to put down a big deposit. Credit cards are the only easy and quick way and they have made it so deliberately.


With no credit history you can't get credit cards. One way actually is to set up a checking account with a bank to build some sort of cash flow. The bank provides you with a bank credit card and you go on from there. That's the route I took.

Another way is get an additional card through an existing card holder. After a while you'll have a credit history.

Another option is to get a secured credit card from your bank. That's pretty much like using cash. Except you have to reconcile the balance at the end of the month.

I dont know about there, but here you have to put down a deposit regardless of your credit history.

In short it's a catch 22. You can't build a credit history easily with out a debt and you cant get good rates on a debt without a history. Strict credit card companies will deny you if you dont have a history and so will banks decline you for loans.

[reaz]

Oh. in addition you can show your pay stubs in order to secure loans and get started on building a credit history.

[bad_cheque]

With no credit history you can't get credit cards. One way actually is to set up a checking account with a bank to build some sort of cash flow. The bank provides you with a bank credit card and you go on from there. That's the route I took.

Another way is get an additional card through an existing card holder. After a while you'll have a credit history.

Another option is to get a secured credit card from your bank. That's pretty much like using cash. Except you have to reconcile the balance at the end of the month.

I dont know about there, but here you have to put down a deposit regardless of your credit history.

In short it's a catch 22. You can't build a credit history easily with out a debt and you cant get good rates on a debt without a history. Strict credit card companies will deny you if you dont have a history and so will banks decline you for loans.
Yes that's the route everyone takes and it is completely based on conspicuous consumption. People are being taught the concept of credit for consumption before they can get their hands on credit for investment.

[reaz]

Yes that's the route everyone takes and it is completely based on conspicuous consumption. People are being taught the concept of credit for consumption before they can get their hands on credit for investment.


What do you mean by credit for investment?

[bad_cheque]

What do you mean by credit for investment?
Buying a TV is consumption.

Buying a house is investment.

[reaz]

Buying a TV is consumption.

Buying a house is investment.

Well buying a house can be consumption during bearish real estate market periods. Buying a house is consumption if the price of the real estate does not go up. This can happen.

But yea, I see what you mean. Student loans are a good form of investment which build your credit history too. Often universities will grant you loans without paying much heed to your credit history. My university did.

[bad_cheque]

Well buying a house can be consumption during bearish real estate market periods. Buying a house is consumption if the price of the real estate does not go up. This can happen.

But yea, I see what you mean. Student loans are a good form of investment which build your credit history too. Often universities will grant you loans without paying much heed to your credit history. My university did.
Student loans are hard to come by these days. I think American citizens get the bad end of the stick which is even more weird. These days people start building their credit with branded cards that are handed out to citizens and greencard holders. As long as someone is a student and a citizen they will hand out these colourful branded cards for spending (usually around springbreak which is very clever right?)

[reaz]

Student loans are hard to come by these days. I think American citizens get the bad end of the stick which is even more weird. These days people start building their credit with branded cards that are handed out to citizens and greencard holders. As long as someone is a student and a citizen they will hand out these colourful branded cards for spending (usually around springbreak which is very clever right?)

I never heard about this. Student loans were pretty common in university. I assumed that it was a convenience which most universities might have provided. I took advantage of it. I never got discriminated for not being a citizen when it came to credit card apps.

[bad_cheque]

I never heard about this. Student loans were pretty common in university. I assumed that it was a convenience which most universities might have provided. I took advantage of it. I never got discriminated for not being a citizen when it came to credit card apps.
Things have changed a lot now. People tell me that it was easier earlier.

[reaz]

Things have changed a lot now. People tell me that it was easier earlier.

yea. possibly. I am limited to what happens at UT. Things can be very different elsewhere.

[bad_cheque]

yea. possibly. I am limited to what happens at UT. Things can be very different elsewhere.
The credit card story is the same everywhere though