wmarat wrote:
1. I do not buy if I do not have money to pay it off.
2. I do not rich enough to revolve balances, so always PIF.
3. I PIF 2 days before statement cut.
4. Read my signature.
So, does this mean that this is a good night for a glass of wine?
wmarat signed:
IN VINO VERITAS
But that pretty well sums up the way I think we should handle credit.
The only account on which I carry a balance is a 0% BT account, and I shoved over some money from the HELOC. This is money that had already been borrowed (for home repairs and DD#2's college tuition), so I figured that I might as well pay it back at 0% as at 4.05%.
ab·sti·nence: 
1. forbearance from any indulgence of appetite, esp. from the use of alcoholic beverages: total abstinence.
2. any self-restraint, self-denial, or forbearance.
3. Economics. the conserving of current income in order to build up capital or savings.
4. the state of being without a drug, as alcohol or heroin, on which one is dependent.
I am going to go back to your original point. Abstinence from the use of credit is not a recipe for FICO success. Neither is over indulgence. Maximum FICO success is achieved thru the prudent use of credit. You do achieve maximum FICO success by having more credit rather that less. That means higher CL's, more accounts and a wider mix of credit (revolving, installment, mortgage). FICO success also means lower utilization and never being late!
Many who have come to this forum seeking advice have or have had credit problems. Many others have the problem of never having had credit. In today's world, and the world as the majority of people now active in the economy have ever known it, it is very difficult to operate without a credit card. Many in these positions are saddled with starter or rebuilder cards with low CL's and high fees. Those with damaged credit may be totally unable to obtain new TL's at all. They all want to improve their lot as quickly as possible. Many humans are not blessed with an over abundance of patience. They want to get where they want to be quickly. This is to be anticipated.
What many, particularly those with damaged credit, frequently do not realize is that while cleaning up credit reports, obtaining new credit, increasing CL's on existing accounts and other active undertakings will improve their situation, eventually it will come down to patiently waiting for time to pass to achieve optimum FICO success.
Every economic circumstance has it challenges. Today's economic climate is especially challenging. The roll here for those of us with greater experience and knowledge is to help those who ask to be helped in the most appropriate manor. At times this may mean helping in the way they need to be helped and not in the way they want to be helped. Delivering facts along with the frequently unwelcome exhortation to remain patient in the face of adversity is usually best. All of that assistance of course to be administered as patiently as possible.
“Pain is hard to bear,” he cried,
“But with patience, day by day,
Even this shall pass away.”
Theodore Tilton (1835–1907)
And the preaching is just about as successful as that on any given Sunday morning.
manyquestions wrote:
@Anonymous wrote:My impression is that is what posters preach here.
I do not mean total Abstinence I mean abstain from buying anything that you could not pay for in cash. I just think that if we preached this more and more maybe so many people would not be in credit trouble.
People are only going to hear what they want to hear, and change their ways if they want to change their ways.
I can't tell you how many threads I've read that begin, "I just did the dumbest thing: even though I almost had my score up to 700, I app'd for a rewards Visa from Bendover & Cough Bank. And I got it, but it has a crappy CL, plus there's an annual fee, and I didn't get the rewards card, just the straight one. I've already lost 5 points on EX, and that's just the inq --the card hasn't even reported yet! And it's such a useless card, a tank of gas will ruin the util; I can't believe I blew my chance of breaking 700 for another 4 months for such a stupid thing."
And there will be one post in reply saying ouch, sorry to hear it, live and learn, and then will come the posts asking, What was your CL? What's the fee? Did you ever burn them in the past? How quick are they to give CL's? I had a late 4 months ago, do you think they'll take me? --and on and on.
Until people get a vision of what they want their credit profile to look like, and work out a plan to get there, and a timetable to go with that plan, and then apply the determination and self-discipline to stick with the plan and timetable, everything will take two or three times as long to improve.
And yes, I've closed the $500 B&N MC!
--my only what-the-hell app, and immediately regretted.
haulingthescoreup wrote:
"... Bendover & Cough Bank...."
There was obviously useful information in what all of you posted, but I liked this the most 
@haulingthescoreup wrote:And the preaching is just about as successful as that on any given Sunday morning.
@manyquestions wrote:@Anonymous wrote:My impression is that is what posters preach here.
I do not mean total Abstinence I mean abstain from buying anything that you could not pay for in cash. I just think that if we preached this more and more maybe so many people would not be in credit trouble.
People are only going to hear what they want to hear Wizard's first rule (T.Goodkind), and change their ways if they want to change their ways.
I can't tell you how many threads I've read that begin, "I just did the dumbest thing: even though I almost had my score up to 700, I app'd for a rewards Visa from Bendover & Cough Bank. And I got it, but it has a crappy CL, plus there's an annual fee, and I didn't get the rewards card, just the straight one. I've already lost 5 points on EX, and that's just the inq --the card hasn't even reported yet! And it's such a useless card, a tank of gas will ruin the util; I can't believe I blew my chance of breaking 700 for another 4 months for such a stupid thing."
And there will be one post in reply saying ouch, sorry to hear it, live and learn, and then will come the posts asking, What was your CL? What's the fee? Did you ever burn them in the past? How quick are they to give CL's? I had a late 4 months ago, do you think they'll take me? --and on and on.
Until people get a vision of what they want their credit profile to look like, and work out a plan to get there, and a timetable to go with that plan, and then apply the determination and self-discipline to stick with the plan and timetable, everything will take two or three times as long to improve.
And yes, I've closed the $500 B&N MC!