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Credit Line increase

Super Contributor

Re: Credit Line increase

As the former owner of 70k of CC debt I was 100% responsible for it.  I wish I could blame someone else for that but I can't.
10/17/2017 FICO: EQ 829 TU 830 EX 826
Message 31 of 57
Established Member

Re: Credit Line increase

I agree 100%, but at the same time I think the CC companies make it too easy with getting you sucked into a low rate and then bam, it's so high that many can not pay their min. payment.  Would be nice to teach a class in high school  about debt vs savings. 
Message 32 of 57
Senior Contributor

Re: Credit Line increase


dee wrote:
I agree 100%, but at the same time I think the CC companies make it too easy with getting you sucked into a low rate and then bam, it's so high that many can not pay their min. payment.  Would be nice to teach a class in high school  about debt vs savings. 

No kidding!  I remember taking "Home Economics"...we learned to cook.  WTF????   Didn't learn to shop for bargains even.  Oh...we learned to sew too. Because all the chicks were to end up as homemakers.  Or secretaries.  I failed miserably at typing...never married & no kids.

 

So much for the school days!



Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 04/2017 TU 754 - EQ 757 - EX 747
Goal Score: 850

Bury me in the garden...last app 08.09.15

Message 33 of 57
Frequent Contributor

Re: Credit Line increase

I perhaps see this differently, but in my opinion I have no problems with any business in the way they run it NOR do I think the "Gov't" is the right group to regulate it.

 

Of my 4 Credit cards NONE of the banks forced me to take them and use them, so if I choose to, I find it strange to later blame them .

 

If they lower my CL, thats FINE as they are the ones extending the credit. If they were to raise my Interest rate, I feel the same way. I have never been in a store and had a credit card jump from my wallet to pay the bill. I always took it out.

 

Yes, they are changing the rules right now and frankly, if you read all the fine print in their disclosures, they have that right.

 

Like many on here, I see it as a point where a lot of people get a credit card and seemingly forget it is an obligation, as its so easy to say "CHARGE" where if we were putting out our money we needed for living expenses it would be different.

 

Now I am NO DIFFERENT than most on here. When BankAmericard (which became VISA) and "Interbank (which was MasterCharge, now Mastercard) were introduced (YES, I was ALIVE THEN) banks MASS MAILED them to people.

 

At one time I probably had about 20 or more of them and countless gas, store etc cards and YES, we spent like CRAZY, as we were young, making good money and wanted the "toys" we could get.

 

It took us almost 9 years to pay off debt and we eventually pared our cards down to 4. During that time, we learned that we could live on what we made and that credit was intended for "needs", which one has, as opposed to "wants" which seem never ending.

 

As I said, if all 4 banks cancelled our Credit cards tomorrow, I would not lose a seconds sleep over it. Since that time we changed, we have never used them except for things we could pay off monthly.

 

I have learned, as I am sure many have that Credit can be a wonderful thing or a killer, but in the end, I can blame NO ONE except myself for what I may owe, as I make the conscious choice to charge things.

 

As I read these forums, one discovers we all have different financial ideas and journeys we are on.There is no exact model to reach our goals, just what we think is best for us. The problem I see is when we forget who makes our choices and that is always us.

 

Hopefully, everyone on here will reach their financial goals and I wish them success in doing it.

Message 34 of 57
Established Member

Re: Credit Line increase

ha,ha, so true. not sure what the kids learn these days, cause they can't cook, or clean, and they spend like crazy!!! 
Message 35 of 57
Established Member

Re: Credit Line increase

I agree with you.  These past few days my husband and I have decided that maybe we will only keep two major cards, and of course the rates are low now, but who knows what the future will hold on those rates.  I think in six months we can pay them all off if not almost down pretty good, and once paid off, just cancel so we do not raise again.  You have to control yourself as no one else will do it for you.
Message 36 of 57
Valued Contributor

Re: Credit Line increase

CCC's remind me of the local loan sharks, only worse.  Once they get their hooks into you, you're done.  Be careful who deal with.  Tell them "Vinnie" sent you.  Smiley Wink
FICO 08
TU 839 11/11/17
EX 833 11/11/17
EQ 837 11/12/17
(NASA 30K) ( Amex 38.6k ) ( Freedom 10.6K ) ( US Bank Cash+ 20k, LOC 15k ) Winners never quit, and quitters never win
last app 5/15
Message 37 of 57
Senior Contributor

Re: Credit Line increase


marty56 wrote:
As the former owner of 70k of CC debt I was 100% responsible for it.  I wish I could blame someone else for that but I can't.

+1, brother!

Message 38 of 57
Senior Contributor

Re: Credit Line increase

DickC -

 

I so overwhelming agree with your post that I am going to squelch my desire to pick at it a little. We said.

 

+1

Message 39 of 57
Senior Contributor

Re: Credit Line increase


DickC wrote:

I perhaps see this differently, but in my opinion I have no problems with any business in the way they run it NOR do I think the "Gov't" is the right group to regulate it.

.

.

.

As I read these forums, one discovers we all have different financial ideas and journeys we are on.There is no exact model to reach our goals, just what we think is best for us. The problem I see is when we forget who makes our choices and that is always us.

 

Hopefully, everyone on here will reach their financial goals and I wish them success in doing it.


I cannot agree more.  To ask for govt regulation actually erodes our own freedom of choice and opportunity.  Free markets, free enterprise, freedom of choice and a free nation are all intertwined. 

 

I do agree that in this "sophisticated" age in which we teach children to use computers and the internet from their toddler years, we definitely need to overhaul the various methods and curriculums of financial education to include debt, credit, savings, money and it's value, the cost of interest on credit, the growth of interest savings.

 

Too many people these days use credit as their emergency fund and savings.  The problem with that method, is that when you are least able to pay financial obligations, you are increasing those obligations to meet others.

 

 

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Message 40 of 57