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Regular Contributor
carlos1102
Posts: 130
Registered: ‎03-25-2008
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Re: How do we fight them !!!!????


usmc58555 wrote:

carlos1102 wrote:
The problem is that we need a credit card or loan to have good credit. If you don,t have a credit card or loan you will have a very low score or non at all. And is no fair that if I want to finance a home first I have to get credit cards and loans a high APRs and fees. I really think that the government have to step in to control all this mafia.  I think every body should star with a good fico . Not asking for credit means you are no in financial distress, means your are not looking for free money. On the other hand if you default on your credit you should be reported until you pay all your balance. Not the 7 year deal.  if you pay that default account in 1 year is not fair to have bad credit for 6 years more, you are showing that you are pay your obligations. It is also not fair that somebody seeks credit with no intent to pay it back and 7 seven years later start all over.

Extremely incorrect.
A credit card with a 29.9% is the same as a Credit Card with a 7.9% rate if you pay in full each month. So yes you can have a credit card with credit history and not be disadvantaged by the interest rate.

 

Only someone who charges more then they can afford and pay is held hostage.

 

So yeah the blame goes back to the user.

 

 


a person with no credit will only be approve by subprime card with a monthly maintenance fee annual fees. Or a secure card that will charge you a annual fee and high interest rate on your own money. And the main point is that if I want to finance a home I have to obtain a credit card or loan first
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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: How do we fight them !!!!????


carlos1102 wrote:

a person with no credit will only be approve by subprime card with a monthly maintenance fee annual fees. Or a secure card that will charge you a annual fee and high interest rate on your own money. And the main point is that if I want to finance a home I have to obtain a credit card or loan first


It's very true that you're probably going to get stuck with a fee card in the rebuilding phase. But the secured card isn't "charging you a high interest rate on your own money."

I don't think that you collect interest on the deposit that you put down to secure the card (I could well be wrong), but nevertheless, there is no reason for you or any other consumer to ever pay a penny of credit card interest. Just don't use it for anything that you wouldn't pay cash for, cash that you already have, so that you can pay your bill well before the due date and never have a balance from month to month.

So given that, the trick is to find a card with a minimum of fees. You especially want to avoid cards that try to make you pay for paying --charging fees for online payments, or fees so that they will credit your account in less than 4 days, and so forth. If you can find a secured card from a credit union, that might be the most painless method.

It's really important to reject the mentality that having a credit card = carrying credit card debt. Sure, there's always some dues-paying involved in rebuilding credit, but don't let yourself get sucked into CC debt in the process.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

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