Matrix makes it impossible to have a $0 balance.....

[fot1]

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@mrgoattoo wrote:

"And what makes you think people who make less wouldn't use them the same? Plus having credit cards just sitting in a SD help build credit and scores.."

I always keep my finances where my monthly spending is no more than 70% of my monthly income (currently 62.5% of our income).  I have done it this way since trying to rebuild my credit again this last time after the second wife ran me hundreds of thousands in medical debt.

IF I were in a situation like my ex liked to keep me in where I was spending 99-100% of my income every month just to keep the lights on there is no way Id risk getting a credit card. Sorry....but I got to watch my perfect credit be destroyed when I married the first time and my first wife like to live on the wild side and see if I could keep the books balanced while she went nuts with our credit line. 

ive even watched a good man Ive known for years end up living on his credit cards and then losing any semblance of good credit when he was unable to repay. 

I just dont personally see how someone whos finances cannot handle saving $50 a month would be so sure of things to think that their car might not break down and they'd end up having to max out a card fixing it with literally no chance of paying it off (since they obviously dont have the income to do so if they cant save a few dollars a month).

Ive been on this site for some time now and I typically agree with 100% of all the stuff I see in here but this is one area, having had my own credit destroyed twice by this sort of budget acrobtics, that I personally just cant agree with.

Its nothing against the poor. its just using common sense. If you cant save $50 a month then clearly your finances are riding the fence. ONE little issue comes up and your using a CC that you wont be able to repay. Again, Ive been there.

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Or maybe a person  plans to solely use a credit card and pif  each month and the saving $50 a month plays no part.. You are painting with way to wide of a brush.. The $50 a month went a long with someone thing the only good way to rebuild ones credit was with secured credit cards..

[azguy13]

 I think we are moving in a negative direction here as there is no constructive conversation going on, just bickering back and forth. How about this...

We can all accept that different people have different financial needs and this may factor in on the secured card vs monthly fee card. Either way, whoever is in ths situation has decided to fix their credit woes and is moving is the right direction.

So, whether you go monthly fee or secured.... Bravo for taking charge of your credit! It's a pain but it's also a necessity.

[Crisis]

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@azguy13 wrote:

 I think we are moving in a negative direction here as there is no constructive conversation going on, just bickering back and forth. How about this...

We can all accept that different people have different financial needs and this may factor in on the secured card vs monthly fee card. Either way, whoever is in ths situation has decided to fix their credit woes and is moving is the right direction.

So, whether you go monthly fee or secured.... Bravo for taking charge of your credit! It's a pain but it's also a necessity.

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I'm in agreement.  Ladies and gentlemen, maybe it's time to go to your respective corners.  Maybe we can have something constructive and supportive? 

"If you can't say something nice, don't say anything at all." Flower's Mother from Disney's Bambi

[mrgoattoo]

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@fot1 wrote:

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You asked have I not ever, not could I on a regualr basis.. To vastly different things

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I have zero intentions of playing semantics games here. I think we BOTH understood that I meant in an ongoing fashion because one month of not being able to save $50 would have obviously been irrelevant to the issue and the point.

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"Or maybe a person  plans to solely use a credit card and pif  each month and the saving $50 a month plays no part.. You are painting with way to wide of a brush.. The $50 a month went a long with someone thing the only good way to rebuild ones credit was with secured credit cards.."

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The problem is that when a persons finances are that close, as Ive already explained to you, ONE little incident ...car breaking down, etc....and now your living off that credit card since you didnt even have an extra $50 that month.

I know because Ive been there when my ex decided to keep me broke even though I was making good money. My credit cards were trashed pretty quickly.

The car repair of $800 gets charged, you dont have even $50 that month you could save so you certainly arent paying the $800 off. 60 days later youre paying interest on a credit card balance you cant pay off. God help you if another incident happens and you have to charge something else. Ive seen lives ruined because of credit cards.

Ive been thru it and we are going to have to agree to disagree here, its as simple as that.

its a bad idea to get a credit card if your income is on the fence with your expenses.

Again, my opinion based on my experiences since about 1986 or so.

[mrgoattoo]

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@Crisis wrote:

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@azguy13 wrote:

 I think we are moving in a negative direction here as there is no constructive conversation going on, just bickering back and forth. How about this...

We can all accept that different people have different financial needs and this may factor in on the secured card vs monthly fee card. Either way, whoever is in ths situation has decided to fix their credit woes and is moving is the right direction.

So, whether you go monthly fee or secured.... Bravo for taking charge of your credit! It's a pain but it's also a necessity.

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I'm in agreement.  Ladies and gentlemen, maybe it's time to go to your respective corners.  Maybe we can have something constructive and supportive? 

"If you can't say something nice, don't say anything at all." Flower's Mother from Disney's Bambi

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Agreed.

I didnt expect it to turn into this. Ive been thru pretty much everything with credit cards and from great credit to horrible credit to bankruptcy and rebuilding my credit only to to have it wiped out again during a second marriage. Ive worked years now getting it back up to the 800ish score its at now and I know that CC's are dangerous if ones income isnt sufficient enough to allow some sort of monthly income buffer.

I'll just not respond again about it to keep it from escating from here.

[09Lexie]

Let's remember to be respectful in your comments, as to not violate myfico's TOS and User Guidelines.

Lexie, myFICO Moderator

[Booboo71]

Capital one secured allows you to pay on a secured card I believe 70 days. So all the money is not needed at once. Just my two cents.