topic Re: Fear & Control in Credit Cards

Fear & Control

Anonymous — Fri, 03 Oct 2008 13:14:33 GMT

When I was 18 I had a ton of credit cards with no self control or no ideal of how I would pay the credit cards back. At some point I didn't care that lead me to have to file a Chapter 13 at the age of 21 which now I feel like it was a easy way out an I could have gotten a part time job to pay the cards off but I was young an dumb.

What I'm trying to say is I'm so happy I had that experience when I was younger but it's really taught be discipline cause now I don't evan use my credit cards if I can't pay them off come my next payday.

An I would recommend to anyone try to avoid filling BK is your can only make the minimum payments for a while that's ok but get a part time job to avoid a BK.

I'm just speaking on my experience not trying to past judgment on anyone.

Re: Fear & Control

Anonymous — Fri, 03 Oct 2008 17:10:15 GMT

That same thing is going to happen to my nephew. He just turned 19 in college part time job but he will quit that soon, and he already has 16 credit cards (not an exxageration). He started getting them earlier this year, and every freakin app he put in has been accepted. He has almost every store card imagineable, two Chase cards, bunch of gas cards, Citi, and a bright shiny new AMEX green card.

I am 40 something and I have 2 cards (one a secured Orchard), I honestly think I am being discrimminated against because of my age. I have been turned down by banks (Hooters, Cap 1) that give cards to monkey's that fling their own poo. I started from scratch this year, just like my nephew has, and I honestly don't understand it.

Maybe when I was in college way back in the 80's I should have applied for a shi*load of cards like everyone else and filed a mid 90's BK like everyone else too.

Re: Fear & Control

Anonymous — Fri, 03 Oct 2008 17:22:31 GMT

@Anonymous wrote:
That same thing is going to happen to my nephew. He just turned 19 in college part time job but he will quit that soon, and he already has 16 credit cards (not an exxageration). He started getting them earlier this year, and every freakin app he put in has been accepted. He has almost every store card imagineable, two Chase cards, bunch of gas cards, Citi, and a bright shiny new AMEX green card.

I am 40 something and I have 2 cards (one a secured Orchard), I honestly think I am being discrimminated against because of my age. I have been turned down by banks (Hooters, Cap 1) that give cards to monkey's that fling their own poo. I started from scratch this year, just like my nephew has, and I honestly don't understand it.

Maybe when I was in college way back in the 80's I should have applied for a shi*load of cards like everyone else and filed a mid 90's BK like everyone else too.

Well he's setting himself up why does he need 16 credit cards at that age.

Re: Fear & Control

Miner — Fri, 03 Oct 2008 17:25:43 GMT

I only applied for and recieved 4 CCs in college and I got in over my head where I was only able to pay the minimum due most months. It took me a couple of years after I graduated before I was able to pay them all off and yet, during all that time, they just kept raising my CL, tempting me to get into more trouble.

Re: Fear & Control

Anonymous — Fri, 03 Oct 2008 17:34:11 GMT

@Anonymous wrote:

Well he's setting himself up why does he need 16 credit cards at that age.

Well because (like some of the people in this forum) he is addicted to getting them. I only want 5 cards myself. 1 gas, 1 store, 3 prime (Chase Citi Discover or AMEX) thats it, I also don't put money on my cards unless I know I can PIF. I am sure this Christmas I might carry a balance in January (of course it won't go past that when I only have two cards with $300 limits)

It just irks me to no end to see him get these approvals, some with decent limits (Hooters $2500, Citi $1000) and I got turned down for both. My income is 8 times what he makes. I can only think it is my age...

Re: Fear & Control

Anonymous — Fri, 03 Oct 2008 17:46:14 GMT

@Miner wrote:
I only applied for and recieved 4 CCs in college and I got in over my head where I was only able to pay the minimum due most months. It took me a couple of years after I graduated before I was able to pay them all off and yet, during all that time, they just kept raising my CL, tempting me to get into more trouble.

Yeah the CLI was a trap to keep you in debt.

Message Edited by mjbfan79 on 10-03-2008 12:46 PM

Re: Fear & Control

Anonymous — Fri, 03 Oct 2008 17:46:55 GMT

I guess maybe they think I am too smart (and old) to fall into their trap... and that is why I don't get approved?

Re: Fear & Control

Anonymous — Fri, 03 Oct 2008 17:52:20 GMT

@Anonymous wrote:
Well because (like some of the people in this forum) he is addicted to getting them. I only want 5 cards myself. 1 gas, 1 store, 3 prime (Chase Citi Discover or AMEX) thats it, I also don't put money on my cards unless I know I can PIF. I am sure this Christmas I might carry a balance in January (of course it won't go past that when I only have two cards with $300 limits)

It just irks me to no end to see him get these approvals, some with decent limits (Hooters $2500, Citi $1000) and I got turned down for both. My income is 8 times what he makes. I can only think it is my age...

Yeah i think you do have a better chance at getting approved for cards when your younger with no credit history especially collage students. My question to you is you said in a previous thread that you where in your 40's why are you just not starting to establish your credit. Did you file a BK a few years back?

Message Edited by mjbfan79 on 10-03-2008 12:52 PM

Re: Fear & Control

Anonymous — Fri, 03 Oct 2008 17:57:37 GMT

No, I have never had a BK. I paid for everything in cash up until now, and used my VISA check card. I went to buy a BMW in June, and that is when I learned all about credit and how it works. BMW was not going to give me the car at first, even with my income and having no debts. But they found a bank willing to finance me at 25% interest.

That is why I suddenly care about credit. I want my next car to be a Porsche. I want to buy this car within the next few years, and I want a great score when I walk into the dealer so I am not treated like garbage and given a high interest rate.

Re: Fear & Control

Miner — Fri, 03 Oct 2008 18:40:59 GMT

Welcome to the world of distorted credit. Those who should have the best credit (ie. pay cash for everything, own their Home and cars outright) have the worse credit of all. And despite that, my goal is still to be one of them (though I'll keep my CCs).

If the only thing on your credit is that 25% interest rate car, wait until 6 months after you got the loan and then try applying for a credit card from your bank again. The longer you've had that loan, the more favorable banks will treat you.

Message Edited by Miner on 10-03-2008 11:40 AM

Re: Fear & Control

Anonymous — Fri, 03 Oct 2008 19:01:59 GMT

@Anonymous wrote:
That same thing is going to happen to my nephew. He just turned 19 in college part time job but he will quit that soon, and he already has 16 credit cards (not an exxageration).

I am 40 something and I have 2 cards (one a secured Orchard), I honestly think I am being discrimminated against because of my age.

Don't worry - your nephew will probably be where you are soon enough, just a different route. He'll get into all kinds of debt he can't crawl out of and end up with one secured card a few years down the line.

At least you never had the stress he's going to go through...

Re: Fear & Control

Anonymous — Fri, 03 Oct 2008 19:19:31 GMT

@Anonymous wrote:
No, I have never had a BK. I paid for everything in cash up until now, and used my VISA check card. I went to buy a BMW in June, and that is when I learned all about credit and how it works. BMW was not going to give me the car at first, even with my income and having no debts. But they found a bank willing to finance me at 25% interest.

That is why I suddenly care about credit. I want my next car to be a Porsche. I want to buy this car within the next few years, and I want a great score when I walk into the dealer so I am not treated like garbage and given a high interest rate.

I would take no credit then bad credit anyday cause you start out clean make sure you pay your bills on time an let your accounts age you will get there with time be patient.

Re: Fear & Control

Anonymous — Fri, 03 Oct 2008 19:21:07 GMT

@Anonymous wrote:
Don't worry - your nephew will probably be where you are soon enough, just a different route. He'll get into all kinds of debt he can't crawl out of and end up with one secured card a few years down the line.

At least you never had the stress he's going to go through...

Yeah young Nephew is out of control he needs to slow it down.

Re: Fear & Control

cw81 — Fri, 03 Oct 2008 19:24:03 GMT

Been there done that still have the musty old tshirt and battle scars to go along with it. I had almost every card you could think of in college , Discover , Sears, Spiegel, Cap 1 etc the only one I didn't have was Amex. I was responsible so I paid regularly and I kept getting CLIs and new preapproved offers an I would app and get them.

Well I run into some trouble when I didn't get the job offers I was looking for and the economy wasn't conducive to my finding a job. Soon I was delinquent on everything and they all had to go. I probably will never get a Discover card again. Citi probably wont touch me either. Cap 1 welcomed me back 2x even though the last time they hit the rocks when my income was reduced drastically but they have given me another chance.

Well after living a cash based lifestyle for a while it came to my attention that I will need some sort of positive credit to get a home etc so here I am rebuilding.

Pappy 25% on a Bimmer ouch I suggest you look at Re fi with CU when you have some history like 6 months or so.

Re: Fear & Control

Anonymous — Fri, 03 Oct 2008 19:24:39 GMT

@Anonymous wrote:
I guess maybe they think I am too smart (and old) to fall into their trap... and that is why I don't get approved?

There might be some truth to that an they might be thinking why is a man of this age with no credit at all. But i feel like hey it's a good thing to pay for everything with cash cause you have no bills BUT there may come a time where you might just have to depend on credit when you don't have cash.

Re: Fear & Control

Anonymous — Fri, 03 Oct 2008 20:00:49 GMT

Tell me about it. It hurts paying that much in interest.

Re: Fear & Control

Anonymous — Fri, 03 Oct 2008 20:05:33 GMT

@Anonymous wrote:

There might be some truth to that an they might be thinking why is a man of this age with no credit at all. But i feel like hey it's a good thing to pay for everything with cash cause you have no bills BUT there may come a time where you might just have to depend on credit when you don't have cash.

I feel I get that response when I call in for a recon. I always get asked, why haven't you applied for credit until this year? I am honest and say, up until my recent purchase of a car, I never felt I needed credit.

By the way, I do not follow that Dave Ramsey guy, but I lived like he wants people to live, and although I have had a real good (and lucky) life, I feel at my age I want a few nicer toys, and I now see that great credit is the way to achieve this. It just sucks always being told no, when I see others who are far worse off than I am getting approved.

Re: Fear & Control

Anonymous — Fri, 03 Oct 2008 20:12:01 GMT

@Miner wrote:

If the only thing on your credit is that 25% interest rate car, wait until 6 months after you got the loan and then try applying for a credit card from your bank again. The longer you've had that loan, the more favorable banks will treat you.
Message Edited by Miner on 10-03-2008 11:40 AM

I also have my two secured cards, one from my bank and one from Orchard (I got all three TL's in June). By the way, does anyone know what type of score someone like me would have just starting out when one does finally report?

Re: Fear & Control

haulingthescoreup — Fri, 03 Oct 2008 23:02:32 GMT

Work those two secured cards, and after 6 months, with limited history but no baddies, 660 - 680 is reasonable. At that point, you can get a real card. Let all three report, and after 12 months from starting (6 months after the real card), 700 - 720 is typical.

You are in the same credit demographic as 18-year-olds and new immigrants to the US, so everything that I've seen happening with them should happen to you as well.

Ah, to be (credit) young and (credit) pure!

Re: Fear & Control

jmbfl — Sat, 04 Oct 2008 00:46:13 GMT

@haulingthescoreup wrote:
Ah, to be (credit) young and (credit) pure!

Never again in our lives I'm afraid!