$36,000 limit with Chase!!

[johnpalley]

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@eagle2013 wrote:
Credit is NOT money. Please don't get the two confused.

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this might be the most unintelligent post in this whole thread. credit isnt money lol you sound crazy

[azguy13]

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@johnpalley wrote:

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@eagle2013 wrote:
Credit is NOT money. Please don't get the two confused.

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this might be the most unintelligent post in this whole thread. credit isnt money lol you sound crazy

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Let's keep it respectful

[johnpalley]

my fault az

[Shogun]

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@azguy13 wrote:

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@johnpalley wrote:

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@eagle2013 wrote:
Credit is NOT money. Please don't get the two confused.

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this might be the most unintelligent post in this whole thread. credit isnt money lol you sound crazy

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Let's keep it respectful

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+1

[eagle2013]

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@johnpalley wrote:

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@eagle2013 wrote:
Credit is NOT money. Please don't get the two confused.

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this might be the most unintelligent post in this whole thread. credit isnt money lol you sound crazy

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This line of thinking is exactly how so many people fall into financial ruin (credit card debt, bankruptcy). Again, credit is NOT money. If it was money you wouldn't have to pay the banks a fee for a cash advance. You also wouldn't have a cash advance limit on your credit cards. It is intangible exposure that can increase AND decrease at any time without your knowledge, unlike "money". Besides, do you think people with "real money" like millionaires and billionaires are concerned about their "high" credit lines? Give me a break. The only "money" you have is in your bank accounts, savings, CDs, retirements, investments, property, etc. 

By the way, try to retain an attorney or post bail in your hypothetical "murder charge" scenario and see how far your 'money', i.e. credit will get you. 

[longtimelurker]

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@johnpalley wrote:

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@eagle2013 wrote:
Credit is NOT money. Please don't get the two confused.

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this might be the most unintelligent post in this whole thread. credit isnt money lol you sound crazy

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OK, to use your example.   Person A has $400K in credit lines, person B has $400K in cash.  Both suddenly need a lawyer to avoid 30 years in prison.

Both succeed and are billed $400K by their legal teams.   Clearly money well spent for both, but now are they both equally well off financially?   Obviously so as credit is money!

Also, high credit lines may also prevent you getting cards you really want, as some lenders get nervous.  Not necessarily a huge issue, but a factor.

[john398]

Be careful, I have heard of Chase closing down accounts when more than 4 are opened in a 12 month period

[elbori357]

I currently bank with Chase (6 years), business and personal accounts with balances totaling over 200k in checking and savings and yearly income of 197k and I had to explained to the credit analyst why I had 9 inquiries in a year in order to get my CSP yesterday at my local bank. NOW. I am having a hard time understanding any approval with Chase with so many inquiries in this case 50. Uummm just does not sit well. Also the value of opening 8 accounts with minimum $ in it serves minimal to no benefit in the decision making process specially with so many inqs. Perhaps the OP can better explain her "secret".

[axledobe]

It's blowing my mind that people believe OP.  Please remember, you can't believe everything you read on the internet. 

[eagle2013]

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@longtimelurker wrote:

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@johnpalley wrote:

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@eagle2013 wrote:
Credit is NOT money. Please don't get the two confused.

---

this might be the most unintelligent post in this whole thread. credit isnt money lol you sound crazy

---

OK, to use your example.   Person A has $400K in credit lines, person B has $400K in cash.  Both suddenly need a lawyer to avoid 30 years in prison.

Both succeed and are billed $400K by their legal teams.   Clearly money well spent for both, but now are they both equally well off financially?   Obviously so as credit is money!

Also, high credit lines may also prevent you getting cards you really want, as some lenders get nervous.  Not necessarily a huge issue, but a factor.

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That's assuming you can pay for an attorney on your credit card, which most law firms, especially big law and very high stakes cases won't even touch. This is why for most things (mortgage, insurance premiums, taxes, etc.) you cannot use a credit card for, at least directly. These things require CASH money, not credit.

Look, I like credit cards. I like higher credit limits. The main purpose of having my cards are to be rewarded for purchasing things that I have to, or would have bought anyway with CASH. Again, this is just my opinion to never get in the mindset of thinking that because you have $100k in credit, that is "money". No, the money you have is in your bank account.