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

[mrgoattoo]

"So no credit scores for poor people?  Why stop there? How about no mortgages is you can't put down %20? Or no unsecured credit cards if you don't have a 700 fico score?"

Have you ever NOT been able to save $50 in a month?

If your finances are that bad off then a credit card is likely only going to end up causing more trouble.

I know because my ex wife put me there.

[juggalo9er]

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@bigblue7722 wrote:

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@fot1 wrote:

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@bigblue7722 wrote:

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@azguy13 wrote:

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@bigblue7722 wrote:

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@fot1 wrote:

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@bigblue7722 wrote:

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@fot1 wrote:

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@bigblue7722 wrote:

I dont understand why anyone would get a card with a monthly fee. Your much better off saving a little money up and getting a secured card. 

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It is simple eveyone has different, needs and means. For me the choice of a  Credit one  card was a lot better then a secured card.  It was quite easy to manage an 8 dollar monthly payment( skip one fast food lunch a month) vs $500-$1000 dollar secured cards ( sorry family no food for anyone for the next 4- 8 weeks)

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you can get a secured card for as little as 200 for fully secured or some people get cap one for 49 or 99 with a 200 dollar limit.  When you close your secured card you get your money back think of it as a savings account. That 8 dollars every month your not going to see any of it back. how much was the anuall fee for credit one?

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The $8 is the annual fee.. you just pay it monthly..    And again not eveyone has the  ability to pay that much in on shot for secured card..  And if somone is rebuilding and wants to open 2-4 cards that is a big chunk of change..

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I was looking at first premier banks site its like 95 for a processing fee. 75 dollars for the first year anuall fee. then 45 after that plus 6.25 servicing fee every month after the first year. So if you have the card open for two years thats 290 dollars. A cap one secured card for two years would cost you 258 but you get 200 back. Then i went to credit ones site its 75 for the first year then 8.25 a month after that. So thats 174 dollars gone after two years. 

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By your logic, someone should wait 2 years to open a secured card instead of paying the fees and starting to rebuild. Yes, we get it, you pay more with a card like CreditOne. Your choices may not be the same choices as others.

I think the biggest point here is that a lot of people don't have $200-$1,000 to put down for a secured card, no matter if they get it back or not. It is just like financing something. It's not like CreditOne or First Premier is a lifelong card....

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if you cant save 50 dollars a month and wait 4 months i dont think you should be getting any credit card. 

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So no credit scores for poor people?  Why stop there? How about no mortgages is you can't put down %20? Or no unsecured credit cards if you don't have a 700 fico score?

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Ive never seen someone get so defensive over 50 dollars. How can you compare it to a down payment on a mortgage? thats kinda sad to be honest. 

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thats exactly how i feel about 20% down on a home! Thank the lord almighty that i dedicated myself to the military at a young age and am using the VA with $0 down

[fot1]

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@mrgoattoo wrote:

"So no credit scores for poor people?  Why stop there? How about no mortgages is you can't put down %20? Or no unsecured credit cards if you don't have a 700 fico score?"

Have you ever NOT been able to save $50 in a month?

If your finances are that bad off then a credit card is likely only going to end up causing more trouble.

I know because my ex wife put me there.

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Plenty of times.. And that has no bearing on having a credit card and using it  or not using it..

[fot1]

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@mrgoattoo wrote:

"if you cant save 50 dollars a month and wait 4 months i dont think you should be getting any credit card."

Thats sort of what was going thru the back of my mind while reading.

If I ever NEED my credit cards Im cutting them up immediately. We use them for convenience and for a little protection when we buy online.

One thing I did find out when I was in my previous marriage is that credit cards can be dangerous if you NEED them because you dont have enough cash to get what you want anyway. Theres little that we normally buy with a CC that we couldnt just pay cash for. I did get my car loan on my citibank two years ago, but that was just so I could get 0% APR and not take a hard pull on my CR. 

If I were rebuilding credit now and couldnt just pay out a couple hundred for a secured card I honestly think I'd question whether I should get one at all for fear of 'needing' it at some point and getting back into trouble with it.

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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..

[myjourney]

[fot1]

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@myjourney wrote:

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Think she is checking me out

[mrgoattoo]

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@fot1 wrote:

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@mrgoattoo wrote:

"So no credit scores for poor people?  Why stop there? How about no mortgages is you can't put down %20? Or no unsecured credit cards if you don't have a 700 fico score?"

Have you ever NOT been able to save $50 in a month?

If your finances are that bad off then a credit card is likely only going to end up causing more trouble.

I know because my ex wife put me there.

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Plenty of times.. And that has no bearing on having a credit card and using it  or not using it..

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Not to be argumentative but really?

So you dont have $50 in a given month and you dont see how you MIGHT be in a postion to be living off your CC CL knowing you arent going to have $50 next month either?

Not sure what your situation was but from my many years of bad credit, fixing it only to lose it yet again due to conditions beyond my control I personally wouldnt even apply for a credit card if my finances left me unable to save a pittance of $50 a month.

Again, not be argumentative but we have to use some common sense here. Someone unable to save $50 in a given month is clearly riding the financial fence....not a good candidate for the inherent risk  credit cards can bring, in my experience.

[mrgoattoo]

"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.

[mrgoattoo]

This is just my two cents and those agree with it fine....or not thats fine too.

MY view of credit cards and when NOT to get them.

1. IF you NEED a credit card avoid it like the black plague.

2, If your monthly expenses are so close to your income that you find yourself ever thinking about borrowing, avoid apping for a credit card.

3. If you dont have a saving account with enough cash to pay at least half a months bill (preferably a month), then seriously consider not getting a credit card.

4. If you are an impulse buyer. Are you suckered in at the checkout by all that crap they try to shove on you at the last second? Be very careful about getting a CC.

5. Have you had credit problems in the past that were YOUR fault? If youve resolved those problems maybe its worth a risk. If you havent or you arent sure, dont risk it until you are. Even if it takes credit counceling.

Just my two cents

And Im 100% for the Secured Card that someone else mentioned.

[fot1]

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@mrgoattoo wrote:

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@fot1 wrote:

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@mrgoattoo wrote:

"So no credit scores for poor people?  Why stop there? How about no mortgages is you can't put down %20? Or no unsecured credit cards if you don't have a 700 fico score?"

Have you ever NOT been able to save $50 in a month?

If your finances are that bad off then a credit card is likely only going to end up causing more trouble.

I know because my ex wife put me there.

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Plenty of times.. And that has no bearing on having a credit card and using it  or not using it..

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Not to be argumentative but really?

So you dont have $50 in a given month and you dont see how you MIGHT be in a postion to be living off your CC CL knowing you arent going to have $50 next month either?

Not sure what your situation was but from my many years of bad credit, fixing it only to lose it yet again due to conditions beyond my control I personally wouldnt even apply for a credit card if my finances left me unable to save a pittance of $50 a month.

Again, not be argumentative but we have to use some common sense here. Someone unable to save $50 in a given month is clearly riding the financial fence....not a good candidate for the inherent risk  credit cards can bring, in my experience.

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