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Securing High Credit line

Boswd
Valued Contributor

Re: Securing High Credit line

good for you NWM, that's exactly what you should use your credit cards for , small purchases and in case of emergencies and occasionly booking you vacation.    People love to play around with high limits and buying toys on their cc  having full intention on paying it down in the next ensuing months.  But it only takes one good car in the shop, one good medical problem and then BAM   let the fun of major debt begin.  Credit Cards are evil.  A necissity but  evil.   People need to start using their debit cards more than using their credit cards.
Message 11 of 15
Brammy
Moderator Emeritus

Re: Securing High Credit line



Boswd wrote:
good for you NWM, that's exactly what you should use your credit cards for , small purchases and in case of emergencies and occasionly booking you vacation.    People love to play around with high limits and buying toys on their cc  having full intention on paying it down in the next ensuing months.  But it only takes one good car in the shop, one good medical problem and then BAM   let the fun of major debt begin.  Credit Cards are evil.  A necissity but  evil.   People need to start using their debit cards more than using their credit cards.


 
If you are referring to my comp purchase well ... You know what they say when you 'assume'.   Since I own my own business and just brought on a new employee who needs her personal workspace, my purchase was NOT a TOY.  Wireless networking is essential in a small office space unless of course you want to be sued when your employee falls over a cable and lands on her face and it is cheaper than having some guy instal wires hidden all over the office.
 
I don't charge anything that I don't have cash to pay for, I just prefer that my money works for me NOT the other way around. 
 
As long as you don't understand the difference between good debt and bad debt you wil never be on top of the credit game.  Even if I revolved this debt the interest is 100% deductible as a business expense

Message 12 of 15
TheNewWorldMan
Valued Contributor

Re: Securing High Credit line



@Boswd wrote:
good for you NWM, that's exactly what you should use your credit cards for , small purchases and in case of emergencies and occasionly booking you vacation. People love to play around with high limits and buying toys on their cc having full intention on paying it down in the next ensuing months. But it only takes one good car in the shop, one good medical problem and then BAM let the fun of major debt begin. Credit Cards are evil. A necissity but evil. People need to start using their debit cards more than using their credit cards.





Agreed...though Brammy's case appears to be business related, and other factors enter into the equation there. But my view on debt in general was learned when that fabled School of Hard Knocks gave me my B.S. degree in Street-level Financial Management. I'm a firm believer in Murphy's Law, and I have found that going into personal debt is basically hanging a red flag on your rear end, hanging it out the window, and saying, "Murphy, please shoot me!" Seems like most of the knocks I took in life just happened to come at times when I was overextended and thought at the time, "Gee, this is okay...I can pay this later." I'm sure Murphy was having a real belly-buster when I said that...

Now if you're in Brammy's shoes and you are charging an asset that you can claim as a business expense and that you reasonably expect will provide a financial return, I think the rules are different.
- - - -
in a credit-scoring postnuclear Stone Age...
Message 13 of 15
Boswd
Valued Contributor

Re: Securing High Credit line

Brammy,  I wasn't referring to you at all,   I was reffering to the general public, myself included back in the day when I had three GREAT cc and a great FICO score.     People buy toy's   Flat screen TV's, the best stereo's    tons of clothes and shoes etc.
 
It is soo easy to to abuse credit cards,  TOO EASY.   All I was saying is people need to educated themselves on handling credit, discpline themselves, and use the debit card more often than the  credit card.     And from what I've been reading on this board for the past few months, people should worry first about getting their debt under control first before worrying about raising their FICO score.  It sounds like alot of people are spreading themselves out too thin, like opening up new credit cards, or take out a loan they don't need so it can get reported to the CB's in hopes their score will raise because of this.     This is a fast track to financial trouble.  OH  I KNOW FIRST HAND. 
Message 14 of 15
Brammy
Moderator Emeritus

Re: Securing High Credit line



Boswd wrote:
Brammy,  I wasn't referring to you at all,   I was reffering to the general public, myself included back in the day when I had three GREAT cc and a great FICO score.     People buy toy's   Flat screen TV's, the best stereo's    tons of clothes and shoes etc.
 
It is soo easy to to abuse credit cards,  TOO EASY.   All I was saying is people need to educated themselves on handling credit, discpline themselves, and use the debit card more often than the  credit card.     And from what I've been reading on this board for the past few months, people should worry first about getting their debt under control first before worrying about raising their FICO score.  It sounds like alot of people are spreading themselves out too thin, like opening up new credit cards, or take out a loan they don't need so it can get reported to the CB's in hopes their score will raise because of this.     This is a fast track to financial trouble.  OH  I KNOW FIRST HAND. 


 
Yep.  I buy toys with cash.  Even my flat screen tv.  I don't want to still be paying on something after I find something new and want something else.

Message 15 of 15
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