Most famous credit card myths around you?

[Anonymous]

I was looking for a post like this for a while and I did not find it, so if it is not merged or moved, I am going to leave this over here about the most common credit card myths you find in your environment

In my case, I would say that my family thinks that if you do not carry a balance and pay interest, you cannot have a credit score because you need to pay it (Tried already to explain to them that is not like that, ironically I am the most credit responsible in the family) Giving me from time to time some ¨tips¨ like you need to finance this but pay the huge interest on the card. However, then I see their situation and how much they pay in interest (Plus, having the CapitalOne Platinum for like eight years and the Suntrust Cash Rewards does not tell precisely that you care a lot about credit) They were amazed when they saw that I had the Quicksilver without annual fee for example. So I wanted to hear your stories about myths around the dark world of credit.

[Anonymous]

My roommate’s kid got taught by his economics teacher that checking your own credit lowers your score.

Roommate seems to think I am lying about never paying anything to use my credit cards. Every time I tell him I got a new one, his eyes fill with horror. He doesn’t get the concept that you can earn rewards for using a credit card. 

Roommate also always asks me what my interest rate is and says its crazy high. He doesn’t seem to get that I don’t pay interest either. It’s scary to think that he works with mortgages for a living...

[Anonymous]

That you need to run up the card and make payments to build credit. Stupid.. 

Or won't get credit cards to build credit. They want small loans and think that is the best way to build a credit score, and they pay interest on them.

They don't listen to me though.

I have a hundred(s) or so hours of research into credit and have more cards than anyone and better scores than everyone but yet they don't believe what I have to say to help them so I just don't even try much anymore.. 

[Loquat]

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@Anonymous wrote:

I was looking for a post like this for a while and I did not find it, so if it is not merged or moved, I am going to leave this over here about the most common credit card myths you find in your environment

In my case, I would say that my family thinks that if you do not carry a balance and pay interest, you cannot have a credit score because you need to pay it (Tried already to explain to them that is not like that, ironically I am the most credit responsible in the family) Giving me from time to time some ¨tips¨ like you need to finance this but pay the huge interest on the card. However, then I see their situation and how much they pay in interest (Plus, having the CapitalOne Platinum for like eight years and the Suntrust Cash Rewards does not tell precisely that you care a lot about credit) They were amazed when they saw that I had the Quicksilver without annual fee for example. So I wanted to hear your stories about myths around the dark world of credit.

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Talk of credit and finance are treated like politics and religion in my family...it's a topic that just doesn't get discussed.  Not to mention I don't think many of my family members would care about rewards or any of the such even if they could earn/save/explore the world.  

[Anonymous]

Or, the goold old, "I am trying to build credit, I have A loan to build credit, it's fine.."

Buddy, you need more than one little $500 secured loan to build any useful credit. Add atleast 1 credit card to that or better yet 3..

"No it's fine.."

Ugh.. 

[Anonymous]

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@Anonymous wrote:

My roommate’s kid got taught by his economics teacher that checking your own credit lowers your score.

Roommate seems to think I am lying about never paying anything to use my credit cards. Every time I tell him I got a new one, his eyes fill with horror. He doesn’t get the concept that you can earn rewards for using a credit card. 

Roommate also always asks me what my interest rate is and says its crazy high. He doesn’t seem to get that I don’t pay interest either. It’s scary to think that he works with mortgages for a living...

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Well, I have a friend that is an accountat but she spends way more enough to just consume all her income. That is very scary if you ask me, you work with number and budgets all the time but you run on a giant deficit on your personal finances (She is pretty good accountant too) The teller in my local TD branch also tried to recommend me the TD Cash card, but he did not know the perks and I needed to say them to him, plus then I had him as a customer and he had an Indigo/Credit One/ One of those fancy cards with annual fee and no rewards to rebuild or build credit that all of us should avoid. An interesting paradox, but true

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[nax]

For me it's the "You have no money so you use a credit card"

Family and friends think I use credit cards because I don't have the funds, but it's the opposite I have the funds and that's why I use the cards. I have showed my miles and my cash back rewards and still dosen't hit home for some. 

[wasCB14]

"Having a lot of cards necessarily means you have a lot of debt."

[longtimelurker]

"Cards need to grow"  "You need high CL for util padding"

Can't remember where I see those!

[Loquat]

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@longtimelurker wrote:

"Cards need to grow"  "You need high CL for util padding"

Can't remember where I see those!

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@longtimelurker You make me giggle.