anybody heard of a 0 credit score

[neebelung]

Originally Posted by Homeslice

If you say so

Well at least we can agree on that.

[Rider]

Well they have different rules but in a way they work the same. I write you a check , you cash that check at your bank, you get paid. It works the same for both types, it's just in the MMA you have to keep a higher balance and you are limited to a small number of transactions.

[the chi]

Originally Posted by shmike

I know the answer, I just wanted The Chi to explain it.

We were talking checking accounts, Chi brings up M.Mkts and then argues that they're basically the same.

They are not the same.

Like Rider said, regardless of whether you like the answer or the argument, it is STILL a checking account and you cant say its "not the same".

It comes with checks, you can write checks, therefore, it is a checking account.

Regardless of the rules, it is what it is. You and your constituents failed to clarify the TYPE of checking account. Fail on your part.

[shmike]

Originally Posted by Rider

Well they have different rules but in a way they work the same. I write you a check , you cash that check at your bank, you get paid. It works the same for both types, it's just in the MMA you have to keep a higher balance and you are limited to a small number of transactions.

If I write you a check from my investment account, you cash it at your bank, you get paid.

It works just like an MMA which works just like a checking account, does that make it the same?

[Smittie61984]

I didn't get a CC or a loan until I was 23. At 22 I was trying to buy my 1st motorcycle. I wanted a KLR650 and could have walked out the door for $4700 (07). I had $2000 to put down and 0 credit history. I still couldn't get a loan. I went to a bagillion dealerships. They told me that if I had a reposession I'd have a better chance of getting a bike

Only loan I found I could get was on a new FZ6 with a 21% interest rate. I just fucking laughed and walked out.

A buddy of mine makes sure he has a loan out at all times. He has impecable credit because of it.

[101lifts2]

Originally Posted by Homeslice

Like I said, I deliberately keep my checking acct balance low, because they don't give good interest rates on them. The rest of my free cash I put into CDs or internet savings accts, all of which pay much better interest rates than a checking account. But none of them allow you to draw against them using a debit card. Which is a big reason why I use credit cards instead.

Hell, the big push by banks to encourage people use debit cards is probably because they want you to put more of your money into low- or even no-interest paying accounts. No thanks. They can keep their lame 0.01% interest rates

I'll bet that the interest you make off the money you use to pay off your credit cards is about 1-200 a year vs. just using a debit card. I use a debit card because I participate in the keep the change with every purchase. Forces me to save more into savings.

As far as credit cards, they are good if you can get a 0 percent financing, but up until the Congress CC laws pass, carrying a balance becomes scary.

[LeeNetworX]

[LeeNetworX]

Originally Posted by Homeslice

Can't they set up their own electronic transactional system and tell Visa/MC to take a hike?

Lord knows what kind of crazy non-compete agreements financial institutions *may* sign when getting on board with Visa, M/C, Amex, etc. in order to distribute credit cards? For all we know, it's a possibility.