anybody heard of a 0 credit score

[the chi]

Originally Posted by thunderex

Maybe most people do it that way but we definitely use credit cards for the bonus miles. We pay our bills off every month. But since my wife's parents live out of the country we use up our miles every year flying them here and us flying there. I know tons of people who pay their credit card bills off every month and use them for convenience/rewards. My brother's a doctor and he has a shitton of cash right now. I mean, a LOT. He still uses his credit card almost exclusively.

Why use a check card when you treat a credit card the same way with the extra benefit of improving your credit score?

Again, like I said, MOST people. Thus the reason there is so much debt that people cant or dont pay these days. Most average folks DONT pay the CC off every month, and most people dont understand the damage they do to use money they dont have in the form of credit. I dont need to have a credit card to improve my credit when its already built, and I still have accounts reported that are in good standing.

Originally Posted by Homeslice

Uh, no I'm not kidding. I'm not "most people"..........I have plenty of cash in savings and such, so I don't use credit cards because I HAVE to, I use them because they're convenient and give me rewards.

And I prefer credit cards over debit cards because..........I'm old school. I don't like the idea of going around shopping with a debit card and then not really knowing how much is left in my checking acct until I go home and log into the website. I deliberately keep my checking acct balance low, because banks don't give good interest rates on them. So I wouldn't want to go around shopping on the debit card and then having it bounce because I used all my balance. With a credit card I don't have to worry, because the credit line is 10 or 20K, so I have no worries about exceeding the limit.

And I doubt most debit cards give you 1% cash back (and 3% on your biggest merchandise category that month), like my credit card does.

I am not sure how you think you've "owned" me, since you havent, but its a personal preference and depends on how your accounts are set up.

My check card functions just like a credit card, I get cool "bonuses" and if I dont have the money in my checking or savings account to draw on, then I definitely dont need to be using a credit card as that tells me I am spending money I dont have right now.

I have accounts that I could cash out if I wanted to run up a huge credit card bill, but if I have money in my checking and savings accounts, as well as overdraft to protect me from overdrawing, then why would I "need" to have a credit card to spend money I dont have readily available? Why wouldnt I just wait till I have the money in my account to splurge on what I want, versus using money I dont really have a the time?

It makes more sense to me to wait, to make sure that its worth spending my hard earned money on, and to see the consequences of it being spent than to use "credit", run up a bill, and have to pay the piper at a later date.

It may sound like a hassle to you, but having been on the side where I couldnt pay that "free" money bill off every month, and having to rob peter to pay paul because I made poor decisions, well, I'll stick with my cash accounts, thanks.

[fasternyou929]

Originally Posted by The Chi

You're kidding right??

I mean seriously??

Most people who use CC's use them because they dont have ready monies available, NOT because they want the bonuses or miles.

That's just plain not true. I can't find the report now, but WELL below 50% of card carriers fail to pay off their balance at the end of the month.

This year I'll get over $1000 cash back from AmEx Blue... why the HELL wouldn't I do that?

And for check cards v. credit cards: credit cards show up on your credit report, check cards don't. If I lose or someone gets hold of my credit card, my available cash isn't locked up and crucial payments (mortgage for example) don't bounce.

What is your argument for using a debit card instead of credit? Unless you don't trust yourself to spend within reason on a credit card?

[Homeslice]

Originally Posted by The Chi

My check card functions just like a credit card, I get cool "bonuses" and if I dont have the money in my checking or savings account to draw on, then I definitely dont need to be using a credit card as that tells me I am spending money I dont have right now.

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

[Rider]

If this guy had a history of paying cash for everything for the last number of years, why is it that all the sudden he needs to buy a car on credit? Why is he changing his spending habits? Did he run out of money? loose his job? Second source of income is now gone to due a spouses death or divorce? Like I said in my earlier post, it just doesn't make sense to me.

[fasternyou929]

Originally Posted by Rider

If this guy had a history of paying cash for everything for the last number of years, why is it that all the sudden he needs to buy a car on credit? Why is he changing his spending habits? Did he run out of money? loose his job? Second source of income is now gone to due a spouses death or divorce? Like I said in my earlier post, it just doesn't make sense to me.

Maybe there's a 0% finance offer and there's no reason not to take a loan now? Could be something really simple, not necessarily fishy.

[RACER X]

Originally Posted by fasternyou929

That's just plain not true. I can't find the report now, but WELL below 50% of card carriers fail to pay off their balance at the end of the month.

thats hard to believe w/ the country in the sit. "we're" in....

[the chi]

Originally Posted by fasternyou929

Maybe there's a 0% finance offer and there's no reason not to take a loan now? Could be something really simple, not necessarily fishy.

Good possibility, I know a few people that opt to do this when they have the option, and when the special financing runs out, they just pay it all off...

Originally Posted by RACER X

thats hard to believe w/ the country in the sit. "we're" in....

for once, I agree with you.

[fasternyou929]

Originally Posted by RACER X

thats hard to believe w/ the country in the sit. "we're" in....

You're right, I wasn't aware the unemployment rate hate broke 50%.

[shmike]

Originally Posted by fasternyou929

Maybe there's a 0% finance offer and there's no reason not to take a loan now? Could be something really simple, not necessarily fishy.

Yep. Why use your money when you can use someone else's for free?

Just like those of us that use CC's but don't carry a balance.

Or maybe he has been driving the same paid off car for a decade now. He wants a new car and he wants to finance it.

I love how sound financial decisions get called out as "fishy" because they aren't the norm for many.

[shmike]

Just wanted to add, if a guy recently went through a bankruptcy or otherwise shitty financial situation, it would be no surprise that his score sucked or would be nonexistent.

If that were the case, why would you post about it online? You'd already know the answer.