anybody heard of a 0 credit score

[the chi]

Just some stats for thought...

43% of Americans carry a balance on their credit card.

One in 6 families with credit cards pays only the minimum due every month.
109 million credit card holders pay off their balance monthly or at least pay more than the minimum amount required.

With a minimum monthly payment of only 2% required on a card balance of $10,000 at 18% it would take 58 years to pay off the entire amount, with the cardholder paying $28,931 in interest. By paying a minimum monthly payment of 4% a cardholder would pay the same $10,000 off in 15 years and pay only $5,916 in interest.

Another tidbit...

Americans are addicted to the convenience of shopping with credit cards. Today 74.9% of all households have a credit card, 46.2% of all families carries a credit balance. The average household has $7,000-8,000 in credit card debt and pays 14.29% of disposable income for consumer debt payments. This debt is dragging down the household savings rate. As long as we only pay the minimum payment and continue to charge, we will never get out of debt and get serious about saving.

Now both state that in the 40% range people carries a credit balance...that reads to me that they dont pay it off monthly, so it def appears that it is not well below 50%.

Racer, is there more said from this guy about reasons for just now wanting credit?

[RACER X]

he says he wants teh $ to start a business.

[the chi]

I thought it was in conjunction with buying a car?

[shmike]

Originally Posted by The Chi

Just some stats for thought...



Another tidbit...



Now both state that in the 40% range people carries a credit balance...that reads to me that they dont pay it off monthly, so it def appears that it is not well below 50%.

Racer, is there more said from this guy about reasons for just now wanting credit?

One stat says 43% and the other 46%.

Maybe not WELL (semantics) below, but a large enough margin that it is discernably less than 1/2.

[fasternyou929]

Originally Posted by The Chi

Just some stats for thought...

I found something similar to that (granted, from 2006):

42% of consumers said they pay off their credit-card balances in full every month, and another 33% said they always pay more than the minimum payment due, according to American Bankers Association. 4% said they pay the minimum due every month, and another 6% said they sometimes pay just the minimum. Another 15% said they didn’t use or didn’t have a credit card.

So,
42% pay off every month
33% pay more than the minimum but not all
10% sometime pay the minimum and/or more
15% don't use credit

Either the report I read before was wrong, or I remembered it wrong. But at any rate, this shows MOST people don't use credit cards to buy things they can't afford.

[neebelung]

Originally Posted by Homeslice

Don't go pattin yourself on the back there, fucktard... You far from "owned" anyone

[neebelung]

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.

True. Why take the $$ out of an account where it's earning interest when you can use the bank's $$ for free.

[fasternyou929]

Originally Posted by Homeslice

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.

Screw that man, get an AmEx Blue. 1.5% back on all purchases, plus 5% at grocery stores, gas stations and drug stores. Adds up quick!

[Rider]

Originally Posted by fasternyou929

Screw that man, get an AmEx Blue. 1.5% back on all purchases, plus 5% at grocery stores, gas stations and drug stores. Adds up quick!

Costco Business AmEx.

[shmike]

Originally Posted by Rider

Costco Business AmEx.

Is that a credit card or a charge card?

I use their (AmEx) charge card and while I don't get money back it saved me almost $2k on our honeymoon.