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Credit Mania?
Old 06-07-2005, 05:30 AM   #1
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Credit Mania?

Looks like credit card companies are giving applications out like candy. I'll admit that I was very irresponsible with them in 1999-2000, but have taking care of them since and have lived a credit-free life for 5 years now. Saving, investing, and LBYM has been my saving grace NOW.

Funny how I'm being swamped by credit card apps left n right, especially Capital One (yes, the ones with that retarded 'no' commercial).

Bet it's probably because people won't be able to forego payment through bankruptcy anymore.
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Re: Credit Mania?
Old 06-07-2005, 05:41 AM   #2
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Re: Credit Mania?

Quote:
Originally Posted by charlottebandito
Looks like credit card companies are giving applications out like candy.* I'll admit that I was very irresponsible with them in 1999-2000, but have taking care of them since and have lived a credit-free life for 5 years now.* Saving, investing, and LBYM has been my saving grace NOW.

Funny how I'm being swamped by credit card apps left n right, especially Capital One (yes, the ones with that retarded 'no' commercial).*

Bet it's probably because people won't be able to forego payment through bankruptcy anymore.*
Yep, it's raining money! I love it, and BTW it's not just CC companies.
Credit has been loose for years. I doubt the changes in the bankruptcy laws
have anything to do with it.

JG
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Re: Credit Mania?
Old 06-07-2005, 07:02 AM   #3
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Re: Credit Mania?

Quote:
Looks like credit card companies are giving applications out like candy.* I'll admit that I was very irresponsible with them in 1999-2000, but have taking care of them since and have lived a credit-free life for 5 years now.* Saving, investing, and LBYM has been my saving grace NOW.

Funny how I'm being swamped by credit card apps left n right, especially Capital One (yes, the ones with that retarded 'no' commercial).*
I remember the problems I had trying to apply for a MasterCard back in the 1980s.* I was in my mid-twenties then and had worked as an engineer for a few years before I applied for my first MasterCard.* *I was living with my parents at the time and had no credit history since I paid cash for everything.* The only way I was able to get a MasterCard was to apply at a bank where I had some CDs in my IRA account.

Now it seems that any college student can get a major credit card.
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Re: Credit Mania?
Old 06-07-2005, 08:09 AM   #4
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Re: Credit Mania?

The Consumer Federation of America reports that 60 million households carry an average credit card balance of $7,000, for a total national credit card debt topping $455 billion.

We just love to spend now and pay later. The credit card companies are having a ball.
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Re: Credit Mania?
Old 06-07-2005, 08:57 AM   #5
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Re: Credit Mania?

Quote:
Originally Posted by MRGALT2U
Yep, it's raining money!
Literally. I just got a check for $30 in 'rewards', another $100 bill credit, and a $150 visa gift card is on its way.... if you have decent credit, loads of free money is only 30 seconds and a mouse-click away...
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Re: Credit Mania?
Old 06-07-2005, 09:14 AM   #6
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Re: Credit Mania?

Quote:
Originally Posted by Spanky
The Consumer Federation of America reports that 60 million households carry an average credit card balance of $7,000, for a total national credit card debt topping $455 billion.

We just love to spend now and pay later. The credit card companies are having a ball.
Credit makes the economy hum. I am firmly on the side of the credit card
companies. Long may they prosper.

JG
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Re: Credit Mania?
Old 06-07-2005, 07:37 PM   #7
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Re: Credit Mania?

Hope you're not carrying a balance, JG......
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Re: Credit Mania?
Old 06-07-2005, 08:30 PM   #8
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Re: Credit Mania?

Quote:
Originally Posted by VoyT
* Hope you're not carrying a balance, JG......*
Currently around 30K, but I've been over 100K, all at -0- %.
Least I've made on this money is 2.5% (currently I am getting 3.25%). You do the math.

JG
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Re: Credit Mania?
Old 06-07-2005, 10:03 PM   #9
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Re: Credit Mania?

Quote:
Originally Posted by MRGALT2U
Currently around 30K, but I've been over 100K, all at -0- %.
Least I've made on this money is 2.5% (currently I am getting 3.25%).*
Sounds like an ING account
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Re: Credit Mania?
Old 06-07-2005, 10:21 PM   #10
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Re: Credit Mania?

Is ING paying 3.25 now? They were at 3 last time I looked but emigrant direct way paying 3.25%...
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Re: Credit Mania?
Old 06-07-2005, 11:26 PM   #11
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Re: Credit Mania?

Quote:
Originally Posted by th
Is ING paying 3.25 now? They were at 3 last time I looked but emigrant direct way paying 3.25%...
ING is still at 3%...but they were offering a $50 account opening bonus.
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Re: Credit Mania?
Old 06-07-2005, 11:32 PM   #12
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Re: Credit Mania?

Gah, you're right, it's still only 3%. That $50 was pretty sweet...

I like my free credit card money better though Much easier to get.
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Re: Credit Mania?
Old 06-08-2005, 12:28 PM   #13
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Re: Credit Mania?

I got the $50 ING direct microsoft money promo, then $25 for "signing up" my then girlfriend to an account, then $75 for signing her up for a free no cost HELOC on her old house. She got something like $125 for opening the heloc and $25 for opening the account.

Funny, I actually put some money into my ING account for a while, she never did. Pretty good income for filling out a few forms.
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Re: Credit Mania?
Old 06-26-2005, 10:57 AM   #14
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Re: Credit Mania?

ING is terrific.

I don't run a balance but at last count have seven - yes seven - credit cards.

Some are old ones I never use anymore; apparently cancelling them will affect my credit score, and since there are no fees, I haven't cancelled them yet.

I'm really tempted to though, just for housekeeping. OTOH, they'd be useful if I was ever laid off for an extended period of time, or wanted to start my own business and needed an impromptu credit line

Thoughts?

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Re: Credit Mania?
Old 06-29-2005, 12:38 AM   #15
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Re: Credit Mania?

Quote:
Originally Posted by maddythebeagle
from what I have read, keep the "oldest" card. 7 seems to be excessive and the more you have (the more you have to worry about). I have heard no more than 5-6, or you are hurting your credit score by having too many. I guess it all depends on what you want to do (applying for a home or car loan in the next few years, I would close out a few).
Thanks!

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Re: Credit Mania?
Old 06-29-2005, 04:59 AM   #16
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Re: Credit Mania?

I have over a dozen and currently over 100K outstanding,
invested at 3.5% (liquid). I plan to keep them all. And still
the offers keep coming. .

JG
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Re: Credit Mania?
Old 06-29-2005, 05:27 AM   #17
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Re: Credit Mania?

Wauw, you have turned it into a profession! Cool! Cheers!


Quote:
Originally Posted by MRGALT2U
I have over a dozen and currently over 100K outstanding,
invested at 3.5% (liquid).* I plan to keep them all.* And still
the offers keep coming.* .

JG
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Re: Credit Mania?
Old 06-29-2005, 05:46 AM   #18
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Re: Credit Mania?

Quote:
Originally Posted by ben
Wauw, you have turned it into a profession! Cool! Cheers!

It's free money, man

JG
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Re: Credit Mania?
Old 06-29-2005, 02:30 PM   #19
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Re: Credit Mania?

I think the credit score is more affected by your outstanding balance as a percentage of available credit. Hence, dropping some cards with high credit lines and no balances might actually dent your credit score rather than improve it.
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Re: Credit Mania?
Old 06-29-2005, 03:54 PM   #20
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Re: Credit Mania?

I think the credit score is more affected by your outstanding balance as a percentage of available credit. Hence, dropping some cards with high credit lines and no balances might actually dent your credit score rather than improve it.

- I have heard that also. Having 100 k in credit card debt, lol. That is like a full time job. If you are late any one of those cards, your rates on ALL will shoot up. I would assume that you are using bill pay to pay the min. payments. I would also suggest putting a task in your exchange mail (what I do) to warn me ahead of time when the "intro" period is about up to pay off or transfer to another card.
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