Credit Mania?

[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.

 

[Mr._johngalt]

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

 

[ascenzm]

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.

 

[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.

 

[Marshac]

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...

 

[Mr._johngalt]

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

 

[VoyT]

Hope you're not carrying a balance, JG......

 

[Mr._johngalt]

  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

 

[Marshac]

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

 

[cute fuzzy bunny]

Is ING paying 3.25 now? They were at 3 last time I looked but emigrant direct way paying 3.25%...

 

[eridanus]

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.

 

[Marshac]

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.

 

[cute fuzzy bunny]

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.

 

[Whakamole]

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?

 

[Whakamole]

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!

 

[Mr._johngalt]

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

 

[preben]

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

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

 

[Mr._johngalt]

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

It's free money, man

JG

 

[cute fuzzy bunny]

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.

 

[maddythebeagle]

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.