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06-07-2005, 04:30 AM
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#1
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Dryer sheet wannabe
Join Date: May 2005
Posts: 23
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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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06-07-2005, 04:41 AM
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#2
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Thinks s/he gets paid by the post
Join Date: Dec 2002
Posts: 3,875
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Re: Credit Mania?
 Quote:
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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.*
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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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06-07-2005, 06:02 AM
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#3
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Dryer sheet wannabe
Join Date: Jan 2005
Location: Pittsburgh
Posts: 11
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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).*
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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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06-07-2005, 07:09 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Dec 2004
Location: Minneapolis
Posts: 4,455
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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.
__________________
May we live in peace and harmony and be free from all human sufferings.
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06-07-2005, 07:57 AM
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#5
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Full time employment: Posting here.
Join Date: Aug 2004
Posts: 911
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Re: Credit Mania?
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Originally Posted by MRGALT2U
Yep, it's raining money!
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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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06-07-2005, 08:14 AM
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#6
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Thinks s/he gets paid by the post
Join Date: Dec 2002
Posts: 3,875
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Re: Credit Mania?
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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.
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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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06-07-2005, 06:37 PM
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#7
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Recycles dryer sheets
Join Date: Feb 2005
Posts: 445
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Re: Credit Mania?
Hope you're not carrying a balance, JG......
__________________
"Coffee: the finest organic suspension ever devised." -- Kathryn Janeway
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06-07-2005, 07:30 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Dec 2002
Posts: 3,875
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Re: Credit Mania?
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Originally Posted by VoyT
* Hope you're not carrying a balance, JG......*
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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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06-07-2005, 09:03 PM
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#9
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Full time employment: Posting here.
Join Date: Aug 2004
Posts: 911
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Re: Credit Mania?
Quote:
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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%).*
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Sounds like an ING account 
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06-07-2005, 09:21 PM
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#10
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,702
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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%...
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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06-07-2005, 10:26 PM
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#11
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Thinks s/he gets paid by the post
Join Date: Jan 2004
Posts: 2,049
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Re: Credit Mania?
Quote:
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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%...
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ING is still at 3%...but they were offering a $50 account opening bonus. 
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06-07-2005, 10:32 PM
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#12
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Full time employment: Posting here.
Join Date: Aug 2004
Posts: 911
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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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06-08-2005, 11:28 AM
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#13
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,702
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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.
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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06-26-2005, 09:57 AM
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#14
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Recycles dryer sheets
Join Date: Sep 2002
Posts: 252
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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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06-28-2005, 11:38 PM
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#15
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Recycles dryer sheets
Join Date: Sep 2002
Posts: 252
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Re: Credit Mania?
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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).
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Thanks!
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06-29-2005, 03:59 AM
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#16
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Thinks s/he gets paid by the post
Join Date: Dec 2002
Posts: 3,875
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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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06-29-2005, 04:27 AM
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#17
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Recycles dryer sheets
Join Date: Jul 2002
Posts: 422
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Re: Credit Mania?
Wauw, you have turned it into a profession! Cool! Cheers!
Quote:
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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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06-29-2005, 04:46 AM
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#18
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Thinks s/he gets paid by the post
Join Date: Dec 2002
Posts: 3,875
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Re: Credit Mania?
Quote:
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Originally Posted by ben
Wauw, you have turned it into a profession! Cool! Cheers!
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It's free money, man
JG
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06-29-2005, 01:30 PM
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#19
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,702
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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.
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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06-29-2005, 02:54 PM
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#20
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 2,450
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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.
__________________
- Hurry! to the cliffs of insanity!
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