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  • #31
    Re: Credit Card Company Fraud (IMHO)

    Originally posted by SlimTim View Post
    I'm not trying to change your way of life, just saying I lived like that for 30 yrs and I like it better now.
    If I were worrying if I had enough money in the bank to cover what I'm about to buy on the debit card, I wouldn't buy it.
    If I'm laid up in bed with a bad back (as has happened to most of us and one of our brethren on the forum is in that predicament now) I would rather have 6 months of expenses banked than use the cards and face 20k in debt and tell my wife to go out and get a job, quick!
    Life happens HARD sometimes, and the credit card companies don't give a ff about you, your business, or your family. Only what you owe them and how long can they string you out.

    But don't worry, if BHO get in, we'll all get 3 mos vacation like the French and $1000.00 to boot!
    I'm not worried about whether or not the money is there. I am more worried about my check register not balancing with my statement as my better half is fanatical enough to spend two hours if her balancing is a nickel off! And if Momma aint happy, nobody's happy! It's just easier to make one transfer at the end of the month, and not worry about the recordkeeping. My visa record is automatically downloaded by Quicken and sorted into categories, so I can track my budgeting. I have over a year's takehome in short term (non-401k)savings, so no worry there unless the bank goes under.

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    • #32
      Re: Credit Card Company Fraud (IMHO)

      Because of what I do I spend 75% of my time on the road. The CC make it much easier to pay for things and track costs. However, as I posted earlier don't put yourself in a situation where you can't pay it off in a heart beat if something happens.

      Mark
      "Somewhere a Village is Missing Twelve Idiots!" - Casey Anthony

      I never lost a cent on the jobs I didn't get!

      Comment


      • #33
        Re: Credit Card Company Fraud (IMHO)

        Originally posted by Devine Plumbing View Post
        It's interesting to see how people justify getting and using credit cards. Like the college student who signs up for a credit card so he can get the free t-shirt. A wise man once said, "Play with snakes, and you're going to get bit."
        Credit Cards are like alcohol. They have their place, but can be abused. Some people shouldn't drink; others probably shouldn't use credit cards. Some people can drink responsibly, some people can use credit cards responsibly.

        Comment


        • #34
          Re: Credit Card Company Fraud (IMHO)

          I'm surprised Dunbar hasn't weighed in,especially since Mark started the thread because of Advanta shenanigans and Dunbar's latest signature is apropo.

          What about it Dunbar, are you still dancing with the devil?
          "Man will do many things to get himself loved, he will do all things to get himself envied." Mark Twain

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          • #35
            Re: Credit Card Company Fraud (IMHO)

            Originally posted by cactusman View Post
            Here is a different twist...
            Yesterday I received a letter from Sears telling me that since I do not use my card a lot they were "lowering my credit" They dropped my limit by $5000.00!!!! I think the card
            is via Citibank.

            Now I have been with then before Sears bought out Roebuck! I also always paid the balance off in full.
            On one hand I can still live on the $6000.00 new limit but on the other hand I wonder how this unsoclisted change in credit limit will effect my overall credit score?

            I plan to chat with them later today

            Cactus Man

            They just did the same thing to my wifes Sears card. She has used it maybe twice in two years. I hope that doesn't affect her FICO score.
            Anyone can tear a man down, few can build one up.

            Comment


            • #36
              Re: Credit Card Company Fraud (IMHO)

              Originally posted by Tyman View Post
              They just did the same thing to my wifes Sears card. She has used it maybe twice in two years. I hope that doesn't affect her FICO score.
              I doubt that it will hurt your fico score. Fico score is based primarily on debt/income ratio, payment history, and available credit to income. It is also based on how long term your accounts are (they prefer that you keep and use the same accounts for years) It may even help your score as having too much credit available can hurt your score, since even if your history is good the opportunity is there to screw it up. I read an article the other day that a lot of the card companies are doing this to limit their exposure, as a lot of people who lose their jobs start living off credit cards and then default. I haven't paid attention to any of my cards - the only one I use is my Visa and occasionally my Lowes card. I am probably due to pull my annual reports.
              Last edited by JTROANOKE; 10-25-2008, 04:24 PM.

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              • #37
                Re: Credit Card Company Fraud (IMHO)

                Originally posted by JTROANOKE View Post
                I doubt that it will hurt your fico score. Fico score is based primarily on debt/income ratio, payment history, and available credit to income. It is also based on how long term your accounts are (they prefer that you keep and use the same accounts for years) It may even help your score as having too much credit available can hurt your score, since even if your history is good the opportunity is there to screw it up. I read an article the other day that a lot of the card companies are doing this to limit their exposure, as a lot of people who lose their jobs start living off credit cards and then default. I haven't paid attention to any of my cards - the only one I use is my Visa and occasionally my Lowes card. I am probably due to pull my annual reports.
                It can hurt your score, because part of your score is the utilization of revolving credit lines. If you reduce the total, the utilization percentage becomes higher.

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                • #38
                  Re: Credit Card Company Fraud (IMHO)

                  Here is a quick update on our problems with Advanta. If you have read this thread you know I canceled the card and paid it off when they raised our rates to a ridiculous amount. So the accounts been closed for a little over 4-months. Last month Brenda was paying bills online and did not realize she had not eliminated the Advanta account from her vendor list. She accidentally sent a $3,700 payment to Advanta which was meant for American Express. Now instead of Advanta just electronically returning it to us they are holding it for a couple of weeks then sending a check by snail-mail. Maybe it's just me but it seems a little dishonest to accept money not owed you, then decide to hold it for a while.

                  Mark
                  "Somewhere a Village is Missing Twelve Idiots!" - Casey Anthony

                  I never lost a cent on the jobs I didn't get!

                  Comment


                  • #39
                    Re: Credit Card Company Fraud (IMHO)

                    Originally posted by Service Guy View Post
                    I use a Visa check card (debit) issued by my bank for most purchases, or I sometimes use my Discover card to earn 'cashback'. Since I've had my discover card, I've never paid one single cent in interest, but they've paid me over $70 in cashback bonuses (usually 1% of purchases)! Make the credit card companies PAY YOU!

                    Nice Idea
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