anybody heard of a 0 credit score

[RACER X]

I was told after 10 years of no activity, the score is reset to 0, or "no beacon".



When the Ford Edge came out, We went to check it out. The sales manager came back and told me it was a 0. He showed me the report. I have paid off 9 cars and 2 houses in my life, but that doesnt matter.

:?:

[Lucky3623]

Yup. I have seen a couple of people/businesses with a 0 credit score, when I was working for Experian. You would be supprised how pissed people get... :)

[Porkchop]

Fuckin credit....

Its a rediculous system that needs a serious overhauling. I mean seriously, your credit score gets hurt.... when people check your credit??? WTF?

You might have excellent credit, but because you dont have a long credit history, you cant get credit? How are you supposed to gain credit if you cant get credit???? :bash:

[Rider]

Sounds a little fishy to me. The guy hasn't bought ANYTHING on credit in over 10 years? I'm not positive but doesn't your home utilities show up on your credit report.

[shmike]

Sounds a little fishy to me. The guy hasn't bought ANYTHING on credit in over 10 years? I'm not positive but doesn't your home utilities show up on your credit report.

Why is that fishy?

I know a few people that live like that.

I've never heard of a 0 score but my uncle got turned down for a Target card a few years ago.

At the time he was about 40, owned three homes a few cars and a boat. Everything is owned outright and their one credit card is paid in full every month. Apparently he didn't have a high enough score to qualify. :lol:

[the chi]

Typically in my experience, credit cards, loans, mortgages, and things of that nature show up but things like utilities, cable, even phone service and cell phones dont. Unless you fail to pay. Unpaid healthcare bills show up as well.

[Lucky3623]

Typically in my experience, credit cards, loans, mortgages, and things of that nature show up but things like utilities, cable, even phone service and cell phones dont. Unless you fail to pay. Unpaid healthcare bills show up as well.

Also any judgments against you show as well.

[Rider]

Why is that fishy?

I know a few people that live like that.

I've never heard of a 0 score but my uncle got turned down for a Target card a few years ago.

At the time he was about 40, owned three homes a few cars and a boat. Everything is owned outright and their one credit card is paid in full every month. Apparently he didn't a high enough score to qualify. :lol:

I understand that a lot of people don't use credit cards at all, but some things like houses and cars are for the most part a financed item. I've just never head of a 0 credit score. Did this guy live on a deserted island or was incarcerated for 10 years? I'm not saying the guy is lying, I'm just saying there might be more to the story than he is letting on. Did he file bankruptcy a few years ago and has been unable to get credit so his credit score went to 0 after years of not using any credit. :idk:

[Homeslice]

Why is that fishy?

I know a few people that live like that.

I've never heard of a 0 score but my uncle got turned down for a Target card a few years ago.

At the time he was about 40, owned three homes a few cars and a boat. Everything is owned outright and their one credit card is paid in full every month. Apparently he didn't have a high enough score to qualify. :lol:
So if he does have a credit card, he'll have a credit score, even if he pays it off every month :shrug:

Now, if he just plain doesn't own a card at all, that's different. I don't understand the mentality of people like that, but that's another subject.

[the chi]

I understand that a lot of people don't use credit cards at all, but some things like houses and cars are for the most part a financed item. I've just never head of a 0 credit score. Did this guy live on a deserted island or was incarcerated for 10 years? I'm not saying the guy is lying, I'm just saying there might be more to the story than he is letting on. Did he file bankruptcy a few years ago and has been unable to get credit so his credit score went to 0 after years of not using any credit. :idk:

He may be lying, but often, if people get started on the right foot, they can go their entire lives and not have to finance things. Amazng and incredible, but some people have that type of patience and will hold out for ages to get everything right before making purchases. I've known 1 person that was like that. Never even owned a credit card, paid cash for everything. I know I couldnt do it, but its not impossible.

[neebelung]

Now, if he just plain doesn't own a card at all, that's different. I don't understand the mentality of people like that, but that's another subject.

You don't understand people who don't have credit cards? Why? :shrug:

[shmike]

I understand that a lot of people don't use credit cards at all, but some things like houses and cars are for the most part a financed item. I've just never head of a 0 credit score. Did this guy live on a deserted island or was incarcerated for 10 years? I'm not saying the guy is lying, I'm just saying there might be more to the story than he is letting on. Did he file bankruptcy a few years ago and has been unable to get credit so his credit score went to 0 after years of not using any credit. :idk:

Houses and cars are usually financed because people feel the need to constantly out-do the Joneses.

The guy said he had paid off 9 cars and 2 houses.

If his 2nd house was paid off 12 years ago then he has done a good job of living within his means. If he no longer has a mortgage, it wouldn't be hard to save a few grand a year and pay cash for your next vehicle.

Maybe he, GASP, has been driving the same old car for 13 years.

I agree w/ HS, I've never seen a 0 score and personally find it odd to not use CC's but just because someone isn't saddled with debt doesn't mean they are "fishy", just prudent. ;)

[Homeslice]

You don't understand people who don't have credit cards? Why? :shrug:

Because they're denying themselves the ability to shop without carrying a lot of cash or standing around writing checks. More importantly, they're denying themselves the ability to get bonus points, which can be cashed out or exchanged for gifts or airline miles. :shrug:

[the chi]

Because they're denying themselves the ability to shop without carrying a lot of cash or standing around writing checks. More importantly, they're denying themselves the ability to get bonus points, which can be cashed out or exchanged for gifts or airline miles. :shrug:

:rofl: You're kidding right??

I mean seriously??

Most people who use CC's use them because they dont have ready monies available, NOT because they want the bonuses or miles.

And havent you heard of that new nifty invention, the check card? With a CC logo so it can be used everywhere? Avoiding the need for cash or checkbooks? You can even get bonuses and miles depending on your bank.

[Rider]

Houses and cars are usually financed because people feel the need to constantly out-do the Joneses.

The guy said he had paid off 9 cars and 2 houses.

If his 2nd house was paid off 12 years ago then he has done a good job of living within his means. If he no longer has a mortgage, it wouldn't be hard to save a few grand a year and pay cash for your next vehicle.

Maybe he, GASP, has been driving the same old car for 13 years.

I agree w/ HS, I've never seen a 0 score and personally find it odd to not use CC's but just because someone isn't saddled with debt doesn't mean they are "fishy", just prudent. ;)

I understand what you are saying and all that may be true and good for him if that is the case. How old is this guy? If he was older like in hio 50 or 60's it's more believable. If he was in his 40's or younger, it's a little harder to swallow unless this guy made a shit ton of money.

[Rider]

:rofl: You're kidding right??

I mean seriously??

Most people who use CC's use them because they dont have ready monies available, NOT because they want the bonuses or miles.

And havent you heard of that new nifty invention, the check card? With a CC logo so it can be used everywhere? Avoiding the need for cash or checkbooks? You can even get bonuses and miles depending on your bank.

Yep, I use my chase debit card for everything because i get rewards points.... also chase has a deal that for every 500 debit card purchases, they pick up the tab.... odds are strongly against you given the number of people who bank and chase, but it's worth trying for. LOL

[the chi]

Yep, I use my chase debit card for everything because i get rewards points.... also chase has a deal that for every 500 debit card purchases, they pick up the tab.... odds are strongly against you given the number of people who bank and chase, but it's worth trying for. LOL

Mine is very similar. I paid off all my CC's, and closed them all, I now have only my car loan, bike loan and insurance. Using my check card I get cash back rewards, points I can use for different "prizes" or miles per se, and I dont have to worry about spending money that doesnt come straight out of my accounts.

Altho the hubby did give me a cc for emergencies...does shopping count? :wink:

[thunderex]

:rofl: You're kidding right??

I mean seriously??

Most people who use CC's use them because they dont have ready monies available, NOT because they want the bonuses or miles.

And havent you heard of that new nifty invention, the check card? With a CC logo so it can be used everywhere? Avoiding the need for cash or checkbooks? You can even get bonuses and miles depending on your bank.
Maybe most people do it that way but we definitely use credit cards for the bonus miles. We pay our bills off every month. But since my wife's parents live out of the country we use up our miles every year flying them here and us flying there. I know tons of people who pay their credit card bills off every month and use them for convenience/rewards. My brother's a doctor and he has a shitton of cash right now. I mean, a LOT. He still uses his credit card almost exclusively.

Why use a check card when you treat a credit card the same way with the extra benefit of improving your credit score?

[Homeslice]

:rofl: You're kidding right??

I mean seriously??

Most people who use CC's use them because they dont have ready monies available, NOT because they want the bonuses or miles.

And havent you heard of that new nifty invention, the check card? With a CC logo so it can be used everywhere? Avoiding the need for cash or checkbooks? You can even get bonuses and miles depending on your bank.

Uh, no I'm not kidding. I'm not "most people"..........I have plenty of cash in savings and such, so I don't use credit cards because I HAVE to, I use them because they're convenient and give me rewards.

And I prefer credit cards over debit cards because..........I'm old school. :shrug: I don't like the idea of going around shopping with a debit card and then not really knowing how much is left in my checking acct until I go home and log into the website. Besides, I deliberately keep my checking acct balance low, because banks don't give good interest rates on them. So I wouldn't want to go around shopping on the debit card and then having it bounce because I used all my balance. With a credit card I don't have to worry, because the credit line is 10 or 20K, so I have no worries about exceeding the limit.

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. :zowned: :lol:

[Fleck750]

I probably have a 0 credit rating due to hospital bills and a bankruptcy.

Do I miss my cc's? No.

I live on what cash is available. I've owned a home, not interested anymore in that. My car? 20 years old. My bike? 30 years old. All paid for.

God forbid I live within my means and pay cash for everything.

[the chi]

Maybe most people do it that way but we definitely use credit cards for the bonus miles. We pay our bills off every month. But since my wife's parents live out of the country we use up our miles every year flying them here and us flying there. I know tons of people who pay their credit card bills off every month and use them for convenience/rewards. My brother's a doctor and he has a shitton of cash right now. I mean, a LOT. He still uses his credit card almost exclusively.

Why use a check card when you treat a credit card the same way with the extra benefit of improving your credit score?

Again, like I said, MOST people. Thus the reason there is so much debt that people cant or dont pay these days. Most average folks DONT pay the CC off every month, and most people dont understand the damage they do to use money they dont have in the form of credit. I dont need to have a credit card to improve my credit when its already built, and I still have accounts reported that are in good standing.

Uh, no I'm not kidding. I'm not "most people"..........I have plenty of cash in savings and such, so I don't use credit cards because I HAVE to, I use them because they're convenient and give me rewards.

And I prefer credit cards over debit cards because..........I'm old school. I don't like the idea of going around shopping with a debit card and then not really knowing how much is left in my checking acct until I go home and log into the website. I deliberately keep my checking acct balance low, because banks don't give good interest rates on them. So I wouldn't want to go around shopping on the debit card and then having it bounce because I used all my balance. With a credit card I don't have to worry, because the credit line is 10 or 20K, so I have no worries about exceeding the limit.

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. :zowned: :lol:

I am not sure how you think you've "owned" me, since you havent, but its a personal preference and depends on how your accounts are set up.

My check card functions just like a credit card, I get cool "bonuses" and if I dont have the money in my checking or savings account to draw on, then I definitely dont need to be using a credit card as that tells me I am spending money I dont have right now.

I have accounts that I could cash out if I wanted to run up a huge credit card bill, but if I have money in my checking and savings accounts, as well as overdraft to protect me from overdrawing, then why would I "need" to have a credit card to spend money I dont have readily available? Why wouldnt I just wait till I have the money in my account to splurge on what I want, versus using money I dont really have a the time?

It makes more sense to me to wait, to make sure that its worth spending my hard earned money on, and to see the consequences of it being spent than to use "credit", run up a bill, and have to pay the piper at a later date.

It may sound like a hassle to you, but having been on the side where I couldnt pay that "free" money bill off every month, and having to rob peter to pay paul because I made poor decisions, well, I'll stick with my cash accounts, thanks.

[fasternyou929]

:rofl: You're kidding right??

I mean seriously??

Most people who use CC's use them because they dont have ready monies available, NOT because they want the bonuses or miles.That's just plain not true. I can't find the report now, but WELL below 50% of card carriers fail to pay off their balance at the end of the month.

This year I'll get over $1000 cash back from AmEx Blue... why the HELL wouldn't I do that? :lol:

And for check cards v. credit cards: credit cards show up on your credit report, check cards don't. If I lose or someone gets hold of my credit card, my available cash isn't locked up and crucial payments (mortgage for example) don't bounce.

What is your argument for using a debit card instead of credit? Unless you don't trust yourself to spend within reason on a credit card?

[Homeslice]

My check card functions just like a credit card, I get cool "bonuses" and if I dont have the money in my checking or savings account to draw on, then I definitely dont need to be using a credit card as that tells me I am spending money I dont have right now.


Like I said, I deliberately keep my checking acct balance low, because they don't give good interest rates on them. The rest of my free cash I put into CDs or internet savings accts, all of which pay much better interest rates than a checking account. But none of them allow you to draw against them using a debit card. Which is a big reason why I use credit cards instead.

Hell, the big push by banks to encourage people use debit cards is probably because they want you to put more of your money into low- or even no-interest paying accounts. No thanks. They can keep their lame 0.01% interest rates :lmao:

[Rider]

If this guy had a history of paying cash for everything for the last number of years, why is it that all the sudden he needs to buy a car on credit? Why is he changing his spending habits? Did he run out of money? loose his job? Second source of income is now gone to due a spouses death or divorce? Like I said in my earlier post, it just doesn't make sense to me.

[fasternyou929]

If this guy had a history of paying cash for everything for the last number of years, why is it that all the sudden he needs to buy a car on credit? Why is he changing his spending habits? Did he run out of money? loose his job? Second source of income is now gone to due a spouses death or divorce? Like I said in my earlier post, it just doesn't make sense to me.

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.

[RACER X]

That's just plain not true. I can't find the report now, but WELL below 50% of card carriers fail to pay off their balance at the end of the month.


thats hard to believe w/ the country in the sit. "we're" in....

[the chi]

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.

Good possibility, I know a few people that opt to do this when they have the option, and when the special financing runs out, they just pay it all off...

thats hard to believe w/ the country in the sit. "we're" in....

for once, I agree with you. :lol:

[fasternyou929]

thats hard to believe w/ the country in the sit. "we're" in....

You're right, I wasn't aware the unemployment rate hate broke 50%. :lol

[shmike]

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.

Yep. Why use your money when you can use someone else's for free?

Just like those of us that use CC's but don't carry a balance.

Or maybe he has been driving the same paid off car for a decade now. He wants a new car and he wants to finance it.

I love how sound financial decisions get called out as "fishy" because they aren't the norm for many. :lol

[shmike]

Just wanted to add, if a guy recently went through a bankruptcy or otherwise shitty financial situation, it would be no surprise that his score sucked or would be nonexistent.

If that were the case, why would you post about it online? You'd already know the answer.

[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]

:scratch: I thought it was in conjunction with buying a car?

[shmike]

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]

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]

:zowned: :lol:

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

[neebelung]

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]

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. :zowned: :lol: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]

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. :rockwoot:

[shmike]

Costco Business AmEx. :rockwoot:

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.

[Rider]

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 honeymon.

Credit card, you can carry a balance but the interest is real high. 28% I think so there is no way I'll ever carry balance on that card.

[fasternyou929]

I use their (AmEx) charge card and while I don't get money back it saved me almost $2k on our honeymoon.
How's that? I'm always getting offers for free Gold cards for a year and reduced Platinums, but have a hard time turning down the cash back in order to pay a fee. But if it saved you $2k, it might suddenly make sense.

[the chi]

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.


Tell me about this! With a wedding to pay for and a honeymoon later, its a need to know! :lol: (My plan is to pay cash for everything, but I can set it aside to pay off a card later if the benefits are good enough)

[fasternyou929]

And havent you heard of that new nifty invention, the check card? With a CC logo so it can be used everywhere? Avoiding the need for cash or checkbooks? You can even get bonuses and miles depending on your bank.Chi, just curious:
And for check cards v. credit cards: credit cards show up on your credit report, check cards don't. If I lose or someone gets hold of my credit card, my available cash isn't locked up and crucial payments (mortgage for example) don't bounce.

What is your argument for using a debit card instead of credit? Unless you don't trust yourself to spend within reason on a credit card?

[shmike]

Tell me about this! With a wedding to pay for and a honeymoon later, its a need to know! :lol: (My plan is to pay cash for everything, but I can set it aside to pay off a card later if the benefits are good enough)

Chi, just curious:

:lol

Amex has been my primary card for the last two years. I cashed in a FUCK load of points that offset the airfare and one of the resorts we stayed at.

[Homeslice]

I do feel sorry for merchants because they get hit with a 2-3% fee when someone uses a credit card. Do they pay the same fees with debit cards?

[shmike]

How's that? I'm always getting offers for free Gold cards for a year and reduced Platinums, but have a hard time turning down the cash back in order to pay a fee. But if it saved you $2k, it might suddenly make sense.

I remember talking about this.

I'd stick with the blue.

I have the Platinum currently but will probably not be renewing it next year. I got it for international travel benefits but for one trip a year, the benefits don't out weigh the costs, IMO.

[shmike]

I do feel sorry for merchants because they get hit with a 2-3% fee when someone uses a credit card. Do they pay the same fees with debit cards?

Yes.

Sometimes the fees are less for debit cards but if it has a VISA/MC logo they are paying fees.

A portion of those fees go to the bank, which is why banks push debit cards so much.

[Amorok]

I have one credit card that I've never used. I pay no fees and the interest rate is under ten percent, I don't know how low because I've never looked. Ulu uses it or there would never be a balance.

[the chi]

Chi, just curious:

I already stated it, but again, having been in the position of having debt and credit cards I couldnt pay, not all at my own choice or by my own actions, so for me, its more of a "if I cant pay cash for it, I dont need it" type mindset when it comes to credit cards. Houses and vehicles are different obviously, and I am not afraid I wouldnt be able to "behave", I just dont feel it necessary to make purchases if I cant readily get my hands on the funds via on of my cash accounts.

:lol

Amex has been my primary card for the last two years. I cashed in a FUCK load of points that offset the airfare and one of the resorts we stayed at.

Ahhh...like i said goober, if the benefits are worth it, like saving $2k on a wedding and honeymoon, I would go for it. But, keeping in mind that the whole time I would be keeping equal amounts of cash in a seperate account to pay it all off at any one time.

I do feel sorry for merchants because they get hit with a 2-3% fee when someone uses a credit card. Do they pay the same fees with debit cards?

It depends on the program they have. If its got a CC logo they usually get charged the same fee whether its debit or credit. Many will charge you that fee in addition to the item or service to recoup their cost.

[fasternyou929]

I already stated it, but again, having been in the position of having debt and credit cards I couldnt pay, not all at my own choice or by my own actions, so for me, its more of a "if I cant pay cash for it, I dont need it" type mindset when it comes to credit cards. Houses and vehicles are different obviously, and I am not afraid I wouldnt be able to "behave", I just dont feel it necessary to make purchases if I cant readily get my hands on the funds via on of my cash accounts.I guess I just don't get it. You're swiping plastic either way, so what's the difference if it comes directly out of your checking account or you pay it off at the end of the month. Unless you don't trust your spending habits if you know it's "borrowed" money?

[shmike]

I already stated it, but again, having been in the position of having debt and credit cards I couldnt pay, not all at my own choice or by my own actions, so for me, its more of a "if I cant pay cash for it, I dont need it" type mindset when it comes to credit cards. Houses and vehicles are different obviously, and I am not afraid I wouldnt be able to "behave", I just dont feel it necessary to make purchases if I cant readily get my hands on the funds via on of my cash accounts.



Ahhh...like i said goober, if the benefits are worth it, like saving $2k on a wedding and honeymoon, I would go for it. But, keeping in mind that the whole time I would be keeping equal amounts of cash in a seperate account to pay it all off at any one time.


No offense but you are back-tracking.

Myself, faster, rider and Homeslice have all stated that CC's can be beneficial if used properly (i.e. having the funds to pay in full when the statement is due).

That wasn't good enough, until I saved a bunch of money by calling AmEx.

I accumulated over 160,000 points in the last few years by charging everything from race tires to cell phone bills. Every month, I paid the bill in full.

When we took our honeymoon, those points you poo-pooed paid for our airfare and three nights at a luxury spa.

Unfortunately, no CC I know of offers huge saving off the bat. It is a benefit of using the card wisely.

[the chi]

I guess I just don't get it. You're swiping plastic either way, so what's the difference if it comes directly out of your checking account or you pay it off at the end of the month. Unless you don't trust your spending habits if you know it's "borrowed" money?

Try and think of it like this:

If I am going to spend the money anyway, whether its at the end of the bill period or immediately on the purchase, why do I "need" to use "borrowed" aka credit to buy it?

[shmike]

Try and think of it like this:

If I am going to spend the money anyway, whether its at the end of the bill period or immediately on the purchase, why do I "need" to use "borrowed" aka credit to buy it?


See post above yours.

You don't "need" to.

But if you choose to, there can be benefits.

[the chi]

No offense but you are back-tracking.

Myself, faster, rider and Homeslice have all stated that CC's can be beneficial if used properly (i.e. having the funds to pay in full when the statement is due).

That wasn't good enough, until I saved a bunch of money by calling AmEx.

I accumulated over 160,000 points in the last few years by charging everything from race tires to cell phone bills. Every month, I paid the bill in full.

When we took our honeymoon, those points you poo-pooed paid for our airfare and three nights at a luxury spa.

Unfortunately, no CC I know of offers huge saving off the bat. It is a benefit of using the card wisely.


No, I am not back tracking. I never "poopooed" your points, I simply stated that I can get similar benefits using my check card. And if I prefer not to use a credit card, and get those similar benefits instead through my bank account, that whats what I chose to do.

And exactly like I responded, I reiterate, if its WORTH the savings, its something I would consider.

Other than this wedding and the honeymoon after, in which the benefits would be awesome, there has not been any need in my life for me to get miles, or things of that nature. If i travel, its not far, and by bike or car. I fly maybe once a year, if then, so you tell me, what good would a card that gives me miles I would never use do me? (if i prefer to basically pay cash?)

[Rider]

Try and think of it like this:

If I am going to spend the money anyway, whether its at the end of the bill period or immediately on the purchase, why do I "need" to use "borrowed" aka credit to buy it?

Sometimes it's an advantage to borrow "free" money until the end of the month because some checking accounts pay interest on your monthly balance. The longer you can keep your own money the better off you are as long as you aren't paying interest on the "borrowed" money.

[the chi]

Sometimes it's an advantage to borrow "free" money until the end of the month because some checking accounts pay interest on your monthly balance. The longer you can keep your own money the better off you are as long as you aren't paying interest on the "borrowed" money.

Now THAT is a logical argument for credit usage that I could apply to. :dthumb:

[shmike]

I fly maybe once a year, if then, so you tell me, what good would a card that gives me miles I would never use do me? (if i prefer to basically pay cash?)

It doesn't have to be miles.

fasternyou gets cash back, over $1000 this year alone.

[Homeslice]

Yes.

Sometimes the fees are less for debit cards but if it has a VISA/MC logo they are paying fees.

A portion of those fees go to the bank, which is why banks push debit cards so much.

And then the rest of the fee goes to Visa/MC?

I've never understood why large banks like BOA don't have enough clout to produce a debit card without a Visa/MC logo. Can't they set up their own electronic transactional system and tell Visa/MC to take a hike?

[HurricaneHeather]

I use one CC for every purchase earn 3% on the top 5 categories, and 1% on everything else. Once I reach $200 worth of rewards, they give me a $50 bonus and I cash out. BAM, free money. Seems rather simple to me. :shrug:

[the chi]

:lol: Devil's advocacy is so much fun sometimes...

FTR guys, my hubby practices exactly what you guys are saying, and he racks up the miles and the advantages, and when I need to make a huge purchase, and he wants the miles, etc I use his card, usually paying him in cash to pay the balance. :wink:

[the chi]

And then the rest of the fee goes to Visa/MC?

I've never understood why large banks like BOA don't have enough clout to produce a debit card without a Visa/MC logo. Can't they set up their own electronic transactional system and tell Visa/MC to take a hike?


Ah, but then they'd have to get their logos to be accepted by businesses world wide...

[HurricaneHeather]

:lol: Devil's advocacy is so much fun sometimes...

FTR guys, my hubby practices exactly what you guys are saying, and he racks up the miles and the advantages, and when I need to make a huge purchase, and he wants the miles, etc I use his card, usually paying him in cash to pay the balance. :wink:

That is really the way to do it. I really need to figure out how to pay my bills using the card so I can rack up more points.

But, I am one of the few who can set a limit and not go over it each month. I watch the CC purchases like a hawk and if on the 25th we've reached our limit, we don't buy anything else until after the first.

[Homeslice]

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

I didn't mean that I "owned" The Chi as a person.

I meant that my CC's bonus program probably owns her debit card's bonus program.

Again, does any debit card send you an actual check in the mail with cash back, like my CC does? 1% cash back on everything, and 3% on the merchandise category that you spent the most on that month (for example, groceries).

:zowned:

:lol:

[fasternyou929]

Sometimes it's an advantage to borrow "free" money until the end of the month because some checking accounts pay interest on your monthly balance. The longer you can keep your own money the better off you are as long as you aren't paying interest on the "borrowed" money.

Now THAT is a logical argument for credit usage that I could apply to. :dthumb:What's that interest rate, 0.2%? And that's logical, but this isn't:

It doesn't have to be miles.

fasternyou gets cash back, over $1000 this year alone.

:shovel:

:lol: Devil's advocacy is so much fun sometimes...

FTR guys, my hubby practices exactly what you guys are saying, and he racks up the miles and the advantages, and when I need to make a huge purchase, and he wants the miles, etc I use his card, usually paying him in cash to pay the balance. :wink:
I dunno, I think I smell more backpedalling. :p

[the chi]

I didn't mean that I "owned" The Chi as a person.

I meant that my CC's bonus program probably owns her debit card's bonus program.

Again, does any debit card send you an actual check in the mail with cash back, like my CC does? 1% cash back on everything, and 3% on the merchandise category that you spent the most on that month (for example, groceries).

:zowned:

:lol:

Psst. Yes (altho I get direct deposit). I get money deposited back into my accounts based on the purchases I make. The more money I spend, the more cash I get back. :lol: They do offer the other things, like merchadise or item specific, I just havent bothered to look into it.

[Homeslice]

Psst. Yes (altho I get direct deposit). I get money deposited back into my accounts based on the purchases I make. The more money I spend, the more cash I get back. :lol:

But what is the percentage?

[the chi]

What's that interest rate, 0.2%? And that's logical, but this isn't:
:shovel:
I dunno, I think I smell more backpedalling. :p

:lol:

[Rider]

What's that interest rate, 0.2%? And that's logical, but this isn't:

.2% per month adds up to 2.4% a year for free... thats better than the stock market right now(excluding this week).

[neebelung]

I didn't mean that I "owned" The Chi as a person.

I meant that my CC's bonus program probably owns her debit card's bonus program.

blah blah blah blah blah blah blah blah blah
:zowned:

:lol:

Jeebus fucko, pull your head out of your cash-filled mattress (and your ass) for just a moment, K? I knew damned well you didn't mean it as you "owned" her, as in title in hand, cash exchange, you bought her... wow.... for someone who occasionally comes across as mildly intelligent, you're really playing short-bus window licker today.

[the chi]

But what is the percentage?

According to the website, its 5 cents on qualified purchases. What those are, I dont know, and obviously its based on amount spent, etc. Probably still not as good as your CC, but you just stated that banks dont offer the same for debit cards and I am refuting that.

This thread is fulfilling my argument needs for the week. :rofl:

[RACER X]

for someone who occasionally comes across as mildly intelligent, you're really playing short-bus window licker today.


who says he's playing

:lol

window licker

:dvrofl:

[shmike]

.2% per month adds up to 2.4% a year for free... thats better than the stock market right now(excluding this week).

1. No it doesn't.

2. If you've got 2.4% on a checking account with no strings attached, I want to know what bank you are using.

[neebelung]

Wow guys, what's with the dogpile on Chi today? :shrug: Just cus she is examining other options for a specific event/purpose, now suddenly she's backpedalling? HOLY SHIT... stop the presses.. wait! Someone has an opinion of their own! ZOMG!! What ever will we do????

:dvrofl:

[fasternyou929]

.2% per month adds up to 2.4% a year for free... thats better than the stock market right now(excluding this week).

Yes, but not better than 1.5% and 5% on various categories from a credit card. Which is what this thread has been comparing, not the stock market. :wtfru:

And if your bank is giving you 0.2% APR, that's NOT 0.2% per month. Nobody advertises monthly interest rates.

[the chi]

Lots of banks offer great rates on interest bearing checking accounts...keeping in mind that they are usually tiered money market type accounts and rates are based on balances kept...

[neebelung]

who says he's playing

:lol

window licker

:dvrofl:

:lol: Was I giving him too much credit? (no pun intended)

[HurricaneHeather]

What was this thread about again? :lol:

[the chi]

SHHHH!!!! You're supposed to be a good little sheep and do as your told Nee!! Dont buck the trend! Be like everyone else!

:lol:

[neebelung]

SHHHH!!!! You're supposed to be a good little sheep and do as your told Nee!! Dont buck the trend!

:lol:

:rofl:

[the chi]

Some guy who couldnt buy a car...but wanted to make a business??

:wink:

[Homeslice]

Jeebus fucko, pull your head out of your cash-filled mattress (and your ass) for just a moment, K? I knew damned well you didn't mean it as you "owned" her, as in title in hand, cash exchange, you bought her... wow.... for someone who occasionally comes across as mildly intelligent, you're really playing short-bus window licker today.:wtfru:


???

So you're saying the slave trade is alive and well here in America, and that I could conceivably "buy" her?

OK, what are her measurements?

:lol:

Sounds like someone ELSE needs to pull their head out of their ass :lol

I wasn't implying that you thought I said I "bought" her, I meant that you must have thought that I thought I "owned" her as in "ha ha I owned you"..........not "I bought you"

Dig?

[the chi]

snort

I have no idea what my current measurements are, but be warned:

I am high maintenance
I am expensive
I have specific needs, wants, and wishes that must be met and taken care of immediately at only my discretion.

[Rider]

1. No it doesn't.

2. If you've got 2.4% on a checking account with no strings attached, I want to know what bank you are using.

If you call having to keep a minimum balance stings attached , then no you cant get the kind of interest on a checking account. But if you can carry an average balance of 15K/month then yes you can. Its called the Chase premiere checking.

[Homeslice]

Lots of banks offer great rates on interest bearing checking accounts...keeping in mind that they are usually tiered money market type accounts and rates are based on balances kept...

Let's hear some of them. I've never seen a checking acct give the same interest rates as the best internet savings accounts, like HSBC or Orange Bank. Right now, even with today's shitty rates, I'm getting almost 2% from my HSBC acct.

[Homeslice]

If you call having to keep a minimum balance stings attached , then no you cant get the kind of interest on a checking account. But if you can carry an average balance of 15K/month then yes you can. Its called the Chase premiere checking.

So 2.4% APR on a checking acct? I'd like to see proof. Googling now.

[the chi]

Thats easy. Google is your friend.

http://www.bankaholic.com/money-market/

And what difference does it make whether its an online bank or not...no one specified either...

[shmike]

If you call having to keep a minimum balance stings attached , then no you cant get the kind of interest on a checking account. But if you can carry an average balance of 15K/month then yes you can. Its called the Chase premiere checking.

I'll check into it.

A local bank here offers 4% but it requires direct deposit and using their check card a certain number of times each month. Those type of strings are what I was referring to.

[shmike]

Thats easy. Google is your friend.

http://www.bankaholic.com/money-market/

And what difference does it make whether its an online bank or not...no one specified either...

That is exactly what 'slice was talking about which is nothing like what Rider was talking about.

[the chi]

Hey look, another site...

http://www.money-rates.com/checking.htm

[the chi]

That is exactly what 'slice was talking about which is nothing like what Rider was talking about.


Lets hear from Rider on that, since it looks to me like thats exactly what he was talking about as well...

And money market accounts ARE a type of checking account...(prior banker speaking)

[shmike]

Lets hear from Rider on that, since it looks to me like thats exactly what he was talking about as well...

And money market accounts ARE a type of checking account...(prior banker speaking)

As a prior banker you should know that while you can write checks from a money market account they are very different from a traditional checking account. ;)

[neebelung]

:wtfru:

talking in circles
talking in circles
talking in circles
talking in circles
talking in circles
talking in circles
talking in circles
talking in circles

Dig?


Oh jeezus... wow... not only are you a complete moron, but... well... wait... no, we can leave it at that. You're a complete moron. :rofl:

[Rider]

Money market.. checking... it's all semantics. The bottom line is you put your money into a bank, you carry a certain balance and follow a few rules and they pay you to keep your money with them. It's not rocket science.

[the chi]

As a prior banker you should know that while you can write checks from a money market account they are very different from a traditional checking account. ;)


No one specified, bless your heart. Ya'll only stated checking accounts.

I am well aware of the restrictions placed on money market checking accounts, but they are STILL checking accounts. :wink:

Plus I posted links to traditional checking account rates as well that also back up the decent interest rates that can be found...

[Homeslice]

Oh jeezus... wow... not only are you a complete moron, but... well... wait... no, we can leave it at that. You're a complete moron. :rofl:

If you say so :shrug:

[shmike]

No one specified, bless your heart. Ya'll only stated checking accounts.

I am well aware of the restrictions placed on money market checking accounts, but they are STILL checking accounts. :wink:

Plus I posted links to traditional checking account rates as well that also back up the decent interest rates that can be found...

Yes.

Your second post answered the question at hand.

If checking accounts are money markets and money markets are checking accounts then why do they have different names? :scratch:

[the chi]

Yes.

Your second post answered the question at hand.

If checking accounts are money markets and money markets are checking accounts then why do they have different names? :scratch:


I dont remember all the details, but typically your money market checking are considered more of an investment type account. You can still use it for check writing tho, and depending on how the accounts are structured, often times you can link them with other accounts so you have a little bit easier access to the cash, but you would still need a regular checking if you use it regularly.

A money market only allows so many withdrawals/checks/etc per month, and you have to keep certain balances. The bank uses this money for their own purposes (FDIC figures, etc), and in return for ou keeping your money with them, you are rewarded the better than average interest rates.

MMA's are highly recommended for people who carry larger balances as they get more return, the banks keep more of your money but you still have easier access than you would to a CD or locked in investment account.

I dont guarantee 100% accuracy of all the above, just what I recall.

[Rider]

Money markets are just what the name implies. The banks can use this money more readily to finance loans and other "investments. They pay you a higher interest rate because they have more access to a set amount of funds. Checking accounts don't really offer banks more lending power as the balance van vary greatly in a month. MMA are a lot more stable and the banks can make more money are guaranteed funds.

[shmike]

I know the answer, I just wanted The Chi to explain it.

We were talking checking accounts, Chi brings up M.Mkts and then argues that they're basically the same.

They are not the same.

[neebelung]

If you say so :shrug:

Well at least we can agree on that. :)

[Rider]

Well they have different rules but in a way they work the same. I write you a check , you cash that check at your bank, you get paid. It works the same for both types, it's just in the MMA you have to keep a higher balance and you are limited to a small number of transactions.

[the chi]

I know the answer, I just wanted The Chi to explain it.

We were talking checking accounts, Chi brings up M.Mkts and then argues that they're basically the same.

They are not the same.

Like Rider said, regardless of whether you like the answer or the argument, it is STILL a checking account and you cant say its "not the same".

It comes with checks, you can write checks, therefore, it is a checking account.

Regardless of the rules, it is what it is. You and your constituents failed to clarify the TYPE of checking account. Fail on your part. :lol:

[shmike]

Well they have different rules but in a way they work the same. I write you a check , you cash that check at your bank, you get paid. It works the same for both types, it's just in the MMA you have to keep a higher balance and you are limited to a small number of transactions.

If I write you a check from my investment account, you cash it at your bank, you get paid.

It works just like an MMA which works just like a checking account, does that make it the same?

[Smittie61984]

I didn't get a CC or a loan until I was 23. At 22 I was trying to buy my 1st motorcycle. I wanted a KLR650 and could have walked out the door for $4700 (07). I had $2000 to put down and 0 credit history. I still couldn't get a loan. I went to a bagillion dealerships. They told me that if I had a reposession I'd have a better chance of getting a bike

Only loan I found I could get was on a new FZ6 with a 21% interest rate. I just fucking laughed and walked out.

A buddy of mine makes sure he has a loan out at all times. He has impecable credit because of it.

[101lifts2]

Like I said, I deliberately keep my checking acct balance low, because they don't give good interest rates on them. The rest of my free cash I put into CDs or internet savings accts, all of which pay much better interest rates than a checking account. But none of them allow you to draw against them using a debit card. Which is a big reason why I use credit cards instead.

Hell, the big push by banks to encourage people use debit cards is probably because they want you to put more of your money into low- or even no-interest paying accounts. No thanks. They can keep their lame 0.01% interest rates :lmao:

I'll bet that the interest you make off the money you use to pay off your credit cards is about 1-200 a year vs. just using a debit card. I use a debit card because I participate in the keep the change with every purchase. Forces me to save more into savings.

As far as credit cards, they are good if you can get a 0 percent financing, but up until the Congress CC laws pass, carrying a balance becomes scary.

[LeeNetworX]

http://img.chan4chan.com/img/2009-04-01/1238591378558.jpg

[LeeNetworX]

Can't they set up their own electronic transactional system and tell Visa/MC to take a hike?

Lord knows what kind of crazy non-compete agreements financial institutions *may* sign when getting on board with Visa, M/C, Amex, etc. in order to distribute credit cards? For all we know, it's a possibility.