Credit Cards....


delock

delock

BARBERSHOP COO
I was checking out this site about credit cards and credit reports. I notice alot of mofo was carrying high limits on there cards. I'm talking like 25,000 on a citi and 30,000 on a AMEX.


One guy off hand had like $350,000 open credit and another person had 6 major cards with 25,000 limits or more.

Honestly, what can a person do with all that? I'm happy just having one card with a nice limit for emergency and a couple of throw down cards.

Anyone here packing heavy like that?

Also, I notice that AMEX is doing alot of reviews on people cards. Asking them to submit tax statements and all other stuff to verfiy thier card.
 
delock said:
I was checking out this site about credit cards and credit reports. I notice alot of mofo was carrying high limits on there cards. I'm talking like 25,000 on a citi and 30,000 on a AMEX.


One guy off hand had like $350,000 open credit and another person had 6 major cards with 25,000 limits or more.

Honestly, what can a person do with all that? I'm happy just having one card with a nice limit for emergency and a couple of throw down cards.

Anyone here packing heavy like that?

Also, I notice that AMEX is doing alot of reviews on people cards. Asking them to submit tax statements and all other stuff to verfiy thier card.
Click to expand...

He no I'm not packing like that. It would be cool, but being an athlete in college and not paying off certain debts has cause me to only get a max of 300$ limit. I'm working on it though
 

Some people borrow money from credit cards at 0% interest and invest it in a bank account that earns 5-6% interest.

For example, I know a guy with approximately $20k in CC debt who has the money sitting in the bank collecting 5.05% interest.
Once the year is up for the 0% on the credit card, he either moves the balance to another 0% card or removes the $20k from the bank account to pay off the card (leaving the interest earned) then starts all over again with a new card.
 
delock said:
I was checking out this site about credit cards and credit reports. I notice alot of mofo was carrying high limits on there cards. I'm talking like 25,000 on a citi and 30,000 on a AMEX.


One guy off hand had like $350,000 open credit and another person had 6 major cards with 25,000 limits or more.

Honestly, what can a person do with all that? I'm happy just having one card with a nice limit for emergency and a couple of throw down cards.

Anyone here packing heavy like that?

Also, I notice that AMEX is doing alot of reviews on people cards. Asking them to submit tax statements and all other stuff to verfiy thier card.
Click to expand...
well, hopefully for their sakes, their income matches those high ass limits. I can't see myself ever paying off debt as such.
 
Warndalyn said:
well, hopefully for their sakes, their income matches those high ass limits. I can't see myself ever paying off debt as such.
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See...that's the catch. They credit limits are sometime 3,4,5 times more then they income.

Hell, a few college students are carrying $20,000 plus CC's
 
^^$20K in CC's and over $40K in student loans is pretty much the average. It pains me to hear some college grads even try to file bankruptcy just to get relief from high credit cards balances.

I only have 2...and after reading up on how they affect your credit score GREATLY...I cut them cards up but 2...and I use those two for emergencies, out of town trips and Christmas.

I'm at the point where if I see a PRE-APPROVAL letter for a card, I trash em!
 
delock said:
I was checking out this site about credit cards and credit reports. I notice alot of mofo was carrying high limits on there cards. I'm talking like 25,000 on a citi and 30,000 on a AMEX.


One guy off hand had like $350,000 open credit and another person had 6 major cards with 25,000 limits or more.

Honestly, what can a person do with all that? I'm happy just having one card with a nice limit for emergency and a couple of throw down cards.

Anyone here packing heavy like that?

Also, I notice that AMEX is doing alot of reviews on people cards. Asking them to submit tax statements and all other stuff to verfiy thier card.
Click to expand...

I'm not packing like that. I have two credit cards. One I use for my everyday expenses (points rewards card) and one that I use for on line shopping (very small limit). You best believe at the end of every month I'm paying both of them off in FULL. The credit card companies gets no interest off of me.
 
saniyya said:
Some people borrow money from credit cards at 0% interest and invest it in a bank account that earns 5-6% interest.

For example, I know a guy with approximately $20k in CC debt who has the money sitting in the bank collecting 5.05% interest.
Once the year is up for the 0% on the credit card, he either moves the balance to another 0% card or removes the $20k from the bank account to pay off the card (leaving the interest earned) then starts all over again with a new card.
Click to expand...
YEp, I've read about this. Suze Orman was just talking about this very thing on saturday.
 
These Credit card companies are crazy. B of A had the nerve to send my son a card w/ a $7,500 credit limit. He doesn't even have a dayam job!:no:

i put that card in a safe place, until he gets out of school:winkgrin:
 
I have a CC that I have had for over 10 years. The credit limit is well over 25K. I have used it, gotten it close to the 20K, paid it back to 0, etc. But I have never been late on this card and when I bought my new house, it actually helped by credit to debt ratio. I have some others that I have gotten just for the 0% interest, or low interest rate. Paid off the balance, and never actually activated or used the card for a purchase. Some I have closed, others I have kept. It just depends on the credit limit.

Jax, explain what you mean by how CC can affect your credit rating? I don't understand that statement. CC don't hurt your credit rating anymore than any other loan it is from a high risk lender, or you carry high balances on multiple cards. Well that is if they are being paid on time.

For those of you that are still gettng pre-approved cards sent to you, there is a way to stop it. There is a federal web site that allows you to stop these types of offers being sent to you. It is like the do-not-call registry for your credit rating.
 
Suge said:
For those of you that are still gettng pre-approved cards sent to you, there is a way to stop it. There is a federal web site that allows you to stop these types of offers being sent to you. It is like the do-not-call registry for your credit rating.
Click to expand...
What's URL?
 
I honestly don't remember jelli. That is why I just put the information out there. You can probably find it one of the consumer watch dog sites like Clark Howard or Suze Orman. I did it about 3 years ago and I don't have the slightest ida of the name of the site anymore. But I do know it is easy to find because it is one of the things they recommend people do to help stop identity theft as well.
 
Suge said:
For those of you that are still gettng pre-approved cards sent to you, there is a way to stop it. There is a federal web site that allows you to stop these types of offers being sent to you. It is like the do-not-call registry for your credit rating.
Click to expand...

I sure would love to find out where I could this at because every since I got me a new car. I have at least 1 credit card offer per day...I'm sick of it...
 
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