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stalkervision
10-15-2009, 04:31 PM
http://www.bankrate.com/financ...rd-horror-tales.aspx (http://www.bankrate.com/finance/credit-cards/credit-card-horror-tales.aspx)

You got any. I bet some of you do. http://forums.ubi.com/images/smilies/icon_twisted.gif

right here you can vent all you want about the credit card industry. http://forums.ubi.com/images/smilies/51.gif

Choctaw111
10-15-2009, 05:26 PM
Fortunately I no longer have a credit card, but I once did to get the best credit we could before we bought our home. After our mortgage was approved, we got rid of the credit cards.
A mortgage is the best credit you can have if you are responsible with it.

roybaty
10-16-2009, 03:18 PM
Earlier this year one of my cards shot up to 20%, I called and explained they better knock it down or I'll close the account (this had worked before with another card) but they refused. Paid it off pronto and they closed it http://forums.ubi.com/images/smilies/blink.gif

Not exactly a horror story but annoying.

Crash_Moses
10-16-2009, 05:03 PM
Paid off our credit cards years ago. Only debt we have now is the house. If we can't pay cash we don't purchase.

A year or so after deciding to go sans credit cards, I remember Montgomery Wards trying to charge us $40 for non-use. This was shortly before they went bankrupt so I'm thinking they were pretty desperate.

Regardless, the $40 remains safely with us. I pull it out occasionally and cackle...

Choctaw111
10-16-2009, 05:27 PM
Originally posted by Crash_Moses:
Paid off our credit cards years ago. Only debt we have now is the house. If we can't pay cash we don't purchase.

A year or so after deciding to go sans credit cards, I remember Montgomery Wards trying to charge us $40 for non-use. This was shortly before they went bankrupt so I'm thinking they were pretty desperate.

Regardless, the $40 remains safely with us. I pull it out occasionally and cackle...

Non use? Wow.
I once was charged for a late fee because they put on the membership fee without my knowledge. No statement was sent in the mail and I hadn't been charging anything to the card, but regardless, the members fee went unpaid for over a month and I was charged a late fee. I dropped the card immediately afterward.

jarink
10-16-2009, 05:37 PM
I only have one C Card now for emergencies and those times when you "need" a card, such as making hotel reservations (but still pay in cash). It's only got a $300 limit and a $0 balance.

Suffice to say, I learned some very hard lessons with credit cards earlier in life.

Whenever the subject of credit cards comes up, I always want to ask the liberals out there why the government never seems to do anything (or even want to do anything) about the horribly out of control "credit industry" in the US.

mortoma
10-16-2009, 10:57 PM
I don't get this stuff about accounts being closed, rates going up, limits reduced and the like. Has not happened for me. I still get offers for new credit cards and recently two of my cards increased my limits substantially. I have gotten new cards in the mail from companies I never heard of and I didn't even apply for them!! I have about 14 cards and manage them all very well, thank you.

Only one of my accounts ( Target Visa ) was closed recently but that was due to inactivity. Had been a year since I used it and they have a policy or killing your account if it's inactive.

What few balances I have left I pay up to $1000.00 per month to pay them off and I am now starting to slash my usage of them. I only charge something if I can pay it off the next billing cycle. I also don't have high interest because I constantly do balance transfers from one card to another when a card offers a low or no interest one. Right now I have about four balances to pay off and I pay no interest at all on three of them and about 3.99% on the other one. There's no credit crunch for me. All the credit card companies love me. It does pay to have a stellar credit rating. They treat me like a royal millionaire but I'm not.

Ba5tard5word
10-17-2009, 01:54 AM
Blah blah blah.

Don't run a balance and you won't owe anyone anything.

Skunk_438RCAF
10-17-2009, 07:09 AM
Originally posted by jarink:
Whenever the subject of credit cards comes up, I always want to ask the liberals out there why the government never seems to do anything (or even want to do anything) about the horribly out of control "credit industry" in the US.

Have you seen the "Money as Debt" documentary?

K_Freddie
10-17-2009, 08:16 AM
My C-Card balance is always in my favour.
The bank 'likes' me and phones me about extending my credit - Don't bother I say, I never spend more than what I have.
http://forums.ubi.com/groupee_common/emoticons/icon_wink.gif

mortoma
10-17-2009, 07:14 PM
Kind of hard to buy stuff online without a credit card and they say using a debit card is a dumb idea. Credit cards have more protection and the ability to dispute charges and such. Debit cards do not. I'll always have several CCs, just a mortgage alone or car payment alone is not enough to get you a good rating. The rating system is set up more for credit cards than anything else. They want you to use credit cards, they really do.
Whether you like it or not.

Airmail109
10-17-2009, 08:12 PM
My debit card has as much protection as a credit card. I have to use my student overdraft to get by (I go into it and then pay it back off over the summer). I do have things that I can sell off that I wouldn't miss in the long term if the worst came to the worst.

As long as your not an idiot and use credit/overdrafts wisely then you should be fine. I still hate the idea of debt though, nothing more than wage slavery.

Airmail109
10-17-2009, 08:15 PM
Originally posted by mortoma:
I don't get this stuff about accounts being closed, rates going up, limits reduced and the like. Has not happened for me. I still get offers for new credit cards and recently two of my cards increased my limits substantially. I have gotten new cards in the mail from companies I never heard of and I didn't even apply for them!! I have about 14 cards and manage them all very well, thank you.

Only one of my accounts ( Target Visa ) was closed recently but that was due to inactivity. Had been a year since I used it and they have a policy or killing your account if it's inactive.

What few balances I have left I pay up to $1000.00 per month to pay them off and I am now starting to slash my usage of them. I only charge something if I can pay it off the next billing cycle. I also don't have high interest because I constantly do balance transfers from one card to another when a card offers a low or no interest one. Right now I have about four balances to pay off and I pay no interest at all on three of them and about 3.99% on the other one. There's no credit crunch for me. All the credit card companies love me. It does pay to have a stellar credit rating. They treat me like a royal millionaire but I'm not.

That sort of stuff can come tumbling right down ontop of you, be careful dude.

mortoma
10-18-2009, 12:14 AM
Originally posted by Aimail101:
<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by mortoma:
I don't get this stuff about accounts being closed, rates going up, limits reduced and the like. Has not happened for me. I still get offers for new credit cards and recently two of my cards increased my limits substantially. I have gotten new cards in the mail from companies I never heard of and I didn't even apply for them!! I have about 14 cards and manage them all very well, thank you.

Only one of my accounts ( Target Visa ) was closed recently but that was due to inactivity. Had been a year since I used it and they have a policy or killing your account if it's inactive.

What few balances I have left I pay up to $1000.00 per month to pay them off and I am now starting to slash my usage of them. I only charge something if I can pay it off the next billing cycle. I also don't have high interest because I constantly do balance transfers from one card to another when a card offers a low or no interest one. Right now I have about four balances to pay off and I pay no interest at all on three of them and about 3.99% on the other one. There's no credit crunch for me. All the credit card companies love me. It does pay to have a stellar credit rating. They treat me like a royal millionaire but I'm not.

That sort of stuff can come tumbling right down ontop of you, be careful dude. </div></BLOCKQUOTE>Been OK for almost thirty years. I was pre-approved to buy a new house just the other day with no down payment. In the US my situation is normally fine.

The real fear with so many accounts is that I could get frauded more easily then someone with one or two cards. But in the U.S. you can't close accounts for whatever reason as it will hurt your credit. But most of my cards do not have an inactivity clause so I'm stuck with them. Some of them I could not use for 15 years and they'd not close the account. I don't carry any around usually but if I do I go with just one. But credit is a slightly different animal in the US than in the UK. What works there might not here.

pwengland
10-18-2009, 04:57 AM
Closing accounts,yep. Had a couple I hadn't used for about 15 years. It took about 10 written letters to get them to close it. Phone calls are completly useless.
I don't care if it hurt my credit score just a bit, I'm not moving and usually pay cash for cars.
We keep one with little or no balance.
You really don't need credit cards to get a mortgage.

Sillius_Sodus
10-18-2009, 12:45 PM
Originally posted by mortoma:
I don't get this stuff about accounts being closed, rates going up, limits reduced and the like. Has not happened for me. I still get offers for new credit cards and recently two of my cards increased my limits substantially. I have gotten new cards in the mail from companies I never heard of and I didn't even apply for them!! I have about 14 cards and manage them all very well, thank you.

Hi Mortoma,

I would be careful about having too many credit cards. Even if you have zero balance on them it can still affect your overall credit rating since the credit limit on them is considered debt. Also, every time you sign up for a card, a credit check is done which can also affect your credit rating.

I pay off my card balances every month, the banks lie me I suppose, but I bet they would like me even better if I kept a balance on them and paid the 19%+ interest... http://forums.ubi.com/images/smilies/51.gif