I'm just mad right now

[sealy]

Thank you Rocky that is true. I would want to limit my risk if I were a company. I'm glad y'all don't sugar coat anything. It helps me make better choices. It really helps to get another view.

[Shooby]

Sealy - Just trying to give you our perspective. Take it for what it is worth in your life. One reason I lowered my limit was because of possible credit card fraud. Yes, I know there are protections with a card, but if I don't NEED a $25K limit, then why would I have one if am only ever going to charge far less than that? And, as I asked before how HIGH of a limit do you want or need? And, if you feel you need more, then call your bank and get a Visa from them or whatever and then I am sure you will have more credit than you need.
In reality in our society of spend till you're broke, almost everyone can get all the credit they ever need. And, even people with terrible credit STILL find a way to get loans, etc. So, I guess my point is that it really isn't an issue unless you are living your life on credit. And, that the score takes care of itself. And, that if you paying cash, not overbuying on home and car and stuff and living within your means, then it doesn't matter what the CC company does or doesn't do.6

[mollyanna58]

 And even if it does how is your life qualitatively different if your score is 800 or 700 or whatever? How does that change your life one iota?

Many insurance companies use credit scoring in rating.  The better the credit score, the lower the premium. 

[Shooby]

I am not saying it has no value. Yes there might be some differences in interst rate with the biggest issue being buying a home. And that is a big issue. But if your finances are in disarray in the first place causing low credit scores then perhaps you need to think about buying a home. And I didn't buy a home until I had 20% to put down, bought well within my means and the interest rate was not much of an issue since we planned to pay off the home anyway which we did in less than 10 yrs.
What I am talking about is a financial mindset and not getting bogged down . Focus on good financial management and the rest takes care of itself.

[Shooby]

I am not saying it has no value. Yes there might be some differences in interst rate with the biggest issue being buying a home. And that is a big issue. But if your finances are in disarray in the first place causing low credit scores then perhaps you need to think about buying a home. And I didn't buy a home until I had 20% to put down, bought well within my means and the interest rate was not much of an issue since we planned to pay off the home anyway which we did in less than 10 yrs.
What I am talking about is a financial mindset and not getting bogged down . Focus on good financial management and the rest takes care of itself.

[sealy]

Thanks. I really appreciate y'all. I wouldn't discuss this with anyone I know. It'd be nice to have a husband to bounce ideas off of. So i really appreciate the support and tough love. This is a great group.

[Shooby]

Heck even just thinking about it puts y5 further ahead than most.

[Deleted]

well Shooby not everyone can put 20% down on a house and pay it off in 10 years so yeah, having a good credit score when purchasing a house to be able to get the most favorable rate is important to most people...also as someone said, insurance rates go up with a bad credit score. 

[sealy]

I think Shooby was just talking about her situation which gives us another view about finances. Who know what may spark someone else to strive for the same thing.

[Shooby]

Yes. I can only give the value of MY experience. And, I did a lot of things right, but I also did a lot of things wrong. And, I will happily tell you what I did right and also what I did wrong. I made a lot of financial mistakes along the way. However, the BIGGEST mistake anyone can make is simply just choosing to let the finances take care of themselves and not really taking an interest to learn. Things really began to turn around once I really started educating myself about handling money. And, I am not money genius like Phil. There are things that are a great idea, like investment properties, rentals, etc that I know simply are not for. Rental property is not part of my overall plan. Not because it wouldn't be a good idea, but simply because I don't have the time or inclination to take care of the needs of another piece of property, do maintenance and deal with renters. Just not my thing. It COULD be my thing if DH were more inclined in that direction , but he is not. And, having other properties to maintain would be more a thorn in our side than asset. So, knowing what works for YOU versus general wisdom is important. I can say give general advice based on what worked for me. And, if there are some nuggets of wisdom in there, take them. If not, you can absorb that info and maybe down the road that advice makes sense, or not.

[Shooby]

Jan 23, 2014 21:26:02 GMT -5 @singlemominmd said:

well Shooby not everyone can put 20% down on a house and pay it off in 10 years so yeah, having a good credit score when purchasing a house to be able to get the most favorable rate is important to most people...also as someone said, insurance rates go up with a bad credit score. 

Well, I didn't believe that a lot of things were possible until I actually attempted and made a plan to do so.  Once I did, I was able to accomplish my goals.  But, the point is, that a lot of people don't really even have goals, other than in a very vague sense.  But, we didn't buy a home until I was pregnant with our second child.  We were renting for the first years with children. I do think that some people need to follow their own timeline. And, it is very easy to get caught up in what you think you should be doing vs what is financially practical or expedient.

[ZaireinHD]

Jan 23, 2014 8:06:53 GMT -5 Shooby said:

Seriously, how high of a limit do you want on your CCs? If you aren't paying them off in full every month and paying interest, then why do you want to raise it? And, what are going to buy on it? I am not going to buy a home or car with it. The only time I might need a pretty high limit is for traveling. So, how much of a limit do you want?

I want my credit card limit so freaking high I could be like a super star!
walk into a dealership and say I want that car, fully loaded, with extra shit!
Charge it!

[Shooby]

Lol!

[Ombud]

Jan 24, 2014 21:47:16 GMT -5 ZaireinHD said:

Jan 23, 2014 8:06:53 GMT -5 Shooby said:

Seriously, how high of a limit do you want on your CCs? If you aren't paying them off in full every month and paying interest, then why do you want to raise it? And, what are going to buy on it? I am not going to buy a home or car with it. The only time I might need a pretty high limit is for traveling. So, how much of a limit do you want?

I want my credit card limit so freaking high I could be like a super star!
walk into a dealership and say I want that car, fully loaded, with extra shit! Charge it!

I tried that once on a new to me car  & Saturn wouldn't let me. I wanted 10k of reward points!! Bought it anyway & still have it

Just called AMEX bc of this thread & they lowered my limit from 10k to $9500?!?! Not that I'll miss that $500 but does that lower my score? I like mine

[mollyanna58]

I tried that once on a new to me car & Saturn wouldn't let me. I wanted 10k of reward points!!

Yeah, I tried to charge a used car once but the dealership said they couldn't take more than $3K on a credit card.

[ZaireinHD]

wow!
I am among super stars! 



and I just learned something new!
Thanks Ombud and molly!

[ZaireinHD]

Jan 25, 2014 12:22:05 GMT -5 Ombud said:

Not that I'll miss that $500 but does that lower my score?

see that is just hurtful, so hurtful when credit card does this. and those FN bastards actually said - actually told me:

it's for your own good.

[Shooby]

I don't have a clue what my credit score is. I just don't care.

[Plain Old Petunia]

Shooby, do you check your report regularly?  Its the best way to nip fraud/identity theft early.  Just sayin'.

[Rocky Mtn Saver]

Jan 25, 2014 15:15:37 GMT -5 Plain Old Petunia said:

Shooby, do you check your report regularly?  Its the best way to nip fraud/identity theft early.  Just sayin'.

Regardless of interest in the actual score or not, this is something everyone should do. Even for minor children.

[Shooby]

Jan 25, 2014 15:15:37 GMT -5 Plain Old Petunia said:

Shooby, do you check your report regularly?  Its the best way to nip fraud/identity theft early.  Just sayin'.

I don't. But, you are right. It is something I should do. And, with all the fraud it would be a good idea. So, maybe I better.

[Deleted]

I just went and checked. Our AMEX limit hasn't changed and is still at a 16K.
Chase raised it in 2011 from 9 to 10K
We pay off each every month. I have no clue what our credit score is and as of now, no need to find out.

[Shooby]

But, I agree. Using credit is part of anyone's overall plan. And, checking your score is a good idea. I have just seen too many people get into real hot water with credit cards. And, if you use them wisely, they are great. I love my Amazon rewards cc. ANd, I buy a lot of stuff on credit. I just like to sound the warning about them for people who get a bit too close to the edge, because they can take you down. That's all.

[Rocky Mtn Saver]

Jan 25, 2014 12:22:05 GMT -5 Ombud said:

Jan 24, 2014 21:47:16 GMT -5 ZaireinHD said:

I want my credit card limit so freaking high I could be like a super star!
walk into a dealership and say I want that car, fully loaded, with extra shit! Charge it!

I tried that once on a new to me car  & Saturn wouldn't let me. I wanted 10k of reward points!! Bought it anyway & still have it

Just called AMEX bc of this thread & they lowered my limit from 10k to $9500?!?! Not that I'll miss that $500 but does that lower my score? I like mine

Ombud, i think it only affects your debt-to-available-limit ratio. A change of $500 can't affect it much, assuming that you don't carry a balance or much of a balance across all cc's.