hummmmm

ALF/USA · 12-31-2004, 06:32 PM

checking my CCard statment I realized my limit was increased by 3K,should I take that as a loan for a track bike?? mayeb not,I think the interest for a cash out is HIGH as a pot head....suggestions??

ALF/USA · 12-31-2004, 06:48 PM

what I need is to consolidate couple of bills add a little extra for a bike and get one low payment a month....where can I get that w/o getting raped by HIGH rates?

HamG · 12-31-2004, 06:51 PM

What kind of bills are you talking about? Secured or unsecured debt?

fotocycle · 12-31-2004, 06:57 PM

Take it from someone who TOTALLY fucked up his credit by age 20 or so... DON'T DO IT. I didn't know how to ride back then so spent the money on cars instead.. a '76 Firebird Formula that cost me $2500, for example. All on a CC cash advance. I really, really, regret doing that 'cause everything kinda snowballed from there, and now at 28 I'm working hard to rebuild my trashed credit. Can't buy a house or condo, can't buy a new car, and worst of all - can't buy a new bike! My total credit line is now a whopping $200 or so, but I'm happy, 'cause at least I have one again.

My new rule is, if you can't buy it cash, you can't afford it! Maaaaaybe take out $1000 from the CC and pay the rest in cash. But once you pull out that big a chunk from a CC advance, your monthly payments will be very, very hard to catch up on.

Just my 0.02 (with 24% APR at last count

)

ALF/USA · 12-31-2004, 06:58 PM

Quote:

Originally Posted by HamG

What kind of bills are you talking about? Secured or unsecured debt?

one credit card and a Brandsmart card... 3k total...
and I have two loans,one car(my name but I'm not the one paying for it) and my current bike...
I would like to combine the credit card and BrandSmart card pay it off and add a little extra get a 3k or 4k bike...so I would need a 7k loan

I will have both ot these cards(credit and brandsmart) paid off by middle of 05,but I want to get a track bike NOW.....I dont want to sell the ZX anymore I want to keep it as a everyday bike...I rode it today and I love this bike...

OT · 12-31-2004, 06:58 PM

All depends on the interest of the cards you have.

ALF/USA · 12-31-2004, 07:00 PM

Quote:

Originally Posted by Onetrick

All depends on the interest of the cards you have.

the normal rate for a guy like me...19% or so...

ALF/USA · 12-31-2004, 07:02 PM

I do have 3 or 4 ccards(GM card,Capital One Card..etc..) account that are OPEN but with ZERO balance...and i dont even have the cards anymore...but I heard even having OPEN accounts with ZERO to pay..hurt your credit....WTF???

HamG · 12-31-2004, 07:07 PM

It's good to try to keep your debt load at less than 70-80% of your credit limit. If you have an excessive amount of available credit, lenders see that. If you were to apply for loan, though the credit limit itself won't have an impact on your credit score, a loan officer will look at your application. When they pull your credit report and see a credit limit of $70,000, they have to take into consideration that you could quite possibly have $70,000 in unsecured debt at any given moment. With unsecured credit cards you have no limit as to the amounts that you can spend or what you can spend it on. You could pay off a car loan or an IRS debt with a credit card and there would be no restrictions to you using the remainder of your available credit all at one time.
The key to good credit is to accept, and use it, as you need it. If you see no need of ever using your available credit, get rid of it. It won't effect your debt to income any, it won't effect your credit score and won't show as having the easy possibility of becoming overextended at any time. Keep it so you have 30-40% available credit and reduce your credit limits. It's as simple as contacting your creditors and asking them to lower it. If you receive increase offers in the mail, call or write to have them declined and keep your existing credit limit.

ALF/USA · 12-31-2004, 07:11 PM

so I should close the accounts that I'm not using it...but what if I want again in the future?? can I re-open?? or just apply for it again??

ALF/USA · 12-31-2004, 07:14 PM

I think I'm going to order a credit report and check all the accounts that are open...and close the ones I dont need

fengler · 12-31-2004, 07:15 PM

heres the trick of the trade, with your newly upped credit line take out a cash advance for 3k the interest rate is prolly like 25% tho

damn loansharks, but heres what you do, so you take the 3k out and then you find a different credit card that gives you some low ass apr% on BALANCE TRANSFERS, so then you take your 3k debt of 25% apr from card A and transfer it to the new card B that has a apr% of say 7% and your golden....yeah im devious

HamG · 12-31-2004, 07:19 PM

Quote:

Originally Posted by ALF/USA

I think I'm going to order a credit report and check all the accounts that are open...and close the ones I dont need

That would be a good thing to do...

kf4mtw · 01-01-2005, 07:32 AM

I get offer's all the time for balance transfer's at 0% for the next year and use them. Call your card company's and say match this or you'll cancel their card, they will. If you don't ask them they won't do nothing.

DreadJockey1 · 01-03-2005, 09:39 AM

In my opinion credit should only be used for an emergency or buisiness investment. Where you will see a return on your $ or at least hope to.
NOT recreation,splurging,gifts.....

If you have it .Spend it.
If not; dont.