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Old 12-19-2008, 08:22 PM   #21
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Default Re: For those of you with credit cards...

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Originally Posted by Lowndsey View Post
I have to agree with Antdemo here. In this country anyway It doesn't matter so much how good your credit rating is if you are going for a loan. First and foremost it goes on how much you earn per month against how much you pay in bills and living expenses per month and whether the balance of what is left will be enough to allow you to meet your repayments. If you have a bad credit rating it counts against you but a good rating is not so important. Usually as long as you haven't missed payments on any credit in the last 6 months your credit will be fine.
It may be that way in Australia, I have no knowledge on that because I've never lived there. However; here in the states it does make a difference. If you walk into a bank for an auto loan with no credit, they will tell you to come back with a co-signer that has one.

Antdemo, wow, I won't even bother, it's just not worth it anymore.
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Old 12-20-2008, 08:04 AM   #22
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Default Re: For those of you with credit cards...

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Originally Posted by Antdemo View Post
you can get a loan and a car without a credit card, just goto the bank, hi, may I have a loan, sure , it's all about how much salary you bring in to get that loan.
Yes, but if you build up a good credit history fist and prove yourself to be a responsible borrower, you can get preferential rates.
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I know what a credit card is, I see statements all day everyday
Then you should know the difference between a credit card and a loan.
A loan being a set amount that you pay off over a period of time in regular fixed amounts, a credit card being an informal amount that you may borrow at any time and may pay back at anything above a given minimum rate, (usually £5 or 5% each month, whatever is the greater amount).

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Originally Posted by Antdemo View Post
its muppets like you who fuck our credit rate up, fuck our economy up , pricks that go to the bank and get loans that cant afford to pay back, dipshits who get credit cards and go over the limit and never pay back IT'S YOU ***** WHO ARE FUCKIN IT UP!

And let me just put this right., IT DOES DEPEND ON YOUR SALERY IT ALL DOES? OMFG

I can get a loan of 10k, because I earn 20k a year.
Where to begin, firstly you're an accountant, so I'd assume it's muppets like you who go on about the fact that they are accountants and then offer shite financial advice that are the real muppets.
cheap shots aside...

OK, nobody ever got a loan thinking that they wouldn't pay it back, it's not that easy.
the sub-prime lending crisis that you are alluding to is not simply that a bunch of people took out a lot of money that they didn't want to pay back, it was more that they couldn't afford to pay the money back, this lending to people who couldn't afford to pay it back was endorsed by the government as a way of making the economy boom, (people were spending money like there was no tomorrow) and all of the while the banks were taking nice fat bonuses because they were doing so well. -using short term driven targets, they'd sold hundreds of loans a month, but nobody looked that 50/100 were in the sub-prime category and were unlikely to ever be able to pay the banks back.

secondly, with getting a loan you say that you can get a loan of 50% of earnings? I think that you'll find that you are able to get a loan of a greater value than that, and it'll also depend on what you want the loan for and what you plan to use to secure it.

for example, if you want to buy a house, your loan of 10k will get you probably less than 1/10th of a house, (regional variations may apply).
so you're going to need a deposit that you save in advance, and a loan of maybe two or three times the amount of your salary.

lets say that you have a partner, and he/she earns 20k as well. with a combined income of 40k, you may still need three times your gross salary to get a house, even then it's only going to be a starter home!

and depending on what you do, how long you've had your job, how secure that job is, what deposit you have, your available income etc, will depend on how much you can get and the interest rates. (it doesn't just depend on your earnings, but it is closely linked).

the banks will not stop lending at more than 100%, (or even 200%) of earnings, as home ownership is seen as the best way to alleviate poverty. it's all very well renting at £100 a week when you're 26 (like I am and do now). but when I'm 70 and drawing a pension of just £85 a week, what do I do then?

home oner loans are a different deal, but I'll also say that you can still on a small unsecured personal loan borrow more than 50% of earnings.
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Old 12-20-2008, 08:04 AM   #23
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Default Re: For those of you with credit cards...

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actually go to your bank and ask that women behind the counter, come back when you have done and she will say, it's all about how much you get paid:

http://uk.answers.yahoo.com/question...5112745AAo2vsd
Yes but as I've said above, it's not just about how much you get paid, other factors do come into it.
and the rate of repayment and rate of interest may be based on your credit score rating, a rating that can only be generated by getting credit cards or loans etc.
Quote:
A credit card is a plastic card that has a limit ammount of cash on for you to spend incase YOU DONT HAVE THE CASH, not INCASE YOU HAVE THE CASH BUT CANT BE ARSED PAYING BACK.
nobody ever said that a credit card was for you to max out and forget about paying. I'm assuming that you;ve had a tough week at work dealing with someone who seems to think like that, -perhaps you should leave your work at work and not bring it out here to insult other people.
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the more you spend and pay back the more brownie points you get, not that it matters anymore because they'll be a whole new system
and there I was only accusing the banks of reckless speculation.
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And tell me why do YOU need a credit card? do you pay bills? or still in moms basement washing all the dirty cloths wankin it out on ya pc, getting ya cards splashing it like theirs no 2mo, pfft.
perhaps he wants to buy some stuff, and favours buying expensive stuff on credit based at 0% for a year because that works out better as it doesn't cost any more, allows him to spread payments and allows him to get what he wants now rather than having to save up.
perhaps he has debts on another credit card and is planning to transfer the debts to a promotional transfer rate to mean that there will be less interest over a year to pay off.
(certainly I did that a year ago and have saved between 30 and 40 pounds a month by transferring the balance to a card with a 0% promotional rate -so I still saved money even when including the transfer fee).
whatever his reasons they are none of your concern. he's simply asking for advise on the rates of credit cards.

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I'm sorry but you guys really do fuck our economy up and I am so worse of then what I was b4 it started.
Oh, you mean that you grew up and joined the real worl d of work and suddenly had bills and tax and shit like that to deal with?

Perhaps you;re finding that you're worse off than when you started working because you have more expensive tastes, not because things are

if you'd followed the advise that you seem to be giving here, no-ever borrowed money, saved up for everything that you want then how can you possibly be worse off now than before you started.
if anything, (assuming that you haven't borrowed money and now seeing a higher rate of interest) you should be better off as a series of fiscal stimulus tax cuts have taken place.
admittedly not much better off, but slightly. -the pain will come in a couple of years!

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Originally Posted by Antdemo View Post
If I don't know what am talking about why is it you come out with this useless:
Quote:
original quote was that you can just walk into a bank and expect them to cut you a cheque for ten grand -you'd need some kind of credit score first
WRONG! do you hell need a some credit, I don't think you even understand how a credit card works, I mean look, your using it for student? then get a bloody student loan, that's why they have student bundles in every single main bank on most high streets, don't know what am talking about? then why is it I have just shown you wrong.

You do not need credit card to get credit rate, if you get wages paid in bank and have a active bank account I'm sure what ever your salary is you can get a loan just around that salary.
Antdemo, you are kind of right, but also so massivly wrong.

firstly. lets try to keep the figures simple.
we'll assume that you earn 20k per year.
you have no credit history, (have never borrowed have no overdraft facility)
you walk into your bank and ask for a loan for 10k.
you will be refused as you have no credit history, your bank doesn't know if you're a responsible borrower.
you may get 1k, or 2k, perhaps even as much as 5k. but you;re unlikely to get 50% of your salary with no credit history what-so-ever.

now consider the example that you have 2 credit cards, each maxed out at 5k. You have made at least the regular minimum payments on the cards, and thus have a good credit score.

if you go into a bank and ask for a 10k loan to consolidate your credit debts, they'll look at your credit file, see that you've never missed a payment and always been able to pay, and they'll likely approve you for the loan.

to get credit, you usually need a credit history. unless you only want to borrow a very small amount, in which case a bank may consider that low risk and may opt to lend you a small amount, but I think that 50% of your wages as you are suggesting is out of the question.

Quote:
Don;t talk about other cheap crap man about my posts, actually you thick inbred, when I came on this forums I was miles more helpful then you, and alot more active then most people, they I come on here less and less, I stopped liking computers, I stopped knowing about computers, things changed new things come out I don't keep up to date with most computer builds, I don't even know much about graphic cards/cpus motherboards now because I stopped likeing computers, so yer, am glad I stopped posting in the help section as I am no longer as much as a nerd as I was.


I Hope to hell you get a credit card and spend all the cash and I hope you fuck yourself over in a 5k debt.
why not talk crap about your posts? that's what they are full of.
I don't think that you should talk to people like that, especially not when they are only asking a question, and they are just pointing out errors in your post, based on their experience in the subject-something that you seem to be lacking

you stopped liking computers and stopped posting in the help section, and that's fair enough, but you say that you're a trainee accountant, but whenever something about money comes along you wade in saying that you know it all, until someone points out that you don't. then you say, yes well I didn't learn that yet.

Anyway, you don't get the chance to do that this time.

for all your comments about being a thick inbred, wanking off in his mothers basements you've been banned until the new year.
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Old 12-20-2008, 11:38 PM   #24
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Default Re: For those of you with credit cards...

Root, Thank you.

Thanks for standing up to him. And thanks for helping me. Thats proabaly the best post I have ever seen.
+1 man!!

Quote:
Originally Posted by root View Post

perhaps he wants to buy some stuff, and favours buying expensive stuff on credit based at 0% for a year because that works out better as it doesn't cost any more, allows him to spread payments and allows him to get what he wants now rather than having to save up.


perhaps he has debts on another credit card and is planning to transfer the debts to a promotional transfer rate to mean that there will be less interest over a year to pay off.
(certainly I did that a year ago and have saved between 30 and 40 pounds a month by transferring the balance to a card with a 0% promotional rate -so I still saved money even when including the transfer fee).
whatever his reasons they are none of your concern. he's simply asking for advise on the rates of credit cards.


.
That is my plan exactly. Plus, I curently pay 17.99% percent now. With this new offer, I get 0% for a year, after that 8.99%. Either way, Its a win-win sititation.
Their are things I'd like. And being a college student, I dont really get the chance to work overtime and get extra money faster. Credit card allows me to the stuff I want now, make payments, and build credit at same time.

Whereas buying stuff up front, Id have to wait, and it doesnt help credit.

Quote:
Originally Posted by root View Post
Anyway, you don't get the chance to do that this time.

for all your comments about being a thick inbred, wanking off in his mothers basements you've been banned until the new year.
That was a low blow honestly. This went from a discussion about credit cards, to low blowing a member here? That was certaintly uncalled for.
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Old 12-20-2008, 11:57 PM   #25
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Default Re: For those of you with credit cards...

my mastercard is at a 18.0% and my Visa i think is like 19.7%


in my opinion, credit cards are stupid...i regret having them...right now i'm simply working to pay them off...and then i'm calling the companies to cancel them...credit cards are simply a great way to put people into debt!
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Old 12-20-2008, 11:59 PM   #26
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Default Re: For those of you with credit cards...

Ive been told cancelling your credit cards takes a hit on your credit..
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Old 12-21-2008, 12:08 AM   #27
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Default Re: For those of you with credit cards...

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Originally Posted by LukaszR View Post
my mastercard is at a 18.0% and my Visa i think is like 19.7%


in my opinion, credit cards are stupid...i regret having them...right now i'm simply working to pay them off...and then i'm calling the companies to cancel them...credit cards are simply a great way to put people into debt!
It really depends on how you manage your money. I've seen people go under, and I've seen people take advantage. Credit card companies rely on most people's impulses to make a profit. Just make sure you buy wisely and you actually have the money to pay off the purchase.
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Old 12-21-2008, 12:37 AM   #28
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Default Re: For those of you with credit cards...

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Originally Posted by LukaszR View Post
credit cards are simply a great way to put people into debt!
QFT!
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Old 12-21-2008, 04:35 AM   #29
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Default Re: For those of you with credit cards...

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Originally Posted by Austinn View Post
Root, Thank you.

Thanks for standing up to him. And thanks for helping me. Thats proabaly the best post I have ever seen.
+1 man!!



That is my plan exactly. Plus, I curently pay 17.99% percent now. With this new offer, I get 0% for a year, after that 8.99%. Either way, Its a win-win sititation.
Their are things I'd like. And being a college student, I dont really get the chance to work overtime and get extra money faster. Credit card allows me to the stuff I want now, make payments, and build credit at same time.

Whereas buying stuff up front, Id have to wait, and it doesnt help credit.



That was a low blow honestly. This went from a discussion about credit cards, to low blowing a member here? That was certaintly uncalled for.
It sounds like you've got it all planned out nicley.. but just rember that very expensive things can happen.. i was doing the same kind of thing as you, i got a 0% CC out to buy my dog an outdoor run (£800/$1600), i didnt have the money so i got it on a CC.. the repayments were going fine (was going to be 0% for 12 months) but then the engine mount on my car collapsed.. costing me £679/$1358), which meant that my bank balance went downhill alot, i wasnt expecting that amount of money to be required, and i could only afford my basic repayment.. with the wages i earn (im doing an apprenticeship.. so they are pretty poor) i couldnt afford to keep my other outgoings (diesel, car payment, insurance, road tax, rent etc..) and still make the payments on the card.. so now ive gone past the 12 month period and are in the sticky stuff as far as that goes.. so just be careful how you plan your money out, and leave yourself a buffer in your bank so the same doesnt happen to you.. my car is a 2001 model, and it still happened to me.. could be anything though, boiler in the house could go etc.. from what it sounds like, the plan you have is a good one.. but just dont make the same mistake as I did.. personally i wouldnt reccomend getting that third card..
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Old 12-21-2008, 08:59 AM   #30
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Default Re: For those of you with credit cards...

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Originally Posted by rohan23 View Post
It really depends on how you manage your money. I've seen people go under, and I've seen people take advantage. Credit card companies rely on most people's impulses to make a profit. Just make sure you buy wisely and you actually have the money to pay off the purchase.
you have a point there...but the majority of people, expecially at a young age that get a credit card...tend to be creedy and max them out....and only then do they realize they just have to owe $1000.00.
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