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Forums - Sony Discussion - Deal of the Month: PS3 60gb for ... 349USD o_0

Sqrl said:

Really folks, credit cards are bad.  You should only use them for emergencies! 

Credit cards are how most people find themselves deep in debt.  Paying your own way through life is how you get ahead.   


Not using credit cards is ok (I guess) however, they are a great tool if used properly. Pay off your balance in full every month. Keep your oldest account open forever. This is the beginning of your credit history, and closing the card will end that history. Only keep 2-4 cards at once.

People can do lots of bad things with tools, but that doesn't mean the tool is bad. You just have to give it the right respect and understand how to use it.



"Suck on it" -vgchartz mod

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Don't think the issue here is credit card responsibility, it's more of a you won't get the credit card in time to get the deal on the PS3.



Most of the time you get approved for stuff like this instantly. I have done it twice with the Amazon card to save $30. That is right, twice. There really isn't a downside to stuff like this, unless you have brain damage and do not know how to pay off a credit card (which can usually be done online).

If you get charged by a credit card company for something, it is more often than not your own damn fault. I have spent over $5000 on one card and have to this day paid less than $3.00 of interest.



We had two bags of grass, seventy-five pellets of mescaline, five sheets of high-powered blotter acid, a salt shaker half full of cocaine, a whole galaxy of multi-colored uppers, downers, screamers, laughers…Also a quart of tequila, a quart of rum, a case of beer, a pint of raw ether and two dozen amyls.  The only thing that really worried me was the ether.  There is nothing in the world more helpless and irresponsible and depraved than a man in the depths of an ether binge. –Raoul Duke

It is hard to shed anything but crocodile tears over White House speechwriter Patrick Buchanan's tragic analysis of the Nixon debacle. "It's like Sisyphus," he said. "We rolled the rock all the way up the mountain...and it rolled right back down on us...."  Neither Sisyphus nor the commander of the Light Brigade nor Pat Buchanan had the time or any real inclination to question what they were doing...a martyr, to the bitter end, to a "flawed" cause and a narrow, atavistic concept of conservative politics that has done more damage to itself and the country in less than six years than its liberal enemies could have done in two or three decades. -Hunter S. Thompson

akuma587 said:
Most of the time you get approved for stuff like this instantly. I have done it twice with the Amazon card to save $30. That is right, twice. There really isn't a downside to stuff like this, unless you have brain damage and do not know how to pay off a credit card (which can usually be done online).

If you get charged by a credit card company for something, it is more often than not your own damn fault. I have spent over $5000 on one card and have to this day paid less than $3.00 of interest.

The downside of opening (and closing) many cards is that it tends to not work well with your credit score.

Twestern - You're right; I was just replying to the comment of never ever use credit cards.



"Suck on it" -vgchartz mod

wangfoo said:
 

The downside of opening (and closing) many cards is that it tends to not work well with your credit score.

Twestern - You're right; I was just replying to the comment of never ever use credit cards.


 I actually did some research on what you said, because I was worried about the same thing, and that is only true if you have a bad credit history to begin with.  Closing accounts doesn't affect anything as long as they weren't delinquent, and the number of accounts you open is a very small percentage of your overall credit score, which, as I said, only changes your score if you do not have a good credit history.



We had two bags of grass, seventy-five pellets of mescaline, five sheets of high-powered blotter acid, a salt shaker half full of cocaine, a whole galaxy of multi-colored uppers, downers, screamers, laughers…Also a quart of tequila, a quart of rum, a case of beer, a pint of raw ether and two dozen amyls.  The only thing that really worried me was the ether.  There is nothing in the world more helpless and irresponsible and depraved than a man in the depths of an ether binge. –Raoul Duke

It is hard to shed anything but crocodile tears over White House speechwriter Patrick Buchanan's tragic analysis of the Nixon debacle. "It's like Sisyphus," he said. "We rolled the rock all the way up the mountain...and it rolled right back down on us...."  Neither Sisyphus nor the commander of the Light Brigade nor Pat Buchanan had the time or any real inclination to question what they were doing...a martyr, to the bitter end, to a "flawed" cause and a narrow, atavistic concept of conservative politics that has done more damage to itself and the country in less than six years than its liberal enemies could have done in two or three decades. -Hunter S. Thompson

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akuma587 said:
wangfoo said:
 

The downside of opening (and closing) many cards is that it tends to not work well with your credit score.

Twestern - You're right; I was just replying to the comment of never ever use credit cards.


 I actually did some research on what you said, because I was worried about the same thing, and that is only true if you have a bad credit history to begin with.  Closing accounts doesn't affect anything as long as they weren't delinquent, and the number of accounts you open is a very small percentage of your overall credit score, which, as I said, only changes your score if you do not have a good credit history.


Actually, even with good credit opening and closing accounts is bad.  This is thought of for four reasons 1.) Is a sign that you be abusing credit or about to abuse it. (Puts up a red flag) 2) Reflects amount of credit you have extended to you, with out increasing the amount that you have borrowed and then paid back. (another red flag) 3.)Every time you close a non-secured account, before the renewal period or before maturity, points are taken off you credit score.  4) Everytime you open a credit, you get points taken off. 

The score isn't the only thing that is looked at when approval or interest rates are pending.  Just because you can get approved for anything doesn't mean you have good credit, these types of events on your record look like a reason for creditors to give a higher interest rate, so that they ensure that they make money off of you. This is why paying debt off early is bad (for credit, while can be better for you in the long run for other reasons) if you pay a car off early the bank made less money off of you, so when the bank sees this on there you might get a litle extra interest tacked on there.

Here is a good place to learn about credit history, credit score and your credit report.  If anyone would like more info feel free to send me a message, I have a lot of experience dealing with FICO and creditors (and debtors!)

Also the Federal government (the FTC in particular) made it law that you must be allowed to look at you credit report (but not your score) for free once per year.  So Experien, TransUnion, and Experian reports are all available for free at www.annualcreditreport.com, it is complete non-profit and does not require a credit card.



I would cite regulation, but I know you will simply ignore it.

wangfoo said:
Sqrl said:

Really folks, credit cards are bad. You should only use them for emergencies!

Credit cards are how most people find themselves deep in debt. Paying your own way through life is how you get ahead.


Not using credit cards is ok (I guess) however, they are a great tool if used properly. Pay off your balance in full every month. Keep your oldest account open forever. This is the beginning of your credit history, and closing the card will end that history. Only keep 2-4 cards at once.

People can do lots of bad things with tools, but that doesn't mean the tool is bad. You just have to give it the right respect and understand how to use it.


I'm sorry, but that applies to the USA. In the UK, credit history is not really important and you don't have to "build it up" with small loans, etc. Do you have a job? You can get credit.

Ubuntu. Linux for human beings.

If you are interested in trying Ubuntu or Linux in general, PM me and I will answer your questions and help you install it if you wish.

Game_boy - That is absoloutley untrue, in the UK it is just as important. If you go to a bank for a loan or mortgage and have a bad credit rating then you will get the loan refused or get a poor rate of interest. Those advertisements you see on tv offering loans to anyone regardless of credit history are a con, they are one step up from a loanshark.



Credit cards are not the devil as long as you are responsible and sensible. I never pay for anything by cash as long as cards are accepted I use my credit card. With my card I get 1% cash back on my spending and on top of that you don't have to pay the bill till end of the month. So in addition to getting cash back I also defer payment for up to a month and earn extra interest on the money in my current account I would have parted with immediately if i paid by cash. I have direct debit set up so all the money I owe on the card is cleared off before interest starts to accrue. It's only if you don't pay off the balance each month that credit cards become the devil.



Credit cards can pay *you* if you use them properly. I rarely use cash ever anymore. if they take plastic I use it. There is no point when you can earn cashback or other rewards when you use your card. Also it can protect your purchases and sometimes extend the warranty depending on the card benefits.

They key is to be responsible and make sure you pay your whole balance every month. This way you are not getting finance charge. This only works if you make sure you dont spend more than you can pay off for that period.

I earn 5% back on gas and other 'auto related' purchases on my 'gas card', and 3% back on another rewards card. If you use them for everything you normally spend day to day it really adds up month after month. I got over 100$ in cashback last year on one card alone.

Make sure to get a card that doesnt have an annual fee!



PS360 ftw!

Currently playing..........

Gears of War 2, GTA IV Lost and Damned, Little Big Planet (Yes I said I had no interest but my girl wanted to try it and we did and now Im hooked )