People's impressions of credit cards

For just about anything you want to get off your chest about credit cards.
41 posts
Robrus1
Centurion Member
Centurion Member
 
Posts: 797
Joined: Tue Oct 02, 2012 3:25 pm
Location: Texas

Postby Robrus1 » Sun Jun 02, 2013 10:09 pm

I really enjoy reading all of your stories about how you all wound up interested in credit and credit card rewards. A lot of these stories remind me of my own journey, and what a long one it was. At the end of the day, it's just like most other things in our lives. Make good decisions, and use it properly. I plan to teach the gf's kids about credit when they're older, and I won't tell them it's bad and to stay away from it. I will teach them the right way to use credit so that later when they're out on their own, they won't be dumb and go bananas with their first card and ruin their credit like I did. (hopefully) I think a lot of parents should do a better job of being informed about credit to teach their kids, as opposed to just saying that it's bad and to stay away from it.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K


User avatar
Snowman
Centurion Member
Centurion Member
 
Posts: 630
Joined: Thu May 10, 2012 10:10 pm
Location: North Los Angeles County

Postby Snowman » Sun Jun 02, 2013 11:46 pm

Robrus, the problem is that some parents, unfortunately, ruin their credit and in turn their kids learn that way and it spirals out of control. I do have friends that have bad credit. Most of the time, it is their fault, but sometimes they have circumstances (i.e. losing their job, car breaking down and replacing the transmission is more than the cost of the car itself...etc.) that their credit goes down the drain.

And also, schools don't teach it here, nor is their no required class for high school to learn about it. I personally learned much about credit via this forum and posting questions (yes, last year, I was a total noob and I had no idea how credit worked. But now I do (somewhat) and I'm happy with my scores for now.) Credit isn't bad as long as it is used wisely, but unfortunately, some people don't have the maturity to use credit correctly or realize the concept of credit cards and how they are intended to be used. But I'm glad I discovered forums like these, and in turn I try to answer questions on whatever I do know so that someone else may succeed with their own credit and be able to do things that they never thought they would be able to do themselves.
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

Robrus1
Centurion Member
Centurion Member
 
Posts: 797
Joined: Tue Oct 02, 2012 3:25 pm
Location: Texas

Postby Robrus1 » Mon Jun 03, 2013 1:24 pm

I understand that there are circumstances people have from time to time where they may lose their jobs, car breaks down etc, and I sympathize. I was just trying to state that I wish people would get more educated about the proper ways to use credit.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Mon Jun 03, 2013 3:16 pm

That's great that you are going to teach the gf's kids about it Robrus1. You are right we do not teach people practical things in our educational system. We make kids memorize stuff they'll forget as soon as the test is done, but we don't teach them how to create a budget and manage their money, plan long term goals, interview for a job, or how to think and make decisions, all vital skills for success in life. I never thought our education system's emphasis on memorization and testing made sense - teach people to critically analyze and think, and you don't need to memorize 80% of that stuff. Some is still needed, I will grant, but I always felt it was wrong how heavily that is weighed. Fortunately I had a good memory as a kid so I could get good grades, but what good is that as far as life is concerned?

I just think it's wonderful you will do that I wish my parents had done that with me. My mom never talked about money (except we didn't have much, and how the damn union took money out of her check before she ever got it and how much she resented that). My dad had destroyed his credit before he ever met my mom, having to declare BK, apparently even back then Sears was rather unforgiving of delinquency. Mom never had much in the way of credit cards. She got a Sears card on her own, charged it up, then slowly paid it off then closed it, but had a mortgage and car payments and still had a score over 800 last time she checked. I was like wow, that's even without credit cards that's hard to do. But I never got any education or advise on it, and it would have been great if I had. I wish mom and dad had emphasized how important it is to get in with Amex as early as you can in life.

User avatar
Snowman
Centurion Member
Centurion Member
 
Posts: 630
Joined: Thu May 10, 2012 10:10 pm
Location: North Los Angeles County

Postby Snowman » Mon Jun 03, 2013 5:24 pm

Oh I agree with you Robrus. Most people really don't learn about finances unless they've made mistakes and then are able to recover from them. But it would be nice if these types of classes were taught in High School or in colleges so that kids learn how to avoid these types of mistakes.
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

rockyrock
Centurion Member
Centurion Member
 
Posts: 883
Joined: Thu Mar 21, 2013 6:06 am
Location: Ventura, CA

Postby rockyrock » Tue Jun 04, 2013 4:09 am

Snowman wrote:Oh I agree with you Robrus. Most people really don't learn about finances unless they've made mistakes and then are able to recover from them. But it would be nice if these types of classes were taught in High School or in colleges so that kids learn how to avoid these types of mistakes.


I think we need to start in middle school, by the time I was in high school I was hard headed and knew everything :-) When I turned 18 and got my first cards all my older friends and parents tried to warm me of the dangers of irresponsible credit usage. I didn't listen and by 19 had destroyed my credit. It happened again in my mid-20's. Now in my mid-30's and doing well, I hope never to repeat that cycle--especially now that I have a family to support.
Sapphire Reserve: travel & dining (almost everything until I meet my initial spend)
Blue Cash Preferred: groceries & gas
Freedom: 5% cats
Double Cash: everything else

MB131174
Centurion Member
Centurion Member
 
Posts: 512
Joined: Mon Mar 05, 2012 10:58 am
Location: PA

Postby MB131174 » Tue Jun 04, 2013 3:39 pm

I'm one of those that made mistakes in the past. When I was 19 I had a citi card with a $10,000 limit, among other cards, and a poor college student budget. I was spending left and right. Eventually I couldn't afford the minimum payment. Fast forward a few years, I was drowning in cc debt and no way to repay, so I defaulted on everything. My credit was so bad I couldn't finance a loaf of bread. Even had a car repo. That was fun! Credit shot. Collections. You know the drill. Today I'm 38, self employed, purchased a brand new Jetta TDI last year and got 0.9% interest on the loan, all in my own name. I carry several well respected cards (AmEx, CSP, etc), and have zero, and I mean, ZERO baddies on my credit report. It was a long, difficult recovery, but I did it. That's what prompted my interest in better credit, etc.
stalk me
KIK: WMB1974

AMEXPlatino86
Centurion Member
Centurion Member
 
Posts: 258
Joined: Mon Feb 18, 2013 5:51 pm
Location: New York, NY

Postby AMEXPlatino86 » Tue Jun 04, 2013 4:06 pm

Well I think seeing that we've all made the ultimate mistake when we were younger we actually learned from them (even at the moment we've stumbled). I think that it's real cool that a good majority of us are actually on top of our credit game and didn't give in to the rumors of CC.
Wells Fargo Platinum 2.100 (5/2011-cld 7/12/14)
AmEx Platinum (6/12)
Barclays Apple (6/12)
AMEX Gold Delta (5/13)
Marriott Rewards (7/14)

My credit score :cool:
EQ: unknown
EX: 776
TU: 774

benhollberg
Centurion Member
Centurion Member
 
Posts: 353
Joined: Mon Apr 29, 2013 6:51 pm
Location: Salt Lake City

Postby benhollberg » Tue Jun 04, 2013 8:18 pm

I am 22 and have multiple credit cards, let me just say that I am glad I learned about using credit cards to your own advantage at a young age. I was just one week into 18 when I received my first credit card through my local credit union and now have many great cards. Not once have I ever paid one cent of interest. I agree with all of you that people need to learn to use credit responsibly when they are younger because it makes a huge difference in your life for a long time. I will continue to use credit cards to my advantage as long as I can, I still see many people, including friends, that don't use cards at all and I have no idea why. Sometimes I tell them about the rewards they can use and all that and only half the time they will listen. Whatever they think, it's their loss.
American Express Platinum Card
American Express TrueEarnings Card from Costco
Marriott Rewards Premier Visa Signature Card
Chase Sapphire Preferred World MasterCard
Discover It

User avatar
Calipso
Centurion Member
Centurion Member
 
Posts: 195
Joined: Mon Oct 29, 2012 2:50 pm
Location: Boston

Postby Calipso » Wed Jun 05, 2013 3:58 pm

I'd say 90% of the people I talk to think I'm crazy when they find out I have around 20+ credit cards.

I have balances on two at 0% APR for 16 months. Less than $4,000 total.

These same people owe $20k+ on a new car, have $8,000+ debt on one credit card with an APR in the 20's, etc. Guess who is really crazy?
My Limits:
NFCU NavCheck: $15,000/NFCU Platinum: $11,500/NFCU nRewards: $8,000
Chase Freedom: $6,500/Chase Slate: $6,000/CSP: $5,000/Marriott Rewards Primier: $5,000/United MileagePlus Explorer: $5,000/Southwest Primier: $3,000
Citi Hilton HHonors: $9,700/Citi Simplicity: $8,200/Citi Forward: $5,500
AMEX Blue Cash Everyday: $8,000/SPG AMEX: $5,000/AMEX Everyday: $5,000/AMEX Delta Skymiles Platinum: $3,400
Discover IT: $7,700
Barclay's NFL Extra Points (Carolina Panthers): $5,000
DCU Platinum: $3,000
RTN FCU CC: $2,000
CCCU Platinum Rewards Visa: $2,000

Current total limit: $129,500



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 3 guests