do you have a credit card? are you in debt?

s1eepy · 03-10-2008, 03:52 PM

just curious.
i've never had a credit card, and no debt other than school loans. i've just noticed that you don't need a cc to build credit, and they do more harm than good most of the time, but my friends think its crazy that i don't have one.

nub340 · 03-10-2008, 04:26 PM

Not sure what your question is but a student loan is only one type of debt. To get a good credit score you really need to have several "types" of debt (revolving, auto-loan, mortgage, student loans, etc). In general credit cards are a great way to build your credit since they weigh heavily on your credit score. If you don't trust yourself, just get a cc with a very low limit ($200ish). Then start using your cc to buy things you'd normally pay cash for: Groceries, Gas, Food. Then pay your bill off completely every month. If anything, get a cc and then immediately cut it up. It's better to have some cc history then none (as long as it's not negative), although actually using it is even better.

s1eepy · 03-10-2008, 04:31 PM

no question really. just the poll. i make auto payments, but no loan, so no debt. i thought my payments also build my credit?

s1eepy · 03-10-2008, 04:32 PM

yea i might just get a cc for gas and dining. anyone know a good one with cashback or incentives whatever?

Kiemyster · 03-10-2008, 04:50 PM

nawh man. fuck credit cards. as i always say: if you dont have the cash on hand, dont live outside your means.

i have a credit card that i use for groceries, and every time i go to the supermarket, i always take the bill, and round it up to the nearest hundred, get the cash and put it in an envelope for when the bill comes. that way, im never worried.

fuck credit, debit cards only for me.

stooken · 03-10-2008, 04:52 PM

Quote:

Originally Posted by s1eepy

no question really. just the poll. i make auto payments, but no loan, so no debt. i thought my payments also build my credit?

if the car is under your name then you will build credit by making monthly payments.

ideally, you should have 3 active tradelines (credit card, personal loan, auto loan and etc)

Quote:

Originally Posted by s1eepy

yea i might just get a cc for gas and dining. anyone know a good one with cashback or incentives whatever?

credit cards aren't the devil as long as you know how to manage your money. it's nice to have on the side for an emergency as well.

as a new credit card holder, you won't find many offering great incentivies (cash back, reward points and etc) but after about a year you'll see it.

plus, using a credit card gives you a piece of mind because any fraudulent activities can be disputed. during the investigation process, you don't have to pay back that money. on the other hand, if this happened on your checking account, that money is long gone!

matt.love84 · 03-10-2008, 05:04 PM

I paid off all my debt and go strictly cash now. It feels good at the end of the month.

I actually got rid of my Credit Cards believe it or not. The only thing that SUCKS is occasionally I'll need one for like a hotel which is a pain in the ass.

s1eepy · 03-10-2008, 05:05 PM

ok thanks. i don't necessarily think cc's are the devil, i just never felt it was necessary to have one, but others around me are making it seem like its weird not to have one. i just wanted to start a poll to see how many actually have cc's and where they stand with them. so far it seems pretty normal to not have one. i might just get one to have one though.

Evelyn: Why don't you just debit? You don't have to get a cc.
BateVu: Because I want...to fit...in.

jaiman · 03-10-2008, 05:09 PM

How do you buy stuff online without a CC? Or make purchases above your debit limit? In Canada most banks have a daily debit limit of 3k, my credit card has a much higher limit.

How do you book hotels or plane tickets? I'm not asking to be a dick, I'm just curious.

s1eepy · 03-10-2008, 05:18 PM

Quote:

Originally Posted by jaiman

How do you buy stuff online without a CC? Or make purchases above your debit limit? In Canada most banks have a daily debit limit of 3k, my credit card has a much higher limit.

How do you book hotels or plane tickets? I'm not asking to be a dick, I'm just curious.

i've just used my debit card for everything mentioned, including booking. as for large purchases, i haven't purchased anything over my debit limit yet online, so i haven't had a problem so far. my major purchases have been in person so i usually cut a check or make a stop by the bank.

stooken · 03-10-2008, 05:38 PM

if you have cash to buy everything to you want or can wait until you have the cash to do so then more power to you.

some people would rather do something else with that cash or don't have the cash on band BUT do have a 0% credit card to make their purchases.

FirstClass · 03-10-2008, 05:38 PM

Quote:

Originally Posted by Kiemyster

nawh man. fuck credit cards. as i always say: if you dont have the cash on hand, dont live outside your means.

Precisely. There are only 2 times in life you should ever need to be in debt. The first is when you go to college if your parents can't afford to pay for it and you don't get enough aid, and the second is when you buy your first house.

stooken · 03-10-2008, 05:40 PM

Quote:

Originally Posted by FirstClass

Precisely. There are only 2 times in life you should ever need to be in debt. The first is when you go to college if your parents can't afford to pay for it and you don't get enough aid, and the second is when you buy your first house.

and you should lose your virginity only when you get married.

don't treat debt like it's such a bad thing.

LTO · 03-10-2008, 05:59 PM

i use my cc for just about everything i buy, but pay off the balances every month. i used to use cash or my checkcard, but this way i now get cash back rewards.

O-cha · 03-10-2008, 06:06 PM

If you don't use a CC for every purchase you can than you are a moron. I get almost 100 dollars back every month just for using the CC for all my purchases.

Who can argue with 2% off every purchase you make?

s1eepy · 03-10-2008, 06:07 PM

hm yea i guess there is no reason for me not to have one really. only positive things as long as i'm careful with my spending.

thx thread and participators.

par4bmw · 03-10-2008, 06:09 PM

Quote:

Originally Posted by O-cha

If you don't use a CC for every purchase you can than you are a moron. I get almost 100 dollars back every month just for using the CC for all my purchases.

Who can argue with 2% off every purchase you make?

+1

Revlis · 03-10-2008, 07:27 PM

Credit Cards Pretty much Suck, Debit Cards give folks access to your personal Checking possibly your savings as well... Fuck that.

Charge Card FTW... American Express, no set limit, pay off total each month, earn lots of free points for all sorts of stuff, travel help, concierge service, etc etc... Lots of good reasons to use an Amex.

Been working for me for the last 6 years, just about every penny I spend earns me points/cash back and I get an Itemized online statement each month as well as an annual summary for tax purposes, cannot beat it.

ejazbmw · 03-10-2008, 07:50 PM

well for people like me who buy a crap load of stuff online I use CC although I do something like Kiemyster does I set aside money till the end of the month so i don't have to worry about it, but only if its something big. I mean you have to have a CC to build credit if you want to buy a house in the near future.

Couch · 03-10-2008, 08:35 PM

Yep, had a CC since I was 15.

No debt currently on any of my cards. Just paid it off. But I do have an auto loan so....

just4kickz · 03-10-2008, 09:19 PM

no debt

Last E92 M3 · 03-10-2008, 09:21 PM

CC and no debt...20...

View Poll Results: cc? cc debt?
cc and no debt	58	56.86%
cc and minor debt	26	25.49%
cc and i'm in a hole i can't get out of	10	9.80%
no cc	8	7.84%
Voters: 102. You may not vote on this poll

03-10-2008, 03:52 PM	#1
s1eepy -_- 36 Rep 204 Posts Drives: e92 Join Date: Dec 2007 Location: socal iTrader: (1)	do you have a credit card? are you in debt? just curious. i've never had a credit card, and no debt other than school loans. i've just noticed that you don't need a cc to build credit, and they do more harm than good most of the time, but my friends think its crazy that i don't have one.
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03-10-2008, 04:26 PM	#2
nub340 First Lieutenant 34 Rep 324 Posts Drives: 2009 335i E92 M-Sport 6MT Join Date: Dec 2006 Location: West L.A. 90066 iTrader: (0)	Not sure what your question is but a student loan is only one type of debt. To get a good credit score you really need to have several "types" of debt (revolving, auto-loan, mortgage, student loans, etc). In general credit cards are a great way to build your credit since they weigh heavily on your credit score. If you don't trust yourself, just get a cc with a very low limit ($200ish). Then start using your cc to buy things you'd normally pay cash for: Groceries, Gas, Food. Then pay your bill off completely every month. If anything, get a cc and then immediately cut it up. It's better to have some cc history then none (as long as it's not negative), although actually using it is even better. __________________ R135 │ 2009 335i E92 6MT / LeMans Blue / Black Dakota / Gray Poplar └┼┼┤ │ Premium / M-Sport / Nav / HD / PDC .246 │ Heated Seats / iPod+USB / Smartphone Integration
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03-10-2008, 04:31 PM	#3
s1eepy -_- 36 Rep 204 Posts Drives: e92 Join Date: Dec 2007 Location: socal iTrader: (1)	no question really. just the poll. i make auto payments, but no loan, so no debt. i thought my payments also build my credit?
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03-10-2008, 04:32 PM	#4
s1eepy -_- 36 Rep 204 Posts Drives: e92 Join Date: Dec 2007 Location: socal iTrader: (1)	yea i might just get a cc for gas and dining. anyone know a good one with cashback or incentives whatever?
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03-10-2008, 04:50 PM	#5
Kiemyster Bimmerpost Resident Marijuana Consultant 478 Rep 3,202 Posts Drives: 320i, 325xi, 335Xi, 335i, M3 Join Date: Nov 2006 Location: Queens/NYC iTrader: (4) Garage List 2010 BMW 335i [0.00] 2011 BMW X335i [0.00] 2006 BMW E90 325xi [0.00] 2011 BMW E90 335xi [4.00] 2011 BMW M3 E90 [7.00] 2006 E90 320i [0.00]	nawh man. fuck credit cards. as i always say: if you dont have the cash on hand, dont live outside your means. i have a credit card that i use for groceries, and every time i go to the supermarket, i always take the bill, and round it up to the nearest hundred, get the cash and put it in an envelope for when the bill comes. that way, im never worried. fuck credit, debit cards only for me. __________________ "AMG What! S-Line Who? If you ain't got that M I got no respect for you!" '06 Alpine Weiss E90 320i \| '06 The Green Machine E90 325xi \| '11 Alpine Weiss E90 M3 ZCP \| '10 Silverstone X5M \| '11 Alpine Weiss E90 335xi
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03-10-2008, 05:04 PM	#7
matt.love84 xXx 68 Rep 82 Posts Drives: 2006 E90. Join Date: Sep 2007 Location: San Diego, CA iTrader: (0)	I paid off all my debt and go strictly cash now. It feels good at the end of the month. I actually got rid of my Credit Cards believe it or not. The only thing that SUCKS is occasionally I'll need one for like a hotel which is a pain in the ass.
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03-10-2008, 05:05 PM	#8
s1eepy -_- 36 Rep 204 Posts Drives: e92 Join Date: Dec 2007 Location: socal iTrader: (1)	ok thanks. i don't necessarily think cc's are the devil, i just never felt it was necessary to have one, but others around me are making it seem like its weird not to have one. i just wanted to start a poll to see how many actually have cc's and where they stand with them. so far it seems pretty normal to not have one. i might just get one to have one though. Evelyn: Why don't you just debit? You don't have to get a cc. BateVu: Because I want...to fit...in.
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03-10-2008, 05:09 PM	#9
jaiman Captain 22 Rep 658 Posts Drives: very fast Join Date: Jul 2007 Location: Toronto iTrader: (0)	How do you buy stuff online without a CC? Or make purchases above your debit limit? In Canada most banks have a daily debit limit of 3k, my credit card has a much higher limit. How do you book hotels or plane tickets? I'm not asking to be a dick, I'm just curious.
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03-10-2008, 05:38 PM	#11
stooken Brigadier General 188 Rep 4,243 Posts Drives: E70 X5 Join Date: Apr 2007 Location: NOR*CAL iTrader: (2)	if you have cash to buy everything to you want or can wait until you have the cash to do so then more power to you. some people would rather do something else with that cash or don't have the cash on band BUT do have a 0% credit card to make their purchases. __________________ 2010 E92 BSM 335i \| M-Sport \| ST Coils \| Linea Corse Lemans \| Cobb AP \| BMS DCI \| Cyba Tips
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03-10-2008, 05:59 PM	#14
LTO Optometrist Prime 24 Rep 516 Posts Drives: 2008 E60 Join Date: Sep 2006 Location: SoCal iTrader: (4) Garage List 2006 325i [0.00]	i use my cc for just about everything i buy, but pay off the balances every month. i used to use cash or my checkcard, but this way i now get cash back rewards. __________________
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03-10-2008, 06:06 PM	#15
O-cha Brigadier General 232 Rep 4,726 Posts Drives: Mcoupe Join Date: Oct 2007 Location: In front of you iTrader: (2)	If you don't use a CC for every purchase you can than you are a moron. I get almost 100 dollars back every month just for using the CC for all my purchases. Who can argue with 2% off every purchase you make? __________________
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03-10-2008, 06:07 PM	#16
s1eepy -_- 36 Rep 204 Posts Drives: e92 Join Date: Dec 2007 Location: socal iTrader: (1)	hm yea i guess there is no reason for me not to have one really. only positive things as long as i'm careful with my spending. thx thread and participators.
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03-10-2008, 07:27 PM	#18
Revlis Now With 33% MORE Sarcasm Free! 163 Rep 3,462 Posts Drives: M4 i3 X3 Join Date: Feb 2007 Location: Phoenix AZ iTrader: (0)	Credit Cards Pretty much Suck, Debit Cards give folks access to your personal Checking possibly your savings as well... Fuck that. Charge Card FTW... American Express, no set limit, pay off total each month, earn lots of free points for all sorts of stuff, travel help, concierge service, etc etc... Lots of good reasons to use an Amex. Been working for me for the last 6 years, just about every penny I spend earns me points/cash back and I get an Itemized online statement each month as well as an annual summary for tax purposes, cannot beat it. __________________ A BMW is Just a Car, it doesn't make you smart, handsome, clever, better, cool, or wealthy.
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03-10-2008, 07:50 PM	#19
ejazbmw blahhh 318 Rep 6,355 Posts Drives: 2014 M235I Join Date: Apr 2007 Location: NJ/NY iTrader: (7)	well for people like me who buy a crap load of stuff online I use CC although I do something like Kiemyster does I set aside money till the end of the month so i don't have to worry about it, but only if its something big. I mean you have to have a CC to build credit if you want to buy a house in the near future.
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03-10-2008, 08:35 PM	#20
Couch Colonel 146 Rep 2,900 Posts Drives: E92 335i Join Date: Jan 2007 Location: Houston iTrader: (0) Garage List 2007 E92 335i [0.00]	Yep, had a CC since I was 15. No debt currently on any of my cards. Just paid it off. But I do have an auto loan so....
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03-10-2008, 09:19 PM	#21
just4kickz boku no namae ha... 344 Rep 11,023 Posts Drives: 2006 BS 330i Join Date: Feb 2006 Location: S. Bay Area, CA + Newark, NJ + ChiCity + True Blue iTrader: (11) Garage List 2006 E90 330i [0.00]	no debt __________________ looking for a PreLCI Black Sapphire e90 front bumper without license plate holes "Akimbo shotguns. Broken wrists anyone? And don't give me that 'it's just a game' bull**. Where the are my akimbo interventions then?! One scope on each eye mother**er!!"
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03-10-2008, 09:21 PM	#22
Last E92 M3 Lieutenant Colonel 34 Rep 1,507 Posts Drives: BMW M3 Join Date: Nov 2006 Location: Virginia iTrader: (0)	CC and no debt...20...
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