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Old 03-21-2011, 05:12 PM  
mohel
 
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Keizer, OR
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just having a credit available with the full balance available will help your credit.
Unless you have some credit history that balance will be small.
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Old 03-21-2011, 05:24 PM  
Mr. Happy
 
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Montreal, Quebec
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Yah, it will.

I actually think a secured line of credit is the best way to go if you can swing it. It will give you the best interest rates and the most flexibility.
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Old 03-21-2011, 06:39 PM  
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Originally Posted by blucher View Post
Unless you have some credit history that balance will be small.
so? if it is not used it is still a high available amount compared to the offered amount, now if you on average spend $560 a month on a $600 limit card, yeah that could be bad for sure.
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Old 03-21-2011, 07:00 PM  
Mr. Happy
 
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Originally Posted by RedJeepXJ View Post
so? if it is not used it is still a high available amount compared to the offered amount, now if you on average spend $560 a month on a $600 limit card, yeah that could be bad for sure.
Nothing wrong with that or any higher amount you care to choose, if you can afford to pay it off at the end of every month.
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Old 03-21-2011, 08:34 PM  
mohel
 
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Keizer, OR
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Originally Posted by RedJeepXJ View Post
so? if it is not used it is still a high available amount compared to the offered amount, now if you on average spend $560 a month on a $600 limit card, yeah that could be bad for sure.
I like my low limit card since it minimizes my risks. I believe it's balance is $25.05 about where I like to keep it.

A card with a greater credit line would be handy if unforeseen large expenses hit. It was that higher limit that got me through three months when a glycogen storage illness hit me. I was able to pay it off over time but that plastic was the instant loan I needed.

I thought of it only a few minutes ago during the local news. A 50ish woman who teaches computer science has stage 4 cancer and can't afford her $6000.00/month prescription costs. Even a life of teaching and a Phd can't shelter us from Big Pharma's avarice.

If she charges a couple of her last months on Earth I won't fault her.
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Old 03-22-2011, 06:11 AM  
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Greenville, SC
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What you all are saying about the benifits of a credit card are true. I know alot of people who may benefit from it. All my point is, is that I think it is a screwed up system if there are some things such as paying your normal bills on time that won't reflect at all on your credit, but if you are late at all on the SAME payments, it hurts your credit.
I guess I am "old fashioned" in that I don't want to use credit cards. But I end up being punished for it ("lack of credit") even though I always pay everything else on time.
Also, there are PLENTY of people out there who fall victim to credit cards. And for you folks who talked so badly of the banks with the mortgage stuff, I think that the credit card companies are WAY more predatory.
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