Higher Credit Card Limits Create Problems for Some
Guest: Xstation
Post subject: Higher Credit Card Limits Create Problems for Some
Posted: Wed Mar 01, 2006 12:54 pm
http://moneycentral.msn.com/content/Banking/creditcardsmarts/P120478.asp
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Polonius
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Wed Mar 01, 2006 6:09 pm
Is what true, exactly? It's a long article. Much of it makes sense to me. Some does not. For example,
Quote:
Think twice before taking offers
Anyone carrying a lot of credit card debt should probably rebuff offers for credit line increases.
Why agree to a bigger credit line when your current card debt is already draining your bank account? Your top priority should be paying down your current debt.
The assumption is that if you have a bigger credit line, you'll use it and owe more money. But you can use a larger line to make money, not spend money. You can use it to increase your credit scores, and thus lower your interest rates if you are forced to carry a balance. There's no need to think that a bigger line means more uncontrolled spending. It could happen that way, but assuming that everyone is going to misuse credit is silly, insulting, and fairly dumb. With that logic, you should pay off all your cards, close all your accounts, and never use credit again.
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Ira
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Thu Mar 02, 2006 2:18 am
See the following article:
http://moneycentral.msn.com/content/Banking/creditcardsmarts/P74808.asp?Rating=10&PageID=74808#Rating
_________________
Do not let what you cannot do interfere with what you can do.
Ira
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Thu Mar 02, 2006 8:10 am
Xstation wrote:
http://moneycentral.msn.com/content/Banking/creditcardsmarts/P120478.asp
How that huge credit limit can hurt you
HURT ME BABY...HURT ME HARD
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Thu Mar 02, 2006 8:13 am
THE POSITIVE OUT WEIGHS THE NEGATIVE!!!
$100,000 CREDIT LIMIT SPEND UP TO $10,000 AND NEVER GET 10%
$10,000 CREDIT LIMIT SPEND UP TO $1,000 AND NEVER GET 10%
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: rapjunkie
Posted: Thu Mar 02, 2006 3:36 pm
Polonious said it well...
Quote:
There's no need to think that a bigger line means more uncontrolled spending.
Clearly, people who don't have the discipline to keep their spending in check face greater risks when they have larger credit lines. Those MSN articles seem to state the obvious sometimes, but I suppose that's good since it may not be obvious to a lot of folks.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Post subject: Higher Credit Card Limits Create Problems for Some
Posted: Wed Mar 01, 2006 12:54 pm
http://moneycentral.msn.com/content/Banking/creditcardsmarts/P120478.asp
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Polonius
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Wed Mar 01, 2006 6:09 pm
Is what true, exactly? It's a long article. Much of it makes sense to me. Some does not. For example,
Quote:
Think twice before taking offers
Anyone carrying a lot of credit card debt should probably rebuff offers for credit line increases.
Why agree to a bigger credit line when your current card debt is already draining your bank account? Your top priority should be paying down your current debt.
The assumption is that if you have a bigger credit line, you'll use it and owe more money. But you can use a larger line to make money, not spend money. You can use it to increase your credit scores, and thus lower your interest rates if you are forced to carry a balance. There's no need to think that a bigger line means more uncontrolled spending. It could happen that way, but assuming that everyone is going to misuse credit is silly, insulting, and fairly dumb. With that logic, you should pay off all your cards, close all your accounts, and never use credit again.
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Ira
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Thu Mar 02, 2006 2:18 am
See the following article:
http://moneycentral.msn.com/content/Banking/creditcardsmarts/P74808.asp?Rating=10&PageID=74808#Rating
_________________
Do not let what you cannot do interfere with what you can do.
Ira
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Thu Mar 02, 2006 8:10 am
Xstation wrote:
http://moneycentral.msn.com/content/Banking/creditcardsmarts/P120478.asp
How that huge credit limit can hurt you
HURT ME BABY...HURT ME HARD
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Thu Mar 02, 2006 8:13 am
THE POSITIVE OUT WEIGHS THE NEGATIVE!!!
$100,000 CREDIT LIMIT SPEND UP TO $10,000 AND NEVER GET 10%
$10,000 CREDIT LIMIT SPEND UP TO $1,000 AND NEVER GET 10%
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: rapjunkie
Posted: Thu Mar 02, 2006 3:36 pm
Polonious said it well...
Quote:
There's no need to think that a bigger line means more uncontrolled spending.
Clearly, people who don't have the discipline to keep their spending in check face greater risks when they have larger credit lines. Those MSN articles seem to state the obvious sometimes, but I suppose that's good since it may not be obvious to a lot of folks.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 3:33 PM
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