woot, credit cards just got a little less shitty

[bitWISE]

Just got a message from Discover:

INTEREST RATES
●Annual Percentage Rate (“APR”) increases for paying late or exceeding your credit limit.
We will no longer increase your APRs on your existing credit card balances if you pay late or exceed your credit limit. Your APRs on new transactions may increase to a Default Rate only if you fail to make a payment when due. However, if we increase your APRs for new transactions to a Default Rate, we may, as described below, periodically review your Account to determine if your APRs should be reduced. Click here to see the manner in which we determine a Default Rate.
●Grace Period. Your grace period for new purchases is changing, which may help reduce your finance charges. (Click here for more information on "How We Calculate Periodic Finance Charges")

FEES
● Overlimit Fee. We will no longer charge an Overlimit Fee. (Click here for more information)
● Pay-by-Phone Fee. We will no longer charge a Pay-by-Phone Fee. (Click here for more information)
● Balance Transfer and Cash Advance Transaction Fees. If you make a balance transfer or take a
cash advance, the maximum transaction fees will be increasing to 5% of the amount of each new
balance transfer or cash advance, as applicable, with a minimum of $10. (Click here for more
information)

PAYMENTS
●How Payments are Applied. Payments made in excess of the Minimum Payment Due will now generally be applied to high APR balances first. This may help you pay off your high APR balances sooner. (Click here for more information)
●Payment Processing Time. Mailed payments received at our processing facility will be credited to your Account on the same day if received by 5PM local time, instead of the current 1PM cut-off time. (Click here for more information on "Monthly Payment Options")

[Don Carlos]

Credit Cards are the devil

[plained]

wrong

they contribute to ur overall credit score .

so its a diservice to ursel not to use them.

[Don Carlos]

CC = Devil

Fact

[plained]

nahman that what they WANT u to believe!

[xer0s]

I don't have any credit cards and I have an outstanding credit score. Fact!

[Mr.Sparkle!]

Who the fuck uses Discover? LOL.

[seremtan]

get cc use it pay it off each month get AAA credit rating

[werldhed]

You only need to use a card to up your score if you don't have any other form of credit.

I have no credit cards and my score is great.

[Giraffe }{unter]

Those of you without CC is your credit score over 700?

[shaft]

Who the fuck uses Discover? LOL.

lol

[plained]

yea good question

hehe mine is!

[Don Carlos]

Those of you without CC is your credit score over 700?

[seremtan]

You only need to use a card to up your score if you don't have any other form of credit.

I have no credit cards and my score is great.

you only need other forms of credit if you don't use a credit card

i have no other forms of credit and my score is great

see what i did there?

[xer0s]

Those of you without CC is your credit score over 700?

Yep. I know this cause I just checked it last week...

[werldhed]

Those of you without CC is your credit score over 700?

Indeed it is. If I could remember the exact number I'd give it. I think the 3 scores ranged from 750-780.

Maybe. I quickly filled that bit of my brain with less boring info.

[Grandpa Stu]

credit cards aren't bad. people are just generally stupid when they use them so they have the misconception that the credit card is to blame when they find themselves with large amounts of debt when it's actually their own poor judgment in the use of that credit card that's to blame.

not using a credit card isn't anything to be proud of. credit scores aren't the only thing that is looked at when applying for a loan. credit history is a large part of it and if you don't have any previous credit history then you're pretty much SOL even if your credit score is awesome. now i'm not saying you can't get loans without credit history but it sure is a lot harder, especially if you want a good rate on loans. be prepared to co-sign your soul away.

good deal with the discover card stuff

[Scourge]

You can get a good credit history without credit cards also. I don't have any cards and have good credit and credit history.

But, yeah, people get themselves into those holes with bad judgment.

[Eraser]

Those of you without CC is your credit score over 700?

That's typical yank reasoning. All you care about is credit scores, so you can have bigger and higher loans. All of America exists on credit. Why are so many Americans so obsessed with spending money they don't have?

I'm not saying credit cards are evil per sé, but they are an easy way of losing a lot of money and getting into serious trouble if you aren't capable of handling them in a sensible way. And believe me, it's not just the lowest of the lowest retards that aren't capable of that.

[shaft]

That's typical yank reasoning.

Youre quite ignorant of how it credit scores work if you think its just about raising limits so you can plunge yourself further into debt.
People with good credit score get better deals and lower interest rates on car loans, home loans, student loans, loans to start businesses. Those can be pretty useful.

[Ryoki]

Youre quite ignorant of how it credit scores work if you think its just about raising limits so you can plunge yourself further into debt.
People with good credit score get better deals and lower interest rates on car loans, home loans, student loans, loans to start businesses. Those can be pretty useful.

So it's ike Eraser said then, just an incentive to plunge further into debt by getting better deals.

[U4EA]

Chances are, if you're managing your credit card well, you can also manage your mortgage and other debts well. Having a good credit rating doesn't give incentive to further mire yourself in debt, it just means you can get more value for your borrowing power.

[Eraser]

Chances are, if you're managing your credit card well, you can also manage your mortgage and other debts well. Having a good credit rating doesn't give incentive to further mire yourself in debt, it just means you can get more value for your borrowing power.

Yes yes, so you can borrow more money.
I'm sorry, but aren't you both exactly confirming what I've just said here?

[U4EA]

Not really. [Speaking in rough numbers] You're borrowing more to get a better house, but because your credit rating is also better you get a lower interest rate and so your payments remain the same. As long as you're on top of your payments (i.e. responsible handling of your finances) you're much better off than the other guy. He's paying proportionately more interest, less principal for a shittier house. You're paying proportionately less interest than him, but more principal and you live in a better house.

edit: Ought to put a disclaimer that I'm not very financially savvy, this is just what I understand from conversations with my financial guy. Most of the time I'm just smiling politely and nodding while he explains this stuff, most of which goes straight over my head D:

[Fjoggs]

wth is credit scores =/