thats a perfectly plausible reasoning you schmuck.
I'll give you two reasons
if you are poor you are more likely to use credit cards because you dont have the money to pay for things. If you dont have the money to pay for things then you wont have the money to pay off the loan on it fully. If you dont pay off the loan fully you give the credit card company interest. Which makes them money which increases your "credit" score which means more companies send you cards. More cards, more temptation because you can make purchases spread over a variety of cards but only make the minimum payment on them all which again helps your credit score. So they increase your limit, by increasing your limit you can spend more. Spend more = more debt, more debt = more money for credit card companies
So now explain to me, again, why I should grow up or die...... unless of course you think that my reasoning is stupid which in turn makes you a moron = your opinion not valid.
If you are poor and you have credit cards in negative equity (that means you owe on them) it allows credit card companies to further boost their own market shares. This in turn raises the value of their stock and in tern keeps the stock exchange in "reasonable" health.....
The way that this happens is that credit card companies look at the overall debt that they are owed as reverse negative payments IE the amount they are owed is the same as if they had the money in a bank. The only difference is that instead of the money returning a value to the sum of a typical savings account (3.5 to 5% per annum) the credit card companies CHARGE YOU anywhere between 9 and 25% percent per annum. This whilst the share holders of PLC credit card companies, of which I am sure you know (VISA and MASTERCARD are transaction arrangements NOT credit card companies), increase in price and people make money off of YOU being in debt.
"Credit only matters if you are poor" is not meaning that owning a credit card is a stupid idea and only for the poor people, it means that if you dont pay off your bills every month you are increasing someone elses wealth at the expense of your own
hence credit card companies need and want poor"er" people because it helps them make money.
Scarface wrote:
Well, with my method, I gained a Credit rating of 780. And i'm only 21, this is of 3 years of doing what I'm doing, seems to be working
Nice. I didn't have a car until 6 months ago so it will be a few more years until I'm up there.
You guys get your shit off of experion or equifax ?
I used experion sometime last year for free. They had a lot of tips explaining why each item on your report was good or bad and how to improve.
bitWISE wrote:
You guys get your shit off of experion or equifax ?
I used experion sometime last year for free. They had a lot of tips explaining why each item on your report was good or bad and how to improve.[/quote]
My sister used to work for experion in Data Control and Software Analysis........ They still managed to fuck up her credit rating though :icon27:
I'm not worried about it. I enjoy the way I live I just have to be careful.