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Originally Posted by Lindy
I've had credit cards, bank loans, mortgages, and never felt preyed upon or gouged. Probably because I always pay according to terms and on time.
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good for you. I'm proud of you. No really, I always paid on time and OVER the minimum payments, but I wasn't alone in the great screwing by Capital One. I had platinum status, under half available credit used and paid early and above.. yet they sent me from 7% to 27%. You want to know why?? Because "the economy is rough and we're doing all we can to ensure our customers are happy". So I happily took myself to American Express.
I have plenty of credit access, have had two mortgages on 3 mortgages on 3 separate houses and plenty of good credit because I didn't play around. I currently have a 3200sq. ft. house..it priced around $110/sq. ft. you do the math. So I know how to handle cash and credit.
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Originally Posted by Lindy
Easy credit access was one of the causes of the recent credit meltdown (certainly not the only one) and too many people were given credit who shouldn't have had it in the first place. Credit was too easily given to people who didn't understand it, didn't respect the terms and really didn't deserve to have credit.
It doesn't matter what you use your credit card for, just that you use it, and that you make regular payments, and make them on time. It's best to keep your balance under about half of your credit limit, but I think they really value a sustained period of timely and regular payments more than anything else.
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I agree that people were given credit far too easily, but that is their own fault. When they would prey on college students and give them a 10k card and then charge ridiculous fees if the student missed a payment. Things of that nature. They have no business offering anyone and everyone credit but they did. So the fault is shared by themselves to some degree.