Credit - Page 2 - GM Forum - Buick, Cadillac, Chev, Olds, GMC & Pontiac chat


Lounge For casual talk about things unrelated to General Motors. In other words, off-topic stuff. And anything else that does not fit Section Description.

Reply
 
 
 
Thread Tools Search this Thread
Old 10-12-2006, 12:35 AM   #11
Senior Member
True Car Nut
Thread Starter
 
Join Date: Jul 2006
Location: Granville, Ohio ~NEBF '07 Survivor~
Posts: 5,001
Thanks: 0
Thanked 0 Times in 0 Posts
petraman is on a distinguished road
Default

Quote:
Originally Posted by Custom88
Also, keep the balance on the card as low as possible. Only use it when you absolutely need to!
Gotta be honest, that'* quite a problem for me, but I always pay it off in full come time for the check

(the highest I've ever been is 600/1000, oh wait! That'* right now! )
petraman is offline   Reply With Quote
Old 10-12-2006, 12:39 AM   #12
Senior Member
True Car Nut
 
Join Date: Feb 2006
Location: Melrose
Posts: 4,596
Thanks: 0
Thanked 0 Times in 0 Posts
BLACK94SSEi is on a distinguished road
Default

Quote:
Originally Posted by Custom88
Having a high credit limit is a bad thing. It will show up on a credit report as "potential debt." The more debt you have in relation to your income means a worse credit score. It'* best to have your credit card limit set as low as you possibly can for w hat you need to use it for. Also, keep the balance on the card as low as possible. Only use it when you absolutely need to!
your absolutely right, but I was never able to get a credit limit over 550 bucks, so this is an acomplishment for me. I've never had credit, but I have seen what It can do to people such as a couple of my family members. But the key is making the payments and paying it off ASAP. Im only using it to purchase the things that I really need, and when the payments are made im sure the my credit score will go up.
BLACK94SSEi is offline   Reply With Quote
Old 10-12-2006, 12:41 AM   #13
Senior Member
True Car Nut
Thread Starter
 
Join Date: Jul 2006
Location: Granville, Ohio ~NEBF '07 Survivor~
Posts: 5,001
Thanks: 0
Thanked 0 Times in 0 Posts
petraman is on a distinguished road
Default

Yeah, new game plan, let my car sit for a bit, pay my credit card bill and leave it in a deep dark crevas of my wallet
petraman is offline   Reply With Quote
Old 10-12-2006, 12:48 AM   #14
Senior Member
True Car Nut
 
Join Date: Dec 2003
Location: Right in front of you
Posts: 7,965
Thanks: 0
Thanked 0 Times in 0 Posts
SSE14U24ME is on a distinguished road
Default

Quote:
Originally Posted by Custom88
Having a high credit limit is a bad thing. It will show up on a credit report as "potential debt." The more debt you have in relation to your income means a worse credit score. It'* best to have your credit card limit set as low as you possibly can for w hat you need to use it for. Also, keep the balance on the card as low as possible. Only use it when you absolutely need to!
That is not necessarily true. If you have a high limit but keep your debt below 50% it actually helps your score and you look really good on paper. It is also best to keep your card for a long time, they look at longevity also. If you bounce around from card to card- that looks bad. I use to have many cards and the less I used them the more credit they gave me. I've since scaled back and now only have a couple and only use them if absolutely necessary.
SSE14U24ME is offline   Reply With Quote
Old 10-12-2006, 12:51 AM   #15
Senior Member
Certified GM nut
 
Join Date: Jan 2004
Posts: 1,656
Thanks: 0
Thanked 0 Times in 0 Posts
crzydmnd72 is on a distinguished road
Default

Quote:
Originally Posted by SSE14U24ME
Quote:
Originally Posted by Custom88
Having a high credit limit is a bad thing. It will show up on a credit report as "potential debt." The more debt you have in relation to your income means a worse credit score. It'* best to have your credit card limit set as low as you possibly can for w hat you need to use it for. Also, keep the balance on the card as low as possible. Only use it when you absolutely need to!

That is not necessarily true. If you have a high limit but keep your debt below 50% it actually helps your score and you look really good on paper. It is also best to keep your card for a long time, they look at longevity also. If you bounce around from card to card- that looks bad. I use to have many cards and the less I used them the more credit they gave me. I've since scaled back and now only have a couple and only use them if absolutely necessary.
I've also been told that auto insurance costs are more for people with mariginal credit. Not sure how fair that really is, but hey if thats the rules, learn to bend around em!
crzydmnd72 is offline   Reply With Quote
Old 10-12-2006, 12:53 AM   #16
Senior Member
True Car Nut
Thread Starter
 
Join Date: Jul 2006
Location: Granville, Ohio ~NEBF '07 Survivor~
Posts: 5,001
Thanks: 0
Thanked 0 Times in 0 Posts
petraman is on a distinguished road
Default

Quote:
Originally Posted by crzydmnd72
I've also been told that auto insurance costs are more for people with mariginal credit. Not sure how fair that really is, but hey if thats the rules, learn to bend around em!
I concur, my insurance rate is around 140 a month right now, and that'* with me talking them down from 155!
petraman is offline   Reply With Quote
Old 10-12-2006, 12:56 AM   #17
Senior Member
True Car Nut
 
Join Date: Dec 2003
Location: Right in front of you
Posts: 7,965
Thanks: 0
Thanked 0 Times in 0 Posts
SSE14U24ME is on a distinguished road
Default

Quote:
Originally Posted by petraman
Quote:
Originally Posted by crzydmnd72
I've also been told that auto insurance costs are more for people with mariginal credit. Not sure how fair that really is, but hey if thats the rules, learn to bend around em!
I concur, my insurance rate is around 140 a month right now, and that'* with me talking them down from 155!
your credit score does factor into your rate. They have a formula that factors in many things to determine your rate. The company I work with has recently changed the rating system and things are more driver specific so you are being charged exactly the premium you should be based on your credit score, driving history, use of vehicle, type of vehicle, etc.
SSE14U24ME is offline   Reply With Quote
Old 10-12-2006, 12:57 AM   #18
Senior Member
Certified GM nut
 
Join Date: Jan 2004
Posts: 1,656
Thanks: 0
Thanked 0 Times in 0 Posts
crzydmnd72 is on a distinguished road
Default

Quote:
Originally Posted by petraman
Quote:
Originally Posted by crzydmnd72
I've also been told that auto insurance costs are more for people with mariginal credit. Not sure how fair that really is, but hey if thats the rules, learn to bend around em!
I concur, my insurance rate is around 140 a month right now, and that'* with me talking them down from 155!
it drops when you turn 25 and are married.

I was already married when I turned 25, but the drop was still significant.
crzydmnd72 is offline   Reply With Quote
Old 10-12-2006, 12:59 AM   #19
Senior Member
Certified GM nut
 
Join Date: Jan 2004
Posts: 1,656
Thanks: 0
Thanked 0 Times in 0 Posts
crzydmnd72 is on a distinguished road
Default

Quote:
Originally Posted by SSE14U24ME
Quote:
Originally Posted by petraman
Quote:
Originally Posted by crzydmnd72
I've also been told that auto insurance costs are more for people with mariginal credit. Not sure how fair that really is, but hey if thats the rules, learn to bend around em!
I concur, my insurance rate is around 140 a month right now, and that'* with me talking them down from 155!
your credit score does factor into your rate. They have a formula that factors in many things to determine your rate. The company I work with has recently changed the rating system and things are more driver specific so you are being charged exactly the premium you should be based on your credit score, driving history, use of vehicle, type of vehicle, etc.
100/300/100, business use on all my cars, clean record for over 5 years, have home, life and 2 autos (was 4 autos!) thru same company. I still go in every 6 months and try to beat a few bucks outta thier rates LOL.
crzydmnd72 is offline   Reply With Quote
Old 10-12-2006, 01:01 AM   #20
Senior Member
True Car Nut
 
Join Date: Dec 2003
Location: Right in front of you
Posts: 7,965
Thanks: 0
Thanked 0 Times in 0 Posts
SSE14U24ME is on a distinguished road
Default

Quote:
Originally Posted by crzydmnd72
Quote:
Originally Posted by SSE14U24ME
Quote:
Originally Posted by petraman
Quote:
Originally Posted by crzydmnd72
I've also been told that auto insurance costs are more for people with mariginal credit. Not sure how fair that really is, but hey if thats the rules, learn to bend around em!
I concur, my insurance rate is around 140 a month right now, and that'* with me talking them down from 155!
your credit score does factor into your rate. They have a formula that factors in many things to determine your rate. The company I work with has recently changed the rating system and things are more driver specific so you are being charged exactly the premium you should be based on your credit score, driving history, use of vehicle, type of vehicle, etc.
100/300/100, business use on all my cars, clean record for over 5 years, have home, life and 2 autos (was 4 autos!) thru same company. I still go in every 6 months and try to beat a few bucks outta thier rates LOL.
do you use all of your cars for business?? If not, that could be costing you extra premium.
SSE14U24ME is offline   Reply With Quote
 
 
Reply

Related Topics
Thread Thread Starter Forum Replies Last Post
Credit rant Hans Lounge 23 12-21-2005 12:06 PM
The Credit Card Prank MOS95B Lounge 4 03-25-2005 10:30 PM
INTENSE Credit offer !!!!! 2000SilverBullet Performance, Brainstorming & Tuning 9 01-13-2005 02:51 AM
Bonneville Credit Card 1993 SLE General GM Chat 16 04-29-2004 10:25 AM


Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



All times are GMT -4. The time now is 10:39 PM.


We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn fees by linking to Amazon.com and affiliated sites.