Re: Best Secured and poor credit Unsecured Credit Cards?

Posted by Marc (66.232.37.3) on October 17, 2003 at 13:28:30:

In Reply to: Re: Best Secured and poor credit Unsecured Credit Cards? posted by anon on October 17, 2003 at 10:27:52:

Actually, that's not the way the world works anymore.

you NEED to have established credit through either cards or loans in order to get a good credit score. Those stupid check cards don't do a thing for your credit. Even is you had perfect credit at one time you would have no credit after a decade, if you destroyed all your cards and had no new loans.

A good example of this is my aunt. She got rid of all her chargecards years back, back when 'MasterCard' was still 'MasterCharge' and Sears was the best card to have. They were in debt so they cut up all their cards and payed everything. Recently, her car insurance went from $88 a month to $168. Why? Poor credit score. She hadn't used cards or had a loan (house & cars are all paid off) for so long everything has fallen off of her reports, leaving her a completely blank report and a low score.

So now she has to pay higher insurance. At one time it was better to pay for everything in cash, true. Now cash is being phased out and pretty soon cash will no longer be accepted. We will all be living on a credit system.

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