Re: Agreed, but a 'debit' card does not help with credit.

Posted by scores (216.133.236.195) on March 10, 2004 at 14:08:20:

In Reply to: Agreed, but a 'debit' card does not help with credit. posted by SouthFlorida on March 10, 2004 at 11:08:54:

Absolutely true. Yes, if you use and pay off a credit card like a debit card at the end of each month, you will have a great credit score. Marketers will continue to offer you new cards and new enormous credit lines. Very true.

Credit Card Marketers are like Casino Operators. The odds are ALWAYS with the house. If they’re giving you huge, unnecessary lines of credit, it’s not because they are “rewarding” you for your “responsibility.” It’s because they’re trying to entice you back to the tables. Sooner or later, you’ll wake up to the 29% interest rates seeing the Cheshire cat smile on Chase/Citibank/MBNA’s faces grinning, GOTCHA!

Don’t ever mistake a “huge” credit line as a confirmation of your fiscal responsibility. Large credit lines are only an indication of how much they think they can bleed you dry someday.

Which is why Mortgage Lenders will make you close down those huge lines of credit before they’ll approve a loan. They don’t want the credit card predators jeopardizing their mortgage loans with unnecessary availability of credit.

So, the best suggestion for improving your scores is to keep one or two MC/VISA cards open with moderate credit lines. Use and pay them off each month. Keep as many gas cards and retail store cards also. Use and pay those off each month. And throw the offers for the $15k cards out in the trash.

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