GS Account Suspended. Other personal issues.

*Accidentally* Used my father's AE Platinum card to buy a few small trinkets.

Now he won't accept my cash (I'm 21 years old and still have no CC) that I can pay him with to keep my online services, that including gemstone, and his credit rate going...

I was thinking about taking this shit-stained ball of bills and going to the bank for my first ever credit card to re-enact my GS account.

The sad thing is that I broke a trust, I have bought at least 3 things with his CC without his knowledge and decided that it would be better to inform him before the billing statement rolled in. As I stated, I've got bucks to give him that he can use, but at this point he's refusing to accept it.

Something like this, regarding my playing GS would have fazed me greatly maybe 3 or 4 years ago, but I don't seem as upset about it as I normally would considering that I don't play hardly as much as I used to, still though, after he finally accepts my money (regardless as to whether he reinstates my GS and other online services) I think it's important for me to actually venture to HSBC and get myself a credit card for the sake of being self-dependent AND for the sake of not having another bullshit repeat episode.

Anyway, I fucked up.

[Soulpieced]

Just do what I do and sell silvers for gifts of adventure. Drop down to 1 character on a standard account. If your character is over level 40, making 1 million in a month to cover your simu bills in GOA is NOT hard by any means.

[Edaarin]

The question is, can you trust yourself with a credit card?

If you're an impulsive buyer, I would suggest getting a debit card instead of a credit card. Limit the damage you can do.

[Miss X]

If you recognise what you did was wrong, thats probably the biggest thing for him. Always good to learn something from our mistakes.

You should get a CC for sure, I got one at 18, went crazy with it, had to ask my parents to pay the bill off and since then Ive kind of been ok. I only use it to pay for AOL, GS and anything I buy from ebay etc, and I pay off everything I spend per month as soon as the bill comes in. Its pretty good to build up your own credit rating too. As long as you can trust yourself to be careful, you should go get one! :)

Thanks all.

I'm probably going to look into getting a debit card after this bronchitis/cold passes, in that case, it's REALLY about time. Shit, I was giving checks from my labwork to the cardholders and they would keep tallies of how low I'd sunk or how high I'd risen. Completely age-inappropriate.

edited to add: And I just want to say that this is not the first occurance where I've done some "behind your back shit" regarding credit cards. I blew it, the master of the house (NOT ME) will have the final say; even if all goes well financially, don't expect to see me around the lands for quite a good while.

[Edited on 12-29-2004 by Stanley Burrell]

[HarmNone]

Your dad's probably just really disappointed that you failed to ask his permission before using his card. He's feeling a bit betrayed at this point. He'll probably accept the money to pay off what you owe after he gets over his disappointment.

Probably better, as Edaarin suggested, to start off with a debit card. That will help you learn to control your impulsive spending without getting you into a real debt problem. Once you've mastered the art of keeping your spending within reasonable limits, you can move on to a credit card. At least, that seems like a good route to take to me. :)

[Edited on 12-29-2004 by HarmNone]

[Hulkein]

Don't you have a checking account?

You can get a Visa check card from most major banks. It isn't actually a 'credit' card but it is accepted like one and it withdrawels from your checking acct.

Don't you have a checking account?

Nope, I just keep all my cash, gift cheques, and even gift certificates all lumped up in a green folder ontop of the desk.

[Anebriated]

I highly suggest what Hulkein said. I have a debit card that doubles as a VISA card. Works for everything I need. I mainly only use it to pay for gas and WoW, I will withdraw cash from an ATM to pay for other expenses so I dont get out of control with the card.

I am completely bank illiterate...

Does the Visa Debit Card double as a card that will improve credit rating as well?

Now I might be looking to invest into one of these.

[Soulpieced]

I don't believe so. You have to have a credit card to build up your "credit rating" I believe, along with paying bills on time, etc.

[Edited on 12-29-2004 by Soulpieced]

Great. I can only imagine what my credit score will look like after these timeless, hapless follies.

edited to add: AND THAT'S WITHOUT EVEN HAVING A GODAMN CARD! :rant:

[Edited on 12-29-2004 by Stanley Burrell]

[GSTamral]

<<<
Your dad's probably just really disappointed that you failed to ask his permission before using his card. He's feeling a bit betrayed at this point. He'll probably accept the money to pay off what you owe after he gets over his disappointment.

Probably better, as Edaarin suggested, to start off with a debit card. That will help you learn to control your impulsive spending without getting you into a real debt problem. Once you've mastered the art of keeping your spending within reasonable limits, you can move on to a credit card. At least, that seems like a good route to take to me.
>>>

What he did amounts to theft. People get put in jail for exactly that type of behavoir. That the parents usually do not attempt to press charges against their children for this does not by any means make the act any better.

When I was 7 years old, I got my ass kicked by my father for trying to take 15 cents for an ice cream sandwich at school because I already spent my allowance on something else.

I deserved it. Had I done the same thing at 21, I'm not sure what my father would have done, but anything up to and including forcing me to spend a night in jail would have been well within his limits.

Not having AOL and gemstone for a short period of time is hardly penance. Rest assured, the likelihood of you learning a valid lesson is very limited with a simple slap on the wrist, unless you honestly understand the gravity of what you did. And if you did understand it, you would self impose something far worse than that. Something to at least assure yourself that you have learned this lesson.

The self discipline you may choose to take from this will be priceless later on in life. That is what will win back a father's trust. Saying sorry and paying it back this one time may not suffice, even if it does provide an alleviation.

This is one of those things where you are at an age where you have to show the self discipline to push yourself ahead. You dropped the ball. It's easy to go out and buy another one, but the right thing to do would be to pick the ball up and fix it.

Where exactly is this green folder at Stan? Do you leave your doors unlocked?

I live in the Bronx, I lock my doors, and won't even leave a key with the super.

which window is it then and how high up :saint:

[AkMan]

A debit card with a Visa/MC logo is a good way to go. I can use mine as debit or credit at any store (debit = pin #...credit = signature). But if you are interested in building your credit without too much risk check into a secured credit card acct.

I got my first credit card by going to my bank and depositing $300 in a savings account that I couldn't touch. That $300 was my credit limit on my new mastercard. After 1 year of on-time payments they released my $300 and gave me a $1000 unsecured limit.

[Scott]

I'd recommend getting a credit card and a debit card. I'm don't think debit cards are going to build any credit, which everyone should try to do. Use your debit card for most purchases, since it seems you can't really handle a credit card to well, and put $20 a month on your credit card (Gas, GS subscription, etc.) and pay it off every month.

It may not be much but it will help establish something. Use your debit card for everything but make a small purchase a month with your credit card to establish a credit.

[GSTamral]

I think just about everyone here is missing the point.

Originally posted by GSTamral
I think just about everyone here is missing the point.

Not me. If it was my mom's card, she would have placed me inside of a wooden barrel with railroad spikes nailed into the receptacle, and proceeded to roll me down a very steep hill.

[Edited on 12-29-2004 by Stanley Burrell]

[Edaarin]

There's more than one point, what makes one more important than the other?

[GSTamral]

That's a bit extreme, but again, your father would have been well within his rights to do any of the following:

1) kick you out of the house.
2) cut you off financially.
3) allow you to spend a cozy evening in jail.
4) ruin your credit rating before you have any chance to build one by reporting the matter to the police.

He's probably not going to do any one of those because you are his son, and by nature, he will want to give you another chance.

Your job is to make sure he made the right decision. Clear as day.

When you talk right away about resuming your AOL membership and gemstone membership by opening up an account moments into this mess, you're taking a step in the incorrect direction. Those things just don't matter right now.

Just remember. People in a workplace get fired on the spot for posting an incorrect expense account. If one of my employees did it, and I didn't fire them, I'd be fired for NOT firing them.

You can learn this lesson now. You can learn this lesson later. Your call. Based on that decision, set up some priorities.

[HarmNone]

Personally, I think Stanley knows quite well that what he did was wrong in several ways. I don't think he needs us to point this out to him.

There were a couple of questions implicit in his post about how to get credit started. It's those questions people are addressing here. He realizes, already, that he messed up bigtime.

[Edaarin]

Originally posted by GSTamral

What he did amounts to theft. People get put in jail for exactly that type of behavoir. That the parents usually do not attempt to press charges against their children for this does not by any means make the act any better.

When I was 7 years old, I got my ass kicked by my father for trying to take 15 cents for an ice cream sandwich at school because I already spent my allowance on something else.

I deserved it. Had I done the same thing at 21, I'm not sure what my father would have done, but anything up to and including forcing me to spend a night in jail would have been well within his limits.



Theft might be a strong word. Try telling credit card companies that your son spent money on something using the card that you gave him access to, and they'll laugh in your face if you tell them it's theft.

I'm also somewhat taken aback at the consequences of liberating $0.15. I certainly wouldn't call that stealing, I'd call that I'm-a-kid-and-I-want-ice-cream. I'm no stranger to corporal punishment from my parents, but it was always over something significant, not a few nickels.

[Wezas]

Tamral, some of us are trying to be helpful.

I realize that you made your point of saying what a bad thing he did and that he deserved it. Some of us are thinking of ways to help him build his credit in a safe way.

Some help, others scold.

Stanley - like someone else said - look into getting a secured credit card. How it works is you would send the company $500 (or something similar) and they would let you use their credit card to spend up to the amount you gave them. And you "pay it off" each month by sending them cash to get your "positive balance" back up to $500. This will build credit and almost anywhere will give you a secured credit card, because it's little to no risk for them (they have your money).

After a while (6 months or so) if you feel like you can handle a credit card, go ahead and apply for one with a low-ish limit.

A visa check card tied to your checking account (which you need to open) is a good idea as well, however it will not help you raise your credit score.

[Wezas]

I guess my previous post is what makes me a "liberal" and Tamral a "conservative".

[Edited on 12-29-2004 by Wezas]

[GSTamral]

<<
Personally, I think Stanley knows quite well that what he did was wrong in several ways. I don't think he needs us to point this out to him.
>>

I think he realizes it as well. Most people know when they do right and when they do wrong. It's when people don't understand the gravity of the matter that things begin to go awry.

That card pays for gemstone, AOL, whatnot.

When you bite the hand that feeds you, it chooses not to feed you for a while. Once you understand not just right and wrong, but the consequences thereof, it makes you think a second time before you bite the hand again. Stanley has the unique opportunity to apply a measure of self discipline in learning his own lesson, rather than circumvent part of the consequences.

Originally posted by GSTamral
That's a bit extreme, but again, your father would have been well within his rights to do any of the following:

1) kick you out of the house.
2) cut you off financially.
3) allow you to spend a cozy evening in jail.
4) ruin your credit rating before you have any chance to build one by reporting the matter to the police.

He's probably not going to do any one of those because you are his son, and by nature, he will want to give you another chance.

Your job is to make sure he made the right decision. Clear as day.

When you talk right away about resuming your AOL membership and gemstone membership by opening up an account moments into this mess, you're taking a step in the incorrect direction. Those things just don't matter right now.

Just remember. People in a workplace get fired on the spot for posting an incorrect expense account. If one of my employees did it, and I didn't fire them, I'd be fired for NOT firing them.

You can learn this lesson now. You can learn this lesson later. Your call. Based on that decision, set up some priorities.

I'd go right up to the man now and tell him that it would be right to do what you just discussed, but I think it would just piss him off further than he already is in his state right now.

But yeah, as mentioned before, I have done backstabbing, deceitful, evil credit card spending. Four years ago, I pulled similar shit like this on my mother's account, and won't go into the detail of how she "ameliorated" the situation, but it was very, very bad.

[HarmNone]

Agreed, Tamral. I also believe that Stanley knows that. Stanley, in his own words, "fucked up". Now, he's looking for suggestions that will allow him to begin to take responsibility for his own actions and set himself on the road to greater independence. I think he's already beating himself up for what he did. He doesn't need us to add our lumps. ;)

[GSTamral]

<<<
But yeah, as mentioned before, I have done backstabbing, deceitful, evil credit card spending. Four years ago, I pulled similar shit like this on my mother's account, and won't go into the detail of how she "ameliorated" the situation, but it was very, very bad.
>>>

So this will be a third chance in the end, then. In that case, I strongly suggest you use it.

As for Wezas, at the core, you are probably dead on accurate with your assessment.

[Edaarin]

Out of curiosity, precisely what kind of trinkets are we talking about?

The basic core of the situation remains the same, but it's all about degrees. If you took the credit card from his wallet without his knowing, there's no question about culpability there. If you have regular access to his card, that's another thing. If we're talking about $10-15 purchases on eBay, again, it's dishonest but it's not the end of the world. If we're talking platinum studs, then yeah, you're in some deep shit.

Originally posted by HarmNone
Agreed, Tamral. I also believe that Stanley knows that. Stanley, in his own words, "fucked up". Now, he's looking for suggestions that will allow him to begin to take responsibility for his own actions and set himself on the road to greater independence. I think he's already beating himself up for what he did. He doesn't need us to add our lumps. ;)

Maybe I do need people to beat me up, physically, mentally and emotionally on this issue. I have a history of doing this sort of thing and let's not mention the two times I got a phone call from the police about two nanoseconds after a detected wire-fraud. Sometimes it is pure impulse, whether it be a few mouse clicks, or something long and drawn out. I don't think it's as compulsive as it is impulsive though.

Originally posted by Edaarin
Out of curiosity, precisely what kind of trinkets are we talking about?

The basic core of the situation remains the same, but it's all about degrees. If you took the credit card from his wallet without his knowing, there's no question about culpability there. If you have regular access to his card, that's another thing. If we're talking about $10-15 purchases on eBay, again, it's dishonest but it's not the end of the world. If we're talking platinum studs, then yeah, you're in some deep shit.

Literally, useless shit that I bought on impulsive whim, CDs that have had my PW saved in a site for maybe years and a fucking green laser pointer.

[HarmNone]

People beating you up over the issue isn't going to solve the problem, Stanley. That, I'm sure, has been tried before. As you said, your mother did not take the issue in the same way your father has.

Maybe you need to get some counselling to deal with your impulse control problems? Couldn't hurt....

[GSTamral]

<<<
I'm also somewhat taken aback at the consequences of liberating $0.15. I certainly wouldn't call that stealing, I'd call that I'm-a-kid-and-I-want-ice-cream. I'm no stranger to corporal punishment from my parents, but it was always over something significant, not a few nickels.
>>>

I took money that wasn't mine. It doesn't matter how much, or what for. I've never done it again, because it was forever impressed onto me not to take any amount from another person without their permission to buy myself something I wanted.

Stealing is stealing. And during the impressionable years of childhood, there is no difference in dollar amount when it comes to right and wrong. Not just for stealing either.

My father beat the hell out of me for repeatedly making fun of some kid in third grade when the teachers told my parents about it.

But my father also fought like hell for me when I ended up getting a series of detentions for getting involved in a fight that I not only tried to avoid, but only fought back after I was in the process of being hit.

Sure it hurt at times, but I knew I always had his support, and when I told him something, he would trust me. Some people might be amazed how far trust can travel when its there.

Originally posted by HarmNone
People beating you up over the issue isn't going to solve the problem, Stanley. That, I'm sure, has been tried before. As you said, your mother did not take the issue in the same way your father has.

Maybe you need to get some counselling to deal with your impulse control problems? Couldn't hurt....

I've gotten more than counselling for the issue of impulse control, trust me on that. I'm not going to say what. I'm happy to answer other questions though. And thank you all for your input.

[GSTamral]

Stanley, counseling is not going to help you if you don't want it to. You must attain the level of self discipline yourself. That means you choose to learn the lesson. In this case, this means, you must somehow find a way to punish yourself, and only break that punishment when you know you are ready to step up about it.

Beating yourself up at this point solves nothing. At 21, I dare say you are past the point where such a thing will make the same point as it would a child.

Here is a suggestions:
Open up a bank account, with a debit card. Give that debit card to your father to hold onto.
For the next month.
1) No AOL
2) No Gemstone
3) Learn the value of a dollar by attempting to live only off of what you need. Then you might learn it isn't about the "useless shit" that you bought, but rather someone else's hard earned dollars that you spent, however much or little it was.
4) Instead of watching TV shows and movies, spend a couple days watching other people work tough manual jobs. No matter how tedious, keep watching. Understand that it could be your future if you keep on your current path.
5) Set forth a series of things you want to get accomplished, both with yourself and with others to rectify this situation. Create an action plan for each thing and do it.
6) At the end of the month, you'll know whether or not you truly understood your lesson. If not, do it for another month.

Rather than beat yourself up, discipline yourself for what you did.

[GSTamral]

To illustrate a similar situation, I was in one rather recently. I had a situation in which 3 times over the period of 6 months, I was late for a department meeting. No one ever said anything to me about it, but the last one my lateness delayed the entire meeting by more than 10 minutes because I had to set up some presentations before it could begin. Since I usually report to work at 8, and the department meetings start at 7:45 for senior managers to set things up, my act of self discipline was to get to work at 7:30 every day. It's been a year since that day, and I'm still there at 7:30.

And to say the least, I'm rather lax on myself. We have many ex-military types who are far worse on themselves in such situations, even into their 40's in efforts to better themselves.

You have been given these chances. Use them as an opportunity to better yourself as opposed to simply circumventing possible repercussions.

[Latrinsorm]

Originally posted by Stanley Burrell
Maybe I do need people to beat me up, physically, mentally and emotionally on this issue.Love works 9837987364987x better.
Originally posted by GSTamral
I took money that wasn't mine. It doesn't matter how much, or what for. I've never done it again, because it was forever impressed onto me not to take any amount from another person without their permission to buy myself something I wanted.Pain retains!!!!11

[GSTamral]

<<<
Love works 9837987364987x better.
>>>

And sometimes love is tough love. There is a point at which the mom and dad safety net no longer exists.

[Latrinsorm]

Intending to harm every facet of a person's being for the purpose of "teaching them a lesson" sounds remarkably like something Ben would do.

[GSTamral]

<<
Intending to harm every facet of a person's being for the purpose of "teaching them a lesson" sounds remarkably like something Ben would do.
>>

There is an ungodly difference between getting smacked in the ass by a belt and intending to harm every facet of a person's body.

[Hulkein]

Originally posted by GSTamral
I think just about everyone here is missing the point.

Eh, I just didn't feel like lecturing someone older then me when it looks like he knows what he did was wrong.

[Fengus]

Originally posted by Miss X
...and I pay off everything I spend per month as soon as the bill comes in. Its pretty good to build up your own credit rating too.


Thats not really true, using credit from month to month tells the banks that you are a thrify spender and know your limits, this does not equate to a good credit risk. You want a good credit rating? Spend a lot on your card and pay the card down over time, this is what banks care about, ie weither you are alright paying interest and can continually pay your bills.

[Jazuela]

First of all Stanley, it isn't your credit that risks being bad, it's your dad's, and only if he misses a payment (which I doubt he'll do). The credit bureaus have never heard of you, since you haven't ever attempted to secure credit for yourself.

First step to becoming financially responsible:

Take those cheques and cash and whatever else and open a savings/checking account. You need both, because you need to be able to transfer from savings to checking.

Get one that gives you an ATM card so you don't have to go to the bank during bank hours to make transfers.

Then - buy something with that ATM card. Anything - and nothing expensive. Buy a pack of gum, it really doesn't matter what. You have now just joined the ranks of the "marginally financially responsible adults."

Let the money sit there after making that first purchase, use cash for things as usual for a month.

Then - get yourself a store credit card. Whatever store you shop in most. This part is very tricky: do NOT use it for big purchases. It will bite you in the ass if you do. Don't use it to buy things that you have to pay over time, because the interest rates on store credit cards are ridiculously high.

Then buy something at that store, and use the store card to pay for it. Anything under 30 bucks (USD). When the bill comes, pay for it in full using a check from your checking account. If it is at all possible, make the payment in person and make sure you get a receipt for the payment. That way, if the store loses your money, or loses the transaction, you have proof - from them - that the bill was paid.

Now you have established credit, and you can use that to get a regular credit card. Check interest rates, but also check dates. Some "low interest" cards are only low for the first 6 months, and some will go up to 19% interest if you are late by even a single day.

Demand (yes, you have to actually demand this - requesting politely doesn't usually work) a LOW max credit on your new credit card. Tell them you want a $1000 (USD) credit limit, and tell them that you'll have it raised when you're damned good and ready to raise it, and not before.

The higher your credit max, the riskier you become when it's time to REALLY go nuts on credit, and credit bureaus love putting those "danger" flags on accounts with ultra-high maxes.

Keep the max low for a year. Prove to yourself AND to the credit bureaus that you're a good investment.

Then...up the max. Maybe $5000, depends on what you think you can handle.

I used to have three cards, each with a $10,000 max on them. I now have one with a $7,000 limit and that' what I'm comfortable with. If they try raising my limit, I call them up and threaten to shut my account right then and there unless they lower it to what I told them I wanted.

The credit bureau loves me. LOVES me. I can buy a $85,000 Mercedes if I wanted with no money down because my credit is so damned good. And I work part time for minimum wage, heh.

[Jorddyn]

Originally posted by Fengus
Thats not really true, using credit from month to month tells the banks that you are a thrify spender and know your limits, this does not equate to a good credit risk.

:?:

Thifty, know my limits, pay my bills. I'd say that makes me a much better credit risk than someone who runs up his/her credit card and never pays it off.

"Good credit risk" is not the same as "sucker we can make the most money off of."

Jorddyn

[Parkbandit]

Originally posted by GSTamral
<<<
When I was 7 years old, I got my ass kicked by my father for trying to take 15 cents for an ice cream sandwich at school because I already spent my allowance on something else.


Holy shit.. is Tamral older than me? I don't remember Ice cream sandwiches costing only 15 cents!!?

[Parkbandit]

Originally posted by Wezas
I guess my previous post is what makes me a "liberal" and Tamral a "conservative".

[Edited on 12-29-2004 by Wezas]

Not really. If you were a true liberal, you would impose some sort of contribution tax on all the readers of PC and send the money to Stanley. Then you would tell Stanley what exactly he should do with his money because it's obvious he is far too ignorant to be trusted to make a decision with his money. You would probably hire a couple of people to aid Stanley in this objective and they could remain on staff to monitor his activity.

[Suppa Hobbit Mage]

To Stainly -- Couple months of no GS isn't a bad thing, and getting a CC is good :) Sounds to me like your old man is just "showing you who's boss" and will relent. I'd also look into the whole sell silvers for gift of adventure SP suggested, you play enough to do that I'm sure.

To everyone else; Just manage your own money. It isn't that freaking hard.

[GSTamral]

Parkbandit, I don't think so. I'm only 26. And those ice cream sandwiches probably cost more than 15 cents at a store. But in second grade, every day at lunchtime, 10 cents bought you a thing of milk, and 15 cents bought you either an ice cream sandwich or a dixie cup.

[imported_Kranar]

<< You want a good credit rating? Spend a lot on your card and pay the card down over time, this is what banks care about, ie weither you are alright paying interest and can continually pay your bills. >>

Credit card companies are far more interested in making money off of your purchases than they are from making money off of your interest.

Everytime you use your CC to buy something, the vendor has to give 3-5% of the purchase to the CC company. The more you use your CC to purchase, the happier the CC company is to have you as a client, and they will be willing to let you use more of their money.

Don't pay interest on your CC. At a starting annual rate of 18.5%, it is a complete and utter rip-off. Use your CC as a convenience and to establish credit, the CC company will love to have you as a client for this alone and they will make all the money they need to off of you and try to shower you with bonuses to get you to spend more.

A credit rating is only one of many factors that a bank or dealership will use when considering you for a loan. Having a good credit rating, but little or no income/assets, will do next to nothing for you. Whereas having no credit rating, but a solid and reliable income and assets, will do you a heck of a lot more.

[Back]

Borrow and spend. Its the American way. Our President is a shining example.

Zero credit is better than bad credit. My suggestion is start with a checking account and get a Visa debit card. While it wont improve your credit, it is convenient for purchases, internet or otherwise, and you can never go above your limit.

To build up some credit, try the bank you have the checking account with. Go ahead and fill out an app. You'd be suprised how good your credit might be at this point. Or ask them what you can do to at this point to build up your credit.

Hell, go to your favorite store and apply for one of their cards. Make a modest purchase and pay the minimum until its paid off.

Losing GS is a small price to pay for how low you must feel, Stan. Its obvious to me you can see what went wrong and what not to do in the future.

[Fengus]

Originally posted by Kranar
Everytime you use your CC to buy something, the vendor has to give 3-5% of the purchase to the CC company. The more you use your CC to purchase, the happier the CC company is to have you as a client, and they will be willing to let you use more of their money.


I don't believe thats the case anymore, do you have recent knowledge of this? There are so many micropayment systems/companies around that 3-5% seems unreasonable.




Having a good credit rating, but little or no income/assets, will do next to nothing for you. Whereas having no credit rating, but a solid and reliable income and assets, will do you a heck of a lot more.

While I agree that its not the best idea to pay 18% interest, if you have a card with that interest you already suck. And can't get a real loan, and if you could, pay off the card with a lower interest loan and build credit that way.

I was merely stating that paying off credit is the best way to improve your rating. Of course there are other issues involved with getting a loan, no one said there wasn't but the number has a lot power in it. And while no income is a sure way to not get a loan no matter what your rating is, having an income is the standard, thus I won't split hairs discussion anything else.

Banks a care about the number, thus it means something.

[Parkbandit]

Originally posted by Fengus

Originally posted by Kranar
Everytime you use your CC to buy something, the vendor has to give 3-5% of the purchase to the CC company. The more you use your CC to purchase, the happier the CC company is to have you as a client, and they will be willing to let you use more of their money.


I don't believe thats the case anymore, do you have recent knowledge of this? There are so many micropayment systems/companies around that 3-5% seems unreasonable.




AMEX is traditionally the highest.. but that amount is generally 3% - 3.5% depending on your sales volume.

[AkMan]

I think the company I works for pays 1.5% for visa and MC but like 4% for AMEX. So policy is 'we don't take AMEX' but if someone is trying to pay off an old debt or other extenuating circumstances we'll accept it.

[Parkbandit]

Originally posted by AkMan
I think the company I works for pays 1.5% for visa and MC but like 4% for AMEX. So policy is 'we don't take AMEX' but if someone is trying to pay off an old debt or other extenuating circumstances we'll accept it.

Yea.. I'm not sure why more merchants simply don't accept Amex. They generally pay slower and charge twice as much as MC/VS does.

And Christ.. heaven forbid they actually SIDE WITH THE MERCHANT DURING A DAMN DISPUTE.

Sorry... lost my temper there.

[Warriorbird]

It can backfire. I recently went to a Waffle House that accepted no cards or checks. I was pretty bloody unhappy.

My grandpa concurs about AMEX sucking though (he owns a small winery and hates AMEX.)

[imported_Kranar]

<< While I agree that its not the best idea to pay 18% interest, if you have a card with that interest you already suck. And can't get a real loan, and if you could, pay off the card with a lower interest loan and build credit that way. >>

Find me a single credit card that will start you off with less than 18.5% interest.

[imported_Kranar]

<< Yea.. I'm not sure why more merchants simply don't accept Amex. >>

AMEX differs from traditional credit cards in that its operated by its own independent bank. That bank specializes mostly in travel and entertainment so the AMEX card is meant mostly to serve that purpose.

All other cards, like Visa and Mastercard are owned by literally thousands and thousands of banks world-wide making Visa almost like a universal, general purpose, bank-card.

[imported_Kranar]

<< I don't believe thats the case anymore, do you have recent knowledge of this? There are so many micropayment systems/companies around that 3-5% seems unreasonable. >>

Not only do I have recent knowledge of this, it's actually becoming a problem for many merchants who will downright refuse accepting credit cards on purchases less than 20-30 dollars because they have to pay out 3-5%.

Funny that I first heard of it taking a taxi. Cost me 15$ for the ride, didn't have any cash, and the driver was very hesitant to take the credit card because he had to pay out a 5 percent charge.

Sure, if it's some huge corporation that makes millions of dollars, the credit card company might charge 1.5% or less, but the point is that with over 1 trillion dollars being spent a year in the U.S. alone using credit cards, if every merchant just paid 1-2%, the credit card companies would still be making good money.

That's why I think my advice is practical. Get the credit card, and use it as it was meant to be used, as a convenience and utility. Not as part of a game where you try and optimize your credit by calculating how much should be spent a month using it and how much you ought to pay it off. You owe 100 dollars? Pay that 100 dollars off. If you don't have that much, pay off as much of it as you can and don't slide down the slippery slope of going into debt. The CC companies will respect you as a customer if you play it that way, you're credit will be good, and besides, it will establish a very responsible use of your money overall.

[Parkbandit]

Originally posted by Kranar
<< While I agree that its not the best idea to pay 18% interest, if you have a card with that interest you already suck. And can't get a real loan, and if you could, pay off the card with a lower interest loan and build credit that way. >>

Find me a single credit card that will start you off with less than 18.5% interest.

http://www.lowcards.com/

[imported_Kranar]

Check em out, read the small text accompanying it. Many good rates state "Do not apply for this card unless have EXCELLENT credit; you will also have to supply PROOF OF YOUR INCOME as well as a recent PAY STUB."

The other good cards all require a credit history, or else they offer all the way up to 19.99% interest rates.

I mean, it really ought to be a combination of both common sense and discipline. Common sense in that you use credit in a practical manner, the card is available as a convenience to you and as a utility, not as a mechanic. And discipline in that you only spend what you have when you have it, and borrow only when you absolutely need to and have a plan on paying it back as soon as possible.

[Parkbandit]

I remember being in college and having tables set up by credit card companies offering below market interest rates to college students.

I understand what you are saying Kranar.. but I do think there are other options than getting a high interest rate CC to build credit. Car loans... joint CC with parent with good established credit... maybe even a department store credit card.

[Nunya]

I can't be the only person sitting here thinking a 21 year old should be his own boss.

Go open a checking account. Send your dad a check. What he does with it from there is his decision. My 14 year old already has an account (Visa Buxx--his allowance goes into it, he keeps other money he earns in cash) that he has to handle all by his little self.

Quite frankly, he trusted you with his credit card number. If he knew you couldn't be trusted then why give it to you? You're an adult, by more than a little. You had a lapse in judgement, as apparently did your father, and you've done what you could to repair the error. IMHO you're far too old to be punished. It's done, over, move on. You're punishment will be when he doesn't trust you again until you are married with children off your own.


Re: beating your child. It doesn't work for every child. In order for physcial punishment to sink in with my 14 year old, I would have to beat him so badly that I would quite probably go to jail. Deservedly so. Not something I'd suggest.

[War Angel]

Bank cards that work as credit cards are nice for paying your recurring subscriptions, such as Gemstone, Aol, ect ect.
If you do decide to get a credit card, read all the fine print. There are credit cards with fixed rates, adjustable rates, annual fees, fees for paying online, or over the phone... the list goes on and on. Make sure you know what you are getting before you sign anything.
Capital One is the one credit card I kept, after I went through and evaluated my finances. They have no annual fee, you can make your payments online or over the phone without a $7.95 charge added to your card, and although they don't offer a low fixed rate, I didn't feel as if I was getting ripped off in the end. We all have to start somewhere. :)

Capital One (http://www.capitalone.com/indexa.php)

[SpunGirl]

I feel your pain, Stanley. When I was 18, my mom gave me a credit card (my name, her card) "for emergencies." I was good for awhile, until at 19/20 I broke up with a long-term boyfriend and discovered retail therapy.

Apparently over $300 in underwear at VS, not to mention a dozen - ish new articles of clothing and five pairs of shoes constitues an emergency. I nabbed the bill out of the mail before she saw it and paid with a money order, but alas, she found out anyway. My parents were mad that I used the card in a highly irresponsible fashion, but were glad I paid the bill before it gave them a heart attack (my parents are the kind of people with massive credit limits who NEVER EVER EVER max out a card).

The point is that everyone fucks up, some people more than others, and it will take awhile to earn the trust back that you smooshed. As others have pointed out, the good thing is that you know what you did was wrong. Apologize, apologize, apologize, and then make a monumental effort to be 100% honest with them from here on out, about everything from finances to to making your bed.

-K