Cabels pissed me off
08-05-2009, 12:37 PM
#21
Host of Hosts
Join Date: Feb 2003
Location: Erie, Pennsylvania
Posts: 5,780
This has happened to me once on another issuer and my wife a few times. They are setting new guidelines and if you don't use your card enough they will close your account or lower the credit limit.
08-05-2009, 12:46 PM
#22
Nontypical Buck
Join Date: Apr 2009
Location: Southern TN
Posts: 1,018
That happened to me with my Wal-Mart card...didn't use it for 4 months after paying it in full for the original purchase and they lowered my limit by 66%...didn't bother me though, as I wasn't planning on using it anymore.
08-05-2009, 09:18 PM
#23
Fork Horn
Join Date: Oct 2007
Location: Tuscaloosa, Al
Posts: 313
That's really weird. My wife and I put everything on our Cabela's card-- and I mean everything from gas to a 2 dollar cup of coffee-- and then pay it off in full each month. We've never had any problem with them lowering our limit. They make money on each purchase you make on it, not just the interest.
08-06-2009, 01:19 AM
#25
Nontypical Buck
Join Date: Nov 2006
Location: Where the ducks don't come no more
Posts: 4,420
Thats how I roll myself.... but it is a two edged sword.
In order to earn credit, you can't just not have marks on your credit score... you have to show that you will make payments on time. If you haven't ever had to pay anything off.... then you have no credit at all... and sooner or later if you want to have anything in life... you are going to have to take out a loan... be it for a home, or property, or a boat or whatever. And if you just have $45,000 in cash sitting around or even just sitting in the bank... you are missing out on putting that money to work in CDs or other investments.
08-06-2009, 06:27 AM
#28
Fork Horn
Join Date: Jul 2008
Location: Alaska
Posts: 368
Thats how I roll myself.... but it is a two edged sword.
In order to earn credit, you can't just not have marks on your credit score... you have to show that you will make payments on time. If you haven't ever had to pay anything off.... then you have no credit at all... and sooner or later if you want to have anything in life... you are going to have to take out a loan... be it for a home, or property, or a boat or whatever. And if you just have $45,000 in cash sitting around or even just sitting in the bank... you are missing out on putting that money to work in CDs or other investments.
In order to earn credit, you can't just not have marks on your credit score... you have to show that you will make payments on time. If you haven't ever had to pay anything off.... then you have no credit at all... and sooner or later if you want to have anything in life... you are going to have to take out a loan... be it for a home, or property, or a boat or whatever. And if you just have $45,000 in cash sitting around or even just sitting in the bank... you are missing out on putting that money to work in CDs or other investments.
Actually you do not need credit to make a purchase, I have not used credit in 5 years. If you want to make a big purchase like 350,000 for a house then they will do underwriting if you have not credit. they simply look at your debt to income ratio and your acct history with your bank. We have never had a prob. we just bought a 2009 Tahoe and when the lady ran my credit my score was low 500's because we dont use credit. Now, although we paid cash for it, they still offered to finance it because they saw that the reason for the low score was because of lack of use. I am not preaching on how to live your life but if you think about it, when you use credit, you are actually paying someone else to use money that you will have anyway.
08-06-2009, 06:29 AM
#29
Fork Horn
Join Date: Jul 2008
Location: Alaska
Posts: 368
My personal belief is if you cant afford to pay cash for the boat or atv or whatever you buy then maybe you shouldnt be buying it. Once again though, i dont bash anyone for using credit, i just dont use it myself.
08-06-2009, 11:41 AM
#30
Nontypical Buck
Join Date: Jun 2007
Location: Camden,MO
Posts: 2,546
i want to give you a hand Jimmy. its kinda nice to see someone not think the answer to all there problems is take out a loan. not saying that is what everyone does but i have seen it alot in my line of business.