View Full Version : Citibank done messed up now...
rvdrock
10-15-2004, 03:52 PM
Alright, as you may or not know I am a college student who thrives on being a CAG. Well, there are numerous games coming out that I want, however money is ridiculously low. Well, until today, like some of you I have a credit card that was damn near maxed out, and as I struggle to log on to the site today I notice something different. And what do I see, my credit limit doubled! I nearly passed out, now the question is, do I be smart about this and let the money sit there, or do I be an impulsive bastard and go get some games? All I know is, this could not have come at a better time. And yes, I know I should be responsible, but you know its hard to resist sometimes. :twisted:
PsyClerk
10-15-2004, 03:54 PM
Don't spend money you don't have. Especially in college. Just trust me on this one. If there's any post of mine that you ever decide to take seriously, this is the one.
bignick
10-15-2004, 03:58 PM
ya listen to psyclerk. its bad news. I started off with a 1000 limit with them in college, and now its 10,000. Its hard to stay away from using the card, but I have a 625 balance on it, and thats enough for me. Plus, having alot of open credit can be bad.
RisingZan
10-15-2004, 03:59 PM
Don't think of it was money waiting to be spent. It's someone else’s money...someone who will make you pay dearly if the money is not repaid with "the quickness". You'll kick yourself later...really hard.
jlarlee
10-15-2004, 04:01 PM
You may think you are only putting $100 or $200 on a card but if you pay your minimum payment every month that 100 and 200 will turn into 300 and 400.
big_squirtle
10-15-2004, 04:05 PM
Save it, christmas is coming up and a bunch of deals wit it (money is gonna be tight). You just might get some games for the holidays, or you might need that plastic for gifts. Either way, I would definately advise against using them. Think of it as bail money, you only want to use it if you NEED it.
FriskyTanuki
10-15-2004, 04:07 PM
Just set the card down and step away from it. Just because you have the available credit doesn't mean you have to spend it. Worry about paying off what you have already spent, not spending what you haven't.
epobirs
10-15-2004, 04:07 PM
If you're already in a hole, you should be suspicious of someone who hands you a larger shovel.
FriskyTanuki
10-15-2004, 04:08 PM
If you're already in a hole, you should be suspicious of someone who hands you a larger shovel.
Great way to put it.
Doylerulez
10-15-2004, 04:13 PM
If you're already in a hole, you should be suspicious of someone who hands you a larger shovel.
I like that example.
And be honest, are you buying games to play them or to have them. If they won't be played right away, they can wait in the store and the money can stay with you and saved for the upcoming holidays.
beerguy961
10-15-2004, 04:15 PM
Don't spend money you don't have. Especially in college. Just trust me on this one. If there's any post of mine that you ever decide to take seriously, this is the one.
I usually don't spend more than $200 or so a month. Of course, I'm in the dorm so I don't need to pay for food...
willardhaven
10-15-2004, 04:18 PM
If you're already in a hole, you should be suspicious of someone who hands you a larger shovel.
well said : )
zionoverfire
10-15-2004, 04:22 PM
Credit card interest is way to high, I'm amzed by all the people I know who are already in dept.
Don't do it. Cut up that card and pay off what you already owe. Pay for the things you already have and enjoy them. Save for the new games you want and pay with cash when the inevitable deals show up on CAG. Don't become (more of) a slave to Citibank; use your money for your future, not theirs.
Think of it this way: if you charge a bunch of games and don't pay off your balance right away but keep paying interest (and minimum payments) on them, you're paying WAY more for those games. Double? Triple? That's not the CAG philosophy, is it?
guessed
10-15-2004, 04:42 PM
Do yourself a favor, tear up the card and pay it off as soon as possible.
Demontooth
10-15-2004, 04:53 PM
cut it up and throw it away....the debtor is slave to the lender
Reality's Fringe
10-15-2004, 04:53 PM
I don't have a credit card. It's a pain in the ass, especially when I'm out and see something I can't pass up....the problem is there's a LOT that I "can't pass up". I'm makng an effort to not have a credit card throughout college (at least my undergrad studies) because I've heard the horror stories.
sblymnlcrymnl
10-15-2004, 04:57 PM
Just pretend that your limit wasn't raised. It's better that way, trust me.
Gothic Walrus
10-15-2004, 04:58 PM
I'm in high school and unemployed. Remember that...
I don't know if getting rid of the card is a good idea, because you never know when you'll need it. If you need money in an emergency and you don't have it, the card could be a lifesaver.
You need to pay off what you owe, though. And don't spend money that you don't have. If it's not expendable, don't use it like it is.
Reality's Fringe
10-15-2004, 05:01 PM
Well....depending on your current credit...you could get another card with a limit higher than the one you have your balance on (Or one equal to your current credit line as long as your card isn't maxed....which you say it is, so go for the first option) and pay off your balance with that card. Then, before interest accrues on that balance, pay it off with the card you just paid off. Now just keep doing this until you die. Then its your heirs' problem....but what do you care, you're dead!
friedram
10-15-2004, 05:02 PM
Spend your money. Help the economy out. You'll never have as much time to play games as you do right now. Trust me, having lots of money and no time to play games sucks. You'll eventually get more money.
SteveMcQ
10-15-2004, 05:08 PM
Spend away. Mom and dad will bail you out. :wink:
rawer
10-15-2004, 05:22 PM
Plus, having alot of open credit can be bad.
Multiple cards are only bad if you carry high balances on them. The longer an account has been open (and assuming you've always paid it on time), the better it is for your credit rating.
Definately don't spend money you don't have, but also don't close the account. That will hurt you down the road (buying a car, house, etc.)
http://biz.yahoo.com/pfg/e17ccdebt/
http://biz.yahoo.com/pfg/e02credit/
Do not go down that road. Cut the card up and pay it off. Paying interest on a credit card is a very bad habit, especially for games you don't really need. If you charge cheap ass games, by the time you get done paying the interest on them they'll end up being more than if you paid full-price for them in the first place.
Credit cards are so dangerous in college. I don't think anyone should have more than a 1000 dollar limit when they're in school. A case of beer here, some new clothes there, more beer here, spring break to Mexico there. Before you know it you're 10k in debt, and still need a job to pay it off... Don't forget if you're like most students you'll have student loans waiting on the other end. And believe me it's closer than you think.
First rule of credit cards: Don't charge more than you have.
Alpha2
10-15-2004, 05:46 PM
Multiple cards ar bad because you just end up having to pay more bills at the end of the month. You dont have more money with a larger limit. Just ignore it.
I have ONE credit card with a 12,000 limit, I've never had 12,0000 dollars at one time in my freaking LIFE.
Plus, having alot of open credit can be bad.
Multiple cards are only bad if you carry high balances on them. The longer an account has been open (and assuming you've always paid it on time), the better it is for your credit rating.
Definately don't spend money you don't have, but also don't close the account. That will hurt you down the road (buying a car, house, etc.)
http://biz.yahoo.com/pfg/e17ccdebt/
http://biz.yahoo.com/pfg/e02credit/
I was told once your credit score also looked at potential debt. If you had a lot of cards (used or unused) with high limits there was a potential to get in over your head -- your score would go down. However, looking at some information on FICO, I can't find anything about it, but it makes sense.
RandyTsai
10-15-2004, 05:50 PM
The credit card just throw you the bait. Are you going to bite? The credit card company raised you credit on purpose so they can make more money on interest. It sounds unlikly that you will pay off your debt anytime soon since your not working. I suggest that you apply for a credit card that is offering an 0% introductory APR or 0% on transfer balances.
The only problem with that is that you might get more credit. It may sound like a positive thing, but whats going to happen when the 0% apr ends?
secretvampire
10-15-2004, 05:53 PM
It's a trap!
chickenhawk
10-15-2004, 06:01 PM
Plus, having alot of open credit can be bad.
Multiple cards are only bad if you carry high balances on them. The longer an account has been open (and assuming you've always paid it on time), the better it is for your credit rating.
Definately don't spend money you don't have, but also don't close the account. That will hurt you down the road (buying a car, house, etc.)
http://biz.yahoo.com/pfg/e17ccdebt/
http://biz.yahoo.com/pfg/e02credit/
I was told once your credit score also looked at potential debt. If you had a lot of cards (used or unused) with high limits there was a potential to get in over your head -- your score would go down. However, looking at some information on FICO, I can't find anything about it, but it makes sense.
Yes, this is true. The way it works is that they look at your current debt ratio. In other words, what is your debt vs. your potential debt (how much money you have available to you....credit limits basically). It can work 2 ways though. The more open accounts you have, the lower your debt ratio is (assuming you don't have outstanding balances on all the cards), which helps your credit score. However, creditors can also look at you as a liability because you have the ability to pull from alot of credit and thus lessening the chance that you will pay them.
If you are responsible with your credit, the number of accounts you have open is fairly irrelevant. For example, I have 6 credit cards due to applying like mad when I was in college and in total probably have a limit of over $65K. But I almost always pay my cards off in full each month and always pay on time. Plus, I have also been very responsible on rent when I had an apartment, mortgages now, and car payments. Thus, even though the amount of credit I have available to me is high, I have a credit score of over 750 which is excellent.
The biggest factor is how responsible you are.
rawer
10-15-2004, 06:05 PM
I was told once your credit score also looked at potential debt. If you had a lot of cards (used or unused) with high limits there was a potential to get in over your head -- your score would go down. However, looking at some information on FICO, I can't find anything about it, but it makes sense.
The closer you are to "maxing" out a card, the more detrimental it is to your credit score.
For instance, having one card with a $900 balance (out of a $1000 limit), is much worse than having a $900 balance spread out evenly over 3 cards (out of a possible $3000). It's called your "debt-to-credit-limit ratio".
Additionally, companies will look at your overall credit history. Let's say you have five cards, each with a $10K limit. But ever since you've had them, you've never had more than $500 on a card and you never carry a balance (i.e. you pay the entire amount each month). Just because you have the "potential" to carry a $50K balance, they won't be worried about you due to the way you use your credit.
Your history of how you've used your credit is the biggest factor in how future lenders will deal with you. If you have a card that you can't "afford" to use anymore, cut it up/throw it in a drawer/freeze it in a block of ice. Just don't cancel the account. Otherwise all that history is as good as erased.
^^^^^^
Edit: Looks like chickenhawk beat me to it...
rvdrock
10-15-2004, 07:32 PM
WOW, CAGs do care! Thanx guys...
cag1000
10-15-2004, 07:37 PM
go 4 it
u only live once
Uhhhh hide the damn card. If they bump your credit every other week like they did for me you are in world of hurt.
Now I have a 2k+ credit debt over 2 years ](*,)
Alpha2
10-15-2004, 09:49 PM
One of my history teacher once told me this and it makes SOOO much sense:
Never buy anything with a creditcard that you dont all ready have the money in the bank to pay for... I've followed that advice for years.
sying
10-15-2004, 09:58 PM
Don't listen to these guys, my fiend works at the citibank collection call center here in Jacksonville. Go delinzuent so he can call you and get his bonus!!! J/K You got the right plan man, use wisely, and you should be fine
dutch72
10-15-2004, 10:08 PM
Credit Cards are the tools of Satan
bbfinster
10-15-2004, 10:15 PM
Dude, dude to a sad maze of mistakes in my life, I'm down 10,000. just hold off. I have to admit, though we have some wild CAGers, most of them have excellent common sense! 8)
Saucy Jack
10-15-2004, 10:29 PM
Don't charge any more on that card. Anything can happen...
You could be making good payments (more than the minimum, hopefully) and managing your credit cards well, and all of a sudden you could lose your job. The credit card companies won't give a crap that you lost your job; they just want their money.
Unfortunately, this has happened to several family members. They were laid off, and years of perfect credit were ruined. It's horrible to have credit card companies tying up your phone lines all day, and having them bitch you out.
Just think about it... your current situation could change in an instant.
evilmojo12542
10-15-2004, 10:31 PM
don't do it!! It took me 3 years to pay off my colege loan keep that in mind you'll need that money down the road in the near future
blehman
10-15-2004, 11:44 PM
Don't go jacking up your credit on video games. I wouldn't go cutting up all your credit cards though, especially if you don't have any money. Say you blow a tire or something, you're defintely going to want to have the credit card for emergencies. When you start using your credit card for gas and trips to the grocery store then I'd be concerned.
fireball343
10-16-2004, 12:16 AM
the card is a lifeline, not a free money line. use it to spend the money you HAVE and should you find yourself in an emergancy (accident, car problems requiring immditate attention) then use it if you don't have the money, but find that money quickly, bad credit is, well BAD.
Payoff credit immedily, use the card as simply a form of money that is safer and eaiser to carry than cash. don't ruin your credit, it will haunt you for a long time.
basketkase543
10-16-2004, 12:24 AM
PUTTHE CREDIT CARD AWAY! I know many fellow college students who are being butt fucked by creditors in order to get their debts payed off. Only use the card for necessities and the occasional good deal that can't be missed (emphasize OCCASIONAL) and give yourself a budget. Whatever you do, don't screw up your credit now that you are young.
SteveMcQ
10-16-2004, 02:36 AM
When you start using your credit card for gas and trips to the grocery store then I'd be concerned.
What's wrong with using your credit card for gas again?
guardian_owl
10-16-2004, 04:13 AM
When you start using your credit card for gas and trips to the grocery store then I'd be concerned.
What's wrong with using your credit card for gas again?
I say nothing, you can pay at the pump and don't have to go in the store.
I am a college student nearing the end, as far as the credit card issue, I have one card with a $1000 dollar limit. I get countless offers for more but I just cut them up and throw them away. My philosophy is similar to a previous poster, I charge only what I can payback at the end of the month so every month I start with zero blance on my card.
Restraint is the key, fight the impulse to swipe, swipe, swipe. If you have little self-control with regards to spending, then do as suggested and tear those mothers up, or toss them into the air and go :twoguns: .
biggestinuyashafan
10-16-2004, 04:22 AM
that is why i only pay with cash for games. i use my moms card sometimes but always pay her the money so that if i don't have the money then i can't buy the game.
rvdrock
10-16-2004, 05:15 AM
Mods...close the topic
SteveMcQ
10-16-2004, 02:02 PM
Good topic for discussion, though OP.