captial one just raised my credit limit again

[tikiman]

Capital One got a judgement against us for around $8000 (after the finance charges, lawyers fees, etc were tacked on to the original bill). It is a lien against our house now. I doubt they would EVER give us another credit card!

[Never_Again]

Who cares if the rate is 100% if you pay the balance off each month, and have a grace period where no interest will be charged?

If you are building up an emergency fund, and have the discipline to do that, you should be able to handle credit as well. Either way, it is running with the discipline to spend less than you make.

[newbegin]

Their just out to snag you again, but this time you don't have an out for 8 years

[LSUTiger32]

Who cares if the rate is 100% if you pay the balance off each month, and have a grace period where no interest will be charged?

LOL! I used this line a few thousand times before I got into debt. It's easy to say but hard to do....especially if a job loss or other emergency hits. All of a sudden you start using them to survive.

[Never_Again]

You are right, LSU, and I am not very happy about using credit again. But think about it... Life happens, and you use a credit card to survive. If you don't have a credit card, you have to find another way to survive. One must have the discipline to not take the past of least resistance. If you can't do that, you will never be able to save money as well!

[LSUTiger32]

You are right, LSU, and I am not very happy about using credit again. But think about it... Life happens, and you use a credit card to survive. If you don't have a credit card, you have to find another way to survive. One must have the discipline to not take the past of least resistance. If you can't do that, you will never be able to save money as well!

You are right, but there are other ways to survive. You go and take a job that maybe is well below your qualifications, but there are always jobs out there to be had. I might be delivering pizzas or flipping burgers for a while but I will NEVER put myself in the same situation I was in. NEVER!

[Never_Again]

Me neither, hence the username... :-)

I don't think that I stated myself clearly. If you don't have a credit card, you do what you mentioned, or whatever else you must do to survive.

There is nothing to stop you, if you DO have a credit card, from doing the exact same thing. You must have discipline!

If you do not have the discipline to do that, you probably will not be able to save money either, because as you accumulate it in the savings account, you will spend it when "life happens." Unfortunately, "life happening" when you are in that state of mind could mean that the Super Bowl is coming on, and you need a really big TV. Money in the savings account to this type of person is the same thing as an open credit line.

Life needs to be about not running to the bank with every little thing that comes up, but to be willing to be creative, and find other solutions to the issue. Your first reach can NOT be for the credit card! Unfortunately, many do not learn this.

[LSUTiger32]

Me neither, hence the username... :-)

I don't think that I stated myself clearly. If you don't have a credit card, you do what you mentioned, or whatever else you must do to survive.

There is nothing to stop you, if you DO have a credit card, from doing the exact same thing. You must have discipline!

If you do not have the discipline to do that, you probably will not be able to save money either, because as you accumulate it in the savings account, you will spend it when "life happens." Unfortunately, "life happening" when you are in that state of mind could mean that the Super Bowl is coming on, and you need a really big TV. Money in the savings account to this type of person is the same thing as an open credit line.

Life needs to be about not running to the bank with every little thing that comes up, but to be willing to be creative, and find other solutions to the issue. Your first reach can NOT be for the credit card! Unfortunately, many do not learn this.

I agree. I have the discipline I just don't see the need. Like I mentioned I am in the midst of stockpiling a decent little emergency fund.....I am trying to get to three months of basic expenses, which in my case is about $8,000. Of course that is cutting out cable, internet, cell phones, etc. which is what I would do anyway in the event of a real emergency.

I just don't see the need for a credit card. What am I going to get anyway, a $1,000 limit? What's the point other than to bow down again to those people just so I can say I have one, or to improve my credit score? Why? My credit score is going to be just fine on it's own, I do not need a cheezy high-rate card that most credit people know is a crap card anyway. I'd rather walk in somewhere whenever it may be in the future and be able to say, I made mistakes and I learned from them......not I made mistakes and went right out a got a card for people who filed bankruptcy. To me, that shows no discipline.

[Amy26]

Well, using credit responsibly should matter to ALL people whether you just filed bankruptcy or not... it does have a place and is a necessary evil at some times. If used properly and responsibly with discipline then its fine. If you chose not to use it at all, its the person's peroggative.

On another note, how long did you guys have to wait for the 3 months capital one increase? I got the letter in the mail saying I would get one after 3 months of good behavior but I have not received it yet. I have 3 statements sitting out there but my fourth statement doesn't hit until August 11th... will it be after that? Or did you guys get the increase like on day 90?

[ForumReader]

Well, using credit responsibly should matter to ALL people whether you just filed bankruptcy or not... it does have a place and is a necessary evil at some times. If used properly and responsibly with discipline then its fine. If you chose not to use it at all, its the person's peroggative.

On another note, how long did you guys have to wait for the 3 months capital one increase? I got the letter in the mail saying I would get one after 3 months of good behavior but I have not received it yet. I have 3 statements sitting out there but my fourth statement doesn't hit until August 11th... will it be after that? Or did you guys get the increase like on day 90?

I guess it depends. I have a Cap1 card and has had no increases since activation last winter. I do not know why, but I am happy with my CL and paying the balance in full each month.

[Amy26]

Meh, I'm not concerned about it so much either... I don't mind my 1k limit at all...but I was just curious since I did receive the letter in the mail that said they would increase it after 3 months.

[littlemuffin]

What about Chapter 13 filers?

I notice that you are all Chapter 7 filers. How long before a person who has filed chapter 13 can get a cc - either secured or unsecured?

Thanks

[Never_Again]

I believe that in a 13, you are prohibited from getting any new credit, without permission from the trustee while you are actively making payments.

[LSUTiger32]

Well, using credit responsibly should matter to ALL people whether you just filed bankruptcy or not... it does have a place and is a necessary evil at some times. If used properly and responsibly with discipline then its fine. If you chose not to use it at all, its the person's peroggative.

On another note, how long did you guys have to wait for the 3 months capital one increase? I got the letter in the mail saying I would get one after 3 months of good behavior but I have not received it yet. I have 3 statements sitting out there but my fourth statement doesn't hit until August 11th... will it be after that? Or did you guys get the increase like on day 90?

Amy, I knew your thoughts already. We've been down this road enough times. Totally disagree on a necessary evil thing though. I am not sure what there is out there that you NEED a credit card for. I haven't had one now in almost 2 years and I not had the first issue. As far as everyone cares now, a debit card is just as good. Hotels, car rentals, no issues whatsoever.

[cory1848]

Had my Cap1 card for about 3 months now and just notice a CLI of $500. Started with $750 and now its $1250. I have charged on it and not paid it off every month. I have 1 year of 0% interest so not really worried about paying it off 100%. I do pay $100 each month on it. Only have $220 on it now. Like others, I will use it and then pay it off. I could pay it off all at once but I am trying to show a little history so that is why I am delaying it. So far I am happy with it. I was discharged in Jan and applied in April for it. I use it for travel mainly, where a CC is required such as car rental, hotel stays, etc. Other than that, I prefer cash/debit card only.