Why are secured cards never discussed as a means to rebuild credit?

[FTWORTH]

LSU, I am not picking you up on the side of the road, when your clunker breaks down and you can't get a rental car because you only have a debit card.

As for hotel rooms, well we all know I was the one that said that, and I stand by it. Hotels block off huge amounts when you use a debit card. Who needs the chaos to the checking account? Easier to use a credit card and pay it off right away.

See above post

[FTWORTH]

Oh yeah, I have said many times that certain things people said at one point were stupid. You don't want to get me stared on the things I have been called and told on here because it was much worse than that. I said I never called anyone stupid for getting credit. People are going to do things their way and that's fine by me. However, when comments are made that you can't rent cars or stay in hotels without a credit card well then yeah, I am going to call that stupid. As a mater of fact me responsding to this is STUPID.

You can definitely stay at hotels and rent cars without a credit card but they lock up a large sum of money from your checking account if you use a debit card. I rent cars all the time and if you don't want to use a credit card one option is to reserve the car with a credit card and then when you pay for the car when you return it you can pay with a debit card.

[LSUTiger32]

LSU, I am not picking you up on the side of the road, when your clunker breaks down and you can't get a rental car because you only have a debit card.

As for hotel rooms, well we all know I was the one that said that, and I stand by it. Hotels block off huge amounts when you use a debit card. Who needs the chaos to the checking account? Easier to use a credit card and pay it off right away.

By that time, I'll have my yellow Vette!

[backtoschool]

Oh yeah, I have said many times that certain things people said at one point were stupid. You don't want to get me stared on the things I have been called and told on here because it was much worse than that. I said I never called anyone stupid for getting credit. People are going to do things their way and that's fine by me. However, when comments are made that you can't rent cars or stay in hotels without a credit card well then yeah, I am going to call that stupid. As a mater of fact me responsding to this is STUPID.

LSU, I am not picking you up on the side of the road, when your clunker breaks down and you can't get a rental car because you only have a debit card.

As for hotel rooms, well we all know I was the one that said that, and I stand by it. Hotels block off huge amounts when you use a debit card. Who needs the chaos to the checking account? Easier to use a credit card and pay it off right away.

[Amy26]

Oh yeah, I have said many times that certain things people said at one point were stupid. You don't want to get me stared on the things I have been called and told on here because it was much worse than that. I said I never called anyone stupid for getting credit. People are going to do things their way and that's fine by me. However, when comments are made that you can't rent cars or stay in hotels without a credit card well then yeah, I am going to call that stupid. As a mater of fact me responsding to this is STUPID.

Hehe, well then for all I know I could be in the minority in thinking that a lot of your responses over the last year have been, well, on the "harsh" side to people that are rebuilding...but I'm not gonna go fishing through topics to find them cause that would be well.... STUPID... :P Perception is 90% of online foruming, so I'll go back to living in my fluffy little happy world where people don't speak to each other so..... "harshly"... :P

And for the record I never mentioned anything about trying to "convert" anyone... unless of course you're referring to my pleas for world peace and happiness.

[LSUTiger32]

LOL. I don't quite think so myself. Why are we all so worried about converting anyone anyway? This is money. Personal fiscal responsibility. Key word being personal. I for one, will never have an unsecured CC or car note again. I see a lot of common sense and practicality in an all cash lifestyle. While this is practical for some it is by no means practical for all. These are personal choices and why should it matter to any of us unless we see our forum friends actually falling back into the credit trap. This is all about rehabilitation, not lifetime abstinence. Unless I see someone go out and get $5k credit directly post discharge and go on a completely irresponsible spending spree I feel like I have no duty (or right) to judge/convert them.

That being said, there are many posts/posters that I read and think to myself, "What an idiot." Then I move on.

P.S. - I love Dave Ramsey's common sense money approach myself. Since I don't own a home my "baby steps" are a little modified to fit my life and financial situation.

I am not trying to judge or convert anyone, just trying to keep this side of the debate open. I probably do need to be more like you, laugh and move on.

[LSUTiger32]

Went back ...to credit? How can you find it hard to believe... did you read anything I said? I think I have pretty clearly proven that I do NEED credit. And I'm pretty sure I can find some derrogatory posts where if you didn't actually say "hey that's stupid" it was pretty darned close...

EDIT: And technically, in post #27 you did infact say that something B2S said was "stupid" and you were "calling it like you see it".

Oh yeah, I have said many times that certain things people said at one point were stupid. You don't want to get me stared on the things I have been called and told on here because it was much worse than that. I said I never called anyone stupid for getting credit. People are going to do things their way and that's fine by me. However, when comments are made that you can't rent cars or stay in hotels without a credit card well then yeah, I am going to call that stupid. As a mater of fact me responsding to this is STUPID.

[Logan]

I've said it before and I'll say it again--credit is a tool and used appropriately it can save you money.

I just locked in 1500 gallons of propane for the winter. The daily price was $2.43 a gallon and the lockin price $2.18. I charged it on my credit card that gives me 1.25% cash back so I get even more savings. Also, I have a checking account that gets 3% apy and since I get to float the $3200 until December 23rd I get a little more savings.

And yes, I will be paying it off on December 23rd.

Logan

[NowImDownInIt]

but NOT close enough...between you and b2s....he'll change his tune sooner or later...it's why he's hangin on....he's JUST about convinced...

LOL. I don't quite think so myself. Why are we all so worried about converting anyone anyway? This is money. Personal fiscal responsibility. Key word being personal. I for one, will never have an unsecured CC or car note again. I see a lot of common sense and practicality in an all cash lifestyle. While this is practical for some it is by no means practical for all. These are personal choices and why should it matter to any of us unless we see our forum friends actually falling back into the credit trap. This is all about rehabilitation, not lifetime abstinence. Unless I see someone go out and get $5k credit directly post discharge and go on a completely irresponsible spending spree I feel like I have no duty (or right) to judge/convert them.

That being said, there are many posts/posters that I read and think to myself, "What an idiot." Then I move on.

P.S. - I love Dave Ramsey's common sense money approach myself. Since I don't own a home my "baby steps" are a little modified to fit my life and financial situation.

[tobee43]

Went back ...to credit? How can you find it hard to believe... did you read anything I said? I think I have pretty clearly proven that I do NEED credit. And I'm pretty sure I can find some derrogatory posts where if you didn't actually say "hey that's stupid" it was pretty darned close...

but NOT close enough...between you and b2s....he'll change his tune sooner or later...it's why he's hangin on....he's JUST about convinced...

[tobee43]

I recall a Salvation Army Store in MD that the debit part (PIN #) of the card wouldn't work but if they ran it as a credit, it would. I've run into this several times and it's the way the store's system is set up because when I called my bank, they said there was no problem on my end. One clerk had a little knowledge about it and said it had something to do with Credit Unions that the cards wouldn't work.

I'm not sure, but I think I ran into situations where the Credit Union debit/credit card wouldn't work at all. Can't really remember if it happened like that.

And have seen many times that I was cut off at the pump with a $75 limit on fuel. I do think it was when I was using a debit/credit card but it might've been a credit card from another company. They just had their pumps set this way.

i have had the same situation happen. we had to go in and speak with the bank manager to make certain our debit card limits were NOT questioned...or we would close our account..he actually cared. we since have had no problem with it at all....other then for the company we are trying to use it with...like when renting a car and them waning to hold a high amount..etc.

[Amy26]

Yet you went back. This is the point, you don't need them and they treated nearly all of us like crap but yet you went back. I am not mad at you because you did, just find it hard to believe. Also, please don't go there again......I never told people they were stupid, ever.

Went back ...to credit? How can you find it hard to believe... did you read anything I said? I think I have pretty clearly proven that I do NEED credit. And I'm pretty sure I can find some derrogatory posts where if you didn't actually say "hey that's stupid" it was pretty darned close...

EDIT: And technically, in post #27 you did infact say that something B2S said was "stupid" and you were "calling it like you see it".

[platter]

I recall a Salvation Army Store in MD that the debit part (PIN #) of the card wouldn't work but if they ran it as a credit, it would. I've run into this several times and it's the way the store's system is set up because when I called my bank, they said there was no problem on my end. One clerk had a little knowledge about it and said it had something to do with Credit Unions that the cards wouldn't work.

I'm not sure, but I think I ran into situations where the Credit Union debit/credit card wouldn't work at all. Can't really remember if it happened like that.

And have seen many times that I was cut off at the pump with a $75 limit on fuel. I do think it was when I was using a debit/credit card but it might've been a credit card from another company. They just had their pumps set this way.

[backtoschool]

I am actually thinking about that secured card since you told me the unsecured cards and car loan guys would hate me! Yeah 15% that file BK again, probably 85% default on something again but that is just speculation on my part.

I think you should get a secured card with a ten dollar limit just to cause the bank huge fees in processing your paperwork, and make your point that credit cards are silly.

[LSUTiger32]

Yes you can just use cash, blah blah blah. Why not have your cash help you though by having a secured card and/or investing it and using an unsecured card and paying off in full every month.

I do agree that no one should get into unsecured credit card debt. I will never carry a balance. Period.

And of course there will always be people who have to make the same mistake multiple times before they learn their lesson. But even your own statistics you gave in another thread pointed out that those people are in the minority. (I believe you said the number was 15%).

I am actually thinking about that secured card since you told me the unsecured cards and car loan guys would hate me! Yeah 15% that file BK again, probably 85% default on something again but that is just speculation on my part.