Secured credit cards: Useful for booking travel?

[dscurlock]

You read many posts on this forum from filers...

filed BK..

I just got my first credit card after discharge...

I just got a $20k car loan, hooters card...bla, bla...

It really makes you wonder if they have learned anything at all.

You are right, they fall off the credit wagon, just to crawl
right back on after discharge..and the cycle starts over again...

[Michigan1951]

It is a luxury for sure, I do believe. Unfortunately, our country is hooked on using credit period. If you have to use a credit card, I guess you have to. I am just saying that it is sad that after coming out of BK, one has to focus on which card is best, secured or unsecured. It is sad.....there is no choice but to become buddies with the credit card companies again (a wolf in disguise).

[dscurlock]

It is a luxury for sure, I do believe. Unfortunately, our country is hooked on using credit period. If you have to use a credit card, I guess you have to. I am just saying that it is sad that after coming out of BK, one has to focus on which card is best, secured or unsecured. It is sad.....there is no choice but to become buddies with the credit card companies again (a wolf in disguise).

secured for sure I think this country would be better off
if everyone turned in their unsecured cards, and get secured
cards using their own money. If consumers had to use their
own money, then I guess some would understand how
creditors feel...

I am trying to kill the wolf myself...slowly but
surely, one by one...I am going to blow that wolf down...

[Michigan1951]

good for you!

secured for sure I think this country would be better off
if everyone turned in their unsecured cards, and get secured
cards using their own money. If consumers had to use their
own money, then I guess some would understand how
creditors feel...

I am trying to kill the wolf myself...slowly but
surely, one by one...I am going to blow that wolf down...

Attitude is everything from here on out, I say. It is hard standing alone, or just giving in and joining the pack all over again. I think your idea of secured cards using our own money is the only way to show us it works at both ends of the giving and taking.

If we can look away long enough to start an emergency fund, among other things, we just might have a stab at the long term "luxury" of being not only debt free, but credit card free.

We all know the warning signs of when it is time to fold, and file for BK.
We have to know learn how to use cash, refuse to be sucked back into more debt, and to be able to set a new standard of living from here on out.

[MrOwlEye]

Yes. Unfortunately, credit is a necessary tool for business (and for business travel). I recall trying to rent a car from Enterprise in Poughkeepsie last fall without using a credit card. No way. Some locations just won't let you do it.

My best chance at increasing my income is to be able to work freelance which involves incurring travel debts that will later be reimbursed by my clients. THEY don't want to pay upfront for my travel, because part of what they're paying me for is the convenience of not having to fiddle around with it. They don't have the time.

Your post, Michigan, made me do a double-take at the unquestioned goal of "rebuilding my credit score". Am I doing that just so I can get another unsecured credit card and continue carrying debt? I hope not.

I think my touchstone for using credit will be, "Is this a necessary convenience? Or am I merely deferring payment because I don't have the money now?" If it's the latter, I will opt out of making that purchase. If I can't pay it off in full this period, then forget it.

[dscurlock]

Regarding business credit - they are probably the worst of the worst...
some business live on credit, and I have heard of business that even
after 90 days have yet to pay their bill as they live on credit...and
when they do pay, they have already rolled over on buying other
stuff on credit...hence the credit process just rolls right back over...

I bet if you were to take away the credit from big business.
they would all fold over-night...

business just floats on credit.

[Michigan1951]

MrOE, I am truly am not trying to get in your face at all here. I understand your reasoning earlier to feeling the need to use secured or unsecured with your traveling/job.

Like I said before though, it is the way of our country to use credit constantly, and even our own government is guilty of it. If you are able to say NO at a time when you WANT to charge on your traveling/job, then you will be making progress for sure.

dscurlock, I also agree with you on this as well. It is a cycle that I think will be difficult to break in our country, as we want everything now, the best of the best, or just get caught without out cash all the time because we allowed ourselves to be backed in a corner with credit all over again. There probably is nobody out their that is not guilty of abusing credit (actually abusing ourselves the most), but the businesses keep charging to stay alive, and it rolls down hill forcing workers, and customers to use credit all the time as well. Buying a car or a home is the only reason we should have debt, but we must stop wanting bigger and better all the time. Hopefully, we can buck the system starting now, and walk alone if we have to to begin our own Tea Party of no more wasteful spending.
It feels so good to wait and save up to buy a more expensive item or go go out to a high classed restaurant, or buy nice clothing. But, when it comes to actually giving that hard saved money up now for things like that, I opt to second guess is it a WANT or a NEED, or just a status thing. It is not cool anymore to carry a credit card for me........

[Dannmcg357]

It is a luxury for sure, I do believe. Unfortunately, our country is hooked on using credit period. If you have to use a credit card, I guess you have to. I am just saying that it is sad that after coming out of BK, one has to focus on which card is best, secured or unsecured. It is sad.....there is no choice but to become buddies with the credit card companies again (a wolf in disguise).

I couldn't agree more, and I think it is unfair that Hotels, Car Rentals, Airlines will just about not do business with you unless you have one. I would love to see legislation that forced them to give you an alternative to cc, like Oh I don't know...CASH!?

[Michigan1951]

I couldn't agree more, and I think it is unfair that Hotels, Car Rentals, Airlines will just about not do business with you unless you have one. I would love to see legislation that forced them to give you an alternative to cc, like Oh I don't know...CASH!?

If we keep our efforts going in the right direction after our discharges, we might be able to see that change from the hotel, car rentals, and airlines. It won't happen right away, but it will never happen if we don't start practicing "saying NO to using a credit card" for such things as this anymore.

[Michigan1951]

According to USA TODAY (2/22/2010).........

MORE CONSUMERS ARE SAYING "NO" TO CREDIT CARDS THESE DAYS......

[LSUTiger32]

Anything a secured credit card can do a debit card can do. People brought up Dave Ramsey....the dude travels all around the country and runs a multi-multi million dollar business with a debit card. If he can do, certainly we can.

I guess though if you feel the need to have a CC, secured is the way to go. Fees or not, at least you can't get back into trouble.

[moneytrouble]

To Michigan1951. How do I get any loans or credit? I have been working and have saved a ton of money since bankruptcy 8 months ago. My credit rating is still below 60. I need a credit card to rebuild my credit, unless you have some other answer. I am unable to qualify for any loans, even a small used car loan from a lower end used car dealer. Thanks.

[Michigan1951]

Did you mean your credit rating is still below 60 or did you mean 600?

If you saved a ton of money, buy a low end car then. If you think you need a credit card to rebuild, try someone else's ideas of secured then. I am not making myself feel the need to want or need a credit card, sorry........

Filing for BK isn't a walk in the park afterwards. If you don't want to be here again,
keep saving for things you want, don't train your mind to "I have to have a credit card".

And, I would shy away from any new debt for a while. It is a cool down to a new beginning remember.

[moneytrouble]

How do I get myself out from under 600 without a secured credit card?

[Dannmcg357]

How do I get myself out from under 600 without a secured credit card?

Believe it or not, you can live a normal life with out debt. I don't give a rats a$$ what my credit score is, all it gave me was debt! Our grandparents and great granparents saved and budgeted for what they wanted, why can't we? If you must rebuild your credit I am sure better ways exist. But really, BK is to credit what Freddy Kruger is to horny teenagers. Surely you knew that before you filed?