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JavaBuc

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#15 : October 27, 2006, 10:46:43 AM

THey make more money off of your friend.   He's also shown that he can carry a large amount of debt.

That's for sure.

He's also got a bigger record than you, makes more payments...like a QB who threw 50 passes for 80% comp vs one who threw 300 for 70% -- you take the guy with more passes. I'd guess he has a longer history too...

Actually, I'm 10 years older than him, so I have a longer history.   I make my payment every month, so he doesn't make more payments than me - we each pay once a month.   I just charge more each month and pay more each month.


He's also probably charging less than you, just carrying more. That has an effect too. Hell, paying off a balance isn't what matters, it doesn't help you to pay a card to zero. You're better off rating-wise to carry that balance and NOT pay it all off at once...What they want to see is that you can manage a large balance consistently. Thats what credit means...

Why would I want to manage a large credit balance consistently at the rates charged by credit cards?    I have had house loans, etc and maintained those.   But I think it's nothing short of ridiculous to keep a large balance at a large percentage of interest on a credit card.   

The whole thing is a scam.   They should look at my payment history and my equity then make a judgement based on that.    I shouldn't have to be blackmailed into owing alot of money to credit companies to prove that I am a good risk.    It just doesn't make any sense.   (but it does result in a helluva lot of money in their pockets)
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Pewter Report  >>  Boards  >>  The Red Board (Moderators: 3rd String Kicker, PRPatrol)  >>  Topic: Caddy autographed mini helmet for FREE anyone? « previous next »
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