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hummingbird
Joined: 10 Jan 2008
hummingbird's page
Posts: 128
660 Magic Points
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Mon Mar 10, 2008 5:32 pm
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| Well I have one card where my hubby is on mine and one where I am on his. Thats fair I think.But I make sure they are both paid and on time .If I cannot afford a lot more than the minimum ,I will at least pay any at all over even if its only 1 dollar. |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4493
8662 Magic Points
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Tue Mar 11, 2008 1:46 am
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| Good idea. If you look at the interest its usually three quarters of the monthly payment that they are asking for. I am hoping to get rid of our credit card debt this year.. We accumulatewd quite a bit during our move. Thought we took out en ough money through a bank loan and come up short. We used income tax to pay off the smaller debts now comes the biggie. I am confident that it will be gone this year. |
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scott
Joined: 28 Jun 2006
scott's page
Posts: 462
10934 Magic Points
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Tue Mar 11, 2008 5:32 am
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The idea of piggybacking is definitely a nasty idea. It is like living a parasitic life. It is good that the system is not given any importance at all.
Hi hummingbird,
Paying the minimum also keeps your credit in a good shape. Good that you guys are really doing it seriously. |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4493
8662 Magic Points
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Wed Mar 12, 2008 7:28 pm
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| I totally agree. It takes you alot to get your own good credit score why take the chance in letting someone else screw it up. In the case of someone who messed their credit up on their own you are really taking a chance by adding them.. It is like giving a drunk the keys to your car. |
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Richard
Moderator
Joined: 27 Jun 2006
Richard's page
Posts: 126
5043 Magic Points
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Thu Mar 13, 2008 7:28 am
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Piggybacking was initiated to help the younger members of the family by the parents. e.g. the father allowed his son a piggybacking on his report. Later on this was misused and companies sprang up charging money for doing the same. They used reports of any good credit holder and played with the report of the poorer one. I never liked this part of it. Relief that it is not considered anymore.
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The more you learn the more you earn. Join our community and enhance your knowledge. |
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hummingbird
Joined: 10 Jan 2008
hummingbird's page
Posts: 128
660 Magic Points
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Fri Mar 14, 2008 3:09 pm
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| Our rate is less than 10%.That is good but the rate for cash withdrawal is over 20% ,We never have used that part though. |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4493
8662 Magic Points
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Fri Mar 14, 2008 11:23 pm
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| I think piggybacking when it comes to helping you children is a good thing. It would figure some company trying to take advantage and make a few dollars would come up with a way to make it sound dishonest. Personally when I first read about piggybacking that was my first thought. |
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hummingbird
Joined: 10 Jan 2008
hummingbird's page
Posts: 128
660 Magic Points
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Sun Mar 23, 2008 11:34 pm
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| I recieved a phone call from a company that said they wanted to lower our Interest rate but our card had to be more than 10% Interest rate which ours was not. Has anyone ever received a call like that? |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4493
8662 Magic Points
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Mon Mar 24, 2008 11:54 pm
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| No but I was recieving calls where a machine was saying "the interest rate on credit cards are going up. We would like ti help you. You ahve qualified.",and so on. I just delete the message cause I considered it a telemarketer. I have problems trusting anyone in the credit field. |
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goodnatured
Joined: 03 Nov 2007
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Posts: 3996
1079 Magic Points
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Tue Mar 25, 2008 1:24 am
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When you have been in a bad credit situation you are always a little leary, you will want to look at the long term of this, how long will the intrest rate stay down, is it only for a short period of time or is it forever, read the fine print. It is often hard to get good information off them over the phone, I would say send the information to me by mail, I will review it and if it is a good offer then I will respond then. Don't do it unless you understand all the terms and conditions.
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4493
8662 Magic Points
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Wed Mar 26, 2008 12:41 am
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| I don't even mess with these people. I figure if I need them I will call them. the are as bad as CA's. Once you talked with them for 2 seconds they keep calling back. |
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sdchargers_63
Joined: 13 Aug 2007
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Posts: 1498
107 Magic Points
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Subject: credit card
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Wed Mar 26, 2008 10:22 pm
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| I recieved a call, a few days ago. ..from a 'credit card consolidation company'. According to THEM, they "had my file in fron of them and they were looking at the $10,000.00 debt I have on my credit cards (LOL)". THEN they asked me to "verify my information to them." OMG!! Did they really think I was that stupid. First of all, I DO have a card...but, just 1. And the credit limit, on this card is only $300.00. I guess I aquired another ZILLION dollars in credit card debt overnight!! Watch out for these scams....all they want is your information. |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4493
8662 Magic Points
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Wed Mar 26, 2008 10:42 pm
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| That sounds more like someone trying to steal your identity. Maybe they thought they could get more info from you or have you make payments through a checking account and then rip you off. Either way..too risky. |
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sdchargers_63
Joined: 13 Aug 2007
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Posts: 1498
107 Magic Points
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Subject: debt
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Thu Mar 27, 2008 5:02 am
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| yep..that what it sounded like to me, too. With 'Piggybacking'...does that also count, if someone co-signs for you? Or.....just if you are using someone else's credit? |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4493
8662 Magic Points
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Thu Mar 27, 2008 9:07 pm
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| I am not sure but I doubt it has anything to do with co-signs. I think the person has to be signed on an open account (like credit cards) as someone who has access to use open funds. |
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