Comments on: How the Credit Crunch Affects You http://cashmoneylife.com/how-the-credit-crunch-affects-you/ Money Management, Small Business, Career Wed, 23 May 2012 21:16:10 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Ryan http://cashmoneylife.com/how-the-credit-crunch-affects-you/#comment-15262 Ryan Mon, 17 Nov 2008 01:07:17 +0000 http://cashmoneylife.com/?p=1139#comment-15262 glinkka, I'm not sure exactly what affects a credit card company's ability to create new loans, but I am sure that figures into it somehow. glinkka, I’m not sure exactly what affects a credit card company’s ability to create new loans, but I am sure that figures into it somehow.

]]> By: Jarhead http://cashmoneylife.com/how-the-credit-crunch-affects-you/#comment-15234 Jarhead Sat, 15 Nov 2008 23:25:54 +0000 http://cashmoneylife.com/?p=1139#comment-15234 The credit crunch isn't affecting me at all, I jacked up my credit a few years ago so I wasn't getting approved for new credit anyway. The credit crunch isn’t affecting me at all, I jacked up my credit a few years ago so I wasn’t getting approved for new credit anyway.

]]> By: glinkka http://cashmoneylife.com/how-the-credit-crunch-affects-you/#comment-15223 glinkka Sat, 15 Nov 2008 14:26:44 +0000 http://cashmoneylife.com/?p=1139#comment-15223 I read that your credit card limits are used as part of your debt load when applying for a mortgage. I was wondering if a limit on a credit card is used as a part of the load a credit card company has. So, if there are limits out there that are not used does that weigh on the companys ability to loan? I read that your credit card limits are used as part of your debt load when applying for a mortgage. I was wondering if a limit on a credit card is used as a part of the load a credit card company has. So, if there are limits out there that are not used does that weigh on the companys ability to loan?

]]> By: No Debt Plan http://cashmoneylife.com/how-the-credit-crunch-affects-you/#comment-15196 No Debt Plan Thu, 13 Nov 2008 20:14:14 +0000 http://cashmoneylife.com/?p=1139#comment-15196 How about it crashes the economy and we all end up without a job? :) Stimulus and bailout programs will fail (especially when the bailout is being used to buy bank stock rather than to lend to consumers and businesses). Economy is shot. Very pessimistic, I know. How about it crashes the economy and we all end up without a job? :)

Stimulus and bailout programs will fail (especially when the bailout is being used to buy bank stock rather than to lend to consumers and businesses). Economy is shot. Very pessimistic, I know.

]]> By: Ryan http://cashmoneylife.com/how-the-credit-crunch-affects-you/#comment-15193 Ryan Thu, 13 Nov 2008 18:52:23 +0000 http://cashmoneylife.com/?p=1139#comment-15193 <strong>Kristen: </strong>Great point - the credit industry has recently been changing credit limits and rates for many customers. <strong>Mr. TML: </strong>I agree with you 100%. I'm not advocating that people purchase their credit score and count point weekly point increases. But with tighter credit, I think it is important for people to improve their scores if they want to be able to have access to credit. As long as you are maintaining good financial practices, your credit score should reflect that. <strong>MelStar: </strong>Kristen has a few good tips. :) Kristen: Great point – the credit industry has recently been changing credit limits and rates for many customers.

Mr. TML: I agree with you 100%. I’m not advocating that people purchase their credit score and count point weekly point increases. But with tighter credit, I think it is important for people to improve their scores if they want to be able to have access to credit. As long as you are maintaining good financial practices, your credit score should reflect that.

MelStar: Kristen has a few good tips. :)

]]> By: David http://cashmoneylife.com/how-the-credit-crunch-affects-you/#comment-15192 David Thu, 13 Nov 2008 18:49:05 +0000 http://cashmoneylife.com/?p=1139#comment-15192 Credit is still available for people with good credit scores - I just got approved for an Amtrak Chase card with an $11,000 limit. So if you have good credit and need a new card, don't be afraid to apply - you can still probably be approved! And ToughMoneyLove - while I agree it is a dumb system, it is all they have right now to base anything on, so I do like having a score high enough to get me any credit I need - car, house, credit card. I would like to see the system change, but I don't think it will happen anytime soon. Credit is still available for people with good credit scores – I just got approved for an Amtrak Chase card with an $11,000 limit. So if you have good credit and need a new card, don’t be afraid to apply – you can still probably be approved!

And ToughMoneyLove – while I agree it is a dumb system, it is all they have right now to base anything on, so I do like having a score high enough to get me any credit I need – car, house, credit card. I would like to see the system change, but I don’t think it will happen anytime soon.

]]> By: Craig http://cashmoneylife.com/how-the-credit-crunch-affects-you/#comment-15187 Craig Thu, 13 Nov 2008 17:17:35 +0000 http://cashmoneylife.com/?p=1139#comment-15187 I think the most important thing to do is be responsible. You will get tons of direct mail from credit card companies offering this and that program. Bottom line is be responsible and look after your credit score so it can help you in the long run. Reward plans may drop now but will be back once the economy turns around. Those are also bonuses, not necessarily guaranteed. I think the most important thing to do is be responsible. You will get tons of direct mail from credit card companies offering this and that program. Bottom line is be responsible and look after your credit score so it can help you in the long run. Reward plans may drop now but will be back once the economy turns around. Those are also bonuses, not necessarily guaranteed.

]]> By: Kristen http://cashmoneylife.com/how-the-credit-crunch-affects-you/#comment-15186 Kristen Thu, 13 Nov 2008 14:41:31 +0000 http://cashmoneylife.com/?p=1139#comment-15186 @MelStar -- You can get credit card companies to stop sending you those offers! Call (888)567-8688 or go to www.optoutprescreen.com. It's basically like a "Do Not Call" list for credit card offers. They ask you some questions and then your name goes on a list. I signed up last year, and I haven't gotten one offer since. @MelStar — You can get credit card companies to stop sending you those offers! Call (888)567-8688 or go to http://www.optoutprescreen.com. It’s basically like a “Do Not Call” list for credit card offers. They ask you some questions and then your name goes on a list.

I signed up last year, and I haven’t gotten one offer since.

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