Has it always been this easy to get credit?

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Has it always been this easy to get credit?

Postby ng85 » Mon Sep 29, 2014 3:06 pm

I never had a credit card until about 3 years ago. I didn't want to fall into the debt trap and I always paid for things with cash, and if I couldn't afford it then I wouldn't buy it.

Then about 3 years ago my computer suddenly died and was un-repairable. I called the company and asked if they had any credit options for buying a new laptop, and the employee directed me to a website. I pulled the site up on my phone, answered a few questions......In 5 minutes I had an account with a $1,500 credit line, no questions asked. I paid for my laptop right then and there.

Since then I've been using this card for emergency funds, all the while paying down my balance every month as best as I can. But this past Summer has been really fucking tough money-wise. I ended up dipping into what little savings I had and then charged a lot of stuff to my credit card. This week is going to be fucking BRUTAL, to the point where I was considering cashing in my piggy bank so I could actually afford to go food shopping. Yes, it's that bad.

So this morning I called up the credit card company and asked for a credit extension. I only wanted maybe $200 extra. I told them my occupation, my age, my income......And bam, in 2 seconds the operator was like "Great, you now have a $2,500 credit line!" I was fucking amazed at how easy this was. No credit checks, no pre-approval, it was $1,000 added to my card in 2 seconds sight unseen.

Of course this is a slippery slope. I'm hopefully gonna get some more lucrative work in the next 2 weeks and not be a slave to this credit card. Once I pay it all off I'm also gonna cancel it, because debt just fucking sucks. But I realized something - I'm contributing to the downfall of the economy. I'm taking advantage of easy credit and paying for things I can't afford. It actually makes me feel kind of shitty, because I know I shouldn't be paying for things I can't afford. But if it's any consolation, I'm only using it to buy $30 worth of groceries instead of houses and cars.

So back to my initial question, should credit be this easy to obtain?
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Re: Has it always been this easy to get credit?

Postby Zuberi » Mon Sep 29, 2014 3:50 pm

So back to my initial question, should credit be this easy to obtain?


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Last edited by Zuberi on Wed Oct 01, 2014 12:45 am, edited 1 time in total.
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Re: Has it always been this easy to get credit?

Postby Pat Riarchy » Mon Sep 29, 2014 3:52 pm

It's easy because banks are still basking in the glow of QE from the FED. But that time is coming to a close in October and if this causes a downturn in the markets and interest rates begin to rise, anyone with debt will be suckered punched in the face.

Debt is modern day slavery. Act accordingly.
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Re: Has it always been this easy to get credit?

Postby Mr_Andry » Mon Sep 29, 2014 4:08 pm

It used to be harder to get credit cards. Young people had to get a gas card or some other kind of loan, pay it regularly, have an income, and then maybe visa or mc might approve you. Amex used to require you pay the balance every month. Now they are tossing them out there like candy.

My MC sends me a notice every few months saying I qualify for a higher limit. I always just think I don't ever want to borrow up to the limit it has now, what good is raising it?
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Re: Has it always been this easy to get credit?

Postby Reverend Henry Kane » Mon Sep 29, 2014 5:00 pm

FWIW, if it was me I'd keep the credit card but not use it. Length of your credit history, average age of your accounts, and the percentage of your total credit that you're using are all factors in your credit score and can help you improve and maintain your credit score.

A decent way to build credit is to use your credit card like a debit card. Only use it to pay for things you could afford with the cash in your checking account, and pay the card off in full every month.
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Re: Has it always been this easy to get credit?

Postby GT66 » Mon Sep 29, 2014 5:04 pm

You are sliding head first down the slope towards debt slavery my friend. The credit companies know this and at 25% interest and all the laws on their side, have little to lose.
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Re: Has it always been this easy to get credit?

Postby Raskolnikov » Mon Sep 29, 2014 5:05 pm

Mr_Andry wrote:My MC sends me a notice every few months saying I qualify for a higher limit. I always just think I don't ever want to borrow up to the limit it has now, what good is raising it?

Percent utilization (credit card balances / total credit card limits) is a key factor of determination of credit score in the U.S.

And while I think it should be illegal, credit scores are used to determine auto insurance rates. I don't carry balances from month to month, but by having my phone and internet bills on auto-pay every month, the credit card company will report to the credit bureaus that I have a balance of $100 on a card with a $5,000 credit limit.
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Re: Has it always been this easy to get credit?

Postby hansmoleman » Mon Sep 29, 2014 10:18 pm

No.

The 17 trillion chickens are coming home to roost, soon.

Hope you like eggs.
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Re: Has it always been this easy to get credit?

Postby SardonicYuda » Mon Sep 29, 2014 10:43 pm

When that debt defaults the entire economy of the western world is gonna crash. And when it does, the ignorant masses will be begging for a way out of it and the fucking bankers will have that NWO solution when they energy from their bunkers. Of course, with the internet around there might actually be a lot more people around who are aware of the dangers of fractional reserve banking and are probably community-minded enough to never let that happen again.

Of course, governments and twats love to not have responsibility, the love to pass it on to others even more. Women are all socialists because they love spending other people's money.
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Re: Has it always been this easy to get credit?

Postby MisterPho » Tue Sep 30, 2014 7:56 am

The thing with credit is that it's pretty much impossible to get it when you really need it.

It's a slippery fucking slope, and sometimes having it is not a good thing. It should really be a last resort. E.g. only consider using it after you've cashed in your piggy bank and spent an hour or two digging through the couch/apartment looking for change.
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Re: Has it always been this easy to get credit?

Postby Slade » Tue Sep 30, 2014 10:55 am

MisterPho wrote:The thing with credit is that it's pretty much impossible to get it when you really need it.


I believe Mark Twain said that a banker is someone who lends you an umbrella when it's sunny and demands that you return it when it rains.

As for ease of getting credit, it's been easy for decades. The banking clan hands out credit cards to college students like it was Halloween candy.
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Re: Has it always been this easy to get credit?

Postby dazedandconfusedrp » Tue Sep 30, 2014 2:06 pm

I know a lot of people who are in debt. From 20 year olds to 40 year olds. Thing is, they don't tell you straight away. They'll only mention it once they've paid it off or are close to paying it off, or they're drunk and having a breakdown.

Survivorship bias. There's lots of people out there in credit trouble. Stay the fuck away.
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Re: Has it always been this easy to get credit?

Postby Merlin » Tue Sep 30, 2014 7:01 pm

With credit today money is created on the spot. It used to be that there had to be money backing that credit. When that was the case there were far more banks that would reject credit applications. Now all they need to have is around 20% of total loans in real assets. As long as they have not gone below that threshold they can lend whatever they want to whoever they want.

When you take the loan out for the car the bank looks at your ability to repay and if you qualify for the now very loosely restricted money, they create the cash to buy the car out of nothing. A check is issued, the dealership, the manufacturer and the transportation companies all have some of that created money. Those dollars are now just a bet on the percentage of people that will pay them back.
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Re: Has it always been this easy to get credit?

Postby indianajohn » Tue Sep 30, 2014 7:06 pm

it started getting a whole lot easier back in the mid 80's. When the credit card companies figured out they could enroll college students that weren't very smart with money and make big bucks off of them.

Before that it was actually kind of tough to get credit. You actually had to prove that you were credit worthy.
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Re: Has it always been this easy to get credit?

Postby Dudeist Priest » Tue Sep 30, 2014 7:06 pm

If you're dipping into credit, it could be time to make bigtime work/lifestyle changes.

If they're inevitable, prolonging trouble with credit only makes such changes much more painful. It is a vicious cycle. Credit card companies are the devil; they're jack up your rates sky high on the flimsiest of pretexts.

Of course, when you're debt free, it is a virtuous cycle. Extra money becomes investments, which become extra money, etc. etc. Being debt free is awesome. I would only go into debt for something that brings in a return, like a rental property.
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Re: Has it always been this easy to get credit?

Postby ng85 » Wed Oct 01, 2014 12:03 pm

dazedandconfusedrp wrote:I know a lot of people who are in debt. From 20 year olds to 40 year olds. Thing is, they don't tell you straight away. They'll only mention it once they've paid it off or are close to paying it off, or they're drunk and having a breakdown.

Survivorship bias. There's lots of people out there in credit trouble. Stay the fuck away.


The only debt people ever talk about with me is student loan debt, because no one I knew could ACTUALLY afford college. So we're tens of thousands of dollars in the hole, but it's okay because so is everybody else.

And if you have more debt than actual assets then you actually have a negative net worth. I sometimes check out the website http://www.celebritynetworth.com for shits and giggles, and most of the celebrities' worth isn't actually cash, they also factor in things like homes they own or cars, etc. But unless you pay for these things outright you're still in debt. As we saw with Nicolas Cage, he was a multi-millionaire but couldn't keep afloat because he became less bankable as time went on and he had something like 9 houses he bought carelessly. I'm a broke 20-something with about $15,000 in overall debt.....But for a while there I might've had a much better net worth than a famous movie star. It just goes to show you that credit allows people to LOOK like they're living in the lap of luxury when they might be straining their resources to even pay for it all.
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Re: Has it always been this easy to get credit?

Postby dazedandconfusedrp » Wed Oct 01, 2014 12:36 pm

Dudeist Priest wrote:If you're dipping into credit, it could be time to make bigtime work/lifestyle changes.

If they're inevitable, prolonging trouble with credit only makes such changes much more painful. It is a vicious cycle. Credit card companies are the devil; they're jack up your rates sky high on the flimsiest of pretexts.

Of course, when you're debt free, it is a virtuous cycle. Extra money becomes investments, which become extra money, etc. etc. Being debt free is awesome. I would only go into debt for something that brings in a return, like a rental property.


You and I both. Still, I'd be working to pay it off aggressively.

ng85 wrote:
dazedandconfusedrp wrote:I know a lot of people who are in debt. From 20 year olds to 40 year olds. Thing is, they don't tell you straight away. They'll only mention it once they've paid it off or are close to paying it off, or they're drunk and having a breakdown.

Survivorship bias. There's lots of people out there in credit trouble. Stay the fuck away.


The only debt people ever talk about with me is student loan debt, because no one I knew could ACTUALLY afford college. So we're tens of thousands of dollars in the hole, but it's okay because so is everybody else.

And if you have more debt than actual assets then you actually have a negative net worth. I sometimes check out the website http://www.celebritynetworth.com for shits and giggles, and most of the celebrities' worth isn't actually cash, they also factor in things like homes they own or cars, etc. But unless you pay for these things outright you're still in debt. As we saw with Nicolas Cage, he was a multi-millionaire but couldn't keep afloat because he became less bankable as time went on and he had something like 9 houses he bought carelessly. I'm a broke 20-something with about $15,000 in overall debt.....But for a while there I might've had a much better net worth than a famous movie star. It just goes to show you that credit allows people to LOOK like they're living in the lap of luxury when they might be straining their resources to even pay for it all.


Yeah, it's another part of the vicious cycle. You see people with iPhones, nice cars, nice clothes, etc and wonder how the hell they afford all of that. And if they can afford it, why the hell can't you? So you start feeling like shit. Consumerism tries to sell you shit you don't need with money you don't have. Suddenly you start rationalizing that you really need something you don't, and these credit companies start hawking you.
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Re: Has it always been this easy to get credit?

Postby Mayhem » Mon Mar 30, 2015 2:53 am

Having a credit card saved my ass one time. I was robbed out of my phone, debit card, and wallet when I was on a vacation. My credit card was stored in my safety deposit box. I took the maximum amount, which was 1500 dollars, because I was staying for two weeks. I expected the bank to withdraw the money from my debit card at the first of the month but they took all of it on the 21st. (that's the payment option I took)
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