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(ABC)   Man owns 1497 credit cards. Wives everywhere mutter "amateur" under breath   (abcnews.go.com) divider line 94
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17319 clicks; posted to Main » on 01 Mar 2005 at 12:24 PM (10 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2005-03-01 01:50:48 PM  
Reading this thread, what kind of idiot doesn't pay off their CC at the end of the month?

I can't speak for everyone, but sometimes Life Just Happens. I suppose back in the day, people probably didn't have loans on their homes and a person such as yourself might wonder: What kind of idiot doesn't pay off their home when they first buy it?.

Money breeds money. If you don't have it, it's a tough hole to climb out of. So try not to be too condescending towards people that might be a little down in their finances.
 
2005-03-01 01:51:43 PM  
Cauchy_Riemann_equations
For those of us who can't pay them all off every month this is how
A- Shoes, a girl's always got to buy more!
B- Food delivery, they are JUST starting to take interact on delivery
C- I am a student and when i get paided i'd rather go shopping for Food then pay off my CC.
(THough i have stoped spending on since 2005 and am trying to pay it off! Yay me!!)
-Snow
 
2005-03-01 01:54:51 PM  
I'm sure his mailman loves him - just one communication from each per month would mean an average of 50 bills per day

I only receive a statement for cards that I used (or had interest applied to) during a given month. With a zero balance, I don't receive any statements at all. Since this guy only uses one card, I don't think he's getting that much mail.

Plus, lots of credit companies let you choose emailed statements in place of paper.
 
2005-03-01 01:55:55 PM  
Recipe for success at screwing over CC companies:

Put your house and all major assets in your childrens' names. Put all your money/investments in a trust.

Get a thousand credit cards.

Charge 'em all to the max when you retire. They can't touch your Social Security, your trust fund or your pension, and you don't own any assets.

Heh.
 
2005-03-01 01:56:51 PM  
For all your credit questions I recommend Credit Boards

//no affiliation, have used it, good stuff, lots of help
 
2005-03-01 02:00:34 PM  
Wouldn't it be better to say "Man owned by 1497 credit agencies"?
 
2005-03-01 02:00:49 PM  
The wife and I don't have CC. Haven't had them for over 10 years. And, yes, I want a freakin cookie.
 
2005-03-01 02:01:17 PM  
I thought it was harder to get large loans (like mortgages) the more credit you have. This guy is an idiot. He should cancel all but a few and just keep the pieces of plastic as souvenirs.
 
2005-03-01 02:09:52 PM  
I want to steal all his credit cards and force him to call up all 1497 banks to cancel his cards.
 
2005-03-01 02:15:14 PM  
MrExtion
I only receive a statement for cards that I used (or had interest applied to) during a given month. With a zero balance, I don't receive any statements at all. Since this guy only uses one card, I don't think he's getting that much mail.

Plus, lots of credit companies let you choose emailed statements in place of paper.


I have 2 cards with MBNA and every month I get 2 envelopes with access checks in them (this is in addition to the statements). It's such a pain in the ass tearing them up. I continue to use MBNA though, because they gave me a fat credit limit for some reason.
 
2005-03-01 02:15:59 PM  
Damn you meshman you beat me to the joke!

I was gonna add, Columbus must have been pissed.
"You mean, I had to grovel the queen and king of Spain to get here, when I could have just put it on my Mastercard?"

Which leads to:
Nina with suplies and crew: 150000 Pesetas
Pinta with suplies and crew: 160000 Pesetas
Santa Maria with suplies and crew: 170000 Pesetas

Finding the New World: Priceless.
 
2005-03-01 02:22:46 PM  
LiberalZombie

MBNA is the devil. I sat on a jury about seven years ago when they sued a bank in South Dakota - MBNA presented as a pack of greedy scumballs. We not only found against MBNA, we awarded the defendant $1,000,000.00 for their trouble - even though they didn't ask for it (had to clear that with the judge before we did it, too).

Sadly you probably helped MBNA out then. First there is a good bit of case law that states a party cannot be awarded remedies not sought by the party. On appeal it's iffy as to whether the judges approval will make it OK or not. Secondly large amounts of extra awards like that could be used to get the verdict thrown out as "swayed by emotion not law" (which it likely was condidering your descrition of the situation). If the MBNA lawyers were any good then you gift wrapped them a stall if not a "get out of paying" card.
 
2005-03-01 02:23:07 PM  
Man on phone: "Hello, Police?" "I want to report the theft of 1497 credit cards 6 months ago."

Police: "Why did you wait until now to report it?"

Man:"Well, the person who stole them was charging less than my wife was charging."

Ta dum dump! Chzzzz!
 
2005-03-01 02:23:33 PM  
^^^^ thats pretty gay
 
2005-03-01 02:23:41 PM  
RE:2005-03-01 01:32:19 PM JoeyJoJo

Sposibo, droog.
 
2005-03-01 02:24:19 PM  
gah i farked up disregard that
 
2005-03-01 02:31:03 PM  
scavenger

The wife and I don't have CC. Haven't had them for over 10 years.

How do you buy stuff online without one?
 
2005-03-01 02:34:20 PM  
"The wife and I don't have CC. Haven't had them for over 10 years."

How do you buy stuff online without one?

We have a bank card. Comes out of our checking acct.
 
2005-03-01 02:43:40 PM  
My dad would have muttered "amateur" under his breath. He had about a gazillion of them and only used two or three.

Imagine all the phone calls poor Mom had to make after he died....
 
2005-03-01 02:43:44 PM  
I have a friend who's ex-roommate was caught with 1,000 stolen credit cards...

The guy's gonna spend the rest of his life in a FPMITA prison...he used them to buy lots of truffles and saffron (among other things)
 
2005-03-01 03:03:24 PM  
Doesn't this deserve the Dumbass tag instead?
 
2005-03-01 03:09:47 PM  
If you're working to improve your Credit Rating, is it better to pay off your card bills monthly, or to let a small balance sit there and pay close to the minimum for a couple of months before paying it off?

I don't really know the answer to this, but I can share my own experience:

Had a credit card for a few years, kept it paid off. Never saw any credit rating benefit or limit raise.

Have a different card now, tend to keep about 5-10% balance on it and they keep raising the limit.
 
2005-03-01 03:17:52 PM  
I saw a Frontline on Credit Cards, and they had a little piece on Ben Stein, who has at least this many in his huge wallet. He pays them off though.

The Credit Card Industry has a word for customers who actually pay off their balances every month - Deadbeats. What an upside down world they live in.
 
2005-03-01 03:28:32 PM  
If you don't have it, it's a tough hole to climb out of. So try not to be too condescending towards people that might be a little down in their finances.

As a Graduate TA I make 10,000 a year 18,000 if you throw in the fact that I don't have to pay tuition. I am not in debt; I just paid off my car and I have 11,000 in the bank. I live below my means, rarely go out and if I want an expensive cup of coffee I go home and French press it myself.

I don't have:

Cable
new clothes
a flashy car (2004 corolla)
a nice TV (about 25 years old)
a nice radio (about 15 years old)
or a computer (use the computers in the department)

I grew up rich, my parents are wealthy -- but they were very poor as children so they taught me how to avoid spending money (cook all your own meals, bring your lunch, show at TX Maxx (this one is a real pain because I'm very small and they usually don't carry my size)). Before you ask my parents did not pay for my car, I waited 5 years before buying a car. While waiting I drove a 1983 Volvo.

I don't have much sympathy for people who got into debt because they spent their way into it. Plastic is real money and you're responsible for paying it off at the end of every month. Sure you need food and shelter I'll grant you that -- but you don't need good food and you don't need great shelter. Get some frozen spinach, some chicken and some beans and you'll be just fine. Get a roommate, live with loud neighbors and you'll save a great deal of money.
 
2005-03-01 03:30:21 PM  
scavenger:

"The wife and I don't have CC. Haven't had them for over 10 years."

How do you buy stuff online without one?

We have a bank card. Comes out of our checking acct.


I think this is the first time I've been reading fark and actually wanted to jump up and shout, "you MORAN!"

Yes, that's overreacting, but buying things with a debit card on the antlernet is Fraught With Peril. You have virtually none of the protections that you have with a credit card for disputes, fraud, etc. Some banks will extend those to you, but they're not required to. It's worse than paying by check, though not as bad as those "online check" things which amount to just giving somebody your account information and inviting them to take the money. That makes my skin crawl.
 
2005-03-01 04:18:09 PM  
Poochner

I totally agree. Bank cards are evil. We told our bank we do not want one -- only an ATM card. Bank cards offer little protection.

We use one credit card. Have one for back-up and pay the balance every month.
 
2005-03-01 04:18:58 PM  
I have 12. I use one for everyday and I cash advanced and balance transfered low rate deals on the other 11. Then I invested that money. I netted 13k before taxes last year. I love credit cards.
 
2005-03-01 04:35:53 PM  
majorhopper
The Credit Card Industry has a word for customers who actually pay off their balances every month - Deadbeats. What an upside down world they live in.

How is a business trying to make a profit "living in an upside-down world?" A credit card company makes no money whatsoever from account holders who pay their balance in full every month. It's well within an account holder's rights to do so(generally speaking.. some companies may have provisions in their conditions that penalize one for doing so, but I've never encountered such), but that actually costs the issuing company money.

They provide a card, mail statements, have phone(and usually internet) services available for customer service, and are providing short-term, zero-interest loans(for those who pay in full every month). This does nothing but hurt the bottom line of said company.

Working for a the credit-card department for a private retailer may bias me somewhat, but here's my point of view: If every, or even a majority of, our customers payed in full every month, I would be out of a job.

What really gets me is a customer who pays in full every month, contributes nothing to our profits, and then expects special treatment from us for hurting our bottom line! Naturally they get it, as bad word-of-mouth advertising is never a goal, but the thing is that these people(and probably all of you who pay in full every month) think that they're doing us a favor! Doing yourself a favor by paying in full is fine by me, and I do the same with my higher-rate card, but this does not make you a good customer with your credit card issuer. You're hurting their business, plain and simple, and do not deserve special or better treatment for doing so.

/rant much?
 
2005-03-01 04:44:27 PM  
But the consumers are doing their job by protecting themselves.

What, are we supposed to feel sorry if we aren't helping the company by destroying ourselves?

What's more important, leaving ourselves and our children debt-free or contributing to a multi-billion dollar business that's crying because we did something right?
 
2005-03-01 04:49:25 PM  
Poochner:

scavenger:

"The wife and I don't have CC. Haven't had them for over 10 years."

How do you buy stuff online without one?

We have a bank card. Comes out of our checking acct.

I think this is the first time I've been reading fark and actually wanted to jump up and shout, "you MORAN!"

Yes, that's overreacting, but buying things with a debit card on the antlernet is Fraught With Peril. You have virtually none of the protections that you have with a credit card for disputes, fraud, etc. Some banks will extend those to you, but they're not required to. It's worse than paying by check, though not as bad as those "online check" things which amount to just giving somebody your account information and inviting them to take the money. That makes my skin crawl.



Dude, a bit paranoid? I use my debit card online, and pay as many bills as possible through direct EFT on my checking account, AND shuffle money back and forth directly to a major online poker site (deposit for bonuses, withdraw regularly) - and I have NEVER, not once, had any kind of fraud problem or theft of ID. As for protection, if it has a Visa number, it's a Visa card with protections.
 
2005-03-01 04:52:43 PM  
owtytrof:

Doing yourself a favor by paying in full is fine by me, and I do the same with my higher-rate card, but this does not make you a good customer with your credit card issuer. You're hurting their business, plain and simple, and do not deserve special or better treatment for doing so.

/rant much?



One problem with your argument: the MERCHANT PAYS A FEE!!! Every transaction gets a percentage from the person whom I pay with the card. So there is still money to be made as a card issuer.

You're going to be hard pressed to find anyone sympathetic to the poor plight of the credit card company who can't handle the small percentage of people paying their bills in full.
 
2005-03-01 04:53:48 PM  
Bukharin
Sposibo, droog.

means?
 
2005-03-01 04:55:27 PM  
sombreradoraloca

If your post was directed at me, re-read my post and see that I said there's nothing wrong with paying your bill in full every month, as long as you don't expect special treatment from your card issuer for hurting their business like that. I do not advocate anyone getting into more debt than they can handle. Also, next time please address the post you're responding to, so that I won't waste my time if your comment was not directed at me.
 
2005-03-01 04:56:47 PM  
Cauchy_Riemann_equations:

OK. Imagine you totaled your vehicle and had to have multiple surgeries to maintain your health. See, those little twists and turns are part of Life. Hope you continue to avoid them in that college-life shell, because reality is not located there.
 
2005-03-01 05:02:54 PM  
piratepudn

Ah, the joys of internet arguing!

Why do people so love to put words in your mouth? I went to pains in my wording to make it clear that all I'm saying is "If you pay in full every month, you're not doing your card issuer any favors, yet so many people seem to think they are," and either I failed, or some farkers' reading comprehension isn't what it should be. Either way, that was my point, plain and simple. No more, no less. Not "poor credit card companies."

Anyway, my workday is through. I'm outta here. Discuss. :P
 
2005-03-01 06:07:57 PM  
Blink

Yes, but I have health insurance, car insurance and disibility. No life insurance because I have no heirs.

Sorry kiddo but most college kids with CC debt got there because they bought Parada, not because they were in a car accident.

Also I'm not in college, (went back for a grad degree in mathematics, but that's university last time I checked. I have a job (teach the undergrads)) and somehow I've mannaged to survive pretty well these past 10 years.

That's not to say I don't feel sorry for some poor sap that gets taken out by an 18 wheeler and doesn't have the good sense to die thereby draging his family into life long debt. I do. I feel sorry for them. But that's not who I'm talking about.

And if you're in debt I suggest you cut your cable bill, stop taking vacations, don't eat out, sell your car and use the proceeds to buy cheeper transport, move to a crappy neighborhood so you can afford the rent. Keep cutting away at the fat until you are free and clear.
 
2005-03-01 06:10:39 PM  
One might assume owtytrof is not employed by American Express.
 
2005-03-01 06:59:03 PM  
I have roughly $20,000 in debt on two credit cards. I am seriosly considering bankruptcy. Any thoughts?
 
2005-03-01 07:21:56 PM  
I have roughly $20,000 in debt on two credit cards. I am seriosly considering bankruptcy. Any thoughts?

Do it NOW before the law changes! Get yourself an lawyer and get it out of the way. And then take care of your debt because you're flying without a net for the next 7 years.
 
2005-03-01 08:03:11 PM  
Cauchy_Riemann_equations

You live a charmed life. Be thankful. Taking college classes is my only expense for relaxation. I miss the days when Abstract Algebra or Complex Number Theory were my most pressing concerns.
 
2005-03-01 10:47:22 PM  
I have roughly $20,000 in debt on two credit cards. I am seriosly considering bankruptcy. Any thoughts?

Get into a good Credit counceling program. You can get your interest frozen, & lower monthly payments. When it's all paid off your credit will not be in bad shape like bankruptcy would cause.
 
2005-03-01 11:21:19 PM  
What really gets me is a customer who pays in full every month, contributes nothing to our profits, and then expects special treatment from us for hurting our bottom line! Naturally they get it, as bad word-of-mouth advertising is never a goal, but the thing is that these people(and probably all of you who pay in full every month) think that they're doing us a favor! Doing yourself a favor by paying in full is fine by me, and I do the same with my higher-rate card, but this does not make you a good customer with your credit card issuer. You're hurting their business, plain and simple, and do not deserve special or better treatment for doing so.

Credit card companies get a cut of every single transaction made on their card, whether the balance is paid off every month or not. They're doing just fine irregardless of the customer. They're just upset they're not making MORE money.
 
2005-03-02 12:54:26 AM  
Ack! My $200 limit is beating the hell outa me:)
Only reason I have the thing it to build some credit, and buy something I don't need every once in a while.
It's nice to be outa money, and yet still have access to a little, like when you run over a nail, or a bird decides that your windshield is air.
 
2005-03-02 11:04:57 AM  
piratepudn:

Dude, a bit paranoid? I use my debit card online, and pay as many bills as possible through direct EFT on my checking account, AND shuffle money back and forth directly to a major online poker site (deposit for bonuses, withdraw regularly) - and I have NEVER, not once, had any kind of fraud problem or theft of ID. As for protection, if it has a Visa number, it's a Visa card with protections.


I don't use my debit card online. I'm not worried about identity theft so much as just getting the number ripped off. That's happened to me twice before; if I hadn't used a CREDIT card, I would have been just out the cash until I proved that I did not make that purchase. On a credit card, I'm not out squat until the merchant proves I did make the purchase. I also can dispute things for 60 days for other reasons should that become necessary. I use EFT for brokerage, payroll, bill payment and what not. That's not what I'm talking about. I'm talking about those, "You don't even need a credit card! We let you use 'online checks!'" bullshiat things. That's just asking for trouble. Like I said, some places may extend the regulatory protections for credit cards to debit cards, but it is certainly not required. My bank does; wouldn't have one that didn't, but I still don't use a debit card online. I used to work in the card processing industry, then in credit reporting. I know whereof I speak. (no, not in the call center, but I also did call center software for a while :-)
 
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