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[MSNBC] MasterCard, Visa confirm credit card data theft described as 'massive' - Page 4

post #31 of 40
Quote:
Originally Posted by _GTech View Post

For the record, establishing a credit line through a bank is the best way to establish your credit...
You might be able to take out a secured loan, for a small amount, as long as the repayment takes at least 6 months to a year, this will help establish your credit, if with nobody else at least it will establish your credit with your bank...
However, there are many other sources of lenders who will indeed lend to people with bad credit, it just depends upon what you are seeking a loan for...
I know people with horrible credit who get loans all the time, just not through banks or through traditional avenues...
It's always best to only take out small loans and repay them within 6 months - 1 Year...
Never take out a large loan unless someone else is paying for it! thumb.gif
The power of compounding often destroys many borrowers, not realizing they not only have to pay the loan back, but interest FIRST, it's indicative to garnishing your paychecks in the future...
Trust me, you don't want to go through the nasty legal proceedings should you decide not to repay the loan.
Borrowing should be avoided unless you are using the borrowed money to make money with or it's a dire emergency... (You needing new shoes does NOT qualify as an emergency, sorry.) biggrin.gif
/end of financial advice...

Well, a lot of people will buy house down the road, so it is a good idea to start building credit for mortgage. Unless you save up money and pay in full for your house.
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post #32 of 40
Quote:
Originally Posted by trumpet-205 View Post


Well, a lot of people will buy house down the road, so it is a good idea to start building credit for mortgage. Unless you save up money and pay in full for your house.

That's where the problems begin....

Soon they will take out loans for furniture, home improvements, cars, and before you know it, they are upside down financially...

Most people operate their finances at the Red Line, paying out in bills almost or near what they make...

Bad idea...

Indeed the bank banks on these facts, it's why they love kids who go to college and graduate, definitely...

Your home is NOT an asset...

An Asset put's money in your pocket, a Liability takes money out of your pocket...

If you buy assets first, you will be able to afford everything you want, and that's the finer difference between the wealthy and everyone else...

On the flip side, those who don't operate their finances at the red line, save their money, unfortunately savers are losers...

Instead of putting their money to work, earning them money in return, they park it, inflation eats it, taxes eat it, and then they ask questions like "Where did my money go?" or "Why am I so poor?" Worse yet, many people save to purchase something that returns them no money (like a nice clothes, etc.), that's not good either, because if you buy what you want, then what you want will spend your money...

We call that looking good and going nowhere! biggrin.gif
Edited by _GTech - 3/31/12 at 10:23am
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post #33 of 40
Quote:
Originally Posted by trumpet-205 View Post

....
Right and wrong.
Rent history, insurance history, and other things do NOT get to be reported to three major credit bureaus (TransUnion, Equifax, and Experian). They may be reported to PRBC optionally, but right now 99% financial institution do not use PRBC.
Without credit history (aka thin file), it is extremely difficult to obtain a loan. Yes, getting a loan is also a way to start building credit. However, when you have thin file or bad credit history, lenders either reject you outright, ask for collateral, or ask for cosigner with high interest rate. It is NEVER a good idea to cosign a loan. I have seen a lot of horror stories where cosigning a loan takes a wrong turn. Today is not where couple years ago where those with thin files can easily obtain a loan. Now days very few lenders engage in subprime lending.
The best way to start building credit is getting secured credit card or apply a credit card from B&M store or Capital One. Secured credit card is where you put down deposit as collateral, just like your house as collateral in mortgage or HELOC. If you default on your payment your deposit will be taken away, otherwise it stays there. After good payment history of one or two year you can either get a better credit card (unsecured credit card, no collateral required), or that your secured credit card graduates into unsecured version and refund your deposit.

I actually was speaking about a manual reporting. I know this stuff isn't reported automatically, but you CAN have that information sent in manually. All three bureaus have a form you can have filled out and sent in to them and they will add it to your file.


I think one of the worst things you can do is tell someone who is trying to start credit and hasn't been educated in the importance of it to go get an unsecured credit card. Not saying that you are saying to do so, but just stating.

Credit is one of the most important things for a young adult to be taught, and it is sooooo often overlooked. Sad really...

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post #34 of 40
Eh I'm 20 and have 2 cards with my bank. I get new credit offers card weekly due to the awesome credit from paying off the cards on time for two years. I don't trust paypal with my routing numbers, so online purchases go on the card, it's not hard to not max out my pidly credit capped cards. I honestly don't see how so many people can't resist spending money they don't have.
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post #35 of 40
Really makes you want to store your data on "the cloud", doesn't it?
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post #36 of 40
Good thing i don't own a credit card at all. Only a debt card.
post #37 of 40
Quote:
Originally Posted by 78@pwnt4lif3 View Post

Good thing i don't own a credit card at all. Only a debt card.

It affects all MasterCard/Visa cards.
post #38 of 40
Quote:
Originally Posted by _GTech View Post

The federal law mandates that all consumer data be encrypted, so if it's not, they should get a very heavy spanking for this one..
That's going to cost them a lot to watch those credit cards for fraud alone...
We will see where this goes, I think the Government better step in though, seriously...
This gave me serious pause, and I thought about something suddenly...
Maybe this was a ploy to implement a new credit card system?
I mean if the leak was that massive, surely their company would be in jeopardy of getting hit HARD...

The ObamaCard? Yeah, no thanks.

This is the responsibility of the card companies to fix. I'm wary of this government getting themselves involved, they've already shown us how irresponsible they are with tax money, imagine how they would handle this fiasco.

"Oh, just refill your bank account and make sure to get a tune up. thumb.gif"

That's just me though.
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post #39 of 40
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Originally Posted by blackbalt89 View Post

The ObamaCard? Yeah, no thanks.
This is the responsibility of the card companies to fix. I'm wary of this government getting themselves involved, they've already shown us how irresponsible they are with tax money, imagine how they would handle this fiasco.
"Oh, just refill your bank account and make sure to get a tune up. thumb.gif"
That's just me though.

You are very wrong, and the gov is already involved. The Secret Service takes care of these types of incidents...

Please no politics....
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post #40 of 40
I recently had my Visa card # stolen. It was canceled and a new # given to me. Not 24 hours after I got the new card I got another call from Visa telling me this one had suspicious activity as well. I hadn't even used the damn card yet!!! The theft was obviously on their end yet they refused to admit it. This explains it.
    
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