Does summit racing do finaicing?

ive had a credit card of 2 years now.. im on the A list for my scores... i have like a 740 now... i had a 720 when i bought my car!

Debit Cards>Credit Cards

Spending money you HAVE is a far better thing...






But we live in Instantgratificationville USA so go ahead dive deep into credit debt...

That is unless you can make a dive like this...

Amen to that. Although the vast majority of my debt has come from my stupid inability to be happy with one car and keeping it long-term instead of swapping them out like underwear at least once a year. Well, that and stupid little emergencies that add up to major costs I cannot otherwise pay for at the time (lost job, medical/dental issues, etc.). This was before I got my current 'Stang, however, and completely fell OUT of love with Arizona; after I sell off the house and pay everything off, I can re-establish myself in the Midwest again and do things as I WANT instead of as I MUST, financially speaking. That is, spending only the money I have instead of relying upon credit, as I'll have plenty to set aside as a safety cushion when I'm not having to make credit card and school loan payments.

I put off getting a credit card for a long time - didn't give in until I was about 22 or so. However, I've found that it's sort of a necessary evil in a way, because there have been a few times I would have otherwise been totally SOL, had I not had that little piece of plastic to swipe and save my butt when my hours were getting cut back on some jobs (or when I had NO hours to work at all) and major crap came up out of nowhere.

A credit line through Summit Racing, however, I would not consider a wise concept. Unless you're a pro racer of some sort and you absolutely positively MUST have financing to buy and install a new engine/tranny in a hurry to win some kind of world championship - like, say, John Force needing a new pair of slicks, or something - then you're better off just saving your bucks the old-fashioned way or, if you absolutely must have a credit card, going with something basic like Visa or BastardCard with a limit of $3,000 or less. The way I figure it, $8k isn't that bad to pay off as a lump sum, but stretch that out with like 18% interest, and it'll be a good 5-6 years before you pay that sucker down to near-nothing.

FWIW, I have no idea what my credit score is, but I've never missed a single payment, EVER, and I'm not maxed out, so who knows. I dunno how that credit rating crap works - I think it's all just a big scam to get people suckered into those stupid "Free" credit report commercials to sign up for a year's worth of whatever. (You've all seen the commercial ... "I'm theeeeeeenking of a number...")

Btw, Henceforward, I'm totally lovin' the new avatar.

mob said:

I fear credit. Im already 18 and I only have a savings account, ive been contemplating the idea of getting a credit card to build up alittle credit, but It still scares me.

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19, and have a debit card but I want to build my credit:/

90mustang_GT5.0 said:

ive had a credit card of 2 years now.. im on the A list for my scores... i have like a 740 now... i had a 720 when i bought my car!

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How'd you find this out? I've always been interested in finding out my credit score.

**** debt... I got real deep in that ****. At 18 I bought a brand new Ranger Splash, then I changed new cars every year which ended up costing me a fortune, not only that but I would get credit cards and mod each new car with wheels and such... One day I woke up thinking "**** I make about 1900$ clear every two weeks, yet I have NOTHING in my account"... I had like 3k in payments everymonth back then. I ended up in a bankrupcy when I changed to a lower paying job. Now I'm 100% debt free, out of the bankrupcy and my credit is being rebuilt slowly mainly because I save up tons of cash and put in savings and REERs, and such...

TRUST ME, DON'T GET IN DEBT TO MOD A CAR, IT'S A LOSE - LOSE SITUATION! YOU'LL NEVER GET ANY CASH BACK AND THE INTEREST YOU PAY ADDS SALT TO INJURY! Take from me, I've been there.

If you guys want to build credit, get a small credit card with a $500 or $1000 limit, pay your gas and groceries with it and pay the balance at every month. You'll see that the credit card company will keep bringing up the limit automatically... they will bring it up to $2000, $5000, then $10,000... ALWAYS HAVE THEM LOWER IT TO $1000 or the original amount! Having a large credit card, even if it has ZERO balance on it, still hurts you because the bank see's it as a debt (even if it's a potential debt, like a risk if you will).

I remember once when I applied for a second credit card because my first one was full and those idiots sent me a $10,000 limit! I filled it up in a year

i got turned down for a target card

D'OH!!!!

I have a summit card....it's been cut up now but the account is still open. I bought about $1200 worth of stuff on it when I was in school. They were offering interest free purchases over $500 for a year so I took advantage of it. I paid the minimum amount monthly until the very last month and paid the balance off in full. The interest would have cost me an additional $250 for a years time.

A year and a half ago I was 9k in the hole just on revolving credit cards alone. I had 9 cc's and my limit was somewhere around 20k. I bought a laptop, went on a 2 week cruise, etc. Now I will have all my revolving credit paid off as of december 1st. I still owe 6k on the Mach 1 and 100k on the house. I can't wait to finally not have any cc debt. Now I can start building my savings and retirement fund. I have managed to max out my Roth IRA over the last year though.

mob said:

I fear credit. Im already 18 and I only have a savings account, ive been contemplating the idea of getting a credit card to build up alittle credit, but It still scares me.

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Just be smart when using it, pay the minimum or pay it off when the bill comes, and you won't get in any trouble. Using it as a way to afford things you otherwise couldn't is what will get you in trouble.

I've had a couple since I was 18, barely used them and still rarely do. Not a penny of debt either.

HAVING a credit card with a huge limit isn't the problem. It's not being able to keep from ABUSING it that becomes the problem. Then the problem isn't the card, but the owner and their lack of restraint. That's all there is to it IMO.

I just cleaned and found 2 credit cards I didn't even know I had. They're still sitting with the activation stickers on them and have lines up to 10K each. Would I like to take cash advances and go buy a new car or something great without having to touch my savings account money? Of course! But I know better than to even think of it.

STAY AWAY FROM CREDIT CARDS! NEVER USE THEM!

i use a debit card and the best way to start establishing credit is to take out small loans and pay them off.