Myth or True?

8 posts / 0 new
Last post
Myth or True?

What's some stories you hear about CC's that you're not sure is myth or true? Throw it up here on this thread and lets see what we can discover.

I heard that there are things called Credit Holidays where a credit card company will send out a notice that says you don't have to pay your bill that month. I've never seen this, but this was told to me in a finance class long ago. Since then I've always wondered if its myth or truth. Anyone know?

I think it's a myth that you can go to a paid credit cleanup service and fix your credit in 30 days. I've heard that it takes from 6 months to a year to significantly improve your credit score.

I don't know how those credit cleanup places can legally stay in business after making all those claims.

Yeah improving your credit score is going to take a decent amount of time. There are so many things that have to be done to raise your credit score, especially if your score is below normal standards.

It would be nice, but I have never heard of a credit card holiday. I have a question slightly off topic but related. How can companies give people things like furniture on credit and not charge them interest for 60 months. What gives? Thanks.

It would be nice, but I have never heard of a credit card holiday. I have a question slightly off topic but related. How can companies give people things like furniture on credit and not charge them interest for 60 months. What gives? Thanks.

The "holidays" from making a payment aren't a myth... one of my credit cards used to offer a "no-pay month" around Christmas, either December or January.

BUT (and this is a significant "but") the interest kept piling up and wasn't reduced by a payment so choosing to skip a month would have been a bad financial decision.

Also, it was quite a number of years ago and I haven't heard of anyone doing it for a long time now, so maybe it was discontinued.

They do exist but yes the interests alone would kill you without having to pay the full sum for that month.

I think it was discontinued a while ago. Either way, it's probably not going to be much help.

Makes me wonder if any of the card companies offer a "free" month *without* the building interest concerns? Now that might be nice... no penalties at all for deciding to take them up on the offer and skipping a month.

Myth or True? | ConsumerFu

Error

Error message

  • Failed to load Mandrill PHP library. Please refer to the installation requirements.
  • Warning: Cannot modify header information - headers already sent by (output started at /var/www/html/cfu/includes/bootstrap.inc:1640) in drupal_send_headers() (line 1499 of /var/www/html/cfu/includes/bootstrap.inc).
  • Error: Class 'Mandrill_Error' not found in mandrill_sender_plain() (line 273 of /var/www/html/cfu/sites/all/modules/mandrill/mandrill.module).
The website encountered an unexpected error. Please try again later.