Danger Bill Robinson

Danger Bill Robinson
Sep 06 '00


Credit is an important part of our society. We are given a loan of money, or implied loan of money to purchase goods or services now that we could otherwise not afford. I think that is what my Economics professor taught me.

Anyhow, you can have too much credit. What I mean by that is too many cards, or too many open lines of credit that may prove fatal in the future.The following actions typically get a casual credit user in trouble:
1) If you loose a card or cards through theft (what cards were they?, who issued them? what was that phone number for reporting lost cards?
)2) If you have a habit of opening cards for promotional gifts, or services
3) If you open credit with companies that have sleeper charges (now why am I getting a bill?)

Most of the above scenarios lead to or contribute to identity theft and abuse. If you don't carefully watch your credit history, you will get nailed. If you have a habit of opening accounts and not closing them later, how can you prove that this "new" card and bill you owe was setup by someone else?

I prefer to keep 1-2 cards of major credit open at one time. I keep an additional "small" card around to ensure that I always have somewhat secure credit (for overseas travel, internet purchases, swap meets, etc.)

Additionally, I know my bankers first name, and what grade his kids are in school. In the unlikely event that I do need to ask for an extension of credit I can go to him for help.

I never let my credit, or what is happening on it get out of my control. I can manage it by
1) keeping the number of things I have to keep track of small,
2) looking at my credit report from time-to-time, and
3) always making sure I can obtain credit only when I need it.