Using lines of credit to purchase cards

[dstraate]

Yikes! That would be about as big a NO NO as I could possibly come up with. Then again, I'm a collector and don't view cards as a business. When you start financing, there's an additional layer of cost that you'd need to recoup to break even.

Furthermore, in the realm of cards, it opens you up to going overboard. I think everybody's cruised auctions and thought. "If money was no option, this is how I'd spend 50K on cards" unfortunately, a home equity loan would allow you to think like that, at the cost of your long term security.

[glynparson]

It costs more than you think, you need to make sure that there are large markups, or very quick sellers. It is not as advisable as it was when the markets were hotter and prices less volatile.

[zljones]

I will be so bold to admit that I had zero credit debt, then went back to card collecting now I owe $8,500 on one credit card, about $1,000 on another (both maxed) and I also opened that Bill Me later thingy from Paypal and pretty much maxed that. No way would I take out a second mortgage or anything crazy like that. But three maxed lines of credit it harsh and wreckless, I recently said that I will not make purchases over $200 after I get a N29 Buck Ewing, so I can pay these debts back. My credit score also dropped below 700 from 770 at one time because of maxed cards. I pay all my payments, but because I keep using them, it keeps my score down.
I know I am stupid for being impatient and dealing with credit cards. But I also do not regret what I have, but now it's time to buckle down and pay this stuff back. N29 Buck Ewing will be my last large purchase.

[3-2-count]

I have never and will never purchase anything card related on credit.
If I ain't got it, I don't buy it. It's that simple!!

[Jaybird]

Originally Posted by 3-2-count

I have never and will never purchase anything card related on credit.
If I ain't got it, I don't buy it. It's that simple!!

I'm with you, Tony. Hobbies for me are funded by extraneous cash, not rent money.

[zljones]

Originally Posted by 3-2-count

I have never and will never purchase anything card related on credit.
If I ain't got it, I don't buy it. It's that simple!!

I will be following this rule very shortly, and it's a good rule I used to follow in life. I just have to learn how to control a hobby which I never had til now. I had such good credit built up from being careful all these years, and such high limits that I went nuts. What helps is the fact that I have no more high end cards on my want list, except N29 Ewing.

[sportscardpete]

I follow this rule - if you don't have the cash at the moment, don't buy it!

The only thing I have done is asked a potential seller to wait a few weeks until I could purchase the item with a recent pay check or something.


For economic buffs, this is called the "Swabian House-wife" mentality.


http://atlasnetwork.org/networknews/...ancial-policy/

[ctownboy]

I think a line of credit or something similar would be good to have as a fall back option and nothing else. What I mean is, something to be used only if neccessary and only for specific instances of finding something good or in large quantity. Not just because you feel you HAVE to have it.

Back in the early to mid 1990's, I was in college and actively looking for cards and memorabilia. Because I was actively looking, I found some nice things: stacks (30 or more in a stack) of nice B 18 blankets including Walter Johnson, Ty Cobb and brown infields for $300 to $400 per stack, 1000 N cards (yes, 1000 cards) including N28's of Clarkson, Keefe and Caruthers plus Wild Bill, Annie Oakley and others for $3,500 dollars, about 50 early 1920's baseball cards including about 20 Curtis Ireland Candy cards with a TY Cobb for $1,000 dollars, a nice Kalamazoo Bats common card with the advertising back for $500 dollars, plus numerous other things.

The problem was, I was in college and didn't have any money and my parents wouldn't loan me money to buy cards. So, I had to pass on these deals.

Just think, for about $7,000 dollars, I could have had at least half a set of B18 blankets in nice condition, an almost complete set of N28's (missing mostly the baseball players) plus some doubles and complete sets of game birds, chickens and some other non-sport cards, one of the largest collections of Curtis Ireland candy cards known. and a nice condition common card from a hard to find set.

To me, if I had a line of credit, those would be the type of deals I would use it for. I would NOT use it for, say, going on eBay and buying individual B18 blanket commons for $20 each or individual N28 cards for whatever price per card.

David

[johnmh71]

I don't think it is a bad idea if you do it right. Bill Me Later has helped me buy some things by allowing me to float the payment. But I have never maxed it out and I always pay to avoid any type of interest. If you are able to do that, then you are the one that comes out of it with the better end of the deal.