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  1. #21
    Strongly Ambivalent Ivy's Avatar
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    Actually right now and for the past several years we don't have any. But I realize this is not typical of Americans.

  2. #22
    Senior Member prplchknz's Avatar
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    I have no choice but to carry a balance on my credit card, I can only manage to pay the minimum and its only a 600 dollar limit because my credit is crap, but than they charged interest so basically my credit card sits in my wallet while i try to pay it down each month. money sucks, or i'm not very good with money.
    In no likes experiment.

    that is all

    i dunno what else to say so

  3. #23
    No moss growing on me Giggly's Avatar
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    Quote Originally Posted by SilkRoad View Post
    Which of the following two scenarios would you prefer?

    -Carrying a balance on your credit card but being able to put savings aside
    I do this exactly just to keep my credit score up but I only have 2 cards and use it for normal expenses that I have the cash for anyway. I probably should stop doing this though and just put the money in savings but I'm not too comfortable with the idea of my credit score dropping because of that either.

  4. #24
    RETIRED CzeCze's Avatar
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    Quote Originally Posted by Ivy View Post
    Seriously? Five cards? I'd feel funny about having two.
    That's what "how to guides" were saying several years ago and spurred me to open several low balance credit cards including 2 store cards. I closed all but 1. I think now perhaps 5 was the magic number then because those would spread out your debt and give you a lower balance to limit ratio. And they Recc'ed having a variety of credit to boost your credit score. Also those guides were prolly written by money hungry banks.
    “If you want to tell people the truth, make them laugh, otherwise they'll kill you.” ― Oscar Wilde

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  5. #25
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    Might have already been stated, but using a CC as your main payment method for things isn't smart.

    Use a CC for emergency stuff.

    Get a debit card for everyday purchases.

    Pay off your CC debt first. Then get a debit card. Then take your credit card out of your wallet.

    Spend less, set up a Roth IRA. If you don't plan long term with your finances, you won't ever have any real savings and just stay on the credit treadmill.

  6. #26
    Strongly Ambivalent Ivy's Avatar
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    I don't think that's necessarily true, Disco. I think if you have the means and the discipline to pay off your balance every month, it can be very financially sound to use a CC to pay for everyday expenses and then pay it off routinely before the grace period is up. It makes for healthy credit as well as maximizing whatever points, miles, or other rewards the CC offers. There are plenty of credible financial planners who would caution you never to use a bank debit card at all, as they are typically not as well-protected from fraudulent use as credit cards are. And if somebody does end up using it fraudulently, that's your bank account, not a theoretical credit line, that they are dipping into.

  7. #27
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    Quote Originally Posted by Ivy View Post
    I don't think that's necessarily true, Disco. I think if you have the means and the discipline to pay off your balance every month, it can be very financially sound to use a CC to pay for everyday expenses and then pay it off routinely before the grace period is up. It makes for healthy credit as well as maximizing whatever points, miles, or other rewards the CC offers. There are plenty of credible financial planners who would caution you never to use a bank debit card at all, as they are typically not as well-protected from fraudulent use as credit cards are. And if somebody does end up using it fraudulently, that's your bank account, not a theoretical credit line, that they are dipping into.
    Well... as with everything what works for me won't necessarily work for everyone.

    I figured given the nature of the OP, that the kind of discipline you mention wasn't present.

    There are situations where where having and using a CC is beneficial, but for many, the option to spend more than one has with a CC can be too tempting an option.

    I mention going with a debit card, because it forces you to get your spending in order right quick. Once you have trained your fiscal discipline with the debit card, I would then recommend using a CC where it makes financial sense.

  8. #28
    Strongly Ambivalent Ivy's Avatar
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    Quote Originally Posted by DiscoBiscuit View Post
    Well... as with everything what works for me won't necessarily work for everyone.

    I figured given the nature of the OP, that the kind of discipline you mention wasn't present.

    There are situations where where having and using a CC is beneficial, but for many, the option to spend more than one has with a CC can be too tempting an option.

    I mention going with a debit card, because it forces you to get your spending in order right quick. Once you have trained your fiscal discipline with the debit card, I would then recommend using a CC where it makes financial sense.
    Yeah, this is all true for me too. I don't use a CC because I don't have the means and discipline to keep it paid off. (Well- I have the means now, but I'm not sure I always will have it, and I am pretty sure I don't yet have the discipline.) We use a debit card for pretty much everything, although it makes me really nervous because if it gets sniped then that's our bank account, and that's all we've got. But I don't think a blanket statement that it's "not a good idea" is true either because it's actually a really good idea, if you can do it right.

  9. #29
    Strongly Ambivalent Ivy's Avatar
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    Quote Originally Posted by DiscoBiscuit View Post
    Well... as with everything what works for me won't necessarily work for everyone.

    I figured given the nature of the OP, that the kind of discipline you mention wasn't present.

    There are situations where where having and using a CC is beneficial, but for many, the option to spend more than one has with a CC can be too tempting an option.

    I mention going with a debit card, because it forces you to get your spending in order right quick. Once you have trained your fiscal discipline with the debit card, I would then recommend using a CC where it makes financial sense.
    Yeah, this is all true for me too. I don't use a CC because I don't have the means and discipline to keep it paid off. (Well- I have the means now, but I'm not sure I always will have it, and I am pretty sure I don't yet have the discipline.) We use a debit card for pretty much everything, although it makes me really nervous because if it gets sniped then that's our bank account, and that's all we've got. But I don't think a blanket statement that it's "not a good idea" is true either because it's actually a really good idea, if you can do it right.

  10. #30
    No moss growing on me Giggly's Avatar
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    @Ivy They say you should always keep a 15-30% balance on you cards to get the highest rating not pay them off in full (I keep mine at 15%). I got this info directly from experian. Of course that means the banks always will make that interest which sucks.

    Edit: the reason is because creditors only report once a month (sometimes less) and they could report at the time of the month when you haven't paid your bill yet or when you have 0 balance always.

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