Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Can't think of a thing I might buy in the future I'd need to borrow money to do so. I do realize credit score affects things like insurance rates, so in that respect, I guess it's semi-important, but for borrowing, don't care. Done with it decades ago and ain't going back.
Agree. You need to consider just why you have to be a slave to the almighty credit score in the first place. I'm like you...no mortgage and no plans for one. No revolving credit. If I ever carried a balance on a card it was for one or two months, never longer. If I relocate in future I'll still probably pay for the house outright. I don't normally finance anything I buy. Pretty much always bought used cars. Recurring services are stable, I'm not currently negotiating rates on insurance coverage, etc. Struggling to keep some unnecessarily high score you don't use makes about as much sense as incurring interest or debt you don't need.
Last edited by Parnassia; 05-28-2019 at 01:01 AM..
Because of your post here and others on this thread, I just called my Credit Union and paid off my CC in full.
good .... there is so much myth out there when it comes to financial matters .. people tend to parrot other mis-informed people and myths like this just perpetuate ..carrying a balance is irrelevant ..it is usage and payment history that count
We pay off our cards in full every month. Our score is always above 800 but can vary by 20 points or more depending on how much of our credit we've used. We saw it drop 20 points just by charging a weeks hotel room, flights, and a rental car all in one shot.
Once you get a good score, it's pretty hard to screw it up unless you do something stupid.
A little under $12,000 in credit card debt here. i just transferred the balance to a card that was offering me 0% for 16 months. I paid a 3% fee. I could have paid the card off with my savings that's earning 2.20% but preferred to have that money available for me to use, if need be. Paying off my student loan this year so I should be able to knock off that credit card completely by the time the 16 months is up.
We owe about $2,000 on a HELOC. We use credit cards for everything, but always pay the balance in full on the due date. We use 2 cards mainly for everything because they have the best rewards for us. I put a recurring small bill on the other 2 cards to make sure the accounts stay open.
LOL, sorry this imo is a silly question. very few here would admit to having debt even if they did. I have learned over the years every one here.
1) has no debt
2) has perfect kids that got scholarships to college or paid for their own way while working 3 jobs
3) no one has an I-phone
4) every one has a car that is at least 10 years old with 200K miles
5) no one would ever waste their money on a luxury item.
LOL, sorry this imo is a silly question. very few here would admit to having debt even if they did. I have learned over the years every one here.
1) has no debt
2) has perfect kids that got scholarships to college or paid for their own way while working 3 jobs
3) no one has an I-phone
4) every one has a car that is at least 10 years old with 200K miles
5) no one would ever waste their money on a luxury item.
I know it can be hard to believe, or even imagine for some. But I find that personal finance boards/discussions attract people who do believe and live this way. I, for one, can't believe that credit card debt has ever become just another line item on people's budgets, while those with credit card debt don't understand/can't believe there are those that pay it off every month.
Good health and some luck definitely go into it, but without tragedy coming into play this is a philosophy many people live by. 1, 3 and 4 are true for me. I don't have a child old enough for 2, but I put myself through college when that could still be done. 5? No, I like my luxuries! Still, only when I can pay cash for them.
Three months ago I had zero in credit card debt, today I have about $8,000 on my cards. I purchased a house (15 year mortgage) and did some remodeling before I moved in, even thought I had 5k in the bank and I did a lot of the work myself, I still burned though the 5k and had to charge materials and labor to finish what I wanted to get done, before I moved in. I'm paying about $1,500 on the debt a month, I should have it paid off in about 6 months. Normally I pride myself with having a zero balance or be able to pay off the balance every month, but some times it just not possible. I want to put up a fence, get a shed and replace some of the old windows, but more improvements will have to wait till I clear this debt first. I'm suppose to get a 15k bonus by August, after taxes it will be about 9k, I'll bank 5k for emergency cash and use 4k on a fence and a few windows. While I could use the money to pay off my credit cards, I want to get some of my single pane 1950's windows replaced before it gets cold again, I live in an area where it get down in the single digit temperatures for weeks at a time at night.
Last edited by TechGromit; 05-28-2019 at 10:20 AM..
Three months ago I had zero in credit card debt, today I have about $8,000 on my cards. I purchased a house (15 year mortgage) and did some remodeling before I moved in, even thought I had 5k in the bank and I did a lot of the work myself, I still burned though the 5k and had to charge materials and labor to finish what I wanted to get done, before I moved in. I'm paying about $1,500 on the debt a month, I should have it paid off in about 6 months. Normally I pride myself with having a zero balance or be able to pay off the balance every month, but some times it just not possible. I want to put up a fence, get a shed and replace some of the old windows, but more improvements will have to wait till I clear this debt first.
Congratulations on the house! We opened a HELOC when we bought our house. The interest is much less than a credit card and I think it's the best way to go, providing you will only use it for planned things related to the house or for a big emergency. We also have a Home Depot card and have taken advantage of the interest free financing offers. Once we did a kitchen reno and had 2 years interest free, other times just a big regular purchase with 6 months. That card will also give you 10% off instead of the interest free option. It's a great tool to have, because it's shocking how much time and money you spend in Home Depot when you're a homeowner!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
