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I keep the $80 because Americans are punished for paying their debt off by the almighty FICO score.
My FICO is 811.
I guess I could have 80 dollars when the statements are run but I would pay it off before the due date so I would say no cc debt.
From experience paying off all date on time and having no cc debt does not hurt your cc score. Just pay the cc when the bill arrives and your score will do fine.
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!
You right, I was surprised how quickly spending $200 or $300 at a time at the store added up. I had the entire inside on the house painted professionally for $3,600, that burned up a lot of my cash, while I could have did it myself, it would have taken me a lot longer, and I had a deadline to get into the house before my lease was up. Also it's a real pain to paint rooms with furniture in them. I should clear 115k this year, so I'm not concerned about a little credit card debt, but do prefer a zero balance.
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.
so then what's the purpose of the question?? not that it has to have a purpose but is it so people can sit around patting themselves on the back?
So basically all the answers are how no one has any debt and 800+ fico scores.
ok, I have 250,000 in credit card debt. I'm going out with a bang. lol
I put everything on my cards for the points, so I almost always have at least $1000 that I pay off at the end of the month. At any given snapshot, I have a balance but it's getting paid off.
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.
A good example of why 30 year mortgages are better.
I Always my pay balance in full at the end of the month, 800+ credit score. I'm over 700k in debt, have an iphone, my children have 4 paws and aren't very smart and I drive newer luxury cars
Probably not too many people who frequently surf a personal finance forum will be carrying CC debt at 15% or whatever crazy rate they charge. Did not know about the carrying a balance theory, learned something new.
0 credit card debt, it’s paid in full every month.
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