|
Post by td on Mar 10, 2015 0:49:14 GMT -5
Ha ha, it's true. Its possible to use them responsibly but I did not. I fear getting myself in back in to trouble if I use them again but some folks are able to use them with no issues & build good credit. My brother started with credit cards when he was 19 or 20, hes 21 now with a credit score of like 780 I actually have a good credit score, now, too. In the 700s. But I carried credit card debt for years. Not only did monthly payments contribute to rent struggle but I ended up paying hundreds of dollars in interest to the bank. The total expense was much greater than what I spent originally. Again, some folks can have a credit card & fair just fine. I'm not one of those people and I know a lot of other people who are this way, too. Many of whom are in really tough spots at this point. I don't trust credit card companies and I don't trust myself with a credit card.
|
|
Phil
Challenge Legend
Posts: 3,316
|
Post by Phil on Mar 10, 2015 8:50:24 GMT -5
Hm, that's surprising that someone with 1 or 2 years of credit history has an excellent credit score, considering a big component of a credit score is number of years of payment history (numbers of on time payments). I've had a credit card for nearly 12 years, and I believe my score is in upper 700s, although I haven't gotten my actual score in some time. I also never really use my credit card...
|
|
|
Post by Deleted on Mar 10, 2015 8:54:18 GMT -5
Don't you also build your credit score from paying bills and stuff on time? Or am I mistaken?
|
|
|
Post by td on Mar 10, 2015 9:33:18 GMT -5
Don't you also build your credit score from paying bills and stuff on time? Or am I mistaken? No, utilities do not contribute to your credit score. I was surprised by this, too, but that is what they said at a recent city sponsored Home Buyer's Club seminar I went to.
|
|
|
Post by td on Mar 10, 2015 9:35:58 GMT -5
Hm, that's surprising that someone with 1 or 2 years of credit history has an excellent credit score, considering a big component of a credit score is number of years of payment history (numbers of on time payments). I've had a credit card for nearly 12 years, and I believe my score is in upper 700s, although I haven't gotten my actual score in some time. I also never really use my credit card... I had my credit cards for 5-6 years and paid the minimum on time, at least, every time so my score is good for that reason even though those monthly payments buried me in other ways. I was often late on rent payments but I worked it out with my landlord and none of that affects your score.
|
|
Phil
Challenge Legend
Posts: 3,316
|
Finances
Mar 10, 2015 15:50:28 GMT -5
td likes this
Post by Phil on Mar 10, 2015 15:50:28 GMT -5
I recently paid off a large balance on my credit card (I think a few months ago, it was $900). I only use my credit card for large purchases (auto repair, flights, etc) that are kind of emergency type things that I cant really afford to pay off in one chunk. However, I've typically tried to only use my cash. I ended up putting a few hundred dollars down on it every pay period. My goal was to get it down to zero by March, and I got it down to zero beginning of February. Now I'm looking to refinance my credit cards to get a better rate (and, consequently, a higher credit limit). I never really was that interested in refinancing to get a better card, cuz I didn't really want a higher credit limit. But now I do (for the interest rate) and I guess for the extra cushion of having a higher credit limit on my card. And refinancing my interest rate won't make having a higher balance that scary.
|
|
|
Post by td on Mar 11, 2015 14:17:39 GMT -5
I recently paid off a large balance on my credit card (I think a few months ago, it was $900). I only use my credit card for large purchases (auto repair, flights, etc) that are kind of emergency type things that I cant really afford to pay off in one chunk. However, I've typically tried to only use my cash. I ended up putting a few hundred dollars down on it every pay period. My goal was to get it down to zero by March, and I got it down to zero beginning of February. Now I'm looking to refinance my credit cards to get a better rate (and, consequently, a higher credit limit). I never really was that interested in refinancing to get a better card, cuz I didn't really want a higher credit limit. But now I do (for the interest rate) and I guess for the extra cushion of having a higher credit limit on my card. And refinancing my interest rate won't make having a higher balance that scary. How high is your limit now vs. how high do you want it to be? I have one $5,000 limit card & one $800 limit card. Zero balances on both now but I had maxed both at one point in time.
|
|
|
Post by Bryan on Mar 12, 2015 0:02:15 GMT -5
Does a limit on a credit card refer to an amount that can be spent in a month or...? Lol I feel ignorant asking this but now that I think about it, I never really learned.
|
|
|
Post by td on Mar 12, 2015 7:33:39 GMT -5
Does a limit on a credit card refer to an amount that can be spent in a month or...? Lol I feel ignorant asking this but now that I think about it, I never really learned. Its your total credit line. You can spend as much as you want at any time to total amount of credit offered.
|
|
|
Post by td on Mar 12, 2015 7:36:36 GMT -5
I'm definitely not going to make my goal. A friend was arrested yesterday & everyone pitched in on bail funds. Another person who I just met last week needed cash to help get out of a house with an abusive person. I feel like giving cash in these instances was the thing to do & made sense. I just know that there is no way I'll make my goal now & honestly, I'm sad about that because I've been working so hard & I'm so tired.
|
|
|
Post by Bryan on Mar 12, 2015 12:54:03 GMT -5
I'm definitely not going to make my goal. A friend was arrested yesterday & everyone pitched in on bail funds. Another person who I just met last week needed cash to help get out of a house with an abusive person. I feel like giving cash in these instances was the thing to do & made sense. I just know that there is no way I'll make my goal now & honestly, I'm sad about that because I've been working so hard & I'm so tired. At the same time it's not like you spent the money frivolously. It went toward important things.
|
|
Phil
Challenge Legend
Posts: 3,316
|
Finances
Mar 13, 2015 1:49:33 GMT -5
via mobile
td likes this
Post by Phil on Mar 13, 2015 1:49:33 GMT -5
I was approved to start earning overtime at work until we get a third person in, which might take a while. Not sure how many hours a pay period I'm approved for, but it's time and a half for overtime so I'll take it.
|
|
|
Post by td on Mar 13, 2015 6:25:30 GMT -5
I was approved to start earning overtime at work until we get a third person in, which might take a while. Not sure how many hours a pay period I'm approved for, but it's time and a half for overtime so I'll take it. Woohoo!
|
|
|
Post by td on Mar 13, 2015 6:29:33 GMT -5
I'm definitely not going to make my goal. A friend was arrested yesterday & everyone pitched in on bail funds. Another person who I just met last week needed cash to help get out of a house with an abusive person. I feel like giving cash in these instances was the thing to do & made sense. I just know that there is no way I'll make my goal now & honestly, I'm sad about that because I've been working so hard & I'm so tired. At the same time it's not like you spent the money frivolously. It went toward important things. Yeah, its just kind of scary to hand over a wad of cash. I've been trying to remember that when you live within your needs & below your means, you can help your friends meet their needs.
|
|
Phil
Challenge Legend
Posts: 3,316
|
Finances
Mar 13, 2015 12:21:23 GMT -5
via mobile
Post by Phil on Mar 13, 2015 12:21:23 GMT -5
Well I finally was able to take my car into the shop to get repaired. $1,000 worth of repairs, plus car rental since they need to keep my vehicle over the weekend. Good thing I save for things like this. Plus I'll have to see if my insurance will cover one of the repairs. One of them is directly related to a run in with a deer I had a few weeks ago. Maybe I can convince them all the repairs are from that accident. Then I only have a $500 deductible which works for me.
Happy Friday.... The 13th!
|
|
|
Post by td on Mar 14, 2015 22:43:19 GMT -5
Well I finally was able to take my car into the shop to get repaired. $1,000 worth of repairs, plus car rental since they need to keep my vehicle over the weekend. Good thing I save for things like this. Plus I'll have to see if my insurance will cover one of the repairs. One of them is directly related to a run in with a deer I had a few weeks ago. Maybe I can convince them all the repairs are from that accident. Then I only have a $500 deductible which works for me. Happy Friday.... The 13th! Damn, hope insurance will just cover it all! I also heard that insurance will cover a rental while your car is in the shop but I'm sure it depends on your policy.
|
|
|
Post by td on Mar 14, 2015 22:44:42 GMT -5
I *might* make my April 1st savings goal after all! My cafe pay check was larger than I anticipated plus several people called/texted/emailed me today to ask me to cat/dog/house sit for them this month which awesome! Maybe I can pull this off, we'll see...
|
|
|
Finances
Mar 15, 2015 2:13:25 GMT -5
via mobile
Post by Deleted on Mar 15, 2015 2:13:25 GMT -5
Worked 14 hours of overtime and my taxes took away literally all of that money and then some.
THANKS UNCLE SAM
|
|
|
Post by td on Mar 15, 2015 17:46:21 GMT -5
Worked 14 hours of overtime and my taxes took away literally all of that money and then some. THANKS UNCLE SAM That blows. Nothing worse than putting in extra effort & not reaping the rewards.
|
|
|
Post by td on Mar 16, 2015 8:35:34 GMT -5
Up to $4,150 in my savings account. Just $250 away from my goal. Now that I have a few more odd jobs lined up, I see no way that I will fall short of my savings goal to set aside $4,400 by April 1st. Even with rent coming due with my next pay check. I was so bummed when I thought that I was not going to meet my goal but now I'm so sure that I will, I'm starting to think about my April - May goal.
|
|