Credit Cards

[BungalowMo]

Sweet limit with a int rate I certainly envy!!   Congrats!!!!!! 

[haulingthescoreup]

Gotta love CU's! Congrats on all the nice work, and especially on the nice reward!

[DI]

Congrats!

[ladydi]

CONGRATS! ZMAN......KEEP UP THE GOOD WORK...I MUST SAY IM ALSON STUCK IN MY 600's....right now it's like a seesaw..

[zman]

I was stuck in 690 world for one whole year.

I just realized with today's credit crunch and mayhem, to get a 25,000 credit card with a 702 Equifax (they only pulled equifax by the way) is nothing less than a miracle.

But the interest rate is not what they stated, the letter telling me the card is on the way says 12.49% fixed. Oh well.

Now, do I charge the heck out of it each month to get the 1 point for every dollar spent and then pay it off when the bill comes in?

They gave me 3,500 points for getting the card.

Thanks again all.

[Uborrow-Upay]

Simple answer is, if you've got the cash, put everything on the card.  Then pay the card with the cash before the statement cuts.

[txjohn]

Super Congrats! 

I went with NFCU who gave me $25k CL and I use it for everything.  Mine is a cash reward card and I get 1.5% back on all purchases and have made quite a bit back this year.

CU's are by far the best, IMO.  They are more stable, less prone to sporadic changes in terms, credit criteria and random AA.  The rates usually are better too.

My Cash Reward card is 9.65 and the non-reward is 7.9%....so it sounds like your CU is pretty comparable.

If you still haved fixed rate, don't be surprised if you get a notice of changing to Variable in the next short time...even the CU's are going that route do to the "unknown" factors about the future of prime rate and now being limited on when and how they can raise rates on existing balances.

Message Edited by txjohn on 12-29-2009 03:59 PM

[kingkong68]

I will differ from all  the congrats.  I don't know why you will be so happy about getting more credit when you still have so much debt.  I will congrat you on pulling your score back into the 700s.  A true congrat is when you have no debt and that is something truly worth celebrating.

[haulingthescoreup]

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kingkong68 wrote:

I will differ from all  the congrats.  I don't know why you will be so happy about getting more credit when you still have so much debt.  I will congrat you on pulling your score back into the 700s.  A true congrat is when you have no debt and that is something truly worth celebrating.

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A mortgage and 2 vehicle loans represents a different kind of debt than revolving debt, which is the killer for many. Granted, we all work to get the mortgages and vehicles paid off, but zman has controlled his CC debt, which is the first step toward being financially free of lenders.

By getting a high-CL CC with rewards, he can use it for daily expenses, pay it off monthly so that he has no revolving debt, and get some rewards back.

Please be friendly, supportive and respectful.

[MidnightVoice]

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kingkong68 wrote: 
A true congrat is when you have no debt

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That is going to have to wait until my daughter is safely married and I retire!!