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los_west
Posts: 131
Registered: ‎04-24-2013
0

Just a thought about CC

What got me into my credit mess was credit cards. I find it very ironic now that I am rebuilding my credit, I need CC and increased limits to increase my score.

I am going to lock away my cards just so I dont get tempted and fall back into my old problems!
Starting Score: (04/18/2013) EX 572, TU 577, EQ 554
Currently: (04/24/2014) EX 764, TU 687, EQ 706 (new version)
Lender Pull 746 (03/2014, I believe it is Experian)
FAKOS: Credit Sesame 756, Credit Karma 685, Cap 1 (TU) 685, Discover (TU) 695, Quizzle 676, Merrick (FICO 8 TU) 710, Walmart 695

Goal: 700 across the board, Mortgage
Valued Member
flyingace
Posts: 313
Registered: ‎04-25-2013
0

Re: Just a thought about CC


los_west wrote:
What got me into my credit mess was credit cards. I find it very ironic now that I am rebuilding my credit, I need CC and increased limits to increase my score.

I am going to lock away my cards just so I dont get tempted and fall back into my old problems!

Might I ask what specifically got you into trouble w/ credit?

In my Snoopy holder: NFCU Flagship Sig Visa-- $11K | Chase Freedom -- $2500 | AMEX BCE -- $2000 | Amazon Visa -- $2000 | Discover It $1500| Old Navy Visa -- $1000 | Target Red Card -- $300

TU (Disc Pull 4/29/13) -- 752 | AmexEQ (6/13/13) -- 728 | AmexEXP-- 737 | AmexTU-- 737 (5/28/13)
Goals: 740 EQ/EXP/TU
Gardening until 12/3/13 -- or longer
Contributor
los_west
Posts: 131
Registered: ‎04-24-2013
0

Re: Just a thought about CC

In my 20s, I treated my credit cards like a bottomless pot of money. I maxed them out, made minimum payments, and when the economy tanked, I couldn't keep up with payments. I was addicted to buying things, regardless of whether I could afford it....as long as I had enough credit on my card, I bought it. It was such a slippery slope!
Starting Score: (04/18/2013) EX 572, TU 577, EQ 554
Currently: (04/24/2014) EX 764, TU 687, EQ 706 (new version)
Lender Pull 746 (03/2014, I believe it is Experian)
FAKOS: Credit Sesame 756, Credit Karma 685, Cap 1 (TU) 685, Discover (TU) 695, Quizzle 676, Merrick (FICO 8 TU) 710, Walmart 695

Goal: 700 across the board, Mortgage
Frequent Contributor
JaeJae12
Posts: 329
Registered: ‎04-15-2013
0

Re: Just a thought about CC

Needa control the urges , and only use what u can actually pay

BCE- 18000 -BOA 123 7000 -Freedom- 28789- Citi Forward- 19900 -Citi DC- 19800-CSP 22.5k
Garden mode 3/25/14



Valued Contributor
madmann26
Posts: 1,430
Registered: ‎08-30-2012
0

Re: Just a thought about CC

Higher limits do not equal higher scores...

 

I to was in the same boat. Now I have a different attitude about CC's in general. I leave a $200-$300 balance on my $10k NFCU siggy and payoff whatever I put on it every pay period.

 

It's all about the balance of good/evil.

 

 


Starting Score: EQ 511 TU 552 EX 545 8/29/2012
Current Score: TU 705|EQ 690|EXP 698 (FICO)
What's in my wallet? Cap1 PLAT AU $1.25k; Cap1 Cash AU $2k; NFCU Siggy $23k; $4k WalMart DC; CFNA Firestone $2.2k; Amazon $2.1k; NFCU Cash Rewards $22K; AMEX BCE $18k; NavCheck $15k; Lowe's $10k; Citi DP $6.3k; AMEX ED $8.5k; Chase Freedom $4.5k
Goal Score: 700 across the board.
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Valued Member
flyingace
Posts: 313
Registered: ‎04-25-2013
0

Re: Just a thought about CC


los_west wrote:
In my 20s, I treated my credit cards like a bottomless pot of money. I maxed them out, made minimum payments, and when the economy tanked, I couldn't keep up with payments. I was addicted to buying things, regardless of whether I could afford it....as long as I had enough credit on my card, I bought it. It was such a slippery slope!

The good thing is that you recognized it, and made steps to fix it! CC, from what I've read, work best when you can get rewards and other similar things when buying the things you were going to buy anyway. So, what I try to do (fwiw) is put all recurring and food and what not, and then make payments throughout the month to cover the charges. And I get rewards for doing that! It's tough, but we're all here to help! That's why I joined this forum :smileyhappy: 

In my Snoopy holder: NFCU Flagship Sig Visa-- $11K | Chase Freedom -- $2500 | AMEX BCE -- $2000 | Amazon Visa -- $2000 | Discover It $1500| Old Navy Visa -- $1000 | Target Red Card -- $300

TU (Disc Pull 4/29/13) -- 752 | AmexEQ (6/13/13) -- 728 | AmexEXP-- 737 | AmexTU-- 737 (5/28/13)
Goals: 740 EQ/EXP/TU
Gardening until 12/3/13 -- or longer
Super Contributor
longtimelurker
Posts: 6,503
Registered: ‎04-22-2013
0

Re: Just a thought about CC

[ Edited ]

flyingace wrote:

los_west wrote:
In my 20s, I treated my credit cards like a bottomless pot of money. I maxed them out, made minimum payments, and when the economy tanked, I couldn't keep up with payments. I was addicted to buying things, regardless of whether I could afford it....as long as I had enough credit on my card, I bought it. It was such a slippery slope!

The good thing is that you recognized it, and made steps to fix it! CC, from what I've read, work best when you can get rewards and other similar things when buying the things you were going to buy anyway. So, what I try to do (fwiw) is put all recurring and food and what not, and then make payments throughout the month to cover the charges. And I get rewards for doing that! It's tough, but we're all here to help! That's why I joined this forum :smileyhappy: 


Actually, if you have concerns, it's probably better to have a non-rewards card.  Research shows (and this is why they are offered!) rewards cards increase spending ("I'm getting money back so it's cheaper, so it doesn't really count/I'll buy two/I just need those extra 3K miles so .....").    Of course, no rewards means no rewards, so not attractive to many, but they have slight financial advantages over using just cash: better record keeping, a float of 20 days or more, and of course easier to use for big ticket items or car rental etc.

Most active cards: Amex BC ($50K), Cap One QS ($33K) Fidelity Amex ($20K)
Others: CSP, Freedom, Chase Amazon, Cap One QS, Penfed Plat Rewards (x2), Citi Double Cash, Citi Dividend, Citi AA Plat Select, Citi Forward, Amex BCE, Amalgamated Bank, Sallie Mae, Cash Plus
Scores May 14: EQ 848, EX 833, TU 848 (Sep)
Valued Contributor
nicholasyud
Posts: 1,734
Registered: ‎08-13-2012
0

Re: Just a thought about CC

Join this forum more often then u wouldn't even know what """ interest charge "" means.............

Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 9k| Amex: NSPL|Dis: 3.4k|Cap: 3.5k|CAP: 2k|CSP: 5k| Pen:4.5k

Moderator
Revelate
Posts: 8,949
Registered: ‎12-30-2011
0

Re: Just a thought about CC

[ Edited ]

nicholasyud wrote:
Join this forum more often then u wouldn't even know what """ interest charge "" means.............

I'm struggling to know what that means too :smileyhappy:.

 

But yes, conventional wisdom on this forum is PIF, PIF, PIF (pay in full).  No interest, no cry.

 

To the OP: I think if you understand the problem it's easier to maintain.  I think it would be wise to try to build habits using credit cards responsibly rather than locking them away.  I consider it likely that cash / checks are going to continue to decline in usage, and while I suspect they'll never fully go away, we're all going to have to get used to using little bits of plastic or their substitute when it comes to transactions.  If you start trying to handle it now, I think you'll be in a better position later when if it becomes more or less forced upon us.

 

Also in addition to the irony of having to get credit, you also need to use it too :cattongue:.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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