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Please Use Credit Responsibly!

Valued Contributor

Re: Please Use Credit Responsibly!

LOL - You caught me, RSCo!!!

I'm glad the post sat well with so many of you, and it's great to hear the success stories about financial stability so keep those coming too!

Thanks for all the support!

In My Wallet: Amex BCP (12/12) $50,000, Chase Freedom (12/12) $16,500, Cap1 Quicksilver (6/12) $14,000, Barclaycard Rewards (5/13) $10,500, Citi Prestige (4/16) $30,000

Last App: June 27, 2015
Message 11 of 28
Super Contributor

Re: Please Use Credit Responsibly!

grats on your achievement!

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 12 of 28
Regular Contributor

Re: Please Use Credit Responsibly!


E150GT wrote:

great post. I should have done that last year and the year before. I could have saved myself about $500 in interest charges. I got tired of it and I came a lookin for help and I found this place. Im glad I did and thank you all for your guidance. I now have a good set of cards and most have decent limits and I have not paid a dime in interest since the begining of the year! I now have two cards in the interest free period but I have no plans to revolve a balance on any of them.

 I have added my little sister to two of my cards as an authorized user because I know she was itching to get a credit card, and before I think she should, she should learn to use them responsibly. I am teaching her about stuff no one else did and I think she will benefit. She has been great so far. I may even let her use some of the rewards she has earned on my cards! lol


It's always good when you can teach someone to use credit responsibly. That's what caused the meltdown a few years ago. People living beyond their means

Message 13 of 28
Valued Contributor

Re: Please Use Credit Responsibly!

Congrats on your 1,000th!!! 

 photo Logo - Credit Card Collection - Data Inclusive_zpskiw5xfjj.jpg photo emerald_zpsfitcxbh5.jpg
Message 14 of 28
Valued Contributor

Re: Please Use Credit Responsibly!

I'm not understanding what you mean about the $120 and $10 thing. If it's a 0% interest period, where is the $10 coming from.

 

With the multiple cards, I just think people get excited and before they realise it, they have $15,000 to spend in three months. There are some easy ways to do that, but you should never spend money that you wouldn't have spent anyway.

 

Not paying interest is a brilliant thing, but many people don't seem to care about paying $300 for something that should've only cost $200. No card that I know has a low enough interest rate to be tolerable. I could see if there was a card that was below the % you could get on a savings account, but I've yet to see one that low.

Message 15 of 28
Valued Contributor

Re: Please Use Credit Responsibly!

Congrats not only on your 1000th post but also on your (continuing) excellent advice! ! !Smiley Happy

 

Only thing I would add for others to contemplate is, consider those credit limit increases objectively and wisely.  Do you really REALLY need to get that 3X CLI at the stroke of midnight on the 61st day?  Is it a sporting event or is there a real need to jump to >$25K CL....whether it be AMEX, BofA, Chase, CITI, Discover...whomever. 

EX = 849 EQ = 850 TU = 850 as of 07/2017
Retired and Retiring Cards!
Message 16 of 28
Valued Contributor

Re: Please Use Credit Responsibly!


thom02099 wrote:

Congrats not only on your 1000th post but also on your (continuing) excellent advice! ! !Smiley Happy

 

Only thing I would add for others to contemplate is, consider those credit limit increases objectively and wisely.  Do you really REALLY need to get that 3X CLI at the stroke of midnight on the 61st day?  Is it a sporting event or is there a real need to jump to >$25K CL....whether it be AMEX, BofA, Chase, CITI, Discover...whomever. 


This is kind of what I am concerned about. I have high limits on cards that I do not use very much and that could be a hinderance at some point. I have never had any negatives, but I am only 22, and I wonder if at some point I will start getting questioned on someone my age needs more credit with more than 100,000 available. I thought about closing Discover and another few cards or at least asking for limit reductions on them, but thought that multiple closed accounts/limit reductions would look bad to current lenders.

Message 17 of 28
Blogger

Re: Please Use Credit Responsibly!

Some people do not need more discipline than others. I like your conservative approach. It suits best those that are new to credit or have shaky financial habits. Way to go! Smiley Happy

Message 18 of 28
Super Contributor

Re: Please Use Credit Responsibly!


thom02099 wrote:

Congrats not only on your 1000th post but also on your (continuing) excellent advice! ! !Smiley Happy

 

Only thing I would add for others to contemplate is, consider those credit limit increases objectively and wisely.  Do you really REALLY need to get that 3X CLI at the stroke of midnight on the 61st day?  Is it a sporting event or is there a real need to jump to >$25K CL....whether it be AMEX, BofA, Chase, CITI, Discover...whomever. 


Unfortunately, by and large this site encourages this sort of behavior.  Whenever someone posts "I got approved for card X" or "Got my CLI" lots of posts just saying "Congratulations" etc, in the total absence of any knowledge if this really was a sound financial decision.  Yes, it's nice to be supportive, but only if the underlying action makes sense.

 

( I would prefer a "like" mechanism, so people who want to can still congratulate, while decreasing the number of posts in a thread that don't add info apart from "Congratulations")

Message 19 of 28
Blogger

Re: Please Use Credit Responsibly!


longtimelurker wrote:

thom02099 wrote:

Congrats not only on your 1000th post but also on your (continuing) excellent advice! ! !Smiley Happy

 

Only thing I would add for others to contemplate is, consider those credit limit increases objectively and wisely.  Do you really REALLY need to get that 3X CLI at the stroke of midnight on the 61st day?  Is it a sporting event or is there a real need to jump to >$25K CL....whether it be AMEX, BofA, Chase, CITI, Discover...whomever. 


Unfortunately, by and large this site encourages this sort of behavior.  Whenever someone posts "I got approved for card X" or "Got my CLI" lots of posts just saying "Congratulations" etc, in the total absence of any knowledge if this really was a sound financial decision.  Yes, it's nice to be supportive, but only if the underlying action makes sense.

 

( I would prefer a "like" mechanism, so people who want to can still congratulate, while decreasing the number of posts in a thread that don't add info apart from "Congratulations")


At the same time, this site encourages healthy credit usage habits such as always paying in full and abstaining from applying for credit if you're looking for a big loan in the near future. As long as you build up a healthy system like this, it doesn't do harm to apply for the cards that benefit you and increase the total available limit for emergency situations. What concerns me is people having issues with controling their spending but still applying for new credit. What concerns me even more is those people rarely post on here about how they use the credit. Normally people only post about their overspending issues when they have stepped down the bankruptcy path and go straight to the Rebuilding forum. Smiley Sad

Message 20 of 28