Anyone have CSP, Freedom, AND Slate?

[youngandcreditwrthy]

+1

[SnackTrader]

Here's my 2 cents:

This thread is calling young out, just as many have before it. Sorry that you feel attacked young, but EVERY time you bring up the Slate, you get criticized for it. You should expect it at this point because you ARE pyramiding debt. That's a fact, not an opinion.

But I think the most concerning thing is that many people who propose risky uses of credit are surprised when they get called out for using credit in a non-traditional manner. The fact is, there are industry veterans using this site. There are people who have watched credit card (or mortgage, student loan, etc) performance in a business setting. They know that for every 10 people who use credit in a non-traditional manner, 5,6,7+ will default when they lose a job, have a medical emergency, need to help out a family member, etc. While people may not be concerned about you personally, they try to warn you about how risky your credit use is. You've been using credit responsibly since 2006, but that doesn't preclude you from getting into trouble in 2013.

So just as I have many times, I will tell you I disagree with your credit use, but wish you luck in getting it figured out. Once this thread gets locked down, consider why the attacks occurred, and don't just blame it on the big meanies who are spoiling your fun.

[Anonymous]

I am fairly new to this forum but have been reading a lot in the past year. I think what most people are seeing is a trend of accumulating debt that will sneak up on you before you know it. 0% promo rates can be a big trap if someone is not careful. It may be good for strategic purchases but not the best approach for shifting debts around. Credit of course is about personal decisions, however if you are going to actively participate on a forum and give advise to people, it wouldnt be wise to promote this kind of behavior as it is risky and while you may have a plan not to fail it may not be so easy for others. I personally pay every one of my cards in full every month, 0% or 29% it doesnt matter to me, but if the opportunity arises to use a 0% promo to leverage something that will benefit me financially down the line, I would use it but not to float my everyday expenses. Good luck!

[DiabolicallyRandom]

I dont think anyone specifically defended his credit usage.  Anyone who has visited this site on more than a few occasions should have, at least, general understanding about appropriate credit usage. I think its more about the line that separates constructive criticism from personal attacks.

[09Lexie]

So, I check in late and things go off the rails?

It appears this thread is beginning to run its course.

Yes, some people have all 3. The only reason for the Slate is for BTs.

Whether that's young's intention 6 mos or a year from now obviously that is OP's business.

Comments made here IMO were not personal attacks. Remember, everyone is entitled to their opinion. As long as those comments are not derogatory or demeaning I don't see an issue.

This thread will be monitored by MODS

Edit:name calling is also a big no no.

[chwebb1]

Is there really any "traditional" uses for credit? For example, I personally charge all expenses to my credit cards for the cash back, but I also have a card that I could use to carry a balance on at 8% if needed. Both of these are legitimate uses if you have a plan to pay them off if carrying a balance. Banks probably don't like the PIF types since they make less money off of you...

As far as the Slate is concerned, it doesn't seem like a very compelling card. There are no rewards and the interest rate is mediocre at best for a no rewards card. Have you considered the Ring? They have no balance transfer fee and 8% interest on purchases, transfers, and cash advances.

[enharu]

@chwebb, what you listed are the more "traditional" usage of credit cards.

"Non-traditional" usage would probably be considered more as:

1. Manufactured spending to churn / abuse rewards.
2. Doing something shady / illegal, such as filing fraudulent claims and/or chargebacks to defraud the bank / merchant / insurance company.
3. Committing fraud on credit apps to obtain credit otherwise unattainable.
4. Using cards to float daily expenses and eventually dragging / pyramiding those debt simply because one spent and/or continue to spend out of his means. It's not exactly very uncommon, since many Americans do have a debt problem, but this is not really that common either. Certainly not working as intended as well.

[ezdoesit]

I have to agree with Enharu I comment on here but rarely do I comment on them personally.  I am on here often and I have read Young's comment here before and as Enharu said you are playing with fire.

I don't know if a lot people feel the same way but I feel you shouldn't carry debt if you don't have to.  That being said you are pyramiding debt and as you said earlier in this thread that you have no rent or auto loan, so if that is that case you should be debt free considering what you make because at this point if you are carrying debt then you are spending more than you make and this is without two major expenses that most people have. 

I remember when I was young made good money but spent it like I was printing money like our government is now.  Then one day I was like wholly crap I have to much debt and it got out of hand and that is when I made my first mistake with credit. 

My parent used to tell me and I didn't listen to their "it's not what you make it's what you save comments".  Then there was no internet forums to get advice from people with total unanimity but I sure wish there was so people could set me straight on credit pitfalls.

[gsxrgt]

I have Freedom and CSP now. I applied for the Slate like 6 months ago for who nows why and transferred some of my remaining credit debt to it for the 0%. The limits was kinf of low so I paid it off and he split the limit between Freedom and CSP and closed the Slate.

[too-much-time]

I guess that if you do get the Slate, it would be helpful to keep a detailed balance projection of your checking account from day one up to the point any such balance transfer expires, leaving you with a detailed payoff plan that will work. The future has a way of looking bright. The farther away, the rosier!