No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
@stan_the_man wrote:@Walt_K --
I think one of was rules was, or at least should be, never charge what you can't afford to immediately payoff. If your bank raised your interest rate, who cares if you PIF every month.
In which case the rule about not closing a card with a balance is pretty much unnecessary. It wasn't my list.
@Wolf3 wrote:
@annalog wrote:
- Never apply for or continue to renew a credit card that has an annual fee. Never pay for credit.
- Never charge what you cannot payoff completely before your closing date. Always bill out at a zero balance.
- Go two years without applying for credit and remove all inquiries from your bureaus. It is possible.
- Never close accounts with balances.
- Your goal should be to keep enough cards open to reach 50k in available revolving credit (with zero balances.)
- Live beneath your means, not within your means or above your means.
Anybody have any other good ones?
1. Some cards are worth the annual fee and can be better than those without it. Pick what works best for you.
2. Only pay before the closing date if you want to juice your score for an application.
3. PIF most of the time , by the due date, Millions of people have great credit who only pay by the due date.
4 Things happen, there are circumstances when spending the money is worth the interest. Money is not the most important thing in life.
5. Apply for credit only when you have need for it.
6.Only apply with people who you want to do business with.
7.Your goal for available credit should match your needs, there is no universal number.
8. Don't have more accounts than you can keep track of.
9. Don't accept anyones rules as gospel, figure out what works for you.
+1. I think that you've come up with a very reasonable set of rules, Wolf3.
@tinuviel wrote:
@Wolf3 wrote:
@annalog wrote:
- Never apply for or continue to renew a credit card that has an annual fee. Never pay for credit.
- Never charge what you cannot payoff completely before your closing date. Always bill out at a zero balance.
- Go two years without applying for credit and remove all inquiries from your bureaus. It is possible.
- Never close accounts with balances.
- Your goal should be to keep enough cards open to reach 50k in available revolving credit (with zero balances.)
- Live beneath your means, not within your means or above your means.
Anybody have any other good ones?
1. Some cards are worth the annual fee and can be better than those without it. Pick what works best for you.
2. Only pay before the closing date if you want to juice your score for an application.
3. PIF most of the time , by the due date, Millions of people have great credit who only pay by the due date.
4 Things happen, there are circumstances when spending the money is worth the interest. Money is not the most important thing in life.
5. Apply for credit only when you have need for it.
6.Only apply with people who you want to do business with.
7.Your goal for available credit should match your needs, there is no universal number.
8. Don't have more accounts than you can keep track of.
9. Don't accept anyones rules as gospel, figure out what works for you.
+1. I think that you've come up with a very reasonable set of rules, Wolf3.
+1. This set makes much more sense to me. #1 AF rule in particular, its all about individual requirements, if it wasn't every CCC would have only 1 card.
A person needs to be sensible enough to do the math and figure out what card works best for him/her.
I will add another rule:
10. Don't apply for a card coz your colleague or friend has it. (do your maths)
Annalog- I love your rules!!
@DI wrote:Annalog- I love your rules!!
I like those rules also... It's pretty simple for me. I don't swipe my credit card if I don't have the cash readily available in my bank account 1st. I always pay my balances before the statement cut off date on all my accounts except for one, which I leave about $50 bucks on or less to pay by the actual due date. If you're buying things that take you three statements or more to pay off then you probably couldn't afford it in the 1st place. Save up the money in a savings account & then purchase the big ticket item on your credit card if you wish. Just my thoughts....
Well, I don’t think that there are many universal rules that are applicable to the myriad of lifestyles, stages, and financial situations, when it comes to credit card usage. There are some, such as:
For my lifestyle, financial direction, and pattern of usage as it relates to credit cards, the following (in addition to the two above) is how I roll now— a lot of which I’ve seen reflected in the previous posts, but what the hey?:
Thread's only value is in offering the opportunity to toss in the word 'Draconian'.
Since everyone keeps pointing out that YMMV for all the rules being given, I can't resist throwing out the proper quote:
"They're more guidelines than actual rules."
@daytrade5 wrote:
@DI wrote:Annalog- I love your rules!!
I like those rules also... It's pretty simple for me. I don't swipe my credit card if I don't have the cash readily available in my bank account 1st. I always pay my balances before the statement cut off date on all my accounts except for one, which I leave about $50 bucks on or less to pay by the actual due date. If you're buying things that take you three statements or more to pay off then you probably couldn't afford it in the 1st place. Save up the money in a savings account & then purchase the big ticket item on your credit card if you wish. Just my thoughts....
LilMirths #5
Is it really that bad to carry a balance for 3-4 months when you have a steady job, bills paid, etc.
For instance, the purchase of a "somewhat" larger item. i.e. computer?
When spreading the purchase out over 3-4 months you practically don't even notice the change in your everyday financial life?
Not to mention, you get offered 0% interest, etc.
Is this setting myself up for utter failure?
By the way, I am a rebuilder and this is one SCARY topic for me, and when I seen the word "draconian" used, it made it worse!
@happy0510 wrote:LilMirths #5
Is it really that bad to carry a balance for 3-4 months when you have a steady job, bills paid, etc.
For instance, the purchase of a "somewhat" larger item. i.e. computer?
When spreading the purchase out over 3-4 months you practically don't even notice the change in your everyday financial life?
Not to mention, you get offered 0% interest, etc.
Is this setting myself up for utter failure?
By the way, I am a rebuilder and this is one SCARY topic for me, and when I seen the word "draconian" used, it made it worse!
I won't speak for LilMirth (I know better ) but I will give my opinion about this.
In a perfect world where real life never interferes with our best laid plans then carrying a balance is usually not a good idea because for one thing in many cases it costs you interest.
But it's not a perfect world and if there are times when carrying a balance for a few months is necessary then so be it. Just pay it off as fast as you can and don't worry about it. And don't let anyone criticize you for it. We all have to do what we think it right for us.
Edited cuz' I kent typ rite!!!
From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".