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Crazy idea or not? Came to me in a dream

Frequent Contributor

Re: Crazy idea or not? Came to me in a dream


@sarge12wrote:

Credit cards should be used for short term debts only unless someone is taking advantage of 0% interest offer and knows for sure they can pay it off before it expires. Credit cards are otherwise best not used as emergency funds.


Exactly... which is why I keep my credit limits low.

 

 

Total CL: $4,000. No love for me. Gardening (no apps or CLIs) until I have $40K in savings.
FICO 4/18/18: EQ 784, TU 819, EX 778
FICO 5/18/18: EQ 795, TU 819, EX 782
Message 11 of 13
Frequent Contributor

Re: Crazy idea or not? Came to me in a dream

I get paid bi-weekly, always on a Thursday, except the Wednesday before Thanksgiving or any other major holiday.  Most goes into my CU checking account and a smaller amount into another checking account with a bank. A very small portion goes into my savings with the bank. A set amount into my health savings account. Most of my bills are paid from the CU. The bank checking account is my money to be spent on me. The savings is never touched. I check the balances every week and make payments accordingly.


Message 12 of 13
Valued Contributor

Re: Crazy idea or not? Came to me in a dream


@LowLimitswrote:

@sarge12wrote:

Credit cards should be used for short term debts only unless someone is taking advantage of 0% interest offer and knows for sure they can pay it off before it expires. Credit cards are otherwise best not used as emergency funds.


Exactly... which is why I keep my credit limits low.

 

 



I recommend high limits for responsible credit card users in order to have a very low utilization. That will help your credit score a great deal. A 10000 dollar limit hurts nothing if it has a zero balance.



TU fico08=831 05/31/18
EX fico08=800 06/18/18
EQ fico08=826 04/18/18
EX fico09=823 06/02/18
EQ fico bankcard08=856 05/22/18
Message 13 of 13