Originally posted by slammin.e28
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Paying credit card off completely
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Originally posted by Todd Black 88 View PostThe key is to not buy what you don't already have the money for. If you can't afford it, don't buy it!
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Originally posted by z31maniac View PostDitch it and get a rewards card.
Then charge your normal expenses to said rewards card. Pay rewards card off every month.
Enjoy rewards and increasing credit scores and credit availability. Credit is a great thing if you use it responsibly.
took the very words from my mouthOriginally posted by FusionIf a car is the epitome of freedom, than an electric car is house arrest with your wife titty fucking your next door neighbor.
The Desire to Save Humanity is Always a False Front for the Urge to Rule it- H. L. Mencken
Necessity is the plea for every infringement of human freedom. It is the argument of tyrants.
William Pitt-
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Originally posted by noE30 View Postwho's got the best rewards card? I use my credit card for basically everything, 100% paid off each month, I feel like I should earn some rewards while doing so.
Recommend me the best one!!
Need parts now? Need them cheap? steve@blunttech.com
Chief Sales Officer, Midwest Division—Blunt Tech Industries
www.gutenparts.com
One stop shopping for NEW, USED and EURO PARTS!
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Pay the whole thing off. I just paid mine off. Its had a balance since last august when I had to buy emergency school stuff. Ive just been making the minimum payments since then. It feels good not having to worry about it anymore.I don't even own this car anymore, but I'm too lazy to change the picture.
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Originally posted by lolcantturn View PostI've got about $650 left to pay on it, should I just pay it off completely? Or is it better for my credit to just keep doing the monthly payments?
Originally posted by Jorgen View PostPay it off, avoid paying those SOB's interest.
I haven't paid interest on my CC in years and use it daily. You can still build up credit very well and not pay the CC company interest, Just pay it off every month. I actually get about $1000-1500 cash back from them a year in addition to not paying them interest. You still get the protection of a credit card that you don't get with a debit card and can utilize cash flow more efficiently.
Use it for everyday purchases. Or just keep a Netflix or some recurring expense on it and pay that off in full each month. Get a rewards CC like Z31 said - NerdWallet is clutch. [I like Chase Freedom, AMEX Blue Cash Everyday, Chase Amazon, but if you belong to CostCo the AMEX True Earnings is awesome] Just don't close your current card because the longer the account is open the better. If you used anywhere close to the credit limit you should slowly bump your credit limit until your maximum level is 20% of the limit (called utilization). Even if you switch most of your use to a rewards CC, leave something small on your current with automatic payment in full set to improve your credit history.
Like Jorgen, I've gotten several thousands of dollars back in rewards over the years and can't remember ever paying interest on a revolving account.
To maximize rewards, I split purchases between cards based on their rewards %: Gas and restaurants 2% back on Amazon's card (plus 3% back at Amazon), groceries 3% back on AMEX Blue Everyday and 1.1% back on everything else with Freedom.
Originally posted by Jon325i View PostHaving a track record of responsible use of a CC will enhance your credit score....and that will be very helpful when you're considering financing a car or a house someday.
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From my understanding the amount of balance doesn't matter as much as having a balance. I'm late it the building credit game, so a high interest card with small purchases is where I'm at right now. Pay it off every month.1985 M10b18. 70maybewhpoffury. Over engineered S50b30 murica BBQ swap in progress.
Originally posted by DEV0 E30You'd chugg this butt. I know you would. Ain't gotta' lie to kick it brostantinople.
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Utilization is as important as just having a balance. Ideally you should have no more than a 30% utilization rate. Even if you pay your card off every month, it still shows thought the reporting agencies like you have a balance if you continue to use it every month. For keeping the best score you should try and keep this ratio at 30% of available creditOriginally posted by FusionIf a car is the epitome of freedom, than an electric car is house arrest with your wife titty fucking your next door neighbor.
The Desire to Save Humanity is Always a False Front for the Urge to Rule it- H. L. Mencken
Necessity is the plea for every infringement of human freedom. It is the argument of tyrants.
William Pitt-
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I've had a credit card since I began working when I was 17, I used to pay the balance off religiously, I leave a balance less than half of what my limit was. 6 Years later, I have a 780+ credit score, 2 cars, and a much much higher limit that never goes above 1/4. Its a game, it all depends on the interest %. Never miss your payments and your gold. I'll pick using cash any day, but I have a car part addiction and that requires the interwebs too much sometimes.
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Originally posted by Holland View PostFrom my understanding the amount of balance doesn't matter as much as having a balance.
You'd be much better off if you consistently had a balance of $1000 that you paid off each month than having a $10,000 balance just for one day. Managing your balance amount is important.
Originally posted by mrsleeve View Post^
Utilization is as important as just having a balance. Ideally you should have no more than a 30% utilization rate. Even if you pay your card off every month, it still shows thought the reporting agencies like you have a balance if you continue to use it every month. For keeping the best score you should try and keep this ratio at 30% of available credit
Use Bankrate.com's free tools, expert analysis, and award-winning content to make smarter financial decisions. Explore personal finance topics including credit cards, investments, identity protection, autos, retirement, credit reports, and so much more.
When you close a credit card account it may affect your “credit utilization”. Credit utilization is how much credit you have (or the limits on your cards) compared to the amount of credit used (your balances). Closing one of your cards lowers the amount of available credit and if you carry balances on other cards it will then hurt your utilization percentage, thus lowering your credit score. At Quizzle, we recommend keeping your utilization around 30 percent.
Going to Quizzle (by the makers of TurboTax, Quicken... and more importantly, Quicken Loans) can get you a free credit score check every 6 months. It's mostly a way that they can offer you a refinance through Quicken Loans (which has pretty crappy rates and high fees compared to a credit union...) but pretty great as far as explaining how credit scores work and how you can improve yours.
You probably already know you're entitled to a free copy of your credit report once a year from annualcreditreport.com . That report, however, does
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