How deep in debt are you!? - Page 8

lauralynne · 12-01-2009, 12:05 PM

we pay cash for almost everything. Louie's truck is the only payment we have and that will be paid off by next December (3.5 years early). ~$12k

fasternyou929 · 12-01-2009, 01:43 PM

Quote:

Originally Posted by Rider

For those with little or no debt but you want to keep that 800 beacon score, you'll want to keep a small balance on a couple of cards. For example get a couple of 5.9% or 6.9% fixed rate cards with high limits, charge say 60$ on each card, when the bill comes pay $50 and keep a $10 balance, next month charge $50 and pay $50 when the bill comes. The amount of interest you pay to keep a $10 balance on each card is nothing but the the benefit to your credit score in invaluable. That is, if you ever need to use it. If you never plan on using credit and you don't care about your credit score then disregard.

Here's a perfect example of when someone should keep their trap shut when they have no idea what the fuck they're talking about.

You don't need to pay interest to maintain a good credit score, just using your credit card and paying the bill every month will do the same for your credit score.

shmike · 12-01-2009, 01:47 PM

Quote:

Originally Posted by fasternyou929

Here's a perfect example of when someone should keep their trap shut when they have no idea what the fuck they're talking about.

You don't need to pay interest to maintain a good credit score, just using your credit card and paying the bill every month will do the same for your credit score.

LeeNetworX · 12-01-2009, 01:51 PM

Quote:

Originally Posted by fasternyou929

You don't need to pay interest to maintain a good credit score, just using your credit card and paying the bill every month will do the same for your credit score.

Yep. All that you need is your card provider to report a balance to the bureaus each month; you can pay it off each month and still see the benefit of a higher FICO score.

Rider · 12-01-2009, 04:17 PM

Quote:

Originally Posted by fasternyou929

Here's a perfect example of when someone should keep their trap shut when they have no idea what the fuck they're talking about.

You don't need to pay interest to maintain a good credit score, just using your credit card and paying the bill every month will do the same for your credit score.

One of my close friends owns a very successful credit counseling and credit repair business, I'll take advice from an expert on how to get a better credit score over some know nothing fucktards on the internet. You do what you want.

fasternyou929 · 12-01-2009, 04:22 PM

Quote:

Originally Posted by Rider

One of my close friends owns a very successful credit counseling and credit repair business, I'll take advice from an expert on how to get a better credit score over some know nothing fucktards on the internet. You do what you want.

Your friend is wrong.

Offering people "advice" that carrying a balance on their credit card, no matter how small, is irresponsible. You do what you want, but don't sell that bullshit to others that may be unfortunate enough to believe you.

sherri_chickie · 12-01-2009, 04:32 PM

Carrying a balance and paying off most of it may work for people who have poor credit and need to show a history of improving their on time payments. I have heard it both ways though. I think the problem with carrying a balance at all comes when it's too high compared to what your credit limits are. Keep your cards well under 50% of your limit if you dont want to hurt your score.

fasternyou929 · 12-01-2009, 04:35 PM

Quote:

Originally Posted by sherri_chickie

Carrying a balance and paying off most of it may work for people who have poor credit and need to show a history of improving their on time payments.

Yes, but so will using your card regularly and paying off the balance each month which doesn't require giving your money away to pay interest. Carrying a balance, no matter how small, is never the best option.

sherri_chickie · 12-01-2009, 04:47 PM

Quote:

Originally Posted by fasternyou929

Yes, but so will using your card regularly and paying off the balance each month which doesn't require giving your money away to pay interest. Carrying a balance, no matter how small, is never the best option.

I agree with you whole heartedly. If you don't have the money for it, don't buy it is our motto.

Rider · 12-01-2009, 04:50 PM

Keeping a $10 balance on a card with 7% APR will cost you a whole $.70/year... I'll take that risk to keep my credit score as high as it can be.

View Poll Results: How much?
0-5k	20	27.03%
5k-10k	10	13.51%
10k-20k	11	14.86%
20k-30k	11	14.86%
30k-50k	12	16.22%
50k-75k	5	6.76%
75k-100k	1	1.35%
100k-150k	3	4.05%
150k+	1	1.35%
Voters: 74. You may not vote on this poll

12-01-2009, 12:05 PM	#71
lauralynne 667:Neighbor of the Beast Join Date: Mar 2008 Location: Everett WA Moto: VTR1000, SV650, FZR400, CRF150 Posts: 1,403	we pay cash for almost everything. Louie's truck is the only payment we have and that will be paid off by next December (3.5 years early). ~$12k __________________ WMRRA's slowest Expert! triathalete, mom, racer, rider, friend, sister, wife - all in one tidy package! Married my best friend 8/30/09

12-01-2009, 04:32 PM	#77
sherri_chickie WERA Yellow Plate Join Date: Nov 2009 Location: Calgary Moto: Gs500F Posts: 683	Carrying a balance and paying off most of it may work for people who have poor credit and need to show a history of improving their on time payments. I have heard it both ways though. I think the problem with carrying a balance at all comes when it's too high compared to what your credit limits are. Keep your cards well under 50% of your limit if you dont want to hurt your score.

12-01-2009, 04:50 PM	#80
Rider Moto GP Star Join Date: Feb 2008 Posts: 12,156	Keeping a $10 balance on a card with 7% APR will cost you a whole $.70/year... I'll take that risk to keep my credit score as high as it can be.