How deep in debt are you!? - Page 9

fasternyou929 · 12-01-2009, 04:53 PM

Quote:

Originally Posted by Rider

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.

Awesome, Rain Man. Did you know if you carry a balance, finance charges apply to purchases immediately? Your minimum payment on a $10 balance would be... the whole $10! So anything you charge that month and pay off (less your silly useless $10) would accumulate finance charges.

Then there's the whole minimum finance charge each month, but go ahead and neglect that too. Seems to be your MO to push an agenda that has no positive sides to it.

Basic, basic financials. Stop offering advice.

shmike · 12-01-2009, 05:07 PM

Quote:

Originally Posted by Rider

I'll take that risk to keep my credit score as high as it can be.

What is the point besides bragging rights?

Once you reach the top tier (usually at 760) you're set.

Lenders don't treat you any differently for having an 820 vs. a 785.

t-homo · 12-01-2009, 05:10 PM

fasternyou929, what do you do for a living?

fasternyou929 · 12-01-2009, 06:42 PM

Quote:

Originally Posted by t-rock

fasternyou929, what do you do for a living?

For now and the very near future I'm a project manager for a cell phone manufacturer. That'll soon change though (I hope!

)

It's not finance related, but I've tought myself a fair amount about credit and money management to avoid repeating past mistakes.

psychochild28 · 12-04-2009, 08:06 PM

68K in Debt and at the rate I'm going it'll be paid off in less than 10 years.....

Gotta love student Loans.

101lifts2 · 12-04-2009, 08:14 PM

Quote:

Originally Posted by Rider

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.

Your credit score doesn't go up because you keep some small balance. It is actually the available credit vs. how much of a balance you have.

If you have 4 credit cards with a 20k limit on each with a 0 balance, your score will be high regardless if you have 10 bucks on each.

101lifts2 · 12-04-2009, 08:17 PM

Quote:

Originally Posted by fasternyou929

Funny this came up today, I just put everything down last night during a riveting "prepare for death" weekend of making wills and documenting assets and accounts....

Did you include me...101...in ur will?

101lifts2 · 12-04-2009, 08:25 PM

Quote:

Originally Posted by goof2

Without student loans I am debt free. With student loans I owe A LOT.

Student loans are the worst debt...cause you can't erase them if you declare BK..lol

Rangerscott · 12-04-2009, 09:16 PM

Instead of an inheritance for my kids, they'll get an IRS dude showing up at their door. LOL

tommymac · 12-05-2009, 08:50 AM

Quote:

Originally Posted by 101lifts2

Student loans are the worst debt...cause you can't erase them if you declare BK..lol

Interesting, I didnt know that. I am hoping to have mine paid off by the end of next year. Been over paying by a good 150 dollars amonth on them just ot get it out of the way.

TOm

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, 05:10 PM	#83
t-homo WSB Champion Join Date: Feb 2008 Location: Springfield, MO Posts: 7,146	fasternyou929, what do you do for a living?

12-04-2009, 08:06 PM	#85
psychochild28 Banned Join Date: Feb 2008 Location: On a bus Moto: SV 650S Posts: 857	68K in Debt and at the rate I'm going it'll be paid off in less than 10 years..... Gotta love student Loans.

12-04-2009, 09:16 PM	#89
Rangerscott Viff6N Mutated Warrior Join Date: Mar 2009 Location: Texas Moto: '01 Honda VFR 800 & '09 ER-6N Posts: 8,704	Instead of an inheritance for my kids, they'll get an IRS dude showing up at their door. LOL