Free at last!

**JohnC** · 08-12-2004, 10:01 AM

No more CC debt! About damn time too...

.RJ · 08-12-2004, 10:05 AM

Seeing the title of the thread, I thought maybe Jess finally released you from your shackles and cage in the backyard.

RJ - CC debt free since last year

**Chris** · 08-12-2004, 10:12 AM

now thats something to celebrate

**Mike** · 08-12-2004, 10:29 AM

<-- Has never had a CC

Congrats nonetheless Tongue

.RJ · 08-12-2004, 10:32 AM

CC's are good. Get one, build your credit, get the benefits but use them wisely....

**JackoliciousLegs** · 08-12-2004, 10:43 AM

.RJ Wrote:CC's are good. Get one, build your credit, get the benefits but use them wisely....

What the do to your credit is enough to get you a cell phone... and that's about it.

.RJ · 08-12-2004, 10:48 AM

JackoliciousLegs Wrote:What the do to your credit is enough to get you a cell phone... and that's about it.

Huh?

**JohnC** · 08-12-2004, 10:49 AM

.RJ Wrote:CC's are good. Get one, build your credit, get the benefits but use them wisely....

I'll hesitantly agree to this one... It was useful to have for a while, but I'd like to move on.

.RJ · 08-12-2004, 10:53 AM

If you dont carry a balance on it, you can get the benefits (cash back, frequent flyer, free gas, purchase protection, etc). Then there's the purchasing power (which is also a bad thing) if you have a few cards.

Although now that you own a house, the credit benefit becomes much less significant.

**JackoliciousLegs** · 08-12-2004, 11:02 AM

.RJ Wrote:
JackoliciousLegs Wrote:What the do to your credit is enough to get you a cell phone... and that's about it.
Huh?

Established credit from using a CC was not enough to get decent financing on a car. I figure you only really need credit for a car or a house.

.RJ · 08-12-2004, 11:05 AM

JackoliciousLegs Wrote:Established credit from using a CC was not enough to get decent financing on a car

Not true.

Its worked for me in the past and i'm @ 4.9% on the ITR. Income comes into play w/ car loans also... if you dont have a full time job (i.e. not seasonal) it will be tough.

**JohnC** · 08-12-2004, 11:09 AM

.RJ Wrote:If you dont carry a balance on it, you can get the benefits (cash back, frequent flyer, free gas, purchase protection, etc).

We actually get cash back on our USAA check card 8)

Quote:Although now that you own a house, the credit benefit becomes much less significant.

Yup - now I'm far less worried about canceling a CC and messing up credit ratings (primarily by skewing the used/available credit ratio)... Out they go!

**Mike** · 08-12-2004, 01:00 PM

Jack, wrongo. Credit rating is credit rating. Having a credit card and being good about it will help you for EVERYTHING that is based on your credit rating - cars, house, loans, whatever.

I want to get a CC, just haven't gotten around to it yet.

**JohnC** · 08-12-2004, 01:24 PM

JackoliciousLegs Wrote:
.RJ Wrote:
JackoliciousLegs Wrote:What the do to your credit is enough to get you a cell phone... and that's about it.
Huh?
Established credit from using a CC was not enough to get decent financing on a car. I figure you only really need credit for a car or a house.

<soapbox>
If you feel that you're not getting credit through no fault of your own, check your credit report! Clear up anything that might have been mis-reported. Look for discrepancies! I went for almost 6 months wondering why nobody would extend me credit (had to put a deposit on a cell phone plan, had to get a bond for an apartment, wasn't able to do the stupid 6 months same-as-cash thing when I bought a bed, couldn't get a loan for the truck, etc...) Turns out, a woman in California had decided to "borrow" my social security number, and ran up several thousand dollars worth of telephone charges - which were shown on *my* credit report. Took awhile to get that mess cleaned up, on my dime of course :x

Moral of that story is that credit is everything in today's consumer world. I spend $20 and check my reports at least a couple of times a year, especially before major purchases which require a loan (ie - WRX, and house). Sad, but you're the only person who *really* cares about your own credit - none of the agencies proactively look for problems or fraud.
</soapbox>

**Ryan T** · 08-12-2004, 02:43 PM

The times that I've used my credit card I've always made sure to have the cash on hand to back it up. I've used it to buy tires, mods for the teg, etc. My mother informes me all the time about how important it is to have good credit. Thats why whenever I buy high dollar items I use my credit card. I then pay it off with the first bill. That way I don't carry a balance. Also paying off loans early (done that twice) helps build your credit.

Sijray21 · 08-12-2004, 04:09 PM

MichaelJComputer Wrote:<-- Has never had a CC

Congrats nonetheless

just got my first one....$300 limit 11.9%apr...sux

but i'm starting to spend on it then paying it off

**Ryan T** · 08-12-2004, 05:07 PM

are you sure the limit is $300? That seems kinda low for a credit card limit.

Maengelito · 08-12-2004, 08:41 PM

JMULT1 Wrote:are you sure the limit is $300? That seems kinda low for a credit card limit.

initially, my credit limit was $500... now its $9000. shit. i am envious, john.

.RJ · 08-12-2004, 08:51 PM

Maengelito Wrote:now its $9000

That would buy you a lot of b00st Smile

bluhayz · 08-12-2004, 10:09 PM

I just recently got Citibank Dividends Platinum Select CC. I like it a lot... they give me online statements and let me check what's been charged so I can keep up to date with it. And Cash back after like I spend so much money. Only problem is CCs make it to easy to buy stuff. I think I've noticed that I spend a lot more because it's so easy. It's a double edged sword for sure.

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