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Poll: 3,000 dollars in checking, 2,000 dollars in CC Debt

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PAY IT OFF! It's easy to let your debt and credit get worse and worse. At 20, I didn't think I would, but I did. I wish I could go back and pay my debt down to $0 at 20. Do it for me!
 
Originally posted by: mugs

You're borderline retarded for even having to ask, which makes me wonder how you managed to get an internship making $40 an hour.
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This made me laugh...as I was thinking nearly the same thing.
 
Originally posted by: royaldank
Not really worried about credit score, i'm at 716 right now... I also send all my monthly utility bills to the CC and pay them off at once using the CC.
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You are carrying around CC debt that includes utility bills? Oh my.
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I use my CC to pay utility bills. Then I just pay the CC bill.

Might as well earn some CC perks for necessities of life. 😛
 
get another card with a 0% transfer rate.

transfer the debt to that card.

pay it off nice and easy over 9/12 month period
 
Originally posted by: minendo
Originally posted by: royaldank
Not really worried about credit score, i'm at 716 right now... I also send all my monthly utility bills to the CC and pay them off at once using the CC.
Click to expand...

You are carrying around CC debt that includes utility bills? Oh my.
Click to expand...

I use my CC to pay utility bills. Then I just pay the CC bill.

Might as well earn some CC perks for necessities of life. 😛
Click to expand...

I think he was more making a point of carrying debt on utility bills more than actually paying the utility bills with your CC.
 
Originally posted by: minendo
Originally posted by: royaldank
Not really worried about credit score, i'm at 716 right now... I also send all my monthly utility bills to the CC and pay them off at once using the CC.
Click to expand...

You are carrying around CC debt that includes utility bills? Oh my.
Click to expand...

I use my CC to pay utility bills. Then I just pay the CC bill.

Might as well earn some CC perks for necessities of life. 😛
Click to expand...

Same -- as a result, I'm on pace to have enough airline miles to go to Hawaii for Christmas. 😉
 
Originally posted by: minendo
Originally posted by: royaldank
Not really worried about credit score, i'm at 716 right now... I also send all my monthly utility bills to the CC and pay them off at once using the CC.
Click to expand...

You are carrying around CC debt that includes utility bills? Oh my.
Click to expand...

I use my CC to pay utility bills. Then I just pay the CC bill.

Might as well earn some CC perks for necessities of life. 😛
Click to expand...

I understand doing things like that. I was just saying if his $2K CC debt right now includes past utility bills then I'm amazed anyone would do that without it being a last resort.

If you are carrying over debt month to month that includes cable/utility/etc then you probably need to review your money situation.
 
Originally posted by: Sultan
get another card with a 0% transfer rate.

transfer the debt to that card.

pay it off nice and easy over 9/12 month period
Click to expand...


Do one better and get one that offer you 0% for life of the loan. While you're at it, get one that willing to deposit to your checking account too. Upward of 10K limit is even better 🙂
 
Originally posted by: royaldank
Originally posted by: minendo
Originally posted by: royaldank
Not really worried about credit score, i'm at 716 right now... I also send all my monthly utility bills to the CC and pay them off at once using the CC.
Click to expand...

You are carrying around CC debt that includes utility bills? Oh my.
Click to expand...

I use my CC to pay utility bills. Then I just pay the CC bill.

Might as well earn some CC perks for necessities of life. 😛
Click to expand...

I understand doing things like that. I was just saying if his $2K CC debt right now includes past utility bills then I'm amazed anyone would do that without it being a last resort.

If you are carrying over debt month to month that includes cable/utility/etc then you probably need to review your money situation.
Click to expand...

Whoa, calm down friend. I have enough money to pay my utility bills every month, the only reason why I threw them on my CC was to a.) earn the perks and b.) pay one bill a month. The reason why my balance is so large is largely attributable to Auto Repairs and University Books.

You're borderline retarded for even having to ask, which makes me wonder how you managed to get an internship making $40 an hour.
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I was only asking to see what the general consensus was. Clearly I was already planning on going that route if I posted it as the solution...
 
Originally posted by: TurtleMan
Originally posted by: Doboji
You're building credit... go get some cashiers checks in a way that the amount will be paid off over the course of 6 months... and then proceed to use the card in a controlled amount from then on, so that you always carry a light balance, and always make payments on time.

This will lead you to having good credit upon graduation, and entry into the real world. Paying it off doesnt help your credit...

-Max
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word word ;D that's how i sees it too
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getting raped in interest is not building credit...it is wasting money.

having a balance on a card is never good.
 
Originally posted by: pmoa
Originally posted by: jumpr
Originally posted by: Doboji
You're building credit... go get some cashiers checks in a way that the amount will be paid off over the course of 6 months... and then proceed to use the card in a controlled amount from then on, so that you always carry a light balance, and always make payments on time.

This will lead you to having good credit upon graduation, and entry into the real world. Paying it off doesnt help your credit...

-Max
Click to expand...
Bullsh!t. My credit score is well over 700 and I'm a 20-year-old college student who has never carried a balance on any of my two credit cards. I have an AMEX Blue Cash card with a $5500 limit, and a BankOne.com card with a $5000 limit. I've never carried a balance on either. The trick to building credit is to a) pay your bills on time, b) have a good debt-to-credit ratio and c) have your accounts open as long as possible...the longer you've had available credit, the better.

Carrying a balance will NOT help your credit score, and it's a complete myth fabricated by credit card companies to get people to start paying interest at a young age.

:|
Click to expand...

:thumbsup: pwned
Click to expand...



😱 well umm I guess I was wrong... thats what I had heard... but nonetheless I'm amazed at how a 20 year old managed to build a good credit history in 2 years time. Care to elaborate?

-Max
 
Pay off no less than half of it right now. The interest will eat you alive, as it probably has been doing already.

And unless you have some kind of sweet rewards program, stop charging your bills to the CC!
 
Originally posted by: AccruedExpenditure
You're borderline retarded for even having to ask, which makes me wonder how you managed to get an internship making $40 an hour.
Click to expand...

I was only asking to see what the general consensus was. Clearly I was already planning on going that route if I posted it as the solution...
Click to expand...

You didn't post it as the solution, you posted it as a question.

See:
Should I pay off my CC debt?
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If you already knew what you were going to do, you were apparantly only posting to brag about your internship. Thanks for the info.
 
Originally posted by: jyates
My rule of thumb is to always pay off all debts as fast as I can without
leaving myself without some emergency cash reserves.

You know......those "rainy days you need money for"...........
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He should pay it all off.
That way he's not paying interest and he can still use the card as an emergency reserve.
 
Why would you not pay it off? If you need more money to buy something after that, that's what the CC is for anyway. Why would you not pay it off assuming it's getting a hell of a lot higher interested charged on it than you make in your checking account which is probably 0.
 
Depends on the APR, and whether you'll run the CC balance back up like the typical college student or RossMAN. 😛
 
Definite Shens on the $2100 after taxes. That's well over $40 an hour, for an intern I'm callin BS unless it's for some small-ass company that interning doesn't do any good for anyways. The point behind interning is to establish yourself so other companies recruit you in the future based upon the companies you interned for in the past.
 
Originally posted by: Doboji
Originally posted by: pmoa
Originally posted by: jumpr
Originally posted by: Doboji
You're building credit... go get some cashiers checks in a way that the amount will be paid off over the course of 6 months... and then proceed to use the card in a controlled amount from then on, so that you always carry a light balance, and always make payments on time.

This will lead you to having good credit upon graduation, and entry into the real world. Paying it off doesnt help your credit...

-Max
Click to expand...
Bullsh!t. My credit score is well over 700 and I'm a 20-year-old college student who has never carried a balance on any of my two credit cards. I have an AMEX Blue Cash card with a $5500 limit, and a BankOne.com card with a $5000 limit. I've never carried a balance on either. The trick to building credit is to a) pay your bills on time, b) have a good debt-to-credit ratio and c) have your accounts open as long as possible...the longer you've had available credit, the better.

Carrying a balance will NOT help your credit score, and it's a complete myth fabricated by credit card companies to get people to start paying interest at a young age.

:|
Click to expand...

:thumbsup: pwned
Click to expand...



😱 well umm I guess I was wrong... thats what I had heard... but nonetheless I'm amazed at how a 20 year old managed to build a good credit history in 2 years time. Care to elaborate?

-Max
Click to expand...

Well, a good credit score doesn't not necessarily mean you'll just get any loan you apply for, because lenders will consider the history too. Also, iirc from looking at my scores awhile back, even with a score in the 700s, you'll find that many, many people have credit that good or better. Using Score Power from equifax I found a score in the 700s to be right about the middle of the spectrum. Pay bills on time and don't carry a big balance and you'll be fine, but don't confuse a good credit with an above-average score.
 
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