BarkingGhostar
Lifer
- Nov 20, 2009
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And being poor means BEING poor. Just because you want something doesn't mean you have a right to have it while being poor.A huge swath of Americans don't have $400 to cover an emergency...
And being poor means BEING poor. Just because you want something doesn't mean you have a right to have it while being poor.A huge swath of Americans don't have $400 to cover an emergency...
I don’t care what 9/10 people do (and I doubt that stat is accurate), but the other “1/10” people can still use the system to their advantage.Dave Ramsey says it perfectly in this video. 9/10 people with credit cards do not pay their balances off at the end of the month. People lie all the time.
And, Dave says it perfectly again. How are you developing wealth with your credit card again? You're not.
It's just how you do it. Many have no clue and will cancel older lines because they don't use them anymore. I have a BofA card from 1988 and pretty sure I'll still have that open until I drop dead. But at this point in my life it probably doesn't really matter.The whole "closing and opening accounts hurts your score" is completely overblown.
I don’t care what 9/10 people do (and I doubt that stat is accurate), but the other “1/10” people can still use the system to their advantage.
Enough Ramsey videos, seriously.
I was there. I wanted a CC and every time I applied they'd say I have no credit, so no soap. I kept applying and eventually was issued a card, obviously with a minimal credit limit. Once I had a card, I paid on time every time and eventually was able to get other cards.I'm 34, have no credit and have never owned a credit card, having always saved and used a debit.
What do I need to know? Which cards are best? What red flags are there to look out for?
Dave Ramsey says it perfectly in this video. 9/10 people with credit cards do not pay their balances off at the end of the month. People lie all the time.
And, Dave says it perfectly again. How are you developing wealth with your credit card again? You're not.
No one ever said you build wealth with your credit card. Here we flaunt our wealth with our credit cards.Dave Ramsey says it perfectly in this video. 9/10 people with credit cards do not pay their balances off at the end of the month. People lie all the time.
And, Dave says it perfectly again. How are you developing wealth with your credit card again? You're not.
It depends on the situation. The hit isn't going to hurt you because there is no difference between 750 and 830. But someone just above 720 cancelling a card will drop out of the excellent credit zone.I open 1-3 cards per year and cancel 1-3 cards per year when the annual fee comes up, and my score has been lingering around 830 for the past decade. Whenever I try to tell friends to get into the credit card game to save thousands of dollars a year on flights, they are always shocked to hear I cancel cards and are like 'doesnt it hurt your credit score?'.
My response is that I don't care because it's so temporary and my credit is already high, and when I open cards I get like $15k limits.
The whole "closing and opening accounts hurts your score" is completely overblown.
For like a couple weeks. Then it goes right back up. So who cares.It depends on the situation. The hit isn't going to hurt you because there is no difference between 750 and 830. But someone just above 720 cancelling a card will drop out of the excellent credit zone.
Again, it depends. This kind of advice is geared towards the average consumer, and it sounds like that's not you. If you (like me) are churning cards and have lots of lines of credit with long histories, closing an account is not going to have a big impact. If you're a person with two credit cards and you close your oldest, largest line, you might see a big difference.For like a couple weeks. Then it goes right back up. So who cares.
For like a couple weeks. Then it goes right back up. So who cares.