whoa! I have *credit*

[erub]

i have one, my parents and I split up the charges when the bill comes (my mom pays what she thinks is necessary, gas and food, and I pay the "wasteful" stuff). We always pay off the whole thing, and I will continue to do this once I begin to build my own credit (17 now)

 

[flot]

UrinalMint - Sorry, let me rephrase that.. my POINT was that no matter what kind of credit mishaps you manage to get yourself into, nothing is more important than making on time payments, no matter what. Even if you owe $10,000 and you figure there's no way you can ever pay it back - making those $200/month payments on it will keep your credit record looking reasonably good and keep you from getting screwed over later in life.

 

[Emulex]

I run my car up to 6000 every once in a while on spending splurges. I have $1000/month of income available per month to pay back my card. At 9% interest, they only make like $30-40 month in interest. Its not too bad. $30 is one night out.

It's nice to be able to buy whatever the hell i want, when i want it. You just have to have the cash flow to pack it back in full in 4-6 months, you won't have a problem.

 

[AaronP]

Stefan wrote:
"I will make sure that I will not make purchases that I 100% know I will have cash for."
---

LOL that's what I said. hehe, I don't think credit cards are evil, I think they are a great tool to have. And don't worry about paying it off in full every month, if you carry a balance of a couple hundred bucks thats no big deal, the interest is neglidgable until you start getting into the thousands.

I owed about 4000 in credit card bills when they were at their highest. I didn't mind too much though, after a big balance transfer, the interest was only about 20 bucks a month. And the stuff I bought with it was all tangible goods, computer, stereo equipment. No expensive meals or movies or anything.

Anyways, I've been paying it off pretty quickly, and am down to about 1500 bucks in debt now. That's nothing at all, esp since I have no car payment, and don't have to pay rent. However I do pay for school with is about 1600 a semester. It'll be nice when the CC is paid off, and I don't have to devote any portion of my paychecks to paying it off!

 

[AaronP]

BTW, my first card in 1998 had a 500 dollar limit. Now, I have 3 cards and my total credit limit is 20,500 dollars. LOL. Whatever you do, don't miss a payment, and if you do happen to miss a payment, make sure you make up for it before it becomes 45 days late.

They don't put anything negative on your credit report until you're 45 days late. I learned that from a loan specialist at the bank who came to speak to one of my classes.

 

[Viper22]

$500 is what i started out with. Now i have over $13000 in available credit to use if i need to. I only use 1 card and I pay off the entire balance every month no matter how much it is.

My credit rating now after being responsible with those and with having my new car is very high. Ive got offers coming in for 9.9% Fixed permanant. As everyone else said here be responsible with it and dont screw up your credit. It takes a long time to fix it.

Viper22