1. "I've seldom used mine until recently" In response to Reply # 0
and I only use a CC all the time now because I get airline miles.
It's always seemed like a trap to me and I've preferred to just use my debit card. When I do use my CC, I don't spend more money than I have, and I pay it off in full every month. I'm fortunate to be able to do that, but I've never thought "Fuck it, I'm gonna buy this thing anyway. Ill pay for it eventually."
12. "I've never thought of it as anything but money out of my pocket..." In response to Reply # 0
I pay almost everything with my CC including my rent (yeee Amazon points) and I pay it every month, never carrying a balance (so no interest ever). But I keep track of what I spend and I know what my usual monthly budget is. So it actually helps my spending habits because I see a hard number at the end of the month telling me what I spent.
It's actually bad to never have credit. The more credit you have and use, the better your credit rating will be. I request increases on my CC limits (I have two CCs) every couple of years and I get a couple thousand bump every time. I don't know what my FICO score is, but I think it's good.
24. "my old boss schooled me on this..." In response to Reply # 12
he used his Discover (I'm sure a pretty hefty limit, considering he was a independent business owner) for EVERYTHING. He said he used it for everything humanly possible...and then paid it off in full at the end of the month before interest was charged. he said keep your cash in the bank to earn interest as long as possible, use the card, then pay it off before you have to pay in interest on your purchases.
...cleaned up my act, made a few violent songs...but, they wack like Glen Rice with New Balance on - Sean Price
17. "If you want to build your credit then get a credit card" In response to Reply # 0
Its the quickest way to build up your credit score. You can get one of those secured lines of credit where your credit limit is based on your deposit, say like $200. Capital One has a good one. Keep your balance under 20% of your credit limit and pay all your bills on time. If you follow this formula and you don't have any charge offs or collections, you'll have excellent credit. Also don't apply for any credit that you don't need, i.e. department store charge cards and things like that.
22. "first, deposited one of those we will put" In response to Reply # 0
$2000 in your account today! checks sent to jobless college students which wanted to be paid back $100 a month mom was like deposit it and give me $500 ghost when the payments came due… eventual judgement
second, found out a high school friend used my info on a utility bill they let go unpaid and I did not name names when trying to contest it on my credit report… but 7 years like stated above
25. "Stopped reading statements and assumed the minimum going out was enough." In response to Reply # 0 Fri Jun-19-15 03:30 AM by TheAlbionist
Had a 5 year period in my 20s where I really couldn't be fucked with admin and figured since all my Direct Debits were set up, I didn't even need to open statements. Had a little balance, but was just servicing it with the minimum.
At some point during the credit crisis Barclays decided I wasn't worthy of my limit anymore so reduced it to BELOW what I already owed. Spent the best part of 18 months over my limit and still only paying the minimum due.
I reckon that must've fucked me up a bit, but managed to get through checks for a mortgage recently so I guess I've sorted it out since. Until the mortgage kicks in I'm debt free right now. Feels good.
26. "Nothing *knock wood*" In response to Reply # 0
My oldest sister effed up so badly, I still am scared to pull the trigger on stuff.
She declared bankruptcy at age 24 College credit card shams she had 15 and only a work study WHILE at HAMPTON. $MH ***************************************** . . . If I have something to say when there is a reason involved, I am perfectly willing to talk. Katherine Hepburn
32. "intentionally? charging up cards & not paying them on time" In response to Reply # 0
unintentionally? getting my car repossed when i didn't have the money to pay for it because I was laid off...and i chose eating over the car. Mind you, i TRIED hard with the bank to work out a plan but they was like "nah ask your parents for the money" and i got pissed and said "my parents are dead. why would you say that to me" and cried and they apologized and never called back. still took my car tho.