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View Poll Results: Credit card debt
None to $100 31 43.06%
$100 to $500 4 5.56%
$500 to $1500 8 11.11%
$1500 to $3000 7 9.72%
$3000 to $6000 6 8.33%
$6000 to $10000 8 11.11%
$10000 to $15000 0 0%
$15000 to $30000 4 5.56%
$30000 to $50000 3 4.17%
over $50000 1 1.39%
Voters: 72. You may not vote on this poll

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Old 06-19-2006, 09:05 AM   #21
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We have one credit card with maybe $60.00 on it....I think I charged something a couple weeks ago....lol.

We owe about 30K on our mortgage,and about 15K for two car loans.
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Old 06-19-2006, 09:14 AM   #22
 
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I recently paid off all my credit cards (yay). I only use them each once a month and then pay it off entirely, because it's good for credit reporting purposes. I dont have any other debt except for some student loans, but the payment isn't really onerous or anything. I've thought about paying them off, but did some math and realized I'm making more money on my investments than the interest on my student loans is costing me, so it's smarter for me to do what I'm doing.

I got SCREWED by my ex-husband when we got divorced and he stuck me with a lot of credit card debt that shouldn't have been mine. It was really hard to dig myself out of the hole he created, but I did it, so I'm happy.
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Old 06-19-2006, 09:21 AM   #23
 
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Quote:
Originally Posted by velvet paws
I recently paid off all my credit cards (yay). I only use them each once a month and then pay it off entirely, because it's good for credit reporting purposes. I dont have any other debt except for some student loans, but the payment isn't really onerous or anything. I've thought about paying them off, but did some math and realized I'm making more money on my investments than the interest on my student loans is costing me, so it's smarter for me to do what I'm doing.

I got SCREWED by my ex-husband when we got divorced and he stuck me with a lot of credit card debt that shouldn't have been mine. It was really hard to dig myself out of the hole he created, but I did it, so I'm happy.
Paying it off entirely every month doesn't help your credit. (Doesn't hurt but doesn't help.) Carrying a small balance can help it, though, as long as you pay at least the minimum and do so on time. if you pay it off every month, you are not running a line of credit and nothing is reported.
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Old 06-19-2006, 09:24 AM   #24
 
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I am not so sure about that. Before I bought my first house, I lived in apartments, paid my bills on time, and paid all my credit cards off each month. I never carried a balance. I had no problem getting a mortgage, and my credit rating was fine.
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Old 06-19-2006, 09:26 AM   #25
 
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We don't ever carry a balance on our credit cards. We love using our cards because we get 5% cash back on gas, groceries and drug store purchases. Also we get 1 1/2 % cash back on all other purchases. As long as you are disciplined to only buy what you can afford, and pay your balance off every month, it works to your advantage. That gives us about $600 extra a year
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Old 06-19-2006, 09:32 AM   #26
 
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Originally Posted by SuZen
I am not so sure about that. Before I bought my first house, I lived in apartments, paid my bills on time, and paid all my credit cards off each month. I never carried a balance. I had no problem getting a mortgage, and my credit rating was fine.
Utilities and apartments don't count toward credit...only negatively if you get sent to collections or if you get evicted.

Did you ever finance a car? Or have a student loan or anything else?

Just starting a line of credit (even if you pay it every month) will give you a positive credit score. But it won't be as high if you successfully run a line or two of credit.

Yeah, it doesn't take much to qualify for a home loan, especially new builds. But I need my credit score to be higher than the average person because I buy investment property, too. And I probably wouldn't qualify for that if I had an almost blank credit report. But a skimpy report is definitely better than a 'bleeding' one.
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Old 06-19-2006, 09:40 AM   #27
 
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Nope, never had a car loan or student loan. No loans except the morgage. It wasn't a new build -- it was about 70 years old at that time.

This was in the early 80s when inflation was high and it wasn't easy to get a loan. I had a very sizeable down payment, which probably was a help, but the loan officer at the bank said my credit was good.
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Old 06-19-2006, 09:50 AM   #28
 
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Quote:
Originally Posted by spiderlashes5000
Quote:
Originally Posted by velvet paws
I recently paid off all my credit cards (yay). I only use them each once a month and then pay it off entirely, because it's good for credit reporting purposes. I dont have any other debt except for some student loans, but the payment isn't really onerous or anything. I've thought about paying them off, but did some math and realized I'm making more money on my investments than the interest on my student loans is costing me, so it's smarter for me to do what I'm doing.

I got SCREWED by my ex-husband when we got divorced and he stuck me with a lot of credit card debt that shouldn't have been mine. It was really hard to dig myself out of the hole he created, but I did it, so I'm happy.
Paying it off entirely every month doesn't help your credit. (Doesn't hurt but doesn't help.) Carrying a small balance can help it, though, as long as you pay at least the minimum and do so on time. if you pay it off every month, you are not running a line of credit and nothing is reported.
I was told it was unnecessary to carry a balance, because your payment record is what is reported to credit agencies.
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Old 06-19-2006, 10:05 AM   #29
 
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Quote:
Originally Posted by velvet paws
Quote:
Originally Posted by spiderlashes5000
Quote:
Originally Posted by velvet paws
I recently paid off all my credit cards (yay). I only use them each once a month and then pay it off entirely, because it's good for credit reporting purposes. I dont have any other debt except for some student loans, but the payment isn't really onerous or anything. I've thought about paying them off, but did some math and realized I'm making more money on my investments than the interest on my student loans is costing me, so it's smarter for me to do what I'm doing.

I got SCREWED by my ex-husband when we got divorced and he stuck me with a lot of credit card debt that shouldn't have been mine. It was really hard to dig myself out of the hole he created, but I did it, so I'm happy.
Paying it off entirely every month doesn't help your credit. (Doesn't hurt but doesn't help.) Carrying a small balance can help it, though, as long as you pay at least the minimum and do so on time. if you pay it off every month, you are not running a line of credit and nothing is reported.
I was told it was unnecessary to carry a balance, because your payment record is what is reported to credit agencies.
It isn't necessary to carry a balance, but Spider is right. Carrying a balance will raise your credit score and take it from good to great. Hubby and I were looking into buying a house a couple of years ago and when our lender pulled our credit reports, one of the comments next to my scores was lack of use against revolving credit cards. I was shocked because I'd always thought that was a good thing. The bank told me that I need to charge something every now and then to keep my credit as high as possible.
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Old 06-19-2006, 10:15 AM   #30
 
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So, just usage is ok? I use each of my three cards every month. I just don't carry the balance from month to month. I feel confused now lol (I need coffee).
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Old 06-19-2006, 10:24 AM   #31
 
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Quote:
Originally Posted by velvet paws
So, just usage is ok? I use each of my three cards every month. I just don't carry the balance from month to month. I feel confused now lol (I need coffee).
If your score is high, don't change anything. But yeah, the occasional charge and the occasional balance roll over can be good. Just don't charge high amounts or advance yourself cash. And don't ever miss a payment. Also don't apply for lots of credit unnecessarily and don't open or close any accounts within 4 months of applying for credit.
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Old 06-19-2006, 10:34 AM   #32
 
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Quote:
Originally Posted by spiderlashes5000

If your score is high, don't change anything. But yeah, the occasional charge and the occasional balance roll over can be good. Just don't charge high amounts or advance yourself cash. And don't ever miss a payment. Also don't apply for lots of credit unnecessarily and don't open or close any accounts within 4 months of applying for credit.
Gotcha. I'll try to do that every once in a while. Good advice, thanks
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Old 06-19-2006, 11:03 AM   #33
 
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I have a debit card for my account and DH's account and every store card known to man. I pay off everything every month. My parents were freaking out when I got my first one and thought I would go crazy, but I have never charged more than I could pay off in full in a month. Now, my hubby has a big ass TV and a bowflex on his credit card but those aren't very high payments and have almost no interest (military), so I don't even care about those.
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Old 06-19-2006, 11:17 AM   #34
 
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Same here. We put most things on our cards (to get flights) and then pay them off every month. So while there might be a few thousand on them at some point in the month, they'll be at zero again by the new cycle. We don't carry a balance, ever.
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Old 06-19-2006, 11:22 AM   #35
 
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i voted. i've got a huge amount of credit card debt.
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Old 06-19-2006, 11:46 AM   #36
 
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I'm in debt up to my eyeballs, tho I'm not at the highest levels in the poll thank goodness. Well not yet anyway!
2 divorces, working on houses and cars, things falling apart at inopportune times, treating myself for putting up with my job and family. I never have problems getting loans at the lowest interest rates, I make more than the minimum credit card payments, I have very low interest on the cards, so I don't really worry about it.
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Old 06-19-2006, 04:10 PM   #37
 
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Fortunately I have no credit card debt. I only charge what I will pay off when the statement arrives. And I have a cashback card so I get a percentage back of everything I spend. Granted it's a small percent but every little bit helps.

Now student loans on the other hand...that totals to about $9,000.
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Old 06-19-2006, 06:13 PM   #38
 
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No debt. I was fortunate enough to get a scholarship to pay for school, my parents bought me a relatively inexpensive car for college graduation (no financing), I don't own a house, and I've never had a credit card.

The idea of major credit card debt scares me. (No offense intended to those who do have it.)
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Old 06-19-2006, 06:23 PM   #39
 
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1 card, little to no debt.

if i'm regularly maxing out my credit card, there is a problem.
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Old 06-19-2006, 06:27 PM   #40
 
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Quote:
Originally Posted by spiderlashes5000
Quote:
Originally Posted by velvet paws
So, just usage is ok? I use each of my three cards every month. I just don't carry the balance from month to month. I feel confused now lol (I need coffee).
If your score is high, don't change anything. But yeah, the occasional charge and the occasional balance roll over can be good. Just don't charge high amounts or advance yourself cash. And don't ever miss a payment. Also don't apply for lots of credit unnecessarily and don't open or close any accounts within 4 months of applying for credit.
the bolded has been key for me. i never do cash advances. i let my balance roll over everyonce in a while, but i plan to pay it in full. i also never miss payments.

i can handle 200 dollars of debt, i figure.
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