Credit Cards

Subject: Credit Cards Fri 22 Dec 2006, 8:34 am

answer by ticking boxes
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Vicki

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Subject: Re: Credit Cards Fri 22 Dec 2006, 8:36 am

We have a ton of credit cards with balances right now. 4 years ago we had none. We were told we needed them to build our credit back up. Needless to say that got out of hand. The first of the year and I will start paying off. I have my list and will be checking them off as they are paid off.
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Vicki

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Subject: Re: Credit Cards Fri 22 Dec 2006, 10:33 am

we have 4 which ( Thank God ) have nothng on them Each of us keeps 2 there our emergency money we buy something and pay it off....immediatley
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Gayla

"They take great pride in making their dinner cost much; I take my pride in making my dinner cost so little."

---Henry David Thoreau (1817-1862)

Very Valuable Member Joined : 12 Oct 2006 Posts : 460

I have two. One has a balance as of this minute and one doesn't. When it comes in the last week of December, I will pay off the balance & be free and clear for New Year's eve/day!! Yay!! But....I already have plans to book another Disney Trip in January(for August) and there's some hand cream at crabtree and evelyn I've been wanting...so,hhhhmmmmmm. silent

Subject: Re: Credit Cards Fri 22 Dec 2006, 1:05 pm

I said 11-13.
I've got so many cards - when I can get a discount, I open a card. Only 1 of them has a balance on it.

Heck, I have 3 Chase cards. One with rewards, one with low balance, and one for Buy.com (I got 30% off my order, I couldnt pass it up).

Many of my cards, I dont even have the cards in my purse. My plans are to start closing alot of them that I dont use.

~M
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"It is not how much money you make - it is how you spend it."

Subject: Re: Credit Cards Fri 22 Dec 2006, 4:17 pm

Use a debit card here, no credit cards nor will I ever have one again. We are rebuilding our credit by paying off our car. It truly is easier to say no to purchases if your only plastic is directly connected to your bank account Wink

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Subject: Re: Credit Cards Fri 22 Dec 2006, 6:23 pm

Just one here, rarely used anymore, just the odd emergency. I like to keep it just in case.
I'm happy to say, for now, that any purchases are bought and paid for from our 'own' money.
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~ LESS IS MORE ~

Subject: Re: Credit Cards Fri 22 Dec 2006, 9:54 pm

Just out of curiosity,,but why do you need so many credit cards,,like 11-13?Dosent that take alot of extra money of charges etc?..Hope I dont seem nosey or bossy,,,Im not sure why so many,,when a Visa and Mastercard would be subvise...or am I crazy. Smile

Subject: Re: Credit Cards Fri 22 Dec 2006, 11:36 pm

ours are Mastercard and Visa and one is for gas and the is our American Express ...
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Gayla

"They take great pride in making their dinner cost much; I take my pride in making my dinner cost so little."

---Henry David Thoreau (1817-1862)

Subject: Re: Credit Cards Sat 23 Dec 2006, 12:19 am

We have no plastic. There have been times when we wished that we had a credit card for emergencies, but we have survived so far and we would be very nervous about paying off that debt.
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MARY

Subject: Re: Credit Cards Sat 23 Dec 2006, 8:22 am

Donna don't feel like you are being nosey. We have a ton of them between the 2 of us. The cards are either in my name or dh's name. We filled out a bunch of applications at one time and well the result was getting an enormous amount of cards. We are working on paying them off and then closing them.
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Vicki

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Subject: Re: Credit Cards Sat 23 Dec 2006, 8:57 am

Unfortunately, all 11-13 are in my name, and my name only. Not one of them has a yearly fee, and I dont use any of them except the one with 0% financing (and rewards).
I had about 3 or 4 with balances at one time, so I put them all on one card with 0% financing. When that one expired (before the balance was paid off), I switched to another one with 0% financing. The problem is, I havent cancelled any of the cards. I want to do that this year though.

I also opened up a Kohl's charge this Christmas to get money off of my dad's gift (I ended up saving $40, I think it was), and I opened a Kirkland's card last year because I got 10% off for items I bought gifts for last year. And then buy.com, I got it because it was 30% off the order. I will close that one as soon as I find the card (I got it, but have no clue where it is at).

According to Suze Orman, when you are young, it is good to keep an old card, so I have my first credit card I ever got from a company. I havent used it in over 6 years. I should just cancel it.

I have Visa, Mastercard and Discover.
The last I checked (about 2 months ago), my credit score is 780. Even out of college (age 21 - just 3 years after I got my first card), I qualified to get my car with 0% financing for 5 years with no problems at all, and no co-signers. At the time, you had to have a credit score of 700 to get that. I thank the responsible uses of my credit cards for these scores that have enabled me to get my car, and my house (at a low fixed rate)...all within a year of being out of college.

However, as I mentioned, it is my goal to close many of the accounts this year. I would like to keep just 2 or 3 (Kohl's, Kirklands, Chase Rewards). Another goal is to pay off the Chase by September (when the 0% promo runs out).
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"It is not how much money you make - it is how you spend it."

Subject: Re: Credit Cards Sat 23 Dec 2006, 9:01 am

PS I also have a debit card (actually two).
We opened an account that pays you to use your debit card ($0.10/transaction). It also pays us to use online BillPay ($0.05/transaction). This will be our main card until his credit card debt and mine are both paid off.

It is even better than most of the rewards cards we have ... because you have to spend so much money to get anything! With this, we get money back when we use it. I got $0.10 for the $2.97 lunch I had at Wendy's the other day. That is 3.5%!

~M
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"It is not how much money you make - it is how you spend it."

Subject: Re: Credit Cards Sat 23 Dec 2006, 5:14 pm

I forgot debit card we have one for our account I have one for my Account and DH has one for his account and I think he has one for the busines account ..
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Gayla

"They take great pride in making their dinner cost much; I take my pride in making my dinner cost so little."

---Henry David Thoreau (1817-1862)

Subject: Re: Credit Cards Sat 23 Dec 2006, 8:11 pm

We have a debit card for our checking account also.
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Vicki

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