radio question of the day: 11/13/06

jenny82

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I have a Mastercard that gives me 1% cash back on all purchases and 5% cash back on gas station, grocery store, and drug store purchases. I also have a Visa card with a very low interest rate that is set aside for emergencies only. I cut up and closed all my retail cards such as VS, Express, Target, etc.
 

katiemae1277

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None, I got myself into some bad debt (that I am still trying to get out of
) and will never have another one if I can help it
 

sarahbeez

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I have waaaaaaaaaaaaaaaaaaaaay too many credit cards!!!!

The majority of them don't have balances because I never really use them or I can pay them off each month. But I do have three (all Visa- Borders, Amazon, and a generic one) that I owe a lot on... but I'm working on that!


Isn't it evil how FAST you can rack up a HUGE credit card bill and then it can take you years to pay it off
 

eilcon

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I have a M/C but I usually only use it for traveling (hotel, plane reservations, etc...) and the occasional cat emergency.
 

gemlady

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Have one (joint account with Mom) and am paying it off, sloooooooooooooowly but surely.
 

emily_325

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I have one Visa that I will probably cancel soon because I never use it. Another Visa that I put all my plane tickets, large purchases, etc on. It was 0% interest, but that just ended. It's still low though.

I also have a couple of store credit cards in my wallet that now that you mention it I should cancel too.
 

mirinae

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Originally Posted by katiemae1277

None, I got myself into some bad debt (that I am still trying to get out of
) and will never have another one if I can help it
I have one credit card that I'm using -- responsibly -- to rebuild my bad credit. Aside from my student loans (which, because of the rate at which I'm required to pay them, I will likely never pay off) I don't have any debt, but I got very careless with my credit cards a few years ago and am now trying to claw my way out of "bad credit hell." Ideally my credit will be good (or at least not bad) in time for us to start looking at buying our first home ... *sigh* In the meantime, I just have my M/C.
 

babyharley

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I have... my Visa debit card, my Visa credit card, Victorias Secret, Best Buy (I put my computer on that, when its payed off, I'll be cancelling it) and Slumberland (I got that 2 years ago to actually get myself some credit - I had no credit and needed a card to get myself some good credit, so I got my furniature on that, but I paid it off the next day with my tax refund! I just have it now, just because, I never use it tho.)
 

MoochNNoodles

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I have several cards....most are not used at all anymore. DH and I have spent the last 2 years paying off, and I'm not kidding here, around $25,000 in CCard debt. It has been no fun whatsoever to put almost every single cent I've made into that. So basically we buy with cash now. CCards are for emergencies only!
 

trouts mom

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I only have a VISA..balance of $0..

I used to have like 4 cards in college and maxed them all out
..Thank god thats behind me..
 

sarahbeez

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Originally Posted by MoochNNoodles

I have several cards....most are not used at all anymore. DH and I have spent the last 2 years paying off, and I'm not kidding here, around $25,000 in CCard debt. It has been no fun whatsoever to put almost every single cent I've made into that. So basically we buy with cash now. CCards are for emergencies only!
I'm scared to find out how much I've spent over the years!



Does everyone cancel their cards they don't use?????



Despite having loads of debt I have really good credit, mainly because of how I pay my bills. In fact this is the main reason we were able to buy our house. I had the credit score, he had the cash
But when we were going through all of that, our mortgage lady told me that it's good to have credit cards open with a low- or no balance. Basically it increases the overall amount of credit you have available to you, when combined with low- to no balances you have a low percentage of debt to credit ratio. Is that right?
I think I explained it right. Anyway- it's how I've always done things, and it makes sense to me so I'll continue to do it, but I'm just curious if anyone else has this same theory....
 
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