Have a lot of credit card debt? You may be forgiven.

[WhoSayWho? 5,000+ posts]

I dont even own a credit card....not in the past 5 years. Its probably a dumb move on my part because it doesnt help my credit any.

I have an account, but I have not used it in years. My has a couple that she uses but pays off at the end of the month.

 

[Flipx99 5,000+ posts]

Pay off at end of the month is the way --- esp if you get rewards.

 

[snoopdan 5,000+ posts]

Yeah I should apply for one. I always get turned down for them though, so I havent bothered in about a year. And with the big gloom and dooom financial industry now, I doubt i'll ever get one.

 

[Flipx99 5,000+ posts]

I am looking for a 32" for my bedroom...while you are there, pick me up one

 

[LiquidClen 10+ year member]

my current balance on all 3 of my cards

 

[Flipx99 5,000+ posts]

my current balance on all 3 of my cards
That has to be the dumbest idea I have ever heard. How much interest do you pay each month?

 

[LiquidClen 10+ year member]

next to nothing

 

[IDSkoT 5,000+ posts]

Times like these, I wish I had a credit card.

 

[denalilvr 10+ year member]

That has to be the dumbest idea I have ever heard. How much interest do you pay each month?

actually if you pay off all your credit cards your credit score will be lower and you will have lower credit limit then the guy who pays just a little over the minimum..alot of people dont know this and are stupid and pay off everything..because think of it like this..the credit card company doesnt make any money off of you if you pay off everything at once..but make monthly payments and they love you and want you to buy more..so they give you higher credit limits plus gives you a better credit history cause it shows your making monthly payments for a certain amount of time rather then making 1 payment and thats it..

 

[bigbangtheory 5,000+ posts]

Well I wonder what my debt consolidator will say about this when I bring it up to him, lol!

Also I was putting food on the table with mine when I first moved into this new place as the move strapped me for money.

And also not trying to get a free ride, just don't want to pay the rediculious interest rates anymore.

Plus it helps having one bill, instead of like 9 through out the month.

 

[chunky cumz 10+ year member]

Well I wonder what my debt consolidator will say about this when I bring it up to him, lol!
Also I was putting food on the table with mine when I first moved into this new place as the move strapped me for money.

And also not trying to get a free ride, just don't want to pay the rediculious interest rates anymore.

Plus it helps having one bill, instead of like 9 through out the month.

thats repsectable.

everyone else, pay yo billz ninjas!

 

[Ignatowski 5,000+ posts]

I have zero debt,I pay my shit off every month to a balence of zero......

Phuckin deadbeats who over charge and live beyond thier means are ruining it

for legit hard working people who have control over thier spending...

PHUCK U DEAD BEATS

 

[Flipx99 5,000+ posts]

actually if you pay off all your credit cards your credit score will be lower and you will have lower credit limit then the guy who pays just a little over the minimum..alot of people dont know this and are stupid and pay off everything..because think of it like this..the credit card company doesnt make any money off of you if you pay off everything at once..but make monthly payments and they love you and want you to buy more..so they give you higher credit limits plus gives you a better credit history cause it shows your making monthly payments for a certain amount of time rather then making 1 payment and thats it..

Explain to me where, precisely, in the algorithm that creates the FICO score where paying interest is required for higher credit scores.

 

[denalilvr 10+ year member]

Explain to me where, precisely, in the algorithm that creates the FICO score where paying interest is required for higher credit scores.

your credit score is created from how many open debts you have, how long they been opened, and how up to date you are with your payments..if you buy something for $300 and completely pay it off the first month you get your bill..you have no track record..they look at it like this guy just came into some money and paid us off..but you have to prove you can do it continually over a long period of time..thats how you build trust with them and they can give you a higher limit and even upgrades to gold and platinum..if you paid it off at one time..where is the proof you can keep doing that? they dont know that you can..what they are going to wait for you to buy something big again? your not going to be buying expensive shit like that every week or month..thats how you build your credit..espcially if your a ghost, thats what lenders call people with no credit history..apply for a loan for around $500 even if you dont need it..and pay a few dollars over the minimum..so start creating a paper trail of your credit history..if you dont believe me watch susie orman

 

[Flipx99 5,000+ posts]

your credit score is created from how many open debts you have, how long they been opened, and how up to date you are with your payments..if you buy something for $300 and completely pay it off the first month you get your bill..you have no track record..they look at it like this guy just came into some money and paid us off..but you have to prove you can do it continually over a long period of time..thats how you build trust with them and they can give you a higher limit and even upgrades to gold and platinum..if you paid it off at one time..where is the proof you can keep doing that? they dont know that you can..what they are going to wait for you to buy something big again? your not going to be buying expensive shit like that every week or month..thats how you build your credit..espcially if your a ghost, thats what lenders call people with no credit history..apply for a loan for around $500 even if you dont need it..and pay a few dollars over the minimum..so start creating a paper trail of your credit history..if you dont believe me watch susie orman

Where, in that long rambling paragraph, does it require one to pay interest?

Store credit cards allow one to do this easily...keep the balance...and not pay interest. Those 12 mos no interest/no payments things. Divide the total price spent by 12...you keep the balance month to month and you don't pay interest. With a standard credit card, if you don't pay off the entire balance, you pay interest.

I do believe you...I am explaining another mechanism to accomplish the same thing without paying interest.