Community Chat

[gertrudecloset]

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@FatCatinCT wrote:

I buy everything on my credit card, pay the bills I can with it as well to rack up air miles and cash back.  I pay them off in full every month so no interest is ever paid.

If money is tight, I just don't buy that month but money is normally ever an issue, thankful for that.

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@FatCatinCTyou still do that even with covid?   I've read a lot of people having difficulty meeting their expenses since covid so they are relying on their credit cards.  In other words, borrowing from Peter to pay Paul.  I do know this is going on.   Different strokes.....

[FatCatinCT]

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@gertrudecloset wrote:

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@FatCatinCT wrote:

I buy everything on my credit card, pay the bills I can with it as well to rack up air miles and cash back.  I pay them off in full every month so no interest is ever paid.

If money is tight, I just don't buy that month but money is normally ever an issue, thankful for that.

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@FatCatinCTyou still do that even with covid?   I've read a lot of people having difficulty meeting their expenses since covid so they are relying on their credit cards.  In other words, borrowing from Peter to pay Paul.  I do know this is going on.   Different strokes.....

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@gertrudecloset 

[gertrudecloset]

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@FatCatinCT wrote:

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@gertrudecloset wrote:

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@FatCatinCT wrote:

I buy everything on my credit card, pay the bills I can with it as well to rack up air miles and cash back.  I pay them off in full every month so no interest is ever paid.

If money is tight, I just don't buy that month but money is normally ever an issue, thankful for that.

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@FatCatinCTyou still do that even with covid?   I've read a lot of people having difficulty meeting their expenses since covid so they are relying on their credit cards.  In other words, borrowing from Peter to pay Paul.  I do know this is going on.   Different strokes.....

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@gertrudecloset 

Yes, both my husband and I are retired.  I get a pension and social security, he has his 401k and annuities.  He plans to file for social security, God willing, at 70. (we are both 63  I retired at 44, work related medical issue and he at 59 1/2 when he had access to his 401k) In answer, the pandemic has not had any effect on our financial situation. 

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Yeah @FatCatinCT I'm not talking about your personal info.  I'm just talking about travel during Covid.  Not much of that can be done during Covid.....that's what I'm talking about.

I'm retired too but I'm not travelling anywhere until Covid is under control.

[FatCatinCT]

@gertrudecloset 

oh no, not much travel at all.  Amazon is my best friend, lol

I go to the market every couple of weeks and see my grandchildren as they live close by and are little ones.  

Building up the air miles for when we CAN travel.  

[novamc1]

@gertrudecloset 

i know this is like trying to shovel sand against a tide of erroneous information, but you said this::

<<Nope, no, nada! @novmac 

First, the bank who issues your card in conjunction with either MasterCard, or Visa doesn't owe you a thing.  They are lending you money by giving you a credit line.  You don't get to dictate how they run their money making business.  When you pay off your balance every month, after month, each month, all your life (I doubt anyone does this with a credit card anyway) it will appear to the credit bureaus that

"Your FICO Score was hurt because you are not currently demonstrating active revolving credit management.”

You figure out the rest.  Good luck!>>

Our very good credit score is due to the fact that we use a small percentage of the available credit limits on our three major credit cards,  and we have never been late on a payment, and we pay them off in full.  These facts are confirmed, numerically, on our credit reports issued by each card company and the credit reports issued by the three major credit bureaus.

There was one occasion when a major card issuer lowered our credit limit somewhat, and said it was to protect the account in the event it was ever hacked.  No sense having a high but rarely tapped credit limit that a crook could tap into.  Our credit limit on that card is still much higher than the amount we're likely to charge on it, ever---certainly not as long as we put just about everything in two other cards that pay rebates.

Some readers should know that your advice doesn't conform to  well-publicized financial wisdom of experts.  No one needs to service a loan or have  "revolving credit" to keep their cards and a mutually beneficial relationship with their credit card companies.

Neither my husband nor I have ever taken out  a car loan in our lives.We paid off our mortgage early years ago.

No one is complaining or taking back our credit cards.  They still  seem to welcome our business.

[gertrudecloset]

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@novamc1 wrote:

@gertrudecloset 

i know this is like trying to shovel sand against a tide of erroneous information, but you said this::

<<Nope, no, nada! @novmac 

First, the bank who issues your card in conjunction with either MasterCard, or Visa doesn't owe you a thing.  They are lending you money by giving you a credit line.  You don't get to dictate how they run their money making business.  When you pay off your balance every month, after month, each month, all your life (I doubt anyone does this with a credit card anyway) it will appear to the credit bureaus that

"Your FICO Score was hurt because you are not currently demonstrating active revolving credit management.”

You figure out the rest.  Good luck!>>

Our very good credit score is due to the fact that we use a small percentage of the available credit limits on our three major credit cards,  and we have never been late on a payment, and we pay them off in full.  These facts are confirmed, numerically, on our credit reports issued by each card company.

There was one occasion when a major card issuer lowered our credit limit somewhat, and said it was to protect the account in the event it was ever hacked.  No sense having a high but rarely tapped credit limit that a crook could tap into.  Our credit limit on that card is still much higher than the amount we're likely to charge on it, ever---certainly not as long as we put just about everything in two other cards that pay rebates.

Some readers should know that your advice doesn't conform to  well-publicized financial wisdom of experts.  No one needs to service a loan or have  "revolving credit" to keep their cards and a mutually beneficial relationship with their credit card companies.

We've never had a car loan in our lives.  We paid off our mortgage early years ago.

No one is complaining or taking back our credit cards.  They still  seem to welcome our business.

Remember, it's the percentage charged per month versus how much credit is available on the card that determines how valuable you are as a customer.

It's too bad if you've seen cards getting canceled for some peopel.

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@novamc1 Thank goodness, I too have a very good credit score.  I must keep one because I have a home.

Credit card companies don't get good glimpse of your credit worthiness when you pay off your balance each month.  It also affects FICO.  Don't know why it does, it just does.  Do your own research.  I'm good with what I manage on a month to month basis.  I can truly say I have no large amounts of credit card debt because if I can't pay cash, I don't need it (unless it's a car).

I don't care about your family management, I just know that cards can be cancelled for myriad reasons (this is also dependent upon the card issuer).  No company is forced to give you credit if they don't think you're worthy.  Unfortunately, credit is pulled for hiring, renting and all other sorts of things that I find unfortunate.

Charge Card and cash is good enough for me and has been for the last 22 years.  Bye.

[novamc1]

All I can say in response to your advice to "do some research", is that I've done all the research I need or want and a person can hardly get a higher FICO score than we've been told we have attached to our names.

I know it doesn't do much good to say what I know, does it?  No one should be posting information that can confuse or mislead others, however--particularly about money matters.

[tobes]

@skatting44 I charge everything to my credit card, even my utility bills, and get reward cash when I use the card.  Also it is so much easier to pay the credit card at the end of the month. I always pay the card off in full and am cogniant of what I am spending.

[tobes]

@Kachina624 But i really do pay it off.  

[chrystaltree]

I buy what I want and I use a Debit Card, so I'm paying cash for 90% of what I buy.  I have a designate Credit Card that I sometimes use for shopping and I pay that off monthly.  I only put big ticket items on my other credit card.  Like a laptop or a vaccum cleaner, something like that.  I shop a lot but I don't use much credit.  That's a slippery slope.