FICO Credit Scores

quad

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Why do you think you can't have both ? ( FICO 825+ )
My $ 80.87 charge bill went in the mail Tuesday, debt free till I make another purchase..
I agree. You can have both. If you are going to have expenses you might as well earn points on them. A good credit can have perks. For example I received a Capital One offer with a $500 cash reward if I spent $3,000 in the first 3 months. Well I was going to make an equipment purchase anyway so I took that offer and received $500. So now my $3000 purchase became $2500. I also get 5% at restaurants and coffee shops with the Capital One. The first yearly fee was waived but now I do pay a fee to maintain the Capital One. However my rewards exceed that.

I've also used a few $500 Home Depot gift cards obtained via American Express Rewards. I try to charge everything on credit cards. Things like electrical / gas bill, phone / internet / tv bill, insurance renewal etc. I get points for all of those recurring transactions. I just make sure that I pay off the card every month so there are no finance charges.
 

rborden

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Why do you think you can't have both ? ( FICO 825+ )
My $ 80.87 charge bill went in the mail Tuesday, debt free till I make another purchase..

I dont feel the NEED to have credit when I can pay cash.
 

quad

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I dont feel the NEED to have credit when I can pay cash.
But you're not getting any points. I went through a phase where I paid for everything with my debit card. Then I thought - wait a second I can get points using my CC. This only works if you pay it off every month and don't change your spending habits. I need a phone, internet, insurance etc. Why pay with a debit for that when you can pay via credit card initially and receive points and then pay the credit card off 2-3 weeks later?
 

Black02GT

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But you're not getting any points. I went through a phase where I paid for everything with my debit card. Then I thought - wait a second I can get points using my CC. This only works if you pay it off every month and don't change your spending habits. I need a phone, internet, insurance etc. Why pay with a debit for that when you can pay via credit card initially and receive points and then pay the credit card off 2-3 weeks later?

I agree. I used to be cash only but pretty much charge everything that doesn't have a price difference now. Never carry a balance and take the 1-3% cash back. Not to mention the internet. Rather use a card than PayPal taking money from my bank account. D'Augstino screwed me over and double charged and was out of business. I got it all back in a few days from Discover. PayPal is horrible to deal with.

We rotate between 2-3 people at work to pay for lunch (5‐10 people) then get paid on Venmo. Doesn't cost me anything and I get cash back and points. Younger guys don't get it. If you're diligent and play the game right you come out on top. The CC company is gambling you'll screw up.

Don't get my started on the kids not putting into their 401k what the company will match. Literally just leaving money on the table.
 
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rborden

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You're missing out on fraud protection, perks, and insurance protection for items bought like electronics. Cash cant and will never give your those things for free.

The debit card offers the EXACT same protections as a credit card.




But you're not getting any points. I went through a phase where I paid for everything with my debit card. Then I thought - wait a second I can get points using my CC. This only works if you pay it off every month and don't change your spending habits. I need a phone, internet, insurance etc. Why pay with a debit for that when you can pay via credit card initially and receive points and then pay the credit card off 2-3 weeks later?

I don’t need any points. If you actually look at how many points you accrue for every $1,000 spent, you’ll find out your points are pretty much a joke.




To each their own though. I prefer not to have a credit card.
 

MG0h3

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I cancel my cards every three years, wait 30 days, and reopen them.

Get 40-80k pts or air miles that way.

All of them are on auto pay for the whole balance.

I use them like a debit card.


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quad

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I don’t need any points. If you actually look at how many points you accrue for every $1,000 spent, you’ll find out your points are pretty much a joke.
It adds up over time. 5% cash back on $1000 is $50. I have a Lowe's credit card that offers 5% off anything you charge on the card at the register. Need a new water heater? If you pay with the Lowe's card instead of your debit card you're getting it for 5% cheaper. So it is a no brainer. Home Depot used to have an offer like that but then stopped offering it. I still go to Home Depot for some stuff but Lowe's with their 5% discount offer is handy.

If you don't have a lot of expenses then I agree with you it won't make a difference.
 

Black02GT

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The debit card offers the EXACT same protections as a credit card.






I don’t need any points. If you actually look at how many points you accrue for every $1,000 spent, you’ll find out your points are pretty much a joke.




To each their own though. I prefer not to have a credit card.

Jeff Bozos has a ****ing rocketship partially based on 5% off "lightning deals". You're telling me you wouldn't take any discount or reward back on shit you already are buying?

I get that's hyperbole but if you have self control and only buy what you would with cash, I don't see the harm. I mean yeah they track your spending but I also have a cellphone so lost that battle already. I mean strippers get pissed when you try to swipe a card in there so... cash still has a place. Just saying rewards might not be great but if used properly doesn't hurt. Like you said though it's a personal choice.
 
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rborden

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Jeff Bozos has a ****ing rocketship partially based on 5% off "lightning deals". You're telling me you wouldn't take any discount or reward back on shit you already are buying?

I get that's hyperbole but if you have self control and only buy what you would with cash, I don't see the harm. I mean yeah they track your spending but I also have a cellphone so lost that battle already. I mean strippers get pissed when you try to swipe a card in there so... cash still has a place. Just saying rewards might not be great but if used properly doesn't hurt. Like you said though it's a personal choice.

The problem here is WHEN, not if you run into a financial crisis and then you have to rely on your credit card to deal with it. It is too easy to get into heavy debt with a credit card.

I personally don’t have the will power not to misuse a credit card. I don’t want the damn things in my life. Not now, not ever again. They are dangerous.

I understand others have more responsibility with them. Like I said, to each their own.
 

Black02GT

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The problem here is WHEN, not if you run into a financial crisis and then you have to rely on your credit card to deal with it. It is too easy to get into heavy debt with a credit card.

I personally don’t have the will power not to misuse a credit card. I don’t want the damn things in my life. Not now, not ever again. They are dangerous.

I understand others have more responsibility with them. Like I said, to each their own.

It's nice to have at least one if you do get into a place you NEED to pay for something you NEED but don't have the cash. Think really hard times. But yeah I agree it's very easy and plenty of people don't relate that it's still real money. If you carry a balance it can get out of hand real fast. My technique only works with truly using it as cash. I never buying anything with a CC I can't pay the full balance on before the bill.
 
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nxhappy

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I'm done with the credit cards. Well over 800 score and all debts paid. TBH I get a card and although it's 0% I spend way too much LOL. I want the least amount of bills and the least amount of debt. I'm on a cash system. Don't need the 2 %.
 

nxhappy

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It's nice to have at least one if you do get into a place you NEED to pay for something you NEED but don't have the cash. Think really hard times. But yeah I agree it's very easy and plenty of people don't relate that it's still real money. If you carry a balance it can get out of hand real fast. My technique only works with truly using it as cash. I never buying anything with a CC I can't pay the full balance on before the bill.
here is the problem: most people use CCs for BULLSHIT expenses. And they cannot pay them off to zero each month.

we are all guilty of it. Knick knacks, clothes, shoes, starbucks, vacations, the list goes on and on. There is reason why Visa and Mastercard are billion dollar companies. Most people CANNOT control their spending. Most people will not get 0% interest. In fact, it averages 3-25%.

3 main reasons for overall debt: credit cards, vehicles, and student loans. You eliminate those (or not participate at all), invest your money, and you will be a millionaire. Our schooling system only teaches debt. By that I mean more student loans. Or personal debt loans (credit cards). The current system is ****ed because you need loans to boost your credit. Therefore you need credit cards. Most people cannot prove they are worthy and they cannot pay off a balance each month. Damned if you do, damned if you don't.
 

quad

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here is the problem: most people use CCs for BULLSHIT expenses. And they cannot pay them off to zero each month.

we are all guilty of it. Knick knacks, clothes, shoes, starbucks, vacations, the list goes on and on. There is reason why Visa and Mastercard are billion dollar companies. Most people CANNOT control their spending. Most people will not get 0% interest. In fact, it averages 3-25%.

3 main reasons for overall debt: credit cards, vehicles, and student loans. You eliminate those (or not participate at all), invest your money, and you will be a millionaire. Our schooling system only teaches debt. By that I mean more student loans. Or personal debt loans (credit cards). The current system is ****ed because you need loans to boost your credit. Therefore you need credit cards. Most people cannot prove they are worthy and they cannot pay off a balance each month. Damned if you do, damned if you don't.
I bought a new washing machine and dryer at Home Depot about 1 year ago and took advantage of their 0% interest for 18 months. I could have bought it in cash but figured what the hell might as well go for that. I used $500 + $100 gift cards obtained via Amex Business Card points to pay for some of it.

Well the first month I was confused with their web site (asked to link accounts) late @ night and figured I'd pay it when I woke up. When I logged on later in the day I realized I was a day late with the payment and paid it off completely. I called the CC company and they waived the late fee. I have found that they are willing to work with you if you're a day or so late. My credit still shows zero missed payments the past 21 years since I came to USA.
 

MG0h3

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here is the problem: most people use CCs for BULLSHIT expenses. And they cannot pay them off to zero each month.

we are all guilty of it. Knick knacks, clothes, shoes, starbucks, vacations, the list goes on and on. There is reason why Visa and Mastercard are billion dollar companies. Most people CANNOT control their spending. Most people will not get 0% interest. In fact, it averages 3-25%.

3 main reasons for overall debt: credit cards, vehicles, and student loans. You eliminate those (or not participate at all), invest your money, and you will be a millionaire. Our schooling system only teaches debt. By that I mean more student loans. Or personal debt loans (credit cards). The current system is ****ed because you need loans to boost your credit. Therefore you need credit cards. Most people cannot prove they are worthy and they cannot pay off a balance each month. Damned if you do, damned if you don't.

Not me.

Old cell phone took a shit back in January.

Went to Walmart and found the last Iphone7 buried in a case. $99.

Half my shirts came from work for free.

Bought my last two pairs of Levi’s at Academy for like $20.

Wear my work boots almost everywhere.

Think I’ve been to Starbucks once in the last three years. I’ve even convinced my GF to stop going. It’s like $78 a gallon for an iced coffee and half the retards that go there get some stupid flavored water bullshit.

I’ll spend money on some things but the frivolous pissing away of money or having to always buy some worthless shit…nah.

Been getting points and miles for 15yrs now and combined I have close to 1 mil pts and miles.

Not sure what to do with them. I could go to one of those fancy Greek resorts I see on TV like 5 times for free but that’s not very important to me either.

Guess I need to start traveling.


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nxhappy

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Not me.

Old cell phone took a shit back in January.

Went to Walmart and found the last Iphone7 buried in a case. $99.

Half my shirts came from work for free.

Bought my last two pairs of Levi’s at Academy for like $20.

Wear my work boots almost everywhere.

Think I’ve been to Starbucks once in the last three years. I’ve even convinced my GF to stop going. It’s like $78 a gallon for an iced coffee and half the retards that go there get some stupid flavored water bullshit.

I’ll spend money on some things but the frivolous pissing away of money or having to always buy some worthless shit…nah.

Been getting points and miles for 15yrs now and combined I have close to 1 mil pts and miles.

Not sure what to do with them. I could go to one of those fancy Greek resorts I see on TV like 5 times for free but that’s not very important to me either.

Guess I need to start traveling.


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I applaud you sir. For a fact, I know many people that blow money on stupid shit with credit cards. In fact they make stupid internet posts about their "rich" lifestyle. I used to be one of those people. I worked very hard, self employed, to have zero debt. The credit cards are a tease, and I would rather not use them. I don't "need" a 1% or 2% bonus, as I collect that with other investments like stock market or housing. It is way too easy to obtain $1000 per MONTH in credit card purchases. Even if you "pay it off every month" MOST people are not responsible enough to do that. Before you know it, you owe $12k in credit cards.
 

nxhappy

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I bought a new washing machine and dryer at Home Depot about 1 year ago and took advantage of their 0% interest for 18 months. I could have bought it in cash but figured what the hell might as well go for that. I used $500 + $100 gift cards obtained via Amex Business Card points to pay for some of it.

Well the first month I was confused with their web site (asked to link accounts) late @ night and figured I'd pay it when I woke up. When I logged on later in the day I realized I was a day late with the payment and paid it off completely. I called the CC company and they waived the late fee. I have found that they are willing to work with you if you're a day or so late. My credit still shows zero missed payments the past 21 years since I came to USA.
my point is, most people are not this smart. They just borrow, and even pay a penalty without blinking an eye.
 

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