- 6 years ago
- Wedding: August 2016
none… I’m good at spending within my means, but mostly I have the privilege of having well to do (generous) parents and a high earning fiancee.
Pretending it’s all me would be wrong–I earn 13k a year and while generally I spend within my means, there are definitely items I wouldn’t have been able to afford without help or going in to debt, wedding included. (My Fiance and I budgeted the wedding to what WE could afford, but if I’d had to pay exactly 50%, our budget would’ve been about 20% smaller.)
I’m currently sitting around $2500 in credit card debt, but because I work seasonal construction and the weather and jobs that my company bids on varies so much year to year (and even month to month), I haven’t been able to pay it down as quickly as I would like.
My only card is a low interest one, and my current plan is to open a card which has cash back incentives, and transfer my monthly automatic payments etc (Netflix, Car insurance, cell phone) to it, and then focus on getting rid of the outstanding balance. The only charges I make on my credit card besides the auto stuff is reloading my Starbucks Gold card lol.
We pay off the balance each payment period.
We have multiple cards for different things. Almost all purchases go on CCs for better protection, rewards, warranties and to increase our cash flow.
I can’t imagine being this age without one. Here, it can be difficult to book a hotel room without one.
I had a credit card that I didn’t use for two whole years and never once got a notice. I did eventually cancel it and they tried to talk me into keeping it, even though they could see I’d never used it. I don’t know why you would get a notice of an unused card, because I feel like credit companies would want you to have an account with them, even if you aren’t using the card. They WANT you to have that $15k available in case you ever need it. Just like you do. They want you to have to pay them interest (which you have to if you carry a balance) which is why they give such large amounts of available credit. They want to screw people over, but can’t if people know how to use the cards right.
But as for the card you are using, you shouldn’t have to keep a balance of $2500 on it to have good credit. Use it and pay it off every month and that will give you good credit.
I feel like you should speak with a financial advisor because you seem to be very misinformed about how credit cards work.
(I hope this post doesn’t come across as harsh, I’m really just trying to help you!)
I have had credit cards close themselves due to lack of use and I’m in the US, it happens after years and not all credit cards do it. It does happen, but I think the key is just that you have to use it, not that you have to carry a balance, you can charge something every now and then and then pay it off right away and it’s fine.
On another note though, I have heard that it is better for your credit score to have a small balance than to have a $0 balance. Even still, most card companys report your balance when the statement comes out or at some other time, not at the due date, so you’ll still likely show a balance even if you pay it off by the due date every month. So there’s really no reason not to pay off the balance every month and avoid interest if you are able.
None! Whatever amount I put on my credit card is automatically collected from by bank account and I wouldn’t have it any other way.
We currently have a small balance on our credit cards, but they will be paid off by the end of the year. I have over $30 000 CAD in student loans that need to be paid off, so that’s going to be the one that takes forever to pay off lol
And actually, I pay my credit card off every month but very rarely have a 0 balance on it. If my statement comes out and says I owe $200 and my payment is due in 5 days, I pay it off in full, but spend more money during the next pay period, the next statement comes out and now I $300 but I already paid the $200 from before, this is for the next pay period. So it’s a very short time that I ever really have a 0 balance. I have never had to pay interest.
We charge everything on credit cards and pay it in full every month. I have never carried a balance.
I hope that people will take the advice and opinions of other bees in this thread with a grain of salt, there is a LOT of misinformation in here. Make sure you do your own research and educate yourself about finance and credit cards and try not to take this thread too seriously!!
I don’t expect you to answer all of those questions.. I’m just curious.. Haha.
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