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  1. #81
    Join Date
    Jun. 11, 2003
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    429

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    My Credit Card is for convenience, not for "Credit". The only times it has not been paid off in full before the due date is (once) when I was dumb enough to misread the amount due and I short paid it by $10 ... paying the interest charged on the entire amount taught me to be more attentive.

    The other times were emergency vet bills. I'd be terrified not to have the ability to hand over the credit card in such a situation.
    Then I pay as much as I can as fast as I can. It may take 2 - 6 months to absorb it in full, but I can justify 20% interest to save the life of one of my 4 legged friends, not to buy a new saddle or a fancy TV. If I wanted something like that, I'd save up for it in advance.


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  2. #82
    Join Date
    Oct. 16, 2008
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    Central Oklahoma
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    JenJ,

    In the case of large vet bill, do talk to your vet to see whether they accept installment. If you have a good relationship with them, it is likely they will. When my youngster got into a serious injury as a three months old, we raked up more than $10,000 in one month. We did not have insurance for him then. Instead of putting it into the credit card (we have more than sufficient credit there but that will violate our #1 rule of never using it unless it can be paid in full), we talked to our vet, and set up a payment plan. They had no problem with it. Same as medical bills. This may not be available to everybody but do find out all possible options. For example, my company will pay all medical expenses for employees and family members after insurance run out. The other day I was talking to our director of Benefit, and she was telling me how the company charted a jet for her to fly to somewhere in Mexico to pick up an employee who got seriously ill there. 20% interest is no joking matter. Try to avoid it at all cost.
    Last edited by Gloria; Feb. 20, 2013 at 04:28 PM.



  3. #83
    Join Date
    Apr. 1, 2003
    Location
    Cocoa, Fla
    Posts
    4,066

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    Suggest you shy away from Capital One - I had a credit card for about 20 years - started with my bank, got absorbed when my bank did...you get the idea. last stop was Capital One. I found they did all sorts of unscrupulous things like 0 dues date for bill was 3/15 - I paid (by phone) on that date but they billed me (not for one but for TWO billing cycles) for paying late because although I had paid on the "due date" (before COB) they didn't get it "soon enough".

    So I dropped them - best thing I ever did. Went elsewhere - when I am unhappy with service I vote with my feet and tell them why I am dumping them.
    Sandy in Fla.



  4. #84
    Join Date
    Apr. 2, 2003
    Posts
    4,676

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    Quote Originally Posted by tle View Post
    soloudinhere... it's great that you've never run into any issues. But that doesn't mean it doesn't happen just because it's never happened to you.
    But then can't it also not be stated to be 100% fact if there's at least one case where it isn't true?

    Used to work in the sciences, so this trips my "statement of fact" meter from writing one too many publications...



  5. #85
    Join Date
    Nov. 15, 2007
    Posts
    54

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    When shopping for a credit card... keep in mind you want a preferably no annual fee and as LOW as possible interest rate. Ignore all the pretty "points" and rewards offer...

    I used to have a 19% card with "rewards points".. since I usually carry a balance one day my bank offered me a different card - only 11 or 12% interest rate with no rewards points. Think it has a $20 a year fee, but that saves me a lot of money the rest of the year on the 8% of interest difference!

    Choose wisely...



  6. #86
    Join Date
    Jul. 24, 2008
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    2,953

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    Quote Originally Posted by Gloria View Post
    JenJ,

    In the case of large vet bill, do talk to your vet to see whether they accept installment. If you have a good relationship with them, it is likely they will. When my youngster got into a serious injury as a three months old, we raked up more than $10,000 in one month. We did not have insurance for him then. Instead of putting it into the credit card (we have more than sufficient credit there but that will violate our #1 rule of never using it unless it can be paid in full), we talked to our vet, and set up a payment plan. They had no problem with it. Same as medical bills. This may not be available to everybody but do find out all possible options. For example, my company will pay all medical expenses for employees and family members after insurance run out. The other day I was talking to our director of Benefit, and she was telling me how the company charted a jet for her to fly to somewhere in Mexico to pick up an employee who got seriously ill there. 20% interest is no joking matter. Try to avoid it at all cost.
    How is making payments to the vet different than making payments to your credit card or bank, unless it's just a lower interest rate? I'd say you were still violating your rule of not spending unless you could pay in full.

    I'd rather borrow from a bank/credit card than from a private business. I would be quite embarrassed to say I couldn't pay the bill and wanted to make payments.
    Jigga:
    Why must you chastise my brilliant idea with facts and logic? **picks up toys (and wine) and goes home**



  7. #87
    Join Date
    Jul. 24, 2008
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    2,953

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    Quote Originally Posted by TB_lover View Post
    When shopping for a credit card... keep in mind you want a preferably no annual fee and as LOW as possible interest rate. Ignore all the pretty "points" and rewards offer...

    I used to have a 19% card with "rewards points".. since I usually carry a balance one day my bank offered me a different card - only 11 or 12% interest rate with no rewards points. Think it has a $20 a year fee, but that saves me a lot of money the rest of the year on the 8% of interest difference!

    Choose wisely...
    No annual fee, for sure, but why bother with a low interest rate if you are going to pay it in full each month? I don't even know what my interest rate is on my credit card; I do know that I have no annual fee and I get a percentage of "points".

    I also have a line of credit through the bank for bigger emergencies -- I haven't used it in probably 5 or 6 years - but to keep it active I paid a little extra on the last payment. So it stays active because there is a $3 credit balance.
    Jigga:
    Why must you chastise my brilliant idea with facts and logic? **picks up toys (and wine) and goes home**



  8. #88
    Join Date
    Feb. 28, 2006
    Location
    The rocky part of KY
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    9,190

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    Well, I'd rather pay the vet in payments myself mostly to get the lower interest rate but also because I'd rather the vet get the interest if I'm going to pay any at all.
    I'd also prefer to have a lower interest rate on a card even though I always pay in full just because I want the option of paying a portion if I have some big bad bill. I'm not a perfect follower, my savings goes up and down and sometimes it goes down a lot. If I'm in a low part of the cycle I sure don't want to get stuck with 28% or something nasty like that. It's happened before where we have had a perfect storm of car breakdowns and home repairs and vet bills and medical expenses and I never say never.
    Courageous Weenie Eventer Wannabe
    Incredible Invisible



  9. #89
    Join Date
    Oct. 16, 2008
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    Central Oklahoma
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    3,055

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    Quote Originally Posted by saultgirl View Post
    How is making payments to the vet different than making payments to your credit card or bank, unless it's just a lower interest rate? I'd say you were still violating your rule of not spending unless you could pay in full.

    I'd rather borrow from a bank/credit card than from a private business. I would be quite embarrassed to say I couldn't pay the bill and wanted to make payments.
    Yes. When I was making payment to the vet, instead of paying $10,000 in one month to credit card, I paid, say, $2,000 a month, for a total of 5 months, interest free, to my vet. This is where a good relationship from. He is our vet for years, and is the main care provider for all of our horses. He also knows we never shy from medical expenses for our horses. Actually that was how it got to $10,000. He gave us a survival rate of less than 50%, and another 30% chance of pasture sound, if he did survive, and he asked whether we wanted to proceed or put him down. We decided to take the risk. Luckily, he is now not only pasture sound, but sound as an ox, and is under saddle nicely.

    Negotiating a rate or payments is not only a wise and smart decision, but essential to sound financing decision. Do you think companies don't negotiate? They'd be stupid if they don't. There is no pride when money is at the stake, you know. I had no problem absorbing $10,000. I chose not to.

    If I had put that $10,000 in the credit card, I'd have to cough up $10,000 in that one month, or suffer the consequence of high interest rate, which by the way, will probably cost me another grand or more, and I don't want to make somebody else rich at my expense if I can avoid it.

    Actually for me, even if my vet had refused to let me make payment, I still had other option, like line of credit, which is another form of loan, that was at my disposal and offered a much lower rate than credit card. I would then put all $10,000 in the credit card, paid it off in one month with the line of credit, and then paid off the line of credit.

    I didn't want to discuss much line of credit because not everyone has that option, and that thing can blow out very fast too; though, it is a much better option than credit card is when a large sum is the concern.

    By the way, I never said not spending unless you can pay it in full. I said not putting in the credit card, unless you can pay it in full. wink. But, I am not going there - I don't want to be the one responsible for anyone's financial trouble.
    Last edited by Gloria; Feb. 21, 2013 at 11:29 AM.



  10. #90
    Join Date
    Sep. 24, 2004
    Location
    Piedmont Triad, North Carolina
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    2,182

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    Quote Originally Posted by Gloria View Post

    By the way, I never said not spending unless you can pay it in full. I said not putting in the credit card, unless you can pay it in full. wink. But, I am not going there - I don't want to be the one responsible for anyone's financial trouble.
    Gloria ... I'll agree with you. Credit cards are like convenience stores. Same product (money) but at a higher price than a credit line, mortagage, etc. Paying in full is the best way to use a CC. For me, it's the only way.



  11. #91
    Join Date
    Dec. 4, 2006
    Location
    New York
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    1,131

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    I learned the hard way that you need to have lots of credit cards to have good credit. Doesn't mean you have to use them.

    I thought I was being smart by having a single credit-card that I paid off in full each month. Turns out, according to creditkarma.com, that people with more credit cards have better credit. And more seems to equal 21+ cards.

    If you want to build credit, especially if you want to purchase a home some day, one plan might be to get a few, use them on a rotating basis to pay standard monthly bills, and keep them in the freezer otherwise (so you're not tempted to use them).

    FWIW, I've been very happy with Discover.



  12. #92
    Join Date
    Feb. 23, 2009
    Location
    Tennessee
    Posts
    1,220

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    Quote Originally Posted by KayBee View Post
    I learned the hard way that you need to have lots of credit cards to have good credit. Doesn't mean you have to use them.

    I thought I was being smart by having a single credit-card that I paid off in full each month. Turns out, according to creditkarma.com, that people with more credit cards have better credit. And more seems to equal 21+ cards.

    If you want to build credit, especially if you want to purchase a home some day, one plan might be to get a few, use them on a rotating basis to pay standard monthly bills, and keep them in the freezer otherwise (so you're not tempted to use them).

    FWIW, I've been very happy with Discover.
    You absolutely do NOT need to have 21 credit cards (or anywhere close) to have good credit! Your debt to credit ratio, paying your bills off in full every month and the length of time you've had your credit card(s) matter more than the number. I have 2 credit cards, one of which doesn't get used, and an excellent credit score.
    If it were easy, everybody would do it.

    Equi-Sport Services



  13. #93
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    Dec. 4, 2006
    Location
    New York
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    If that were true, I should have excellent credit. But based on the number of cards I have (few) and the total amount of credit, my credit score is apparently negatively impacted. I don't have awful credit, but I don't have great credit either.



  14. #94
    Join Date
    Feb. 23, 2009
    Location
    Tennessee
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    1,220

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    Quote Originally Posted by KayBee View Post
    If that were true, I should have excellent credit. But based on the number of cards I have (few) and the total amount of credit, my credit score is apparently negatively impacted. I don't have awful credit, but I don't have great credit either.
    This was posted earlier in this thread and is an excellent summary of what determines your credit score:

    The factors that determine a FICO score are as follows:
    1. Payment history (counts for roughly 35%). This is the record of on time payments.
    2. Amounts owed (30%) this is the amount of your available credit reported as used to your credit report.
    3. Length of Credit History (15%) Average age of ALL accounts on your credit report.
    4. New Credit (10%) new credit lines applied for (applying extensively damages your credit).
    5. Types of credit used (10%) creditors like to see a mix of revolving (credit card) debt and long term debt like car loans and mortgages.
    If anything, too many credit cards can hurt your credit.
    If it were easy, everybody would do it.

    Equi-Sport Services



  15. #95
    Join Date
    Mar. 12, 2006
    Location
    Ocala
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  16. #96
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    Dec. 4, 2006
    Location
    New York
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    Quote Originally Posted by faybe View Post
    If anything, too many credit cards can hurt your credit.
    Weird. But maybe because it's I've never carried any long-term debt?



  17. #97
    Join Date
    Oct. 16, 2008
    Location
    Central Oklahoma
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    When are folks going to wake up, and realize that the credit score is NOT the only thing that will affect your borrowing powers?

    Do you not understand that you can have a better score than the person next to you, while being forced to pay a higher rate, because your score is achieved by the numerous cards? Wake UP!!!



  18. #98
    Join Date
    Oct. 12, 2001
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    Center of the Universe
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    well, I actually use my credit cards for credit- that's what they are for, for getting a bit of money to cover something you need now but can't afford. Not luxuries, but real needs- for those oh-so-frequent times when life decides to hit you with several fun events at the same time. You know, times like when your dog gets sick, so you suck your savings account dry to pay the vet, and while you're waiting for the insurance company to reimburse you, your car suffers a failure and your roof starts to leak, and you have your credit card there to get you through it. I have one that has 12% interest and offers 1% cash back that I use first for these kind of situations, and another card that offers 0% interest for 6 months on balance transfers- so you quickly transfer it from the cash-back card to the 0% card, and pay it off before the 6 months expires. Costs a smidge more, overall, than having enough money up front to cover it, but not that much, especially since you get the cash back from the first card to cover some of the fees.

    It would of course be better to make enough money to keep a huge amount on hand in savings, but very few of us do.

    People generally get in trouble with credit cards when they use them to buy stuff they don't really need and can't really afford. If you don't do that, then they are very handy to have around.


    1 members found this post helpful.

  19. #99
    Join Date
    Sep. 16, 1999
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    Ohio: Charter Member - COTH Hockey Clique & COTH Buffy Clique
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    Quote Originally Posted by wendy View Post
    It would of course be better to make enough money to keep a huge amount on hand in savings, but very few of us do.
    I disagree. It's the lack of discipline to put away money on a consistent long term basis that gets people into trouble (along with instant gratification) far more than the amount of money they earn. You get a dog... you know EVENTUALLY you may be hit with vet bills. So you should be saving for them now. You buy a car... you know it won't last forever so you start staving for car repairs now. Saving for a rainy day isn't some old fashioned idea. Fact is, it will ALWAYS rain if you wait long enough.

    Along the same lines (and I'm not saying you do this, just that it's a similar thought), items like birthdays, Christmas, car license time, etc. are NOT emergencies! They happen at the same time EVERY year. I know far too many people who suddenly look up, after spending their way merrily through the year, only to see Christmas is only a couple weeks away and they have nothing saved for it... so they turn to credit cards. Ugh!
    ************
    "Of course it's hard. It's supposed to be hard. It's the Hard that makes it great."

    "Get up... Get out... Get Drunk. Repeat as needed." -- Spike


    1 members found this post helpful.

  20. #100
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    Oct. 26, 2000
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    Tempe, AZ
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    [QUOTE=cranky;6842571]I used to follow Dave Ramsey a bit and liked a lot of what he had to say. However all the evangelical christian stuff really got old for me. It was even worse with the followers who posted on his message boards, I finally couldn't take it anymore. [\QUOTE]

    That was an immediate turn-off to me.

    From another thread on CotH, I learned about http://www.youneedabudget.com/

    I'm totally sold on YNAB.
    ~ Horse Box Lovers Clique ~



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