I'm not bragging, but it true - I don't carry any credit card debt, and least no longer than 30 days. My Dad taught me this very valuable lesson when I got my very first card back in the 70's. It's a simple lesson - never spend money you don't have (meaning someone else's) and always only spend what you can pay back. It's served me well my whole life.
That's why I have a 800+ credit score.
Same here, Joe. Pay full balance every month. Never pay interest. 840
ReplyDeleteYou may not carry any credit card debt but you can be assured that any monthly balance that you always pay off immediately IS included in the numbers above.
ReplyDeleteMy wife and I are the same. We happily utilize the free loan, but have NEVER not paid the bill in full when it comes.
ReplyDeleteWe learned the lesson in our 30's and we also pay off the card every month and are above 800 in credit scores.
ReplyDeleteBe careful. Never using credit will lower your credit score. Mine was 840 until I paid off the remained of my one and only vehicle loan, and it immediately was dropped to 790.
ReplyDeleteThey want you to demonstrate that you can assume and then pay off debt in a way that profits the lender.
And why is that a problem? The same thing happened when we paid off our mortgage. We no longer borrow.
DeleteYep, I got a score over 800 also.
ReplyDeleteA handful of cards, but I use em for different categories of buying, just to help me keep it straight what I am spending (and the points).
pay it off in 30 days at the bill due time. Zero CC debts.
Even when I was younger, I might have allowed 2 cycles, but after that it was paid off.
Back in the 70's and early 80's, when I was dirt poor, I used my credit cards as cash loans. I'd pay the minimum each month and carry a back breaking amount of interest. When I got divorced, I began to pay off my credit cards each and every month. Still due to this day.
ReplyDeleteEnd of month or close to it, I pay it ALL off. Keeps things balanced as the money goes.
ReplyDeleteHeltau
Dad's rule was "interest will kill you" and during the Farm Crisis of the Eighties I damn near died as a farmer because of that. One year I paid $18K on my operating note but that was at a time when the interest was in the 20% + range. When I got the debt paid off I paid down the new op note as quickly as possible and always pay my credit card debt by the due date, I had a guy threaten to wreck my credit score a few years ago and I told him to give it his best shot or shut the eff up. Never heard from him again. One other thing I found out in the Eighties was that net worth didn't mean a damn thing but cash flow did.
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