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Thread: OT managing personal finances

  1. #31
    Join Date
    Jul 2007
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    West Michigan
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    Quote Originally Posted by Ohio Mike View Post
    Why shouldn't you have more than one card? You are correct you should NEVER carry a balance.

    From a credit score perspective if doesn't matter if you pay it off each month the end of month balance does impact your scoring because its decreases available credit. However for an individual with healthy credit it shouldn't matter. I have a blance on two cards at the end of each billing cycle but still have a 860+ FICO score.
    I thought credit scores only go up to 850.
    OPEN EYES, OPEN EARS, OPEN MIND

    THINK HARDER

    BETTER TO HAVE TOOLS YOU DON'T NEED THAN TO NEED TOOLS YOU DON'T HAVE

    MY NAME IS BRIAN AND I AM A TOOLOHOLIC

  2. #32
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    Quote Originally Posted by mihit View Post
    Credit rating doesn't seem to be such a big thing here. Yes, it can and does screw some people up, but there's plenty of loan-shark types (and/or banks) who will "give money" to persons with bad credit.
    I'm not sure if there's any truth in it, but I heard of someone newly emigrated to the USA, who was trying to buy a car IIRC, with money he had, but they wouldn't sell to him because he didn't have that magic "credit rating".. wtf???
    Bad credit ratings don't just keep you from getting loans. They also affect how much you pay for insurance and some other things. I'm a landlord and have refused to rent to some who have poor credit. I hate hate hate having to chase tenants down to get them to pay the rent.
    OPEN EYES, OPEN EARS, OPEN MIND

    THINK HARDER

    BETTER TO HAVE TOOLS YOU DON'T NEED THAN TO NEED TOOLS YOU DON'T HAVE

    MY NAME IS BRIAN AND I AM A TOOLOHOLIC

  3. #33
    Join Date
    Mar 2005
    Location
    Peralta, New Mexico USA
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    911

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    Quote Originally Posted by bborr01 View Post
    I thought credit scores only go up to 850.
    I'm not really sure there's an upper limit, and they might be relative to the rating agency (usually one of the big 3?). I know I've seen higher than 850.

    On edit: I should add that the primary thing a poor credit score will do is to increase the cost of money that you borrow. It may also increase deposits that are asked for in the extreme cases (prior examples of deadbeatism, etc.)
    Last edited by rkepler; 01-08-2019 at 02:37 PM.

  4. #34
    Join Date
    Oct 2013
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    USA MD 21030
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    4,811

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    I get my FICO credit rating on my Discover card statements, and it shows a maximum of 850. It is now 822 and I don't think it's ever gone below 800.

  5. #35
    Join Date
    May 2011
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    1,187

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    Plant a tree or even better plant lots of trees Wait 50 years, then harvest them.

  6. #36
    Join Date
    Dec 2008
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    Kendal, On
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    1,300

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    Quote Originally Posted by elf View Post
    Plant a tree or even better plant lots of trees Wait 50 years, then harvest them.
    I've been doing that for 8 years. The sugar maples I'd rather tap, than cut them down though . I'll probably actually never get to tap these tress, but somebody will. I "might" see something from the walnuts, but I doubt it. I most definitely will get something from the fruit trees though (unless I don't make the winter lol). Hopefully this year actually.

  7. #37
    Join Date
    Feb 2009
    Location
    Bedminster NJ
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    200

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    [QUOTE=fjk;1215268] it really helps to have specific goals that you can then turn into hard numbers.

    Right now my goals are:
    1) to continue paying off my cc $500 per month until it's paid off in 2.5 years. I will be debt free ( other than the 2 houses) then.
    2) Find a way to get to work (8 miles each way) without going into debt, or at least minimal debt, for a vehicle.
    -Roland
    Golf Course Mechanic

    Bedminster NJ

  8. #38
    Join Date
    Dec 2016
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    Helsinki, Finland, Europe
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    Lay out minimum baseline what you really need and compare that to what you actually spend. Total difference can be huge suprise. Small streams combine to a river.
    For example food: about 3usd/day should be enough to eat healthy homemade food, on the other hand you can easily spend 30 times that.

    With loans include all the fees when you compare different loans. Sometimes its better to pay off credit card loans with another loan.

  9. #39
    Join Date
    Jan 2004
    Location
    Missouri
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    30,101

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    It has been said that "a part of all you earn is yours to keep".

    That little bit of corny wisdom is the basis for all building of money reserves.

    For this, "keep" means "invested" and not "spent".
    1601

    Keep eye on ball.
    Hashim Khan

  10. #40
    Join Date
    Jun 2008
    Location
    Toronto Ontario Canada
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    750

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    Quote Originally Posted by MattiJ View Post
    Lay out minimum baseline what you really need and compare that to what you actually spend. Total difference can be huge suprise. Small streams combine to a river.
    For example food: about 3usd/day should be enough to eat healthy homemade food, on the other hand you can easily spend 30 times that.

    With loans include all the fees when you compare different loans. Sometimes its better to pay off credit card loans with another loan.
    IF you have property, even if mortgaged in some cases, a line of credit can be negotiated with a bank or other lending institution at a rate far far below that charged on credit cards.
    IF you then use the line of credit to pay off credit cards you will reduce your interest payments from over 20% to about 6%.
    Mind you, the best plan is to OWE NOTHING, pay off credit cards monthly, pay bills promptly and pay NO INTEREST CHARGES anywhere.
    Thats not easy, but sticking to that as a policy or at least regarding it as a firm intention will save thousands in the long run.
    Regards David Powell

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