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re: How many credit cards do you currently have?
Posted on 6/13/17 at 11:47 am to Supermoto Tiger
Posted on 6/13/17 at 11:47 am to Supermoto Tiger
quote:
Prior to building my house, my FICO was 0.
Is that even possible? I don't think it is, even if you have no credit history.
2
Posted on 6/13/17 at 11:49 am to AlbertMeansWell
A year ago I had 2. Now I've got 10. It's been three months since I've gotten any new ones though so I'm getting antsy. I'll probably get 2-3 more soon. Been a fun side hustle for me.
Posted on 6/13/17 at 11:52 am to LSUBoo
quote:
Is that even possible? I don't think it is, even if you have no credit history.
300 is the lowest, It pretty much means you suck at life..
Lowest I've personally ever encountered is mid 400's which is quite terrible.
This post was edited on 6/13/17 at 11:54 am
Posted on 6/13/17 at 11:55 am to LSUBoo
quote:
that even possible
The last house I built was in '97. Sold it in 05. If you're 100% debt free for over 10 years it's 0. I agree that it is rare, but I'm living proof of it.
Anyway - got to get back to work.
Posted on 6/13/17 at 12:15 pm to Supermoto Tiger
quote:
Not sure why, but it's a ding on FICO. It also has a negative effect on your debt/income ratio because
I think creditors look at it as though any minute it can become debt.
If you have a bunch of unused credit cards, it's not a positive mark in the credit world and works against you.
Dude, where are you getting this shite from? That's just flat out false.
As has been said, a big portion of your credit score is your credit utilization percentage.
If I have $50,000 in credit available, but only hold a $5,000 balance regularly, that reflects much better on me than having $5,000 in credit available while holding a $2,000 balance.
Do any kind of research on credit scores and you will see this.
Also, there are guys that do this shite for a living. They open credit cards multiple times a month to take advantage of sign up bonuses. They probably have $100's of thousands in credit available, and they have pristine credit scores.
You're just so wrong in this thread.
Eta: and I can see why you hate CC's. You're a Dave Ramsey disciple. Nothing wrong with Dave Ramsey, but he caters to financially irresponsible people.
This post was edited on 6/13/17 at 12:18 pm
Posted on 6/13/17 at 12:19 pm to AlbertMeansWell
AMEX Blue Cash to buy the wife stuff without her knowing
Chase Sapphire Preffered card for everything else
Chase Sapphire Preffered card for everything else
Posted on 6/13/17 at 12:22 pm to metallica81788
quote:
Anyone who doesn't have one or multiple rewards credit cards used regularly is either too dumb or irresponsible to accept free money. It could be as simple as cash back or as complicated as miles/points.
This.
Someone "bragging" about having 0 credit cards obviously has no self control when it comes to their spending habits.
I have 7 cards and am currently searching for my next one now that I received my 100,000 UR points from my Reserve this month. Haven't paid a cent in interest and have thousands of dollars in points, miles, and hotel rewards. It's literally free money.
Posted on 6/13/17 at 12:34 pm to AlbertMeansWell
I have 8. Each with its own purposes.
Chase Trio (3)
Chase Sapphire Reserve - $450 Annual fee, but I easily get back the $300 in travel credits so it's effectively a $150 fee. 3x on Travel and Dining. Transfer all of the points earned from Chase Freedom and Chase Freedom Unlimited to this card since it gets at least $.015 for travel (if booked from Chase portal).
Chase Freedom - No annual fee. Only use for the 5% categories which is effectively 7.5% thanks to the Chase Sapphire Reserve.
Chase Freedom Unlimited - No annual fee. 1.5% on everything which is effectively 2.25% thanks to the Chase Sapphire Reserve.
Marriot - $85 annual fee. Gets me a free night at a Category 1-5 hotel annually. I've never had this fee not pay off for me.
IHG - $49 annual fee. Gets me free night at any IHG property annually. No brainer. Not going to find a hotel for less than $49.
Capital One - Oldest credit line. Never use it but won't close it because it has no annual fee and is my oldest account.
Amex Blue - Only use on grocery stores. No annual fee.
Discover - No annual fee. Only use for the 5% category bonus.
Total Fees - $584. Sitting on around $6000 worth of points (and that's not including the free annual nights).
Chase Trio (3)
Chase Sapphire Reserve - $450 Annual fee, but I easily get back the $300 in travel credits so it's effectively a $150 fee. 3x on Travel and Dining. Transfer all of the points earned from Chase Freedom and Chase Freedom Unlimited to this card since it gets at least $.015 for travel (if booked from Chase portal).
Chase Freedom - No annual fee. Only use for the 5% categories which is effectively 7.5% thanks to the Chase Sapphire Reserve.
Chase Freedom Unlimited - No annual fee. 1.5% on everything which is effectively 2.25% thanks to the Chase Sapphire Reserve.
Marriot - $85 annual fee. Gets me a free night at a Category 1-5 hotel annually. I've never had this fee not pay off for me.
IHG - $49 annual fee. Gets me free night at any IHG property annually. No brainer. Not going to find a hotel for less than $49.
Capital One - Oldest credit line. Never use it but won't close it because it has no annual fee and is my oldest account.
Amex Blue - Only use on grocery stores. No annual fee.
Discover - No annual fee. Only use for the 5% category bonus.
Total Fees - $584. Sitting on around $6000 worth of points (and that's not including the free annual nights).
This post was edited on 6/13/17 at 12:35 pm
Posted on 6/13/17 at 1:15 pm to AlbertMeansWell
3, but have used one in nearly six months
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