Mike Honcho 4,007 Posted February 16, 2017 I'll be the first not to lie. We have a credit card balance right now. Okay, I have to admit, I did lie..just looked at my balance and it was only 600 dollars, not a 1000. I just wanted to be one of the cool guys. Sorry. Share this post Link to post Share on other sites
Hardcore troubadour 12,576 Posted February 16, 2017 Sometimes a balance, sometimes not. 77 dollars right now. Was 3000 after going to Florida last month for 10 days. Share this post Link to post Share on other sites
bandrus1 413 Posted February 16, 2017 I have way more in the bank than the limit on my card. How? In 2015, I spent about $16,000 for the year. In 2016, it was about $18,500. That's bills, food, gas, everything. I do use a card sometimes, but never for something I couldn't pay cash for. I don't think any of this is bragging. I'm a cheap bastard with a decent job. if it works for you then great Share this post Link to post Share on other sites
supermike80 1,284 Posted February 16, 2017 I think I hurt my credit score by cancelling all but one card and freezing my credit. But if you aren't taking out a loan, why does credit score matter? Because Iike the silly rich geeks here, if i want a new car, I gotta finance it. Share this post Link to post Share on other sites
penultimatestraw 473 Posted February 16, 2017 I'll be the first not to lie. We have a credit card balance right now.~35% of Americans don't carry a revolving balance, and I bet the number is higher among educated, employed individuals. So I don't think everyone is lying. Share this post Link to post Share on other sites
supermike80 1,284 Posted February 16, 2017 I'll be the first not to lie. We have a credit card balance right now. Thats 2 Share this post Link to post Share on other sites
fandandy 3,311 Posted February 16, 2017 Oh that I don't know. About all i buy is off amazon though? Sign up for an Amazon store card. You get a 5% credit back for anything sold by Amazon. Share this post Link to post Share on other sites
bandrus1 413 Posted February 16, 2017 super mike is very very offended at our credit habits guys... im not super rich i make a mehhhh 57 k a year much like my peen size.... very average Share this post Link to post Share on other sites
penultimatestraw 473 Posted February 16, 2017 Because Iike the silly rich geeks here, if i want a new car, I gotta finance it.I don't think you have to be silly rich to minimize debt other than a mortgage. Share this post Link to post Share on other sites
supermike80 1,284 Posted February 16, 2017 super mike is very very offended at our credit habits guys... im not super rich i make a mehhhh 57 k a year much like my peen size.... very average I would never got offended. I think some of you are liars but I'm not offended. This is a low rent fantasy football message bored. If this offends me then it's over man. Edited to add. A low rent msg board that I like to come to. Sayin... Share this post Link to post Share on other sites
fandandy 3,311 Posted February 16, 2017 super mike is very very offended at our credit habits guys... im not super rich i make a mehhhh 57 k a year much like my peen size.... very average Right. It's making me chuckle a bit. And a car loan is not exactly CC debt, although I don't have a car loan either. Frugality does not equal wealth. I coupon sometimes. I'm not above saving money. Share this post Link to post Share on other sites
supermike80 1,284 Posted February 16, 2017 I don't think you have to be silly rich to minimize debt other than a mortgage. Countdown till the geeks here tell you how stupid you are to have a mortgage and how they paid for their houses with cash earned from their paper routes. :-) Share this post Link to post Share on other sites
bandrus1 413 Posted February 16, 2017 Right. It's making me chuckle a bit. And a car loan is not exactly CC debt, although I don't have a car loan either. Frugality does not equal wealth. I coupon sometimes. I'm not above saving money. I own 3 cars none worth more than $4000 and a boat lol life styles of the rich and famous woodchuck style 1 Share this post Link to post Share on other sites
ZeroTolerance 582 Posted February 16, 2017 I'm not silly rich, still pay off my card in full every month without problems. I made 61k pre-tax last year, saved just over 10k of it. My mortgage is $440/mo, I pay off an extra $100 of the principal each month. My car was paid off a couple years ago (no, I didn't buy new or buy some $30k car). Share this post Link to post Share on other sites
penultimatestraw 473 Posted February 16, 2017 Countdown till the geeks here tell you how stupid you are to have a mortgage and how they paid for their houses with cash earned from their paper routes. :-)Ummm, I don't have a mortgage. But I was told it was stupid to pay it off. Share this post Link to post Share on other sites
supermike80 1,284 Posted February 16, 2017 I'm not silly rich, still pay off my card in full every month without problems. I made 61k pre-tax last year, saved just over 10k of it. My mortgage is $440/mo, I pay off an extra $100 of the principal each month. My car was paid off a couple years ago (no, I didn't buy new or buy some $30k car). Only question was about your cc debt. But thanks for the info? Share this post Link to post Share on other sites
supermike80 1,284 Posted February 16, 2017 Ummm, I don't have a mortgage. But I was told it was stupid to pay it off. There's one. They will keep coming Share this post Link to post Share on other sites
ZeroTolerance 582 Posted February 16, 2017 Only question was about your cc debt. But thanks for the info? But you seemed to think that the idea any of us wouldn't carry any debt meant we must be liars who want people to believe we all have sports cars, two homes, etc. Decided I would go ahead and show you how reasonable the idea of being able to pay off your card each month actually is. You're welcome. Share this post Link to post Share on other sites
WhiteWonder 2,170 Posted February 16, 2017 I have honestly never carried a credit card balance. I have always paid any card off in full by the monthly due date because I am very good at only purchasing things that I know I could go to the bank and get a cashiers check for payment. Last car I bought, I maxed what they would let me put on a CC (2k, which was their rule, not my credit limit ) and paid the rest by check. I use the cards for the cash back points and obviously to have good credit. My first card was a student card. Not some pre loaded thing but a legit credit card. No rewards or anything but had maybe a 3,000 limit. Sometime after college I closed that card. I don't think it hurt my credit score very much and opened a chase freedom. I have since added 2 more cards but really only did this because I was advised that despite a credit score of 812, some lenders may view me as not having "enough credit history". I guess meaning not enough credit vehicles since my student loans were paid off and I literally only had one CC and a line of credit attached to my checking account. A few things I saw Pen posting that I wanted to address: jobs in certain fields will credit check you. So credit scores are for more than taking out a loan but even if they were not, mortgages, home equity loans, car loans etc are all very important parts of peoples lives. If you wanted to refinance your mortgage a year or two ago when rates we like 3.25%, good luck if your credit score was under 700 with today's thankfully stricter lending standards. I would have no shame in admitting if i carried a credit card balance. Theres nothing wrong with it, I just never have. Never been late on a payment either. Although I will say for any of you who are home owners and ARE carrying significant balances on their cards, get a HELOC if you can qualify and use it to pay off all of your credit card debt. The interest on most credit cards is probably ~17% while you can get a HELOC with an interest rate under 4%. Share this post Link to post Share on other sites
supermike80 1,284 Posted February 16, 2017 But you seemed to think that the idea any of us wouldn't carry any debt meant we must be liars who want people to believe we all have sports cars, two homes, etc. No no. Not at all. You're all ridiculously rich with hot wifes, 8 inch Johnsons. AND Don't seem to have any cc dept. These are not related. The first part has been true about this bored since before you got here sonny. Share this post Link to post Share on other sites
fandandy 3,311 Posted February 16, 2017 I'm not silly rich, still pay off my card in full every month without problems. I made 61k pre-tax last year, saved just over 10k of it. My mortgage is $440/mo, I pay off an extra $100 of the principal each month. My car was paid off a couple years ago (no, I didn't buy new or buy some $30k car). I'm not sure how long you've had your mortgage but one of the first things we did, about 2 years after we got a 30 year mortgage was refinanced to a 15 year and paid bi-weekly. It brought it down to 13. Something to consider if you haven't already. Share this post Link to post Share on other sites
ZeroTolerance 582 Posted February 16, 2017 These are not related. The first part has been true about this bored since before you got here sonny. Thanks for that wonderful info, my senior poster who joined after I did! Share this post Link to post Share on other sites
bandrus1 413 Posted February 16, 2017 I'm not sure how long you've had your mortgage but one of the first things we did, about 2 years after we got a 30 year mortgage was refinanced to a 15 year and paid bi-weekly. It brought it down to 13. Something to consider if you haven't already. agreed, im so close to being able to do this but would be living to close to the edge for my comfort Share this post Link to post Share on other sites
bandrus1 413 Posted February 16, 2017 Thanks for that wonderful info, my senior poster who joined after I did! he had 6 other accounts before you Share this post Link to post Share on other sites
Hardcore troubadour 12,576 Posted February 16, 2017 agreed, im so close to being able to do this but would be living to close to the edge for my comfort Just make extra payments. I never understood why anyone would get a 15 year mortgage. A very small interest rate deduction? Share this post Link to post Share on other sites
ZeroTolerance 582 Posted February 16, 2017 I'm not sure how long you've had your mortgage but one of the first things we did, about 2 years after we got a 30 year mortgage was refinanced to a 15 year and paid bi-weekly. It brought it down to 13. Something to consider if you haven't already. I think it would be a little too close for me. Going to be replacing my current car around the end of the year and like the idea of having some funds available in case of emergency (though your plan certainly saves in the long run). Share this post Link to post Share on other sites
supermike80 1,284 Posted February 16, 2017 Thanks for that wonderful info, my senior poster who joined after I did! You win..I didn't look. Figured I had a 50/50 chance of winning that one Share this post Link to post Share on other sites
Cdub100 3,366 Posted February 16, 2017 Nope, but every once in a while I'll go over board but it's very rare for that to happen. Share this post Link to post Share on other sites
bandrus1 413 Posted February 16, 2017 Just make extra payments. I never understood why anyone would get a 15 year mortgage. A very small interest rate deduction? http://www.bankrate.com/finance/mortgages/pay-extra-on-mortgage-or-refinance.aspx Share this post Link to post Share on other sites
Hardcore troubadour 12,576 Posted February 16, 2017 http://www.bankrate.com/finance/mortgages/pay-extra-on-mortgage-or-refinance.aspx That's if you can get a 1% spread on the loans. If you compare a 15 vs a 30 original the spread is usually .25 or so. Maybe it's different. Been a while since I got one. But yeah, If your interest rate is going down 1% Definetly do it. Share this post Link to post Share on other sites
bandrus1 413 Posted February 16, 2017 That's if you can get a 1% spread on the loans. If you compare a 15 vs a 30 original the spread is usually .25 or so. Maybe it's different. Been a while since I got one. But yeah, If your interest rate is going down 1% Definetly do it. the spread is way more than .25 these days Share this post Link to post Share on other sites
supermike80 1,284 Posted February 16, 2017 the spread is way more than .25 these days We took a 30 year with 22 years left and refinanced to a 15 and paid the same as we were when the lower interest rate was brought in. Saved 7 years of mortgage payments for no extra out of pocket month to month Share this post Link to post Share on other sites
bandrus1 413 Posted February 16, 2017 im at 4.25 % on mine and I have a feeling in 2-3 years when id be comphy going to 10 or 15 years I wont be able to get below that so the extra payment option will be the way to go its amazing hearing people in the 80's willingly accepted things like 15-18% Share this post Link to post Share on other sites
supermike80 1,284 Posted February 16, 2017 im at 4.25 % on mine and I have a feeling in 2-3 years when id be comphy going to 10 or 15 years I wont be able to get below that so the extra payment option will be the way to go its amazing hearing people in the 80's willingly accepted things like 15-18% Totally. I think my dad was carrying like 18%. Crazy Share this post Link to post Share on other sites
bandrus1 413 Posted February 16, 2017 Totally. I think my dad was carrying like 18%. Crazy I dont know what other things were different at that time but I just dont know how people could do it.... were home prices just that much lower compared to income? Share this post Link to post Share on other sites
Hardcore troubadour 12,576 Posted February 16, 2017 I dont know what other things were different at that time but I just dont know how people could do it.... were home prices just that much lower compared to income? Yes Share this post Link to post Share on other sites
supermike80 1,284 Posted February 16, 2017 I dont know what other things were different at that time but I just dont know how people could do it.... were home prices just that much lower compared to income? Fock please don't ask that. Here come the politics. Well we got to 2 pages. Wait for it Share this post Link to post Share on other sites
bandrus1 413 Posted February 16, 2017 Fock please don't ask that. Here come the politics. Well we got to 2 pages. Wait for it back when REAGAN WAS PRESIDENT................. Share this post Link to post Share on other sites
supermike80 1,284 Posted February 16, 2017 back when REAGAN WAS PRESIDENT................. you D!ck ball larry Share this post Link to post Share on other sites
