Credit Card Options

[blaarg]

just pay everything in cash and everything is cheaper...

[Hartmann]

just pay everything in cash and everything is cheaper...

Well, let's see, I get a discount with my credit card on airline flights, hotel stays, etc. so no, it's cheaper for me to use the card Plus I get decent miles (I'm up to 150k miles on CO and 300k on AA, granted, not all from the CC), can you say "VACATION!"

[impala454]

and for most people, it's a little difficult to pay cash for houses/cars/etc

[Hartmann]

and for most people, it's a little difficult to pay cash for houses/cars/etc

Also, in the case of a mortgage, it is potentially stupid. There is argument out there that you should take your mortgage and invest a portion of the funds in stocks or in some other kind of interest bearing account and have it pay your monthly house bill.

[impala454]

exactly. which is why you see even mega rich people with mortgages on their homes. not to mention the tax breaks from mortgage interest and insurance.

[blaarg]

but then you don't get to carry your assets around in a silver briefcase...

[False Dude]

That's how I roll. Randy Moss style. Straight cash, homey

[dauss]

I'm sorry but you're just wrong. If you have held credit cards, make purchases, and pay the full balance every month, your credit will be shit.

Weird, I have very good credit, and I've paid the full balance every month on both my credit cards. I've never had a loan or mortgage.

I always carry a balance on my card though, even though I pay it in full every month.

[Seeker]

For the people saying you have good credit without following Impala's advice... I'm sure you do have GOOD credit (fico score around 700 - 750). If you take Impala's advice you will have EXCELLENT credit (fico score around 800+).

[schwab]

i could care less about my credit....

but then again i probably dont have that bad of credit myself

[Spectatrix]

For the people saying you have good credit without following Impala's advice... I'm sure you do have GOOD credit (fico score around 700 - 750). If you take Impala's advice you will have EXCELLENT credit (fico score around 800+).

And it's virtually impossible to have such a high credit score at our age anyway because the low age of our accounts bites us in the butt...

[impala454]

well i think the coolest thing you can do is take advantage of the no interest financing you can get on from a lot of retail stores. helps you build credit and pay no interest and get a really cool TV/fridge/washer/dryer/whatever makes ya happy

back in december i bought my 61" samsung DLP + stand + xbox 360 + games/controllers/etc and spent about $3500 total. they had no interest until 2010 for any purchase over $1000 from the video dept.

[dauss]

For the people saying you have good credit without following Impala's advice... I'm sure you do have GOOD credit (fico score around 700 - 750). If you take Impala's advice you will have EXCELLENT credit (fico score around 800+).

800+ here

and I dunno where this "closing accounts is bad" is coming from.

http://www.fool.com/investing/small-cap/20...edit-cards.aspx

Removing old closed accounts that don't have any negative items is a bad idea simply because you benefit from a long credit history and those accounts speak to that credit history. (Remember, 15% of your credit score is determined by how long you've been borrowing. Here's how the rest of it is measured by The Man.)

[Spectatrix]

Well sure, that's cool and all. You just have to be careful to not do several deals like that at once, because the multiple inquiries on your credit report can ding you.

[Seeker]

800+ here
http://www.fool.com/investing/small-cap/20...edit-cards.aspx

scanned fico report pic or it didn't happen, at your age i highly doubt your score is over 800