Credit Cards

What's up guys ? Any fellow B4C members out there ever use secured Credit Cards from a bank to help rebuild or bring up credit report rating ?
If so what's the good and bad ?
I am working on my credit score paying on , and paying off a few things on my credit report . A few people have said the secured credit card is the way to go . So anyone here ever use them ?
 
What's up guys ? Any fellow B4C members out there ever use secured Credit Cards from a bank to help rebuild or bring up credit report rating ?
If so what's the good and bad ?
I am working on my credit score paying on , and paying off a few things on my credit report . A few people have said the secured credit card is the way to go . So anyone here ever use them ?

Screwed up again it's Clark Howard's who's the gru of getting out of debt and being debt free.

https://www.google.com/search?q=cla...9i59i450l8.44829j0j7&sourceid=chrome&ie=UTF-8

Name wrong below the line, sorry
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Don't know?
The wife and I have been conservative, not tight but don't blow money on crap you don't really need or don't really want all our lives.


IMHO the only way to get your score up is don't spend higher than your butt.

Here's the guy you need to skinny up to and follow:

https://www.daveramsey.com/blog/excuses-to-keep-credit-cards

https://www.daveramsey.com/

Listen to this guy, he'll set you straight.
 
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Don't know?
The wife and I have been conservative, not tight but don't blow money on crap you don't really need or don't really want all our lives.
... :) Checked our fico today and it's 843 out of 850.

IMHO the only way to get your score up is don't spend higher than your butt.

Here's the guy you need to skinny up to and follow:

https://www.daveramsey.com/blog/excuses-to-keep-credit-cards

https://www.daveramsey.com/

Listen to this guy, he'll set you straight.
Thanks Paul , I will check it out after work
 
Dave Ramsey will tell you to cut up ALL of your credit cards.
You have a bank debit card - it works the same way, and doesn't extend you credit for money you don't have.

I have a different view of spending/budget for vacations/spending time with your kids, than ol' Dave, but other than that, he's straight up and right on. His debt reduction plan is great and works if you stick with it. I highly recommend that.

Thanks,
Brian Carlson
 
I'm a student of Dave Ramsey, and my financial situation has benefited greatly from it over the years.

Fastest way to hack your credit score and get it to increase, is to open a card, refrain from using it, and make a $20 payment. Month after month, when they report your balances, it will show that they owe you money. Not a Dave Ramsey tip, but one from a friend of mine who is insanely good with credit; building his sisters credit back from bankruptcy several times over, just so she could destroy it again. (Thats another story, you can pick your friends- not your family)

This is a surefire way to hyper inflate your credit rating. But you need discipline, DON'T use the card.

I transitioned away from all credit cards, as I had an issue with them and they got me into trouble in the past. I have one card now, it always shows a positive balance, and the last time I checked my credit score stays around 725-730. I have no debt, other than my mortgage; its a great feeling.
 
My credit score is 807. It was 815 last fall when I bought my last vehicle. I have a loan on it, a mortgage, and 3 credit cards that I know of. I use my credit cards for everything I buy, unless I'm using cash. I also pay off the entire balance every month. With my business, I charged over $60k last year. I got at least 1% cash back on every purchase... It's all about playing the game.
 
1% cash back on compounding interest in excess of 9.99% is no way to financially chock up a win. Paying off your balance every month does help. But cash is king. If I don't have the cash to cover it, I don't buy it. Its too easy to justify bad spending habits IMO. Like I said, credit cards got me in trouble in the past. Moving away from credit and paying everything in cash is now how I do things. Makes life alot less stressful and I am able to "stay in my financial lane" better.

Now my retirement, kids college funds, and karting are fully funded; and I have zero debt so long as I don't try to keep up with the Jones'.

Just my .02 cents
 
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1% cash back on compounding interest in excess of 9.99% is no way to financially chock up a win. Paying off your balance every month does help. But cash is king. If I don't have the cash to cover it, I don't buy it. Its too easy to justify bad spending habits IMO. Like I said, credit cards got me in trouble in the past. Moving away from credit and paying everything in cash is now how I do things. Makes life alot less stressful and I am able to "stay in my financial lane" better.

Now my retirement, kids college funds, and karting are fully funded; and I have zero debt so long as I don't try to keep up with the Jones'.

Just my .02 cents
When it is things you are buying or have to buy there is no reason to write a check or pay cash and lose that one percent back if it is a available, plus the credit score increases that come with doing so. Buy a 1000 dollars worth of groceries saved him 10 dollars. I pay cash or write a check and don’t save anything.
 
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I use my credit cards for everything I buy, unless I'm using cash. I also pay off the entire balance every month. With my business, I charged over $60k last year. I got at least 1% cash back on every purchase... It's all about playing the game.
When it is things you are buying or have to buy there is no reason to write a check or pay cash and lose that one percent back if it is a available, plus the credit score increases that come with doing so. Buy a 1000 dollars worth of groceries saved him 10 dollars. I pay cash or write a check and don’t save anything.

ditto on the above

Fidelity has a 2% cash back card on everything with no annual fee.
I'm thinking of getting it and run everything thru it except for what I can buy and get 5% back on.
Most cards have rotating places to buy from for 5% back with Amazon, Target, and the likes with their own 5% back card.
It's nice buying something with your cash back bonus on a card where the bill for what you buy is 0.00.

About the only thing I spend cash on is the front and back gates to race tracks. ... :)
When going thru a Mcdonald's drive-thru doesn't it seem funny to see the person ahead of you pay with money?

Living life off the farm pretty much boils down to a roof over your head, transportation, food, even if it's with Penneys at a time get 6 months of cash in the bank, get rid of debt with high-interest credit cards first, and in that order.
 
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Had 3 CC's when we got married, all kinds of debt.
Transferred all the debt to the card with the lowest interest.
Cut up other 2 cards, continued to pay the same payment on one card as was all 3 to pay it off in a hurry.
paid off debt on last card and cut it up, no CC's in almost 18 yrs, dont need one
 
When it is things you are buying or have to buy there is no reason to write a check or pay cash and lose that one percent back if it is a available, plus the credit score increases that come with doing so. Buy a 1000 dollars worth of groceries saved him 10 dollars. I pay cash or write a check and don’t save anything.
Thats the dumbest stuff I ever read, the food is long gone but youre still paying for them?
My wife would of saved more than 10 with coupons, and no interest to pay on the 1000
 
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I'm thinking that Cope1 means that he pays the card balance off every month.
Of course, the credit card discount rate is built into the price of everything in every store, so if you pay no interest, you might as well get the cashback.

My credit score has stabilized at 817 for several years now. One thing confuses me, maybe someone can explain how paying off our mortgage decreased my credit score by 5 points?
 
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