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Revscene Wall Street.
Consolidating debt? Good business tips? Buying stock? How's our economy doing? Discuss and share advice and tools on everyday banking, investing, wealth management and insurance. |
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01-04-2012, 09:40 AM
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#26 | | Old School RS
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Originally Posted by MindBomber  It's also important to never close an account, cut up a card and let the account sit inactive, but do not close it as that does hurt your credit score. | I have never heard this before... a portion of any application for debt is available credit, having cut up cards that are still active would definitely hurt this, how do you figure that closing a card will harm your rating?
Mark
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01-04-2012, 10:51 AM
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#27 | | I contribute to threads in the offtopic forum
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^
think it's because you increase your debt/credit ratio.
example:
debt = $1000
available credit = $10,000
debt/credit ratio = 10%
Cancelling a credit card with a $5000 limit, your debt/credit ratio is 20%.
Not a financial expert here, just stuff I've read along the way.
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01-04-2012, 10:58 AM
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#28 | | I contribute to threads in the offtopic forum
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Credit card for everything, debit/cash don't give me cashback of minimum 1.5% on every purchase.
Never paid a cent of interest in my life, bank online and pay it off no less than bi-weekly.
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01-04-2012, 10:59 AM
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#29 | | I Will not Admit my Addiction to RS
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Cash is gold Posted via RS Mobile | |
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01-04-2012, 11:12 AM
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#30 | | RS.net, helping ugly ppl have sex since 2001
Join Date: Mar 2006 Location: Burnaby
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mbna for regular bills and after I max out the TD Visa ($500 limit)
td visa for everything I can ($1000 limit)
CIBC Visa for large purchases (never used)
debit not used
cash for bubble tea.
My limits are low on purpose so I don't spend my money. This way I make more than what I spend and pay everything off.
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01-04-2012, 12:35 PM
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#31 | | What hasn't Killed me, has made me more tolerant of RS!
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I like to think of credit cards as small loans. You pay with a plastic card and have until the end of the month to pay. I keep my money in another bank account that gives me daily compounded interest until I have to pay the bill.
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01-04-2012, 01:09 PM
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#32 | | Revscene.net has a homepage?!
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credit on everything ......
build up credit and points like a bauuwss 
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E70 4.8i
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01-07-2012, 12:10 PM
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#33 | | I contribute to threads in the offtopic forum
Join Date: Dec 2003 Location: Vancouver
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| Quote:
Originally Posted by Santofu How do you use your credit card that debit card cannot do?
For me, I use my debit card on everything(gas, grocery, clothes) and my credit card for online only.
What is your amount of limit you have on your credit card?
I heard if you use your credit card too much, would it hurt your credit score? Sorry for a n00b question but I'm just curious. | If you are trying to save money, I suggest a chequing and savings account.
Some savings account won't allow you to make purchases or withdraw money.
Never ever have more than $100 in your chequing account. Only time you need over $100 is when your bills are to be paid by that account.
As for credit card, limit yourself to 2 cards, no more than 3. Spending too much on your credit card doesn't hurt your credit score but it is part that lenders look at when you borrow money. It's called debt to credit ratio. If you have $1000 credit limit, and on average $800 is used up, it doesn't look very good.
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01-07-2012, 12:12 PM
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#34 | | I contribute to threads in the offtopic forum
Join Date: Dec 2003 Location: Vancouver
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Originally Posted by Spoon ^
think it's because you increase your debt/credit ratio.
example:
debt = $1000
available credit = $10,000
debt/credit ratio = 10%
Cancelling a credit card with a $5000 limit, your debt/credit ratio is 20%.
Not a financial expert here, just stuff I've read along the way. | But if you pay $500 to that debt, you are back at 10%. Some cards you just have to cancel because of maintenance fee. Read your contract to make sure.
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01-08-2012, 11:52 AM
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#35 | | Wunder? Wonder?? Wander???
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| STOP STALKING ME CLAIRE
.
Last edited by MPTness; 02-20-2012 at 08:19 AM.
Reason: STOP STALKING ME CLAIRE
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01-08-2012, 07:25 PM
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#36 | | WUB WUB WUB WUB WUB
Join Date: Oct 2007 Location: Surrey
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MasterCard for just about everything (fast food, gas, fares, etc)
Debit for bills (phone, etc)
Visa for restaurants
Rarely use cash unless it's lose change
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01-08-2012, 07:44 PM
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#37 | | Helps you change your flat, doesn't hit on your girlfriend while doing so
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Originally Posted by MPTness 20k credit limit because that's more than enough instead of 60k I am eligible for | 
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01-09-2012, 10:31 PM
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#38 | | Everyone wants a piece of R S...
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Since were on the topic of plastic cards which credit cards do you guys recommend best for rewards (points) for a student? Posted via RS Mobile | |
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