Ironworks Gaming Forum - View Single Post - High Risk or High Opportunity ? (Credit Card Rant)

Zebodog · 11-11-2005, 05:09 PM

I keep two cards on hand (three, if you count the my corporate AMEX, but I don't have to pay for that although I do have to justify it [img]smile.gif[/img] )

One card has a relatively low limit, $3000 and a 10.5% interest rate, the other a $10000 limit but the interest rate is 17.9%. I use the low interest card for day to day stuff, and usually my balance runs around 10%. My other card, I don't carry a balance on, only use it occasionaly and pay it off immediately upon receipt of the statement. It's nice to have that extra buffer for the emergencies.

The interesting thing with credit cards, is that paying them off immediately really doesn't do much for your credit rating. If you trying to improve your credit rating, keep a small balance and only pay the minimum each month. It shows creditors that you are capable of making monthly payments. (Or so I've heard)

11-11-2005, 05:09 PM	#5
Zebodog Avatar Join Date: May 14, 2005 Location: Edmonton Age: 74 Posts: 578	I keep two cards on hand (three, if you count the my corporate AMEX, but I don't have to pay for that although I do have to justify it [img]smile.gif[/img] ) One card has a relatively low limit, $3000 and a 10.5% interest rate, the other a $10000 limit but the interest rate is 17.9%. I use the low interest card for day to day stuff, and usually my balance runs around 10%. My other card, I don't carry a balance on, only use it occasionaly and pay it off immediately upon receipt of the statement. It's nice to have that extra buffer for the emergencies. The interesting thing with credit cards, is that paying them off immediately really doesn't do much for your credit rating. If you trying to improve your credit rating, keep a small balance and only pay the minimum each month. It shows creditors that you are capable of making monthly payments. (Or so I've heard) __________________ Disclaimer: If this thread, or a link within this thread leads you to follow advice that crashes/explodes/burns down or any way damages your system or causes personal stress or hardship, I am in no way responsible for any problems.