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Voters: 107. You may not vote on this poll
How do you pay?
03-26-2008, 01:38 PM
#81
Nontypical Buck
Join Date: Feb 2003
Location: Northern Idaho's Panhandle
Posts: 4,436
RE: How do you pay?
I like to charge it up to about a 100g and then pay it off... 
naw,Dee and Ipretty much take the same approach Jeff and Lisa do.. We stock pile flyer miles ... put most everything on the card, pay it off... etc..
naw,Dee and Ipretty much take the same approach Jeff and Lisa do.. We stock pile flyer miles ... put most everything on the card, pay it off... etc..
03-26-2008, 02:14 PM
#83
Nontypical Buck
Join Date: Feb 2003
Location: Rural Kansas... Where Life is Good
Posts: 4,139
RE: How do you pay?
ORIGINAL: shed33
naw,Dee and Ipretty much take the same approach Jeff and Lisa do.. We stock pile flyer miles ... put most everything on the card, pay it off... etc..
naw,Dee and Ipretty much take the same approach Jeff and Lisa do.. We stock pile flyer miles ... put most everything on the card, pay it off... etc..
03-26-2008, 03:11 PM
#84
Dominant Buck
Join Date: Feb 2003
Location: Blossvale, New York
Posts: 21,199
RE: How do you pay?
If you're starting out and trying to establish credit I think it's better to run a little balance but pay them before the due date. If you're trying to establish credit, don't be late by a day or you're toast. DOn't use a Sears card and be late or you'll never get a good rating. Run a little balance for a year and be done pay it off in full. Never ever ever never miss a payment on time. Keep the balance low to save you a bunch of money. If they say your total balance is $600...and minimum due is $50 or whatever.... send them $550 and run a balance of $50 for a month or so. Then pay it off and start again. They really like to see you owed and paid on time or early. They don't like to see NO balance. This is just to establish credit. Rent on time, utilities bills on time, and all that sort of stuff are a must to get yourself a good credit rating. Buy a car on time and don't be late. Pay early. Even on my last mortgage we made double principal payments every month. Saved lots of interest over the years. My house in Maryland goes to settlement Mar 31st. It's good to know that the money I didn't pay in interest will come to me at settlement.[8D] I owe $3,600 on the house. LOL They've been sending me a letter every month trying to get me to borrow $350,000 as a home equity line of credit.
I took out a small business loan for 7 yearswhen I started my business. I paid it off early. When I didthe bank business loan managertold me, "if you ever need anything come and see me. I've never had a business loan never be so much as a day late. You're the first". And that's how you build credit lines. Borrow, pay on time, sometimes run a balance on credit cards or buy a car or something on time and never be a day late. Paying cash for everything will not establish a great credit rating.
You still have to qualify by way of income and/or down payment. Balances that can't be paid instantly will lessen the amount you can borrow for say a home. It's all part of you month debt. If you owe several thousand on a car or credit card, you just lost a lot of buying power for a house,another caror some major expenditure like that. When you have some credit built up, pay everything off.
I took out a small business loan for 7 yearswhen I started my business. I paid it off early. When I didthe bank business loan managertold me, "if you ever need anything come and see me. I've never had a business loan never be so much as a day late. You're the first". And that's how you build credit lines. Borrow, pay on time, sometimes run a balance on credit cards or buy a car or something on time and never be a day late. Paying cash for everything will not establish a great credit rating.
You still have to qualify by way of income and/or down payment. Balances that can't be paid instantly will lessen the amount you can borrow for say a home. It's all part of you month debt. If you owe several thousand on a car or credit card, you just lost a lot of buying power for a house,another caror some major expenditure like that. When you have some credit built up, pay everything off.
03-26-2008, 04:30 PM
#85
Giant Nontypical
Join Date: Feb 2003
Location: HENDERSON KY USA
Posts: 6,634
RE: How do you pay?
The biggest problem with the cc is the availability of it and the ease with which something can be purchased,even if you really don't want/need it.It's called impules buying.
Even if paying the card off every month,you may havepurchased $200 worth of crap that otherwise,you would NOT have purchased.
Then all those nasty little loop holes in your so called contracts with them,you will pay extra at some point,either in penalties or interest if you use a card much at all.
Even if paying the card off every month,you may havepurchased $200 worth of crap that otherwise,you would NOT have purchased.
Then all those nasty little loop holes in your so called contracts with them,you will pay extra at some point,either in penalties or interest if you use a card much at all.
03-26-2008, 04:43 PM
#87
Giant Nontypical
Join Date: Feb 2003
Location: HENDERSON KY USA
Posts: 6,634
RE: How do you pay?
ORIGINAL: robbcayman
For one, if you put your money in a retirement account it is not liquid without a 10% penalty. Thus, you would lose quite a bit of money toobtain it.Also, you do realize that a roth is post tax dollars, right?
If you have the cash to pay off the note the spread you are making still is not worth it IMHO. BTW, most peoplewho borrow on vehicles don't have that amount of money saved. That is the reason they are borrowing money in the first place.
Bringing up the $300k borrowed by the business man is not a fair comparison. You are talking consumer debt versus venture capital debt. I might also add that 80% of businesses fail, and $300k is really rolling the dice. If you want to build a business I would suggest starting out slow and doing it with cash.
Oh well, agree to disagree.
For one, if you put your money in a retirement account it is not liquid without a 10% penalty. Thus, you would lose quite a bit of money toobtain it.Also, you do realize that a roth is post tax dollars, right?
If you have the cash to pay off the note the spread you are making still is not worth it IMHO. BTW, most peoplewho borrow on vehicles don't have that amount of money saved. That is the reason they are borrowing money in the first place.
Bringing up the $300k borrowed by the business man is not a fair comparison. You are talking consumer debt versus venture capital debt. I might also add that 80% of businesses fail, and $300k is really rolling the dice. If you want to build a business I would suggest starting out slow and doing it with cash.
Oh well, agree to disagree.
I am with you brother and working on getting there myself.
I like the fact that if a person would take the average car payment they make and saved it in mutuall funds each month like a car paymentthat by retirement age they could retire a multi millionare.
03-26-2008, 04:50 PM
#88
Giant Nontypical
Join Date: Feb 2003
Location: HENDERSON KY USA
Posts: 6,634
RE: How do you pay?
ORIGINAL: bow huntert
I have a checking account I useonly for hunting season during Oct-Jan. I put a small amount in it every week.
I have a checking account I useonly for hunting season during Oct-Jan. I put a small amount in it every week.
03-26-2008, 05:04 PM
#89
Dominant Buck
Join Date: Feb 2003
Location: Blossvale, New York
Posts: 21,199
RE: How do you pay?
The bottom line is live within your means. And your means should include something put into savings. I don't care if your income is so low you only have a couple dollars left after food for the family. Put something up and don't let it be for guns and ammo. That's a separate account. I have quite a bit of money put away. I did it when it wasn't always convenient. I did it so I could stop work at 60 and not worry about paying the bills.
