REVscene Automotive Forum - Credit and Debit cards.

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Quote:

Originally Posted by MindBomber (Post 7705025)

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

^
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.

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.

Cash is gold
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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.

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.

credit on everything ......

build up credit and points like a bauuwss

:fuckyea:

Quote:

Originally Posted by Santofu (Post 7704549)

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.

Quote:

Originally Posted by Spoon (Post 7748986)

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.

STOP STALKING ME CLAIRE

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

Quote:

Originally Posted by MPTness (Post 7754014)

20k credit limit because that's more than enough instead of 60k I am eligible for

http://i.imgur.com/P0D1h.gif

Since were on the topic of plastic cards which credit cards do you guys recommend best for rewards (points) for a student?
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