Debt-Free..Again!

Tommy_Dolitte · 07-20-2005, 07:01 PM

Finally....

Man, it's a good feeling again...

I have an MBNA Platinum Plus...$10 K limit, 9.99% flat APR for all transaction types....how does this rate on a scale 1 to 10 (1 = poor)?

TD

MRGALT2U · 07-20-2005, 07:24 PM

Quote:

Originally Posted by Tommy_Dolitte

Finally....

Man, it's a good feeling again...

I have an MBNA Platinum Plus...$10 K limit, 9.99% flat APR for all transaction types....how does this rate on a scale 1 to 10 (1 = poor)?

TD

1

maddythebeagle · 07-20-2005, 07:25 PM

REWahoo · 07-20-2005, 07:27 PM

Quote:

Originally Posted by Tommy_Dolitte

Finally....

Man, it's a good feeling again...

I have an MBNA Platinum Plus...$10 K limit, 9.99% flat APR for all transaction types....how does this rate on a scale 1 to 10 (1 = poor)?

TD

It rates a 10, but only if you never use it.... :P

REW

Tommy_Dolitte · 07-20-2005, 08:12 PM

What would be a 10? Had no idea I was so far off!!!

wabmester · 07-20-2005, 08:34 PM

Well, of course, you should try for no debt, but if you need to take on debt, make it cheap. 0% balance transfers would be a good start. And usually you can get a line of credit that has a better APR than a regular credit card (I had a LOC when I was in college, so it can't be too hard to get).

MRGALT2U · 07-20-2005, 08:59 PM

Quote:

Originally Posted by wabmester

Well, of course, you should try for no debt, but if you need to take on debt, make it cheap.* *0% balance transfers would be a good start.* *And usually you can get a line of credit that has a better APR than a regular credit card (I had a LOC when I was in college, so it can't be too hard to get).

I hold lots of credit cards. Hardly a day goes by without receiving
promo offers at -0-, 1.99. 2.9, 3.9, 4.9 , 5.9% etc. Some are only for balance
transfers, but some are for anything at all, and some rates are locked as long as you
carry the balance. I had one today for 1.99% on the full credit line, locked until January, 2006, and no fees to access.

JG

Tommy_Dolitte · 07-20-2005, 09:10 PM

Quote:

Originally Posted by MRGALT2U

*

I hold lots of credit cards.* Hardly a day goes by without receiving
promo offers at -0-, 1.99. 2.9, 3.9, 4.9 , 5.9%* etc.* Some are only for balance
transfers, but some are for anything at all, and some rates are locked as long as you
carry the balance.* I had one today for 1.99% on the full credit line, locked until January, 2006, and no fees to access.*

JG

What strategy are you using to leverage this? That's the motive ofmy question...I do I leverage in effect...a low interest loan? Should my strategy be to skip around vs being loyal? I've had my card for a decade now and have read that card hopping can be detrimental to your credit score--that being said, is this a credible statement in that it applies to those of us that have good credit and manage our incomes/spending well?

maddythebeagle · 07-20-2005, 09:11 PM

What is this, the dave ramsey show?

I just closed a discover card (they are good for getting deals) and they offered to reopen it with 0% on purchases for 6 months. I bet if I called them back, I could get them up to 12 months, but really dont care. I pay my purchases off every month and you get better deals opening new accounts. I have a few balance transfers at 0% for 12 months that I am just putting in a money market account. I might open some more of these once I get comfortable with it. If you have an existing card, it isnt hard to get 0-2% transfer for 6 months (again, you probably can call and get extended). Maybe get them to waive the balance transfer fees.

Of course, if you have a consumer problem, dont bother. Not good to give wine to alcoholic....

JPatrick · 07-20-2005, 09:17 PM

Quote:

Originally Posted by Tommy_Dolitte

Finally....

Man, it's a good feeling again...

I have an MBNA Platinum Plus...$10 K limit, 9.99% flat APR for all transaction types....how does this rate on a scale 1 to 10 (1 = poor)?

TD

Any credit card that is fee free and provides you with a reward for using it is a good one.* Oh, the interest rate?* Any rate will do because you should never pay interest. Therefore 9.99% or 25% is irrelevant.

Tommy_Dolitte · 07-20-2005, 09:19 PM

I hear you. I will never pay interest on a card again. That was $612 dollars down the drain!!!!

*off to eating tuna fish*

maddythebeagle · 07-20-2005, 09:20 PM

http://www.cardratings.com/newmessageboardfr.html

is a good message board for questions.

MRGALT2U · 07-20-2005, 09:24 PM

Quote:

Originally Posted by JPatrick

Any credit card that is fee free and provides you with a reward for using it is a good one.* Oh, the interest rate?* Any rate will do because you should never pay interest. Therefore 9.99% or 25% is irrelevant.

This is true except when you can take the CC money and make money
on their money. *Many ways to do that. *And then if you can get rewards
on top of it........sweet!

JG

MRGALT2U · 07-20-2005, 09:28 PM

Quote:

Originally Posted by maddythebeagle

What is this, the dave ramsey show?

I just closed a discover card (they are good for getting deals) and they offered to reopen it with 0% on purchases for 6 months. I bet if I called them back, I could get them up to 12 months, but really dont care. I pay my purchases off every month and you get better deals opening new accounts. I have a few balance transfers at 0% for 12 months that I am just putting in a money market account. I might open some more of these once I get comfortable with it. If you have an existing card, it isnt hard to get 0-2% transfer for 6 months (again, you probably can call and get extended). Maybe get them to waive the balance transfer fees.

Of course, if you have a consumer problem, dont bother. Not good to give wine to alcoholic....

I've been called with these offers and have the "deal" sweetened twice
without my even asking. I just turn it down or hesitate and they
say "Well, we can also offer.....". The other day, I just said "Okay, tell
me everything you can offer me and then I will choose one."

JG

MRGALT2U · 07-20-2005, 09:34 PM

Quote:

Originally Posted by Tommy_Dolitte

What strategy are you using to leverage this?* That's the motive ofmy question...I do I leverage in effect...a low interest loan?* Should my strategy be to skip around vs being loyal?* I've had my card for a decade now and have read that card hopping can be detrimental to your credit score--that being said, is this a credible statement in that it applies to those of us that have good credit and manage our incomes/spending well?

"loyal" ? We're talking money and business here. I might be loyal to my
cousin who sells insurance, or my daughter the stockbroker. The credit
card companies have to compete constantly for my business. As long as
I am a desirable customer they either give me what I want or I drop them like
a hot rock.

JG

laurence · 07-20-2005, 11:21 PM

Quote:

Originally Posted by Tommy_Dolitte

What strategy are you using to leverage this? That's the motive ofmy question...I do I leverage in effect...a low interest loan? Should my strategy be to skip around vs being loyal? I've had my card for a decade now and have read that card hopping can be detrimental to your credit score--that being said, is this a credible statement in that it applies to those of us that have good credit and manage our incomes/spending well?

Allegedly a long history with a card helps your credit score, but hey, keep the account and just transfer the balance to the lowest bidder. You don't have to close it.

Jay_Gatsby · 07-21-2005, 08:15 AM

Quote:

Originally Posted by Laurence

Allegedly a long history with a card helps your credit score, but hey, keep the account and just transfer the balance to the lowest bidder.* You don't have to close it.

Yes, but don't you need to be concerned about having too many open accounts?

KB · 07-21-2005, 09:10 AM

If you have too much available credit, that can ding your FICO score also along with a too high debt to available credit ratio. I have found that keeping the older credit cards without a balance open is better for my FICO score than keeping newer ones open.

A few years ago I opened a few '0 interest for 1 year' accounts to do some improvements on my house. When I paid them off, my available credit was too high and my FICO score dropped about 30 points. After closing those newer accounts, my score went back up.

maddythebeagle · 07-21-2005, 09:15 AM

Allegedly is the key word. I dont know if the scoring is known for sure and varies. There is a lot little tricks and ways to improve your score (do a search in the fool.com or msn.com). Like keeping your oldest account open, etc. Opening a new account probably drops your score a few points for a few months. I think the biggest thing is not to have anytthing negative like late payements, etc. that will make it harder.

Marshac · 07-22-2005, 12:57 AM

My MBNA visa gift card just came in the mail today... $150 in free money simply for applying (and using) a credit card. Lovely. The $100 from Sony was nice too... as well as the $100 in gift cards from Citi....

I really don't care about my FICO score at this point- $350 in free money is worth a few dings.... and even then, I have only lost 3 points.

Free money is my favorite kind.

07-20-2005, 07:01 PM	#1
Tommy_Dolitte Recycles dryer sheets Join Date: Jul 2004 Posts: 170	Debt-Free..Again! Finally.... Man, it's a good feeling again... I have an MBNA Platinum Plus...$10 K limit, 9.99% flat APR for all transaction types....how does this rate on a scale 1 to 10 (1 = poor)? TD

07-20-2005, 07:25 PM	#3
maddythebeagle Thinks s/he gets paid by the post Join Date: Jun 2005 Posts: 2,439	Re: Debt-Free..Again! -10 __________________ - Hurry! to the cliffs of insanity!

07-20-2005, 08:12 PM	#5
Tommy_Dolitte Recycles dryer sheets Join Date: Jul 2004 Posts: 170	Re: Debt-Free..Again! What would be a 10? Had no idea I was so far off!!!

07-20-2005, 08:34 PM	#6
wabmester Thinks s/he gets paid by the post Join Date: Dec 2003 Posts: 4,461	Re: Debt-Free..Again! Well, of course, you should try for no debt, but if you need to take on debt, make it cheap. 0% balance transfers would be a good start. And usually you can get a line of credit that has a better APR than a regular credit card (I had a LOC when I was in college, so it can't be too hard to get).

07-20-2005, 09:11 PM	#9
maddythebeagle Thinks s/he gets paid by the post Join Date: Jun 2005 Posts: 2,439	Re: Debt-Free..Again! What is this, the dave ramsey show? I just closed a discover card (they are good for getting deals) and they offered to reopen it with 0% on purchases for 6 months. I bet if I called them back, I could get them up to 12 months, but really dont care. I pay my purchases off every month and you get better deals opening new accounts. I have a few balance transfers at 0% for 12 months that I am just putting in a money market account. I might open some more of these once I get comfortable with it. If you have an existing card, it isnt hard to get 0-2% transfer for 6 months (again, you probably can call and get extended). Maybe get them to waive the balance transfer fees. Of course, if you have a consumer problem, dont bother. Not good to give wine to alcoholic.... __________________ - Hurry! to the cliffs of insanity!

07-20-2005, 09:19 PM	#11
Tommy_Dolitte Recycles dryer sheets Join Date: Jul 2004 Posts: 170	Re: Debt-Free..Again! I hear you. I will never pay interest on a card again. That was $612 dollars down the drain!!!! off to eating tuna fish

07-20-2005, 09:20 PM	#12
maddythebeagle Thinks s/he gets paid by the post Join Date: Jun 2005 Posts: 2,439	Re: Debt-Free..Again! http://www.cardratings.com/newmessageboardfr.html is a good message board for questions. __________________ - Hurry! to the cliffs of insanity!

07-21-2005, 09:10 AM	#18
KB Full time employment: Posting here. Join Date: Jun 2004 Posts: 983	Re: Debt-Free..Again! If you have too much available credit, that can ding your FICO score also along with a too high debt to available credit ratio. I have found that keeping the older credit cards without a balance open is better for my FICO score than keeping newer ones open. A few years ago I opened a few '0 interest for 1 year' accounts to do some improvements on my house. When I paid them off, my available credit was too high and my FICO score dropped about 30 points. After closing those newer accounts, my score went back up.

07-21-2005, 09:15 AM	#19
maddythebeagle Thinks s/he gets paid by the post Join Date: Jun 2005 Posts: 2,439	Re: Debt-Free..Again! Allegedly is the key word. I dont know if the scoring is known for sure and varies. There is a lot little tricks and ways to improve your score (do a search in the fool.com or msn.com). Like keeping your oldest account open, etc. Opening a new account probably drops your score a few points for a few months. I think the biggest thing is not to have anytthing negative like late payements, etc. that will make it harder. __________________ - Hurry! to the cliffs of insanity!

07-22-2005, 12:57 AM	#20
Marshac Full time employment: Posting here. Join Date: Aug 2004 Posts: 904	Re: Debt-Free..Again! My MBNA visa gift card just came in the mail today... $150 in free money simply for applying (and using) a credit card. Lovely. The $100 from Sony was nice too... as well as the $100 in gift cards from Citi.... I really don't care about my FICO score at this point- $350 in free money is worth a few dings.... and even then, I have only lost 3 points. Free money is my favorite kind.