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Thread: Credit Cards




  1. #51
    Join Date
    Jul 2002
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    1,520

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    Wrong!!!!! You do not need credit cards to build credit now adays you pay your electric bill on time that counts.... same as your phone bill and cable bill if you pay them on time it builds your credit up high and believe it or not joining a gym and pay your membership on time that counts too. Credit cards are trouble cuz 9x's outta 10 its hard to pay them off and beside when I file my taxes you know what I do with that money PARTY when most get theres just to pay off there credit card bills. If anything Check cards are the way to go. I will be opening a checking account soon just so I can keep a better watch on money spent.

  2. #52
    Join Date
    Nov 2001
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    New England Highlands, Australia
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    21,907

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    Yes if ya want a good credit rating then just every year or so take out a small loan and pay it off very quickly. ;)
    <center>:cheers:</center>

  3. #53
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    Jul 2002
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    Yes that helps too Wiggo :thumb:

  4. #54
    Join Date
    Nov 2001
    Location
    Ontario, Canada
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    1,016

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    Quote Originally Posted by Wiggo
    Yes if ya want a good credit rating then just every year or so take out a small loan and pay it off very quickly. ;)
    <center>:cheers:</center>
    The banks prefer you pay it off slowly - so they can make more money :D

    Credit cards are an excellent tool - as long as you never carry a balance on them. Interest only accumulates after the first payment period - If you pay off each statement as soon as you get it, you're never charged the high CC interest rate.

    I have a $30K line of credit through my bank at prime plus 2% interest - in the event that I can't completely pay off a CC statement - I move the balance from the card to my line of credit at the end of the month - the line of credit calculates interest daily not monthly...but it's only about 6% right now.

    ...and if you really want to improve your credit rating - just carry a nice big mortgage for a while
    :thumb:

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