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Dirtyhip

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Esperian reports that the average credit report is 700.  The amount owed has risen. Which makes sense, cause things cost more all the time.

I wonder how many of those pay it off each month.  I think there are a ton of people out there gaming the cc companies for free points and they pay it off each month. 

 

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1 minute ago, Dirtyhip said:

Esperian reports that the average credit report is 700.  The amount owed has risen. Which makes sense, cause things cost more all the time.

I wonder how many of those pay it off each month.  I think there are a ton of people out there gaming the cc companies for free points and they pay it off each month. 

 

We buy everything with our Amazon credit card and yes, we pay it off each month.  We started doing it for two purposes, an extra layer of security being the primary and the 5% back in Amazon credit secondary.  Otherwise we would've used a card with a lower interest rate just in case we didn't pay it all off one month.

I know people will say, just cary cash.  Well cash makes me nervous anymore.  15 years of working in the worst part of Indianapolis were it was not unusual for a coworker to be mugged at lunch has left me paranoid about carrying cash.  So I don't want to give anyone a reason to mess with me.

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And I assume that 700 is credit score, yeah, we are well above that.  Any time we have gone to get a car and a loan, wife always comments that she hopes we are approved.  Finance guy pulls information and starts laughing and usually comments that with our score we could actually buy anything they have without an issue.  We are usually buying one of the cheaper vehicles on the lot.  Last time, they ask if I wanted to test drive the Ferrari sitting the showroom after pulling the scores.  I declined, I was happy with cheap convertible.

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I got a notice during all this medical crisis my wife and I are going through that they were going to cancel my credit card because I don’t use it. That was awhile ago and this thread just reminded me. It had several hundred dollars in rewards just resting there. I wonder if it’s too late to cash them in?

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2 minutes ago, Dirtyhip said:

Oh, I use them all the time.  Cash seems dirty.

Holding a balance that is accruing interest is something that makes me lose sleep.

 

especially when it's a high interest rate card that you are using because of the reward.  Don't pay it off and that reward is quickly not worth it.

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1 minute ago, Longjohn said:

I got a notice during all this medical crisis my wife and I are going through that they were going to cancel my credit card because I don’t use it. That was awhile ago and this thread just reminded me. It had several hundred dollars in rewards just resting there. I wonder if it’s too late to cash them in?

That's why I like the Amazon card, it's just automatically added to my account so it's just there to use.  We have others and you have to jump through hoops to get the reward and it's not as good.  

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1 minute ago, Longjohn said:

I got a notice during all this medical crisis my wife and I are going through that they were going to cancel my credit card because I don’t use it. That was awhile ago and this thread just reminded me. It had several hundred dollars in rewards just resting there. I wonder if it’s too late to cash them in?

We bought my wife’s laptop with old reward points. We only get a measly 1% reward I think. We need to play the credit card game mo better I spose.  We probably have quite a few built up Again now. 

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1 minute ago, RalphWaldoMooseworth said:

I was referring to the Ferrari test drive. :D

I know I was seduced by a test drive in a Mitsubishi turbo in the 80s.  

A test drive wouldn't convince me I need it.  The older I get, the cheaper I get.  Wife needs a newer SUV.  I was looking at the KIA Telluride as the reviews have all been stellar.  Was tempted to I figured out the monthly payment (which isn't that bad, but man I am cheap) and said nah, an 8-10 year old used vehicle sounds so much better.

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Just now, Indy said:

That's why I like the Amazon card, it's just automatically added to my account so it's just there to use.  We have others and you have to jump through hoops to get the reward and it's not as good.  

This card had good rewards but I don’t like to play that game. They promised me I could cash them in anytime or leave them ride, they never expire. 

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18 minutes ago, Indy said:

I know people will say, just cary cash.  Well cash makes me nervous anymore.  15 years of working in the worst part of Indianapolis were it was not unusual for a coworker to be mugged at lunch has left me paranoid about carrying cash.  So I don't want to give anyone a reason to mess with me.

Well that is a silly argument, people don’t mug you because you are carrying cash, they mug you to steal whatever you have on you. Cash, sure, but credit cards are at least as valuable, plus your phone will be taken, too.  Everybody carries some combination of the three. 

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5 minutes ago, Randomguy said:

Well that is a silly argument, people don’t mug you because you are carrying cash, they mug you to steal whatever you have on you. Cash, sure, but credit cards are at least as valuable, plus your phone will be taken, too.  Everybody carries some combination of the three. 

And they would love to steal your concealed carry, if they can reach it before you do.

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7 minutes ago, Randomguy said:

Well that is a silly argument, people don’t mug you because you are carrying cash, they mug you to steal whatever you have on you. Cash, sure, but credit cards are at least as valuable, plus your phone will be taken, too.  Everybody carries some combination of the three. 

Credit cards are quickly cancelled.  I don't carry the latest iPhone, no one wants mine.  And you are more likely to get mugged if you carry cash.  They watch you pay for something, if they see you have a wad of cash, you become a more likely target because they know they can get something.

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3 minutes ago, Longjohn said:

And they would love to steal your concealed carry, if they can reach it before you do.

Yeah, that is the issue with carrying, if they get the jump on you, it's almost worthless.  Your best hope is someone else carrying sees what's going on and puts a bullet in the thug for you.

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1 minute ago, RalphWaldoMooseworth said:

Same here!  I love fully depreciated stuffs!  But I do like buying new cars so you know where it’s been and we keep them forever. 

I prefer to let someone else take the initial depreciation hit.  It amazes me the amount of people I know that freak out and trade in their car just because their manufacturer warranty is about to expire.  And usually, they haven't needed the warranty once.  The amount people will pay for a warranty they never use is nuts.  But it's good for me as it makes it easy for me to pick up a good car on the cheap.

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1 minute ago, Indy said:

I prefer to let someone else take the initial depreciation hit.  It amazes me the amount of people I know that freak out and trade in their car just because their manufacturer warranty is about to expire.  And usually, they haven't needed the warranty once.  The amount people will pay for a warranty they never use is nuts.  But it's good for me as it makes it easy for me to pick up a good car on the cheap.

And dealers play that warranty card for all its worth!  Free money for them!

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1 minute ago, bikeman564™ said:

Bank of America reports TransUnion's number. I'm at 829. It fluctuates between 820-829.  I remember when buying my condo in 2005, my three credit numbers were 797, and the other two around 815. I spend in my means and pay everyone back. Pretty simple.

Wives and kids add some challenge to that. :D

 

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3 minutes ago, RalphWaldoMooseworth said:

And dealers play that warranty card for all its worth!  Free money for them!

They tried to on me, I told them if they had one that covered the top I might be interested since it can be fragile and expensive.  I already knew one didn't exist, but he dug through every one he could find and the top was explicitly excluded.

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1 minute ago, Indy said:

I prefer to let someone else take the initial depreciation hit.  It amazes me the amount of people I know that freak out and trade in their car just because their manufacturer warranty is about to expire.  And usually, they haven't needed the warranty once.  The amount people will pay for a warranty they never use is nuts.  But it's good for me as it makes it easy for me to pick up a good car on the cheap.

I was given an Oldsmobile Ciera    image.jpeg.72996a3570e27385bd2e24d64e7ce5bd.jpeg because it was on it's "last legs". It had close a hundred thousand miles and my in laws thought it was wore out. It had over 200,000 on when it rusted out, engine was still running fine. I don't remember ever doing anything other than routine maintenance to it.

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1 minute ago, Further said:

I was given an Oldsmobile Ciera    image.jpeg.72996a3570e27385bd2e24d64e7ce5bd.jpeg because it was on it's "last legs". It had close a hundred thousand miles and my in laws thought it was wore out. It had over 200,000 on when it rusted out, engine was still running fine. I don't remember ever doing anything other than routine maintenance to it.

That was actually an achievement for that era car.  That was still in the range were 100k miles on a car was a lot.  Now 100k is no big deal and hitting 200k is expected.

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4 minutes ago, Further said:

I was given an Oldsmobile Ciera    image.jpeg.72996a3570e27385bd2e24d64e7ce5bd.jpeg because it was on it's "last legs". It had close a hundred thousand miles and my in laws thought it was wore out. It had over 200,000 on when it rusted out, engine was still running fine. I don't remember ever doing anything other than routine maintenance to it.

My young cow-orker got a Hyundai in primo condition with low miles from a relative, and it was only a couple years old for $6000. Such a deal!

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48 minutes ago, Dirtyhip said:

I think there are a ton of people out there gaming the cc companies for free points and they pay it off each month. 

It's not gaming the system.  It is part of the system.  CC companies make money several ways, primary interest fees, membership (annual) fees and merchant fees.  If you use their card and never pay a bit of interest then they are still happy clams.  That is until the Feds crack down on institutional credit.  When the reserves to credit regulations change they might cancel your card if they don't make enough revenue based on the credit you extend with them.

 

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2 minutes ago, Indy said:

That was actually an achievement for that era car.  That was still in the range were 100k miles on a car was a lot.  Now 100k is no big deal and hitting 200k is expected.

Yup!  300k is the new 200k!  At 130k I just had my first non tire or brake wear related replacement, the serpentine belt. 

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1 minute ago, Indy said:

That was actually an achievement for that era car.  That was still in the range were 100k miles on a car was a lot.  Now 100k is no big deal and hitting 200k is expected.

Had a Pontiac Bonneville from the same era that also went over 200k. Both cars had the 3.8 V6 engine.  

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1 minute ago, Further said:

Had a Pontiac Bonneville from the same era that also went over 200k. Both cars had the 3.8 V6 engine.  

That's how.  You didn't have the four banger in it.  The four bangers always started to have a bad knock at 100k.  Some of the 6s of that era though, were indestructible. 

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1 minute ago, Indy said:

That's how.  You didn't have the four banger in it.  The four bangers always started to have a bad knock at 100k.  Some of the 6s of that era though, were indestructible. 

Honda four bangers are great until they start leaking earl usually somewhere over 170k or so. 

Automagic transmissions are the real gamble. 
 

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2 minutes ago, Further said:

The Element is at 170,000 but I have done what I feel is a lot of maintenance to it.   :angry:

I had brakes and tires and had the exhaust welded on mine, maybe a headlight bulb. I’ve changed bulbs but don’t remember for sure which car it was on. I think it was my wife’s.

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I am transitioning out of debt, paycheck to paycheck mode into preparation for retirement mode.

Paid off my 2nd last credit card today.  Still had $1.55 on it.  That leaves one more card to work on.  In addition, beefing up on 401(k) and saving. Credit score up over 800 at last check.

Feels pretty good.  But I do like to travel, with at least 4 personal trips planned this year. And BuffCarla is not a fan of the Motel 6,

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4 minutes ago, Longjohn said:

I had brakes and tires and had the exhaust welded on mine, maybe a headlight bulb. I’ve changed bulbs but don’t remember for sure which car it was on. I think it was my wife’s.

A lot of exhaust work including a cat ( $1200.00 from Honda ) bunch of front suspension parts, a couple wheel bearings, CV joint, a few serpintine belts, valve timing control solenoid, plus the normal brakes and tires. I followed the factory maintenance schedule religiously. 

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12 minutes ago, dennis said:

How did a thread on credit and debt drift into a discussion of engines and brakes?

Logical progression.  Cars are expensive and buying one affects credit score. 

 

Better question is the post on Fusion progressing into a car thread too.

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1 hour ago, Indy said:

Credit cards are quickly cancelled.  I don't carry the latest iPhone, no one wants mine.  And you are more likely to get mugged if you carry cash.  They watch you pay for something, if they see you have a wad of cash, you become a more likely target because they know they can get something.

Ok, I don’t think this matters, because why are you hanging out, buying stuff where people are checking you out on a daily basis? When they steal your cards, they will also steal your phone, so calling that in right away without your phone AND the cc company’s customer service number and your cc numbers is a neat trick. 
 

To top this all off, anybody mugging you is gonna be pissed that you don’t have cash and is gonna kick you in the head a few times extra because they are pissed at you.   
 

I stand by my assertion that it is borderline irresponsible to have less than $100 in cash on you at all times. 

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I always felt that the transition from child to adult was the ability to pay your bills & take responsibility for your livelihood.  The 20's are the transition point, but after that, folks ought to be mature enough to differentiate between NEED to have vs want to have, and if you can make your payments on the "needs" (some can't) then you really have no excuses for anything but a prime credit rating.

Or is there something inherently biased in credit reports & ratings?

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1 minute ago, Randomguy said:

Ok, I don’t think this matters, because why are you hanging out, buying stuff where people are checking you out on a daily basis? When they steal your cards, they will also steal your phone, so calling that in right away without your phone AND the cc company’s customer service number and your cc numbers is a neat trick. 
 

To top this all off, anybody mugging you is gonna be pissed that you don’t have cash and is gonna kick you in the head a few times extra because they are pissed at you.   
 

I stand by my assertion that it is borderline irresponsible to have less than $100 in cash on you at all times. 

I have a wife, cards will be cancelled quickly.  You don't think someone is going to let me use their fun and make a quick call after getting robbed?

 

If they are going to rough me up, that means they aren't pointing the gun at me.  They want to give me an opening, that's their mistake.

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2 minutes ago, Randomguy said:

Ok, I don’t think this matters, because why are you hanging out, buying stuff where people are checking you out on a daily basis? When they steal your cards, they will also steal your phone, so calling that in right away without your phone AND the cc company’s customer service number and your cc numbers is a neat trick. 

Folks can steal and USE my credit cards all day long, and I'll eventually get around to canceling them and not be on the hook for any of it.  That's the merchant and the CC's problem, not mine. No need to call ASAP. Just whenever you get around to it.

But, really, $100 bill tucked into some recess of your credit card case makes sense and really is not an awful idea.  I usually just have a couple $20 bills since those are easier to deal with when using cash where a CC makes no sense.

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1 minute ago, Razors Edge said:

Folks can steal and USE my credit cards all day long, and I'll eventually get around to canceling them and not be on the hook for any of it.  That's the merchant and the CC's problem, not mine. No need to call ASAP. Just whenever you get around to it.

But, really, $100 bill tucked into some recess of your credit card case makes sense and really is not an awful idea.  I usually just have a couple $20 bills since those are easier to deal with when using cash where a CC makes no sense.

Yeah, I've ran into times where I've needed cash and didn't have it.  It's a huge pain and I really need to stash a $20 or two in my wallet just in case.  I just keep forgetting to do it until I need it and don't have it.

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2 hours ago, Dirtyhip said:

Esperian reports that the average credit report is 700.  The amount owed has risen. Which makes sense, cause things cost more all the time.

I wonder how many of those pay it off each month.  I think there are a ton of people out there gaming the cc companies for free points and they pay it off each month. 

 

I think the main reason the total has risen is that an every greater percentage of things are paid with credit cards and the reports include non-interest bearing credit card debt.  For example, right now I have $861.99 in remaining credit card debt after paying ALL of my statements off in-full today: $694.16. That $861 will probably grow a little over $1000 by my statement closing dates (19th-22nd) and that will be what I pay Feb. 15th, I have more than enough to pay them off in my bank accounts so I don't consider myself to have traditional "debts" and am set up to have the full statements automatically taken from my checking account on the 15th of each month (just after my Soc.Sec. check goes into my checking account).

My numbers are usually around $1000 and so, even though I don't pay any interest on those debts, they're included in those published calculations of credit card debt. I wish they would divide the totals into "Interest bearing" and "Non-interest bearing" credit card debt to get a better picture of America's rising debt.

Cash-back credit cards also expand the use of cards. It used to be wise to pay with cash instead of credit cards whenever possible.  Today with cash-back cards, it's wiser to pay with credit cards if you can keep track of your spending and stick to your budget.  I get 5% cash-back at Walmart and Amazon, 5% cash-back Jan-Jun for gasoline and 4% Jul-Dec, 5% cash-back Jan-Mar for groceries and 3% afterwards, and 2%-5% for everything else the rest of the year.

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1 hour ago, Randomguy said:

I stand by my assertion that it is borderline irresponsible to have less than $100 in cash on you at all times. 

The most I carry is $20.  I use cash for small, under $5, purchases.  I do it so the vendor doesn't have to pay a transaction fee to the CC company.  On small purchases, that fee can eat up most of their margin on the sale.   I don't want mom and pop shops losing money.

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3 minutes ago, Mr. Silly said:
1 hour ago, Randomguy said:

I stand by my assertion that it is borderline irresponsible to have less than $100 in cash on you at all times. 

The most I carry is $20.  I use cash for small, under $5, purchases.  I do it so the vendor doesn't have to pay a transaction fee to the CC company.  On small purchases, that fee can eat up most of their margin on the sale.   I don't want mom and pop shops losing money.

 

And we now use RG as the gauge, the arbiter, the bar setter for establishing the borderline between responsibility and irresponsibility.

What have we come to?

 

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