Author Topic: Misc Credit Card Questions  (Read 1864966 times)

Offline TimT

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Re: Misc Credit Card Questions
« Reply #820 on: October 18, 2015, 07:16:10 PM »
You're saying I should have a differen card that I use from 2-3 days before it closes?
If you want to guarantee that your statement closes with $1, then yes.
This is the only card you currently have ?

Offline nw6158

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Re: Misc Credit Card Questions
« Reply #821 on: October 18, 2015, 07:19:47 PM »
If you want to guarantee that your statement closes with $1, then yes.
This is the only card you currently have ?

No but it is the one I use for all my main spending. I don't like using a bunch of cards and having all my transactions over a bunch of different statements...

Offline nw6158

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Re: Misc Credit Card Questions
« Reply #822 on: October 18, 2015, 07:20:39 PM »
If you want to guarantee that your statement closes with $1, then yes.
This is the only card you currently have ?
Just to clarify, this is what you do -use separate card for a few days for closing?

Offline TimT

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Re: Misc Credit Card Questions
« Reply #823 on: October 18, 2015, 07:22:35 PM »
Just to clarify, this is what you do -use separate card for a few days for closing?
Most people here are using more than 1 card a month.

Offline nw6158

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Re: Misc Credit Card Questions
« Reply #824 on: October 18, 2015, 07:30:10 PM »
Most people here are using more than 1 card a month.

Yeh I get that. But to you intentionally stop using each card a few days before closing so that it can close with a $1 balance?

Offline David Smith

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Re: Misc Credit Card Questions
« Reply #825 on: October 18, 2015, 07:30:18 PM »
Most people here are using more than 1 card a month.
A couple of us have more than one card, yes. And if you're not intensely playing the cc game, don't sweat eking out every last point on your credit score. Just use your credit card normally, pay your bills on time, don't think about it too much, and you'll have a great score regardless.
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
JTZ

Offline nw6158

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Re: Misc Credit Card Questions
« Reply #826 on: October 18, 2015, 07:32:30 PM »
A couple of us have more than one card, yes. And if you're not playing the cc game, them don't sweat eking out every last point on your credit score. Just use it normally, pay your bills on time, don't think about it too much, and you'll have a great score regardless.

Yeh that's what I do. I just wanted clarification if I'm missing the point when Dan wrote in the FAQs that you should have it close with a $1 balance. I didn't see how that was easily possible...

Offline TimT

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Re: Misc Credit Card Questions
« Reply #827 on: October 18, 2015, 07:33:56 PM »
Yeh I get that. But to you intentionally stop using each card a few days before closing so that it can close with a $1 balance?
Personally I don't make sure to only have $1 left. I just make sure not to leave high balances. My score is high enough that I don't care a few points one way or the other.

Offline David Smith

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Re: Misc Credit Card Questions
« Reply #828 on: October 18, 2015, 07:35:18 PM »
Yeh that's what I do. I just wanted clarification if I'm missing the point when Dan wrote in the FAQs that you should have it close with a $1 balance. I didn't see how that was easily possible...
Anything is possible. Whether it's worth it is another question. I have one card i use when i go to the mikva erev shabbos mevorchim. This way I know I'm spending exactly $3 a month on it.
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
JTZ

Offline nw6158

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Re: Misc Credit Card Questions
« Reply #829 on: October 18, 2015, 07:37:26 PM »
Personally I don't make sure to only have $1 left. I just make sure not to leave high balances. My score is high enough that I don't care a few points one way or the other.

Yeh that's what I do and think I'll continue doing so as not to make things to complicated.

Offline nw6158

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Re: Misc Credit Card Questions
« Reply #830 on: October 18, 2015, 07:37:41 PM »
Anything is possible. Whether it's worth it is another question. I have one card i use when i go to the mikva erev shabbos mevorchim. This way I know I'm spending exactly $3 a month on it.

Lol.

Offline yitzy93

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Re: Misc Credit Card Questions
« Reply #831 on: October 18, 2015, 07:39:01 PM »
Anything is possible. Whether it's worth it is another question. I have one card i use when i go to the mikva erev shabbos mevorchim. This way I know I'm spending exactly $3 a month on it.
Is that how often you go to mikva, or how often you use it? ;)
(Sorry for going OT)

Offline tzifanya54

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Re: Misc Credit Card Questions
« Reply #832 on: October 18, 2015, 08:29:30 PM »
Is that how often you go to mikva, or how often you use it? ;)
(Sorry for going OT)
Why the heck would that make any difference?

Offline David Smith

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Re: Misc Credit Card Questions
« Reply #833 on: October 18, 2015, 08:31:34 PM »
Is that how often you go to mikva, or how often you use it? ;)
(Sorry for going OT)
How often i use it.
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
JTZ

Offline yitzy93

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Re: Misc Credit Card Questions
« Reply #834 on: October 18, 2015, 08:32:58 PM »
Why the heck would that make any difference?
I was joking! Duh...

Offline ydf

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Re: Misc Credit Card Questions
« Reply #835 on: October 18, 2015, 08:33:41 PM »
Yeh I get that. But to you intentionally stop using each card a few days before closing so that it can close with a $1 balance?
the poins is not to close with $1 its basically you should close with a very low utilization it wont make a big difference if you close with $1 or $5 or $10 just keep it low   

Offline nw6158

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Re: Misc Credit Card Questions
« Reply #836 on: October 18, 2015, 09:10:14 PM »
the poins is not to close with $1 its basically you should close with a very low utilization it wont make a big difference if you close with $1 or $5 or $10 just keep it low

Thank you!

Offline ckmk47

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Re: Misc Credit Card Questions
« Reply #837 on: October 18, 2015, 11:50:20 PM »
This is the long explanation of the $1 balance left. (More than 1 of my (adult) kids didn't get it on the short version.
When you spend $500 in January, the bill comes (lets say) jan 31 and it has to be paid by Feb 25.  You keep spending on the card in Feb.  This new $800 spending will be billed on feb 28, and has to be paid by March 25. 
But when the bill closes on feb 25, even though only the jan spending of $500 is due, you don't want the new $800 balance sitting there using up a large % of your credit line.  So you pay most of it at the end of the month in which you spent it. Even though the payment is not yet due.
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Offline ckmk47

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Re: Misc Credit Card Questions
« Reply #838 on: October 18, 2015, 11:53:27 PM »
Personally I don't leave $1.  I leave whatever odd amount is 1% of my credit line.
If I have a 'current balance' of  $1234.56, I may pay $1200 or $1230.  Leaving a small balance to be paid by auto pay on the due date.
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Offline nw6158

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Re: Misc Credit Card Questions
« Reply #839 on: October 19, 2015, 12:28:12 AM »
Personally I don't leave $1.  I leave whatever odd amount is 1% of my credit line.
If I have a 'current balance' of  $1234.56, I may pay $1200 or $1230.  Leaving a small balance to be paid by auto pay on the due date.

So you pay your approximate current balance and then have autopay do everything that's left minus 1%?