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Do it now or pay for it later.
Two words: Dave Ramsey.
Anyone who tells you to "build your credit" is a moron. You dont need credit. EVER.
You wont have any trouble qualifying for a good mortgage as long as you have a decent down payment, good income and no other debt.
Cash is King.
Do it now or pay for it later.
Marry a rich woman, credit score suddenly irrelevant.
Obvious disclaimers about paying everything off in full each month apply, as do all the points about how (not) important it is to "build your credit".
That being out of the way, if building your credit is something that's important to you, putting the barbell on the same card isn't going to hurt you. Yeah, you'd have a high credit utilization ratio between the time you bought the barbell and the time you paid the bill, but that's only something to worry about if you're planning on applying for more credit during that period.
As for your limit getting increased without your knowledge, that's pretty common. Good payment history + time = a higher limit.
Seriously guys...if you have good credit and pay your bill in full every month y'all are nuts not to cancel the cards you have and get a Chase Freedom card. there is no annual fee and they PAY you to use it.
I put everything I can on it (that I am going to buy anyway) and get at least $1000 a year back from them...
https://creditcards.chase.com/freedo...a/ChaseFreedom
x1000 $1000 ain't peanuts
5%: Earn 5% cash back on up to $1,500 spent in bonus categories each quarter
so 5% of $6,000 (MAX SPEND) is $300;
1%: You'll always earn a full 1% cash back on everything else you buy, big or small. There are no limits on how much you can earn.
So to get $700 you'd have to put $70,000 on the card. Wow, good for you having that kind of money to spend (seriously). We have the Freedom Card, too, but just use it for bonus categories.
For me, I'd rather put $70K (if I had it!) onto something like an Citibank AAdvantage card, because free business/first class trips overseas cost WAY more than the $1000 you'd get from Chase. OK, it'll take a couple of years, but Citi throws bonus mileage mileage offers out there too from time to time. To each his own. Price a round trip for two in business from Austin to Hong Kong and then Sydney ... that's one of about five free premium international trips we've taken courtesy Citi and AA.
I can run those kind of numbers because I also use it in my business to pay for stuff where I don't have open accounts and then reimburse myself.5%: Earn 5% cash back on up to $1,500 spent in bonus categories each quarter
so 5% of $6,000 (MAX SPEND) is $300;
1%: You'll always earn a full 1% cash back on everything else you buy, big or small. There are no limits on how much you can earn.
So to get $700 you'd have to put $70,000 on the card. Wow, good for you having that kind of money to spend (seriously). We have the Freedom Card, too, but just use it for bonus categories.
For me, I'd rather put $70K (if I had it!) onto something like an Citibank AAdvantage card, because free business/first class trips overseas cost WAY more than the $1000 you'd get from Chase. OK, it'll take a couple of years, but Citi throws bonus mileage mileage offers out there too from time to time. To each his own. Price a round trip for two in business from Austin to Hong Kong and then Sydney ... that's one of about five free premium international trips we've taken courtesy Citi and AA.
Followed by:
made me actually LOLYou wont have any trouble qualifying for a good mortgage as long as you have a decent down payment, good income and no other debt.
Cash is King.
I listen to Dave Ramsey too but I elect to incur debt by way of credit cards and loans just so I can maintain/raise my credit even more.
Whatever interest I paid before from the small loans can be gained back overtime with the rewards I get with my credit cards.
Using credit cards and paying it off every month is the smart way to do it.
But, credit companies dont just look at credit card activities. If you really want a great score, you got to have a combination of credit cards, personal loan, auto loan, long standing bank account and a housing loan if possible.
Housing, insurance and employers all look at your credit score now...those mother ers!
Sup, brahs. What are some other good cards to have? I still only have my Capitol One card. Always make my payments on time, and have my limit at $750 right now. Would like another card an never use my debit card(besides to pay my rent and to pay off credit cards).
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