Credit Cards - Experienced People Wanted!

I've got four cards; one is my debit, the other is for my credit with Wells Fargo, another is a gas card, and the fourth is a card I used to do errands for my old man.

All the cards ('cept the Shell card) are VISA cards and the two credit cards have a rather low APR.

If you have a low APR, even if you empty out the credit you're given, you shouldn't be paying much. My line of credit (or whatever they want to call it) is around $8000. Between my laptop, original moving expenses, and major purchases, it dropped to around $500 available. I've rebuilt it to around $4000 by lobbing my free cash at it pretty easily across the past six months. This last month, I just paid the minimum payment, which was ~$60. Not bad at all.

You don't want to get too many credit cards, because folks will tag on to it as a dire grab for a credit score. Keeping the cards few in number and making all your payments is all that matters.

I keep the cards exercised by paying them off fast. Plus, if I have to buy something over $100, I put it on one of my cards. Doing this allows the credit companies to see that you aren't just sitting on the cards. It's nice to make a huge purchase and only pay a fraction every month =)

If done right, credit cards are pretty god damn handy. But if you abuse them, they're poison. Just stick to 4-5 cards, make sure they have low APRs, and possibly sprinkle around to different companies. I'm solely VISA, pract near, but I should look in to American Express or Mastercard at some point...

Jam it back in, in the dark.

Yeah, it's awesome~ Unless you've got an ungodly APR like ~29%, leaving a couple hundred dollars untouched for a few months barely costs much at all =3

For example, I'm moving once I hit land. I'm putting almost ALL of my expenses on to my line of credit. I bought a PS3 since 60gb models are gonna be scarce as hell soon (and pricier), so I decided to buy it ASAP, making use of the line of credit. After I finish moving and have enough for the last half of this month's rent (for the new place) and $760 for the next month laid out (~$1050 I'm thinking), I'll dump almost all the rest on to my credit cards/etc. Since I saved on the cash for the last four paychecks (in addition to no food expenses while offshore, plus cutting off my thermostat. 'Sup $40 Electricity Bill), my checking account is pretty hueg, giving me lots of room to breathe (as well as "o shit" funding).

For my apt/etc, I have to write checks. If I draw money out of my line of credit, I pay 30% or so interest on it. It's best to run that stuff off of the card, but my rent and stuff has to be on checks. This month will have me paying a bit more since I paid ALL of my last month with my Houston place (had to for the lease to wrap up) in addition to half the monthly cost for this new place (since I'm moving in mid-month). Plus, I have all the activation costs, the cost of moving, etc to deal with. Some of that stuff, too, has to be paid by check or in cash. Once again -- giving myself to breathe financially. And I'm pulling it off with my awesome line of credit~

I should really open a savings account though. I could've made a couple bucks, since I let this sort of money gather dust as I prepared for the move =(

There's nowhere I can't reach.