Comments on: How Big is Your Credit Card Balance? http://moneyning.com/credit-cards/how-big-is-your-credit-card-balance/ A personal finance blog where we share insights on carefully saving money, investing, frugal living, coupons, promo codes because the little things matter in achieving financial freedom! Thu, 29 Jul 2010 11:20:17 +0000 hourly 1 http://wordpress.org/?v=3.0 By: wrc1000 http://moneyning.com/credit-cards/how-big-is-your-credit-card-balance/comment-page-1/#comment-22475 wrc1000 Fri, 18 Dec 2009 17:42:17 +0000 http://moneyning.com/?p=4270#comment-22475 If we did decide to go back to cash, because of the credit card cycle we are on (30-50 days of "float" mentioned above) we would actually have to "save" at least one months expenses (or a little more) when the "float" disappears . . . not to mention the inconvenience of walking from the pump to pre-pay the cashier for gas, rather than just paying at the pump . . . we also recently opened a "backup" credit card (not a debit card) with our credit union (which does our checking/savings accounts) in case our current cards start charging yearly fees, which I will not pay . . . If we did decide to go back to cash, because of the credit card cycle we are on (30-50 days of “float” mentioned above) we would actually have to “save” at least one months expenses (or a little more) when the “float” disappears . . . not to mention the inconvenience of walking from the pump to pre-pay the cashier for gas, rather than just paying at the pump . . . we also recently opened a “backup” credit card (not a debit card) with our credit union (which does our checking/savings accounts) in case our current cards start charging yearly fees, which I will not pay . . .

]]> By: wrc1000 http://moneyning.com/credit-cards/how-big-is-your-credit-card-balance/comment-page-1/#comment-22473 wrc1000 Fri, 18 Dec 2009 17:36:25 +0000 http://moneyning.com/?p=4270#comment-22473 Um . . . let's see: billing period ended on 12/16, next cycle closes 01/16, and the bill for that is due around 02/10 - you're right, thanks Um . . . let’s see: billing period ended on 12/16, next cycle closes 01/16, and the bill for that is due around 02/10 – you’re right, thanks

]]> By: Annie G http://moneyning.com/credit-cards/how-big-is-your-credit-card-balance/comment-page-1/#comment-22470 Annie G Fri, 18 Dec 2009 15:49:44 +0000 http://moneyning.com/?p=4270#comment-22470 Close to $4000 right now. We pay off every month, usually knocking it close to $0, regardless of the bill amount. The last couple of months, on top of Christmas spending, we bought a couch, TV, and paid our car insurance bill, so it's running a bit higher than typical, and significantly higher than the rest of 2009 when we were anticipating a layoff (dodged it, thank goodness). And we do use the credit card for everything but the mortgage - love that cash back! Close to $4000 right now. We pay off every month, usually knocking it close to $0, regardless of the bill amount. The last couple of months, on top of Christmas spending, we bought a couch, TV, and paid our car insurance bill, so it’s running a bit higher than typical, and significantly higher than the rest of 2009 when we were anticipating a layoff (dodged it, thank goodness).

And we do use the credit card for everything but the mortgage – love that cash back!

]]> By: Daniel http://moneyning.com/credit-cards/how-big-is-your-credit-card-balance/comment-page-1/#comment-22468 Daniel Fri, 18 Dec 2009 14:09:11 +0000 http://moneyning.com/?p=4270#comment-22468 Yah, but the added convenience of credit cards is definitely worth something. So is not having the hassle of carrying around coins. Yah, but the added convenience of credit cards is definitely worth something. So is not having the hassle of carrying around coins.

]]> By: MoneyReasons http://moneyning.com/credit-cards/how-big-is-your-credit-card-balance/comment-page-1/#comment-22460 MoneyReasons Fri, 18 Dec 2009 00:47:03 +0000 http://moneyning.com/?p=4270#comment-22460 Our credit card usually averages around $1,900. But this Christmas, it'll probably be around $2,600. This is a low balance for us at Christmas, but we just came back from a Disney Vacation in November, so we're all cashed out ;) We pay our credit card balance off each money, and with the Disney extra expense, it was really hard this year! Our credit card usually averages around $1,900. But this Christmas, it’ll probably be around $2,600. This is a low balance for us at Christmas, but we just came back from a Disney Vacation in November, so we’re all cashed out ;)

We pay our credit card balance off each money, and with the Disney extra expense, it was really hard this year!

]]> By: MoneyNing http://moneyning.com/credit-cards/how-big-is-your-credit-card-balance/comment-page-1/#comment-22455 MoneyNing Thu, 17 Dec 2009 22:31:01 +0000 http://moneyning.com/?p=4270#comment-22455 A higher credit card limit is considered a good attribute in terms of credit score because part of your score is your credit utilization rate. You should ask for a credit limit increase as long as you won't be using that limit just because "you can". A higher credit card limit is considered a good attribute in terms of credit score because part of your score is your credit utilization rate.

You should ask for a credit limit increase as long as you won’t be using that limit just because “you can”.

]]> By: MoneyNing http://moneyning.com/credit-cards/how-big-is-your-credit-card-balance/comment-page-1/#comment-22454 MoneyNing Thu, 17 Dec 2009 22:29:02 +0000 http://moneyning.com/?p=4270#comment-22454 I'm the same in that I try to put everything on my credit card to take advantage of the cash back. I sometimes do wonder though whether that approach is worth it because if I had NO credit cards, I'm sure there were times that I would've just skipped purchases all together, which would add up too. I’m the same in that I try to put everything on my credit card to take advantage of the cash back. I sometimes do wonder though whether that approach is worth it because if I had NO credit cards, I’m sure there were times that I would’ve just skipped purchases all together, which would add up too.

]]> By: MoneyNing http://moneyning.com/credit-cards/how-big-is-your-credit-card-balance/comment-page-1/#comment-22453 MoneyNing Thu, 17 Dec 2009 22:26:22 +0000 http://moneyning.com/?p=4270#comment-22453 That's awesome! Congratulations on almost being credit card debt free! That’s awesome! Congratulations on almost being credit card debt free!

]]> By: Daniel http://moneyning.com/credit-cards/how-big-is-your-credit-card-balance/comment-page-1/#comment-22451 Daniel Thu, 17 Dec 2009 21:02:30 +0000 http://moneyning.com/?p=4270#comment-22451 I just had a $1,300 balance (it gets paid off every month), but I didn't like that it was so high compared to the limit of $5,000, so I paid off $500 in the middle of a billing cycle so I won't have anything hanging over my head. Should I increase my credit limit? How will that affect me going forward? If in 6 months I want to open a new credit card, will they see that I already have credit? Or will my responsibility be rewarded in a higher limit on that card? I just had a $1,300 balance (it gets paid off every month), but I didn’t like that it was so high compared to the limit of $5,000, so I paid off $500 in the middle of a billing cycle so I won’t have anything hanging over my head. Should I increase my credit limit? How will that affect me going forward? If in 6 months I want to open a new credit card, will they see that I already have credit? Or will my responsibility be rewarded in a higher limit on that card?

]]> By: Daniel http://moneyning.com/credit-cards/how-big-is-your-credit-card-balance/comment-page-1/#comment-22450 Daniel Thu, 17 Dec 2009 21:01:54 +0000 http://moneyning.com/?p=4270#comment-22450 Won't it be more like 50 days? If it closed yesterday, then your billing cycle for 12/16-1/15 shouldn't be due until early February. Won’t it be more like 50 days? If it closed yesterday, then your billing cycle for 12/16-1/15 shouldn’t be due until early February.

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