The Cellar - View Single Post

11-07-2002, 08:39 AM

That was my first card, when I had <b>no</b> credit. It's 18% APR, the limit is $1,000 and I try to keep $500 freed up on it (so $500 balance).

I still have not paid a cent of interest, but my advisor tells me that my credit is going up.

I have taken a loan which I could pay off right now but don't want to. I borrowed $1,700 from my credit union to purchase Jenni's iMac. I make payments of $156 each month, which means my interest rate is somewhere around 16% (if I just calculated that properly). At the end of a year, I will have paid them an extra $172 and my credit will have gone up a fair bit.

You do whatever works for you; I'll do what works for me. I used to be completely anti-credit card, but when I can manage my money the way I do, I consider having one to be a benefit. I still never spend money I don't have and I'm building credit. If you don't consider that important, great. I <b>do</b> consider that important, and that's why I work this the way I do.

11-07-2002, 08:39 AM	#34
dave Guest Posts: n/a	That was my first card, when I had <b>no</b> credit. It's 18% APR, the limit is $1,000 and I try to keep $500 freed up on it (so $500 balance). I still have not paid a cent of interest, but my advisor tells me that my credit is going up. I have taken a loan which I could pay off right now but don't want to. I borrowed $1,700 from my credit union to purchase Jenni's iMac. I make payments of $156 each month, which means my interest rate is somewhere around 16% (if I just calculated that properly). At the end of a year, I will have paid them an extra $172 and my credit will have gone up a fair bit. You do whatever works for you; I'll do what works for me. I used to be completely anti-credit card, but when I can manage my money the way I do, I consider having one to be a benefit. I still never spend money I don't have and I'm building credit. If you don't consider that important, great. I <b>do</b> consider that important, and that's why I work this the way I do.