Last evening we explored the importance of using credit wisely. Review your credit use; Are you using credit wisely? If so how and what measures will you undertake to use credit more wisely?
Using Credit correctly? No I am not using credit correctly. Thank you for the class last night, I learned a few new information I did not realize or know about our credit, and credit score. Going forward I am looking to use it more wisely, in order to do that I need to displine myself and stay to a budget.
Hi Nancy I agree with Shenice knowledge is power, you are taking the right steps to using your credit correctly. The discipline will come once realize your credit score and rainy day account is increasing.
I have two major credit cards, I have BestBuy, Kohls all maxed out. I only pay minium payment. I have a car loan I pay ontime every month. Car insurance, Life insurance rent cable, lights. My rent includes heat and hot water. I hope to learn going forward, pay off all of my credit cards, then if I go to Kohls I will only spend what I can afford to pay in full so as not to accrue the interest.
Yes Nancy. I too did not understand the importance of having good credit. My thinking was. I don't have any extra money anyway and I can't afford to purchase a car or a house. So I never requested my credit report or when the card was maxed out. I would just think it would go away. Now I realize how important these things are. I am so happy with this class. I am learning to keep a budget and be very mindful what I am spending money on and now I make sure all my payments are on time. It is a very hard and eye opening process. But I am learning and now I have my children and grandchildren getting involved with their own financial well begin.
finally got this blog thing going. Nancy I fully understand what you are going through, I have been in and out of debit twice my ultimate goal is to be almost debit free by my 65th birthday. taking this class is helping me to stay on track.
I am using credit as wisely as I can. I have a few store credit cards such as Forever 21 and JC Penny. Whenever I use those, I will pay right away with my debit card. I can be forgetful so paying my bills off right away is my strategy to avoid late payments etc. If I do not have the money right away to pay for the items, I simply will not purchase the items. Besides my car and my education, I have never purchased anything I could not pay in full right away. I have car payments, car insurance and student loans I pay each month. I refinanced my car payments and now I pay $20 less, I am on the income driven repayment plan to help with my school loan cost, and my car insurance is not $4 less because I switched from auto paying with my debit card to auto paying from my checking account. All payments are made on time. I also have some credit cards open that I never use. That helps me with capacity and relationship (how long I have the account open). I believe my mom made me an authorized user on some of her accounts and that has also helped with my credit score.
Shenice excellent job with being responsible and using your credit wisely. I admire your stagtizes, and I going to look into having my bills be auto pay, I want to save too. I'm not sure if you realize but you're saving $288/ year....that excellent.
Hi Shenice, yes someone told me if you get on a credit card with your parent to start out it can help build your credit...Sounds like you are doing a good job with your credit!
I am using credit wisely due to the fear of not knowing. I never new about hard hits and soft hits. I just new that if I paid my payments on time I will be okay. I never opened store credits because my aunt would always be in debt from them. Several years ago I did open a card, but I was unsure how to use it, so I used a little but would forget to pay it off, so I ended paying more than I used. I'm more informed now so I feel more confident turning down offers from stores to sign up for their credit cards. I will continue to pay my bills on time in order to build up my credit score.
Hi Sarah, I too was under the impression that I had my credit under control because I always made sure I make my payments on time. But, it turned out that I was paying only interest. Im just glad we are now being educated and together we are going to succeed
Hi Sarah I had some knowledge about the hard and soft hits but not as much information we learned the other night. Its disturbing how simply just trying to save a couple of pennies while shopping. Can impact your credit so negitive in the long run. That same day you may think you saved 20% but end of paying it back plus some. The stores can keep their cards.
HI Sarah, I new about soft and hard hits but I was like you as far as being informed about how credit cards can harm you if not paid back correctly. It certainly will impact your score.
Hello ladies the more I attend this class the more impressed I am. Is amazing to see how simple things affect your credit. For example I was surprised to hear that just to apply for an apartment affect your credit in a negative way. How about if you have an old account, instead of just disappearing after certain amount of years someone else will purchase it and there you go, back to the beginning for another 7 years. There is so much that I need to put into practice in order to get out of debt. My way of managing my credit sucks. I would rush to the stores when there was a "big" sale, a birthday party etc... Would not think about accumulation of interest or anything else. I would just pay just a bit more than the minimun if not pay it off at the end of the year but always made sure I paid on time. For nothing, cause I will go back and do the same thing over and over. Thanks to this class and everyones support I am learning to make big decisions. I have decreased my used of credit cards to about 95% wow, that's huge. Also, it has been 5 days since I stopped smoking and I have saved $56.25 and it feels goooood! And ofcourse, all that money will be going towards my credit cards. Im on a roll ladies. Is all about decision and commitment!
Am I using credit wisely? Yes I feel I am using credit responialey because I never apply or borrow money I am unable to afford to pay back in full. Ten years ago I applied for a Kay's Jewelers credit card and purchased my mother a bracelet worth $400, because of that one item and not being educated of how to pay my credit card I end up pay double the amount the bracelet was worth (Whats crazy is she lost the bracelet before I even paid the card off). Once I paid the card off i closed it and promised to never apply for another store card again. When shopping if I cant afford what I want then I simply see it as it wasn't worth me buying. On a positive note I learned that the no credit check personal loans that apply for twice a year, have a good impact on my credit score. To answer your question I do feel that I am using my credit wisely.
I was thankful for the last class because it was a huge eye opener. I also was able to get information on how much the credit union can be a resource. I am more aware now of how important credit means to me and the world. Its HUGE. I'm ready to get my build on and start building my credit.
I definitely am NOT using credit wisely. I tend to buy on a whim and see my credit card as a use on a whim. I have been changing buying spontaneously lately, but the class we just had stopped me in my tracks. I intend to pay off my remaining credit card loans and apply for my education loan fogiveness before the year ends. the cass was absolutely informative and I feel much needed clarity has been gained. I am definitely gaining the skills I need for a better economic life.
Latoya im so glad to see that the last class was very helpful to you as it was for all of us. I was on the same boat as you. However, when I started things began to change. Alot of the information I was aware of but, I never really wanted to admit how bad I was managing my finances. Today I can say I have a long way to go but im definitely at a place in my life were I never really been. One of my long term goals is to purchase a home and I know that with commitment, knowledge and education I will get there and so will you as the rest of our sisters.
It's so empowering to know that real change comes through knowledge, self discipline, and this community. Thanks for being so positive about for growth!
I would say I am but my credit utilization sucks sometimes but because im not working like I used to I depend on my credit cards to cover my life. I do make my payments on time so I never had to deal with late fees.
Late fees are a trap. I never realized how much I paid in late fees, and the impact on my budget until this class. I am so happy you are putting into practice so many healthy financial tools.
I really need to get better with my credit. I feel like if I am not financially stable then I can't pay my bills consistently which results in poor credit and everything else.
I don't believe I even use credit right now I have to fix my credit I pay everything in cash and I use a debit card not from a bank so idk I just have to fix my credit smh
Using Credit correctly? No I am not using credit correctly. Thank you for the class last night, I learned a few new information I did not realize or know about our credit, and credit score. Going forward I am looking to use it more wisely, in order to do that I need to displine myself and stay to a budget.
ReplyDeleteYou can do it Nancy! Knowledge is power! You will use your knowledge to make great decisions!
DeleteHi Nancy I agree with Shenice knowledge is power, you are taking the right steps to using your credit correctly. The discipline will come once realize your credit score and rainy day account is increasing.
DeleteI have two major credit cards, I have BestBuy, Kohls all maxed out. I only pay minium payment. I have a car loan I pay ontime every month. Car insurance, Life insurance rent cable, lights. My rent includes heat and hot water. I hope to learn going forward, pay off all of my credit cards, then if I go to Kohls I will only spend what I can afford to pay in full so as not to accrue the interest.
DeleteYes Nancy. I too did not understand the importance of having good credit. My thinking was. I don't have any extra money anyway and I can't afford to purchase a car or a house. So I never requested my credit report or when the card was maxed out. I would just think it would go away. Now I realize how important these things are. I am so happy with this class. I am learning to keep a budget and be very mindful what I am spending money on and now I make sure all my payments are on time. It is a very hard and eye opening process. But I am learning and now I have my children and grandchildren getting involved with their own financial well begin.
Deletefinally got this blog thing going. Nancy I fully understand what you are going through, I have been in and out of debit twice my ultimate goal is to be almost debit free by my 65th birthday. taking this class is helping me to stay on track.
DeleteEven though your not in the class anymore I hope your still using these skills everyday
DeleteI am using credit as wisely as I can. I have a few store credit cards such as Forever 21 and JC Penny. Whenever I use those, I will pay right away with my debit card. I can be forgetful so paying my bills off right away is my strategy to avoid late payments etc. If I do not have the money right away to pay for the items, I simply will not purchase the items. Besides my car and my education, I have never purchased anything I could not pay in full right away. I have car payments, car insurance and student loans I pay each month. I refinanced my car payments and now I pay $20 less, I am on the income driven repayment plan to help with my school loan cost, and my car insurance is not $4 less because I switched from auto paying with my debit card to auto paying from my checking account. All payments are made on time. I also have some credit cards open that I never use. That helps me with capacity and relationship (how long I have the account open). I believe my mom made me an authorized user on some of her accounts and that has also helped with my credit score.
ReplyDeleteShenice excellent job with being responsible and using your credit wisely. I admire your stagtizes, and I going to look into having my bills be auto pay, I want to save too. I'm not sure if you realize but you're saving $288/ year....that excellent.
DeleteWow! That is fabulous news! Keep it up!
DeleteShenice way to go
DeleteHi Shenice, yes someone told me if you get on a credit card with your parent to start out it can help build your credit...Sounds like you are doing a good job with your credit!
DeleteI am using credit wisely due to the fear of not knowing. I never new about hard hits and soft hits. I just new that if I paid my payments on time I will be okay. I never opened store credits because my aunt would always be in debt from them. Several years ago I did open a card, but I was unsure how to use it, so I used a little but would forget to pay it off, so I ended paying more than I used. I'm more informed now so I feel more confident turning down offers from stores to sign up for their credit cards. I will continue to pay my bills on time in order to build up my credit score.
ReplyDeleteHi Sarah, I too was under the impression that I had my credit under control because I always made sure I make my payments on time. But, it turned out that I was paying only interest. Im just glad we are now being educated and together we are going to succeed
DeleteHi Sarah I had some knowledge about the hard and soft hits but not as much information we learned the other night. Its disturbing how simply just trying to save a couple of pennies while shopping. Can impact your credit so negitive in the long run. That same day you may think you saved 20% but end of paying it back plus some. The stores can keep their cards.
DeleteHI Sarah, I new about soft and hard hits but I was like you as far as being informed about how credit cards can harm you if not paid back correctly. It certainly will impact your score.
DeleteHello ladies the more I attend this class the more impressed I am. Is amazing to see how simple things affect your credit. For example I was surprised to hear that just to apply for an apartment affect your credit in a negative way. How about if you have an old account, instead of just disappearing after certain amount of years someone else will purchase it and there you go, back to the beginning for another 7 years. There is so much that I need to put into practice in order to get out of debt. My way of managing my credit sucks. I would rush to the stores when there was a "big" sale, a birthday party etc... Would not think about accumulation of interest or anything else. I would just pay just a bit more than the minimun if not pay it off at the end of the year but always made sure I paid on time. For nothing, cause I will go back and do the same thing over and over. Thanks to this class and everyones support I am learning to make big decisions. I have decreased my used of credit cards to about 95% wow, that's huge. Also, it has been 5 days since I stopped smoking and I have saved $56.25 and it feels goooood! And ofcourse, all that money will be going towards my credit cards. Im on a roll ladies. Is all about decision and commitment!
ReplyDeleteThat is awesome news Laura. Keep it up!
Deletecongrats on the saving and the major life changes you are making. I was also surprised about the things that can effect your credit
DeleteCongratulations on your lifestyle change, Laura! Thank you for sharing. This is fabulous!
DeleteThank you ladies. Its been a difficult and challenging week but with faith and a good fight is not impossible.
DeleteAm I using credit wisely? Yes I feel I am using credit responialey because I never apply or borrow money I am unable to afford to pay back in full. Ten years ago I applied for a Kay's Jewelers credit card and purchased my mother a bracelet worth $400, because of that one item and not being educated of how to pay my credit card I end up pay double the amount the bracelet was worth (Whats crazy is she lost the bracelet before I even paid the card off). Once I paid the card off i closed it and promised to never apply for another store card again. When shopping if I cant afford what I want then I simply see it as it wasn't worth me buying.
ReplyDeleteOn a positive note I learned that the no credit check personal loans that apply for twice a year, have a good impact on my credit score. To answer your question I do feel that I am using my credit wisely.
I'm proud of you. Keep up the good work and continue to inspire us!
DeleteThat is good you use your credit wisely feel free to give me tips whenever you feel lol
DeleteI was thankful for the last class because it was a huge eye opener. I also was able to get information on how much the credit union can be a resource. I am more aware now of how important credit means to me and the world. Its HUGE. I'm ready to get my build on and start building my credit.
ReplyDeleteJessica
DeleteCredit runs everything now a days I started with a secured card and that really helped to build my credit.
I definitely am NOT using credit wisely. I tend to buy on a whim and see my credit card as a use on a whim. I have been changing buying spontaneously lately, but the class we just had stopped me in my tracks. I intend to pay off my remaining credit card loans and apply for my education loan fogiveness before the year ends. the cass was absolutely informative and I feel much needed clarity has been gained. I am definitely gaining the skills I need for a better economic life.
ReplyDeleteLatoya im so glad to see that the last class was very helpful to you as it was for all of us. I was on the same boat as you. However, when I started things began to change. Alot of the information I was aware of but, I never really wanted to admit how bad I was managing my finances. Today I can say I have a long way to go but im definitely at a place in my life were I never really been. One of my long term goals is to purchase a home and I know that with commitment, knowledge and education I will get there and so will you as the rest of our sisters.
DeleteIt's so empowering to know that real change comes through knowledge, self discipline, and this community. Thanks for being so positive about for growth!
DeleteLatoya
DeleteI buy on a whim sometimes I did stop splurging all together though. my goal is to bring my cards back down to zero
I would say I am but my credit utilization sucks sometimes but because im not working like I used to I depend on my credit cards to cover my life. I do make my payments on time so I never had to deal with late fees.
ReplyDeleteLate fees are a trap. I never realized how much I paid in late fees, and the impact on my budget until this class. I am so happy you are putting into practice so many healthy financial tools.
DeleteI really need to get better with my credit. I feel like if I am not financially stable then I can't pay my bills consistently which results in poor credit and everything else.
ReplyDeleteI don't believe I even use credit right now I have to fix my credit I pay everything in cash and I use a debit card not from a bank so idk I just have to fix my credit smh
ReplyDelete