Just got my first card ever.... Advice?

[IndiReloaded]

Hey, I learned something. Nothing wrong with that esp since the OP doesn't seem to be coming back to complain. Might as well get something out of the thread.

I want points for the posts I make here at LF.

Actually, I will admit for BlueSums sake that was one one thing our FP did do for us: convince us to get a high points Visa. It wasn't until we got a summary of just how many flights we had accumulated for our dollars spent that made it worth it.

[Illusional]

bottom line. as long as regardless of whatever you charge, YOU HAVE TO PAY IT OFF ON A MONTH TO MONTH BASIS...AND PAY EVERYTHING OFF. if you do, then your credit score will only go up. once you start to slack off, so will your credit score. so if you can't afford the 500 or whatever a month, then don't charge that much.

raverboy

[qwertz]

I have had a credit card for the last 5 years, I sometimes use it to fund a larger than normal purchase- especially nearing the end of the month near payday, but I never spend more than i can afford to pay off when payday comes, Ive never been late with a payment and have a really good credit rating that has allowed me the mortgage to buy my own home.
I see friends of mine that are the same age as me- they made big mistakes when they were younger and spent beyond their means, they have poor credit and wont be able to get a mortgage for years yet.

[Charlie Boy II]

I've had a card for a good eight or nine years. I've gotten a bit slack with it over the last year. I've got a couple of grand on it at the moment. I've got $100 a week that goes into a separate account, so I could use that money to pay it off, but I'm not touching that money.

[bluesummer]

Actually, I will admit for BlueSums sake that was one one thing our FP did do for us: convince us to get a high points Visa. It wasn't until we got a summary of just how many flights we had accumulated for our dollars spent that made it worth it.

You didn't like your FP, or you just don't like them in general?

[IndiReloaded]

You didn't like your FP, or you just don't like them in general?

I don't dislike them, Blue. We have tried several over the years and found them generally unhelpful. Except for specific products like I mentioned, they don't usually tell us anything we haven't already read about or tried ourselves. We tested their advice, ignored it and did MUCH better than they predicted (and probably their own portfolios). If we had listened to them, we would have lost a ton of after the IT bubble burst and the last stock crash.

I think we are an atypical client for them. We are highly analytical in our approach. We assess their math abilities by asking them a question that requires some light calculus knowledge, like a simple integral. Its been a pretty accurate assessment of their smarts. Its a useful skill, one of our friends with a similar background to ours got recruited to a major Wall St firm to do some complex market modelling and has done very well.

[bluesummer]

IMHO, it seems there are a lot of them out there that go into the profession without the education to fully back their advice.

[doppelgaenger]

I have a credit card, but I only use it as an emergency - the absolute last resort. My advice is to simply not use a credit card. My parents had huge problems with that shit, and they've been paying back their debts since I was a little tyke.

My aunt and uncle are my role models. I'd bet they're millionaires. They own a farm, and my uncle works at a power plant. They're always financially assisting everyone in our family - they bought my parents' first house in cash. They bailed my brother out of jail twice. My uncle just bought a brand new Ferrari - in cash. They never used credit cards and that's what they've always advised me to do. Instead, they invest their money wisely and they are careful about every penny.

[IndiReloaded]

IMHO, it seems there are a lot of them out there that go into the profession without the education to fully back their advice.

We assess their math abilities by asking them a question that requires some light calculus knowledge, like a simple integral.

Would you be able to pass our test, Blue? Were you required to take university level calculus? I don't really care if the answer is no, but it seems like a lot of people take some non-university exam after having worked a few years as a teller in a bank.

IMO, a person offering financing planning/advice, had better have a math degree (or at least university level calculus and algebra), some knowledge of statistics and a finance or business degree. They had better be investing their *own* money for several years before they should be touching anyone else's. I would also take a math grad with several years in finance/business. Its far easier to get the latter than the former.

[iceblue]

You can check your score for free on of those credit check sites. Just google something like "free credit report."

[doppelgaenger]

^^ Check with your bank before doing that though.

[bluesummer]

Would you be able to pass our test, Blue? Were you required to take university level calculus? I don't really care if the answer is no, but it seems like a lot of people take some non-university exam after having worked a few years as a teller in a bank.

IMO, a person offering financing planning/advice, had better have a math degree (or at least university level calculus and algebra), some knowledge of statistics and a finance or business degree. They had better be investing their *own* money for several years before they should be touching anyone else's. I would also take a math grad with several years in finance/business. Its far easier to get the latter than the former.

No, I never took calculus, but two levels of statistics, financial math, economics and accounting up the ass. I'm also a seasoned investor, and I read up on my markets everyday. Truly, I hate math. Sounds funny considering my profession, but I do. I weaseled my way around calculus somehow.....it was a 'recommended' pre-req to stats, but I got an A in stats, so I think I'm fine to avoid calculus. Forever.

As far as I'm concerned, I've still only touched the tip of the iceberg in terms of relevant education for my job, and yet I've got way more than a lot of my colleagues. Scary stuff.