Quote:
Originally Posted by cocoabeans
Yea, the credit to debt ratio. I know how that works and it's the only reason I keep my limits do high. I have two cards now. Considering opening a line of credit for emergency purposes since it would have a lower interest rate than the excess credit on my credit card and I don't have much of an emergency fund built up right now and won't for awhile due to tuition payments (spouses) and we're saving for a downpayment on a home and of course the retirement fund. I read lines of credit are not to common in the US?
Two cards is better than one since you get subprime and zero percent interest balance transfer offers which work great when I go into repayment mode.
On one hand, I know my normal self is quite responsible and educated about credit. My normal self can't stand even the 25 dollar electricity bill and I pay everything off early and my normal self benefits from credit and sees exactly why opening a line of credit is a financially sound thing to do. On the other hand, my ****Eing asshole bipolar brain can get all impulsive and screw me over.
Then again, why don't I just open the credit line and lower the limit on my card? Ah! I think I've got the solution!
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No personal lines of credit aren't so common here, I use them for business though. Having 2 cards and switching back and forth with 0% balance transfers is great. I used to do that, but then life happened. Great way to go if you can make sure to stay organized with moving the money around, and don't make any purchases on top of a balance transfer or they really screw you, cuz they're assholes! It's possible for a bp to be responsible with money, have a great credit, buy a house, start a business. But good credit is so important in capitalism. You're young, no credit flaws yet, you're golden to for it - just don't **** up your credit!
