Having credit cards is a good thing, they help you out in emergencies, build credit, and can make buying expensive items actually affordable with just doing the monthly payments.
Having a credit card since I was 18 allowed for me to be able to get my first apartment at 20 without a cosigner, and then a car at 21 without a cosigner as well. That's an amazing accomplishment and I couldn't be happier with myself. Currently, my credit score is amazing for someone my age, it's just over 700. My parents, because of the recession, don't even have a credit score that high because of how bad it got in 2007.
Anyways, being in college, I needed help at the end of the quarter when my money was running low, so I resorted to my credit cards, along with last christmas when I needed to help the parents out with some presents and whatnot. So, now I get the challenge of paying them off. I have a limit of $2,500 right now between the couple cards that I have. I have two bank cards, two store specific cards (Kohl's and Lowe's), and then Amazon card.
I used to believe that 2 was the limit of credit cards, and that's what I'll go down to having once I have everything paid off, but I got the last three I mentioned recently because I needed pants and shorts because I lost weight, which is what I got the Kohl's card for, and the Lowe's card I got because my girlfriend and I have been adding to the house in respects of a freezer, shelving unit, etc. The Amazon card I got because I always buy from Amazon since it's cheap and I have prime account and they give points back, plus they go through Chase, which is where I have my checking account, so I can easily make a payment from transferring money and it will process immediately. This is helping to build my credit and help in a jam if I needed it.
The max I've ever been at is $1,500 of my cards, and this month I've had to add to it, even though I've paid almost $500 towards them this month, because I took a week off and needed new work shoes, I had to use the cards, which is what they're for.
Anyways, one of the main parts of my job is working on excel, and I've been learning how to do the formulas and whatnot to make the numbers come out right. This has helped me keep up with my checking account and actually know where my money is going and what you can cut back on. Plus, I can check my credit cards and what I've added and see how long it will take me to pay them off.
It's nice to know and be aware of all that information and have it on one page, then of course being prepared for the due dates on payments, making smaller payments a couple times a month rather than one big one always wins in my book!
As my card balances are right now, and my plan of attack, I'll have them paid off by August, but that's doing a low total amount each month, when this month I've almost put double that towards my cards. It means I don't have that much in my savings account, but once I have the cards paid off I can start that… and if I do have an emergency, I got the cards! Talk about going in a circle!!
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