Quoted from thechakapakuni:Be careful paying off all of your CC’s and have zero balance. I put groceries on just to keep a balance. Last crash all the banks yanked high credit limit cards with no balances with no warning. They are itching to do this again when shit hits the fan
Pffft....tell that to Sears and Citibank. We haven't had SQUAT of substance on that card in YEARS... it's got like an 8.75k limit on it. We used it long long ago to purchase an oven and some other appliances, back when we were truly living paycheck to paycheck and had no other option. I think they're going to keep it open forever just on the off chance we're ever stupid enough to pay 19% APR again. My understanding is that you just need to use them every few months......not that I do that. Half my cards haven't had a balance at all on them in the last year. One is pushing 18 months, and one other very small limit one hasn't had anything on it in so long, I don't even KNOW when it was last paid off.
Yes, we have too many cards, and really screwed ourselves for the better part of a decade. I'm just glad it's all under relative control now. I worked myself to the bone to keep things afloat for years and years, to the point of having multiple jobs and working 60+ hour weeks months on end for peanuts, and never had a single late payment. Credit score has always been moderately good, but now it's like 821 or something. Still have more debt than I'd like, but it's not on the cards anymore. I've earned the right to brag a little at this point, I think. Lots of people lose this fight and have to go through bankruptcy. I would say I got lucky....but luck had so very little to do with it...
Always pay this crap off before praying for a moon on crypto. That's my 'expert' opinion as someone that suffered through crippling debt for a very very long time. It can sneak up on you fast, and it's extremely hard unless you're diligent with money and making way more than you actually NEED to just pay the minimums. It's not worth a lottery ticket to sacrifice your credit rating.