Credit is great when used wisely. Back in 2003 I had a $50K limit card. I don't know why, all of my other cards were ~$10K limits. Anyway, it was in the days of ZIRP and NINJA loans. I got a credit offer in the mail from this card offering 0% interest 18 months for up to half of my available balance. I think it cost 1% for processing IIRC. I took out $20K to buy some land abutting land I was developing and that purchase alone enabled me to create $1.2M in additional houselots with no additional infrastructure. I paid the $20K back a couple of months early. I always have to smile when I reminisce that bit of creative financing.
Since then, I always pay my card off each month.
Credit is great when used wisely. Back in 2003 I had a $50K limit card. I don't know why, all of my other cards were ~$10K limits. Anyway, it was in the days of ZIRP and NINJA loans. I got a credit offer in the mail from this card offering 0% interest 18 months for up to half of my available balance. I think it cost 1% for processing IIRC. I took out $20K to buy some land abutting land I was developing and that purchase alone enabled me to create $1.2M in additional houselots with no additional infrastructure. I paid the $20K back a couple of months early. I always have to smile when I reminisce that bit of creative financing.
Since then, I always pay my card off each month.
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