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Credit Cards

so ive been meaning to get one...not that i totally am in love with the idea. i've never had one and since im going on 4 years out of school i could likely deal with one. i work full time and have a limited history with loans, rent, cell phone - but i still dont feel like getting raped.

i do know that has more to do with how you pay off the card, but i also know that all those low rate starter deals are bogus in the long run.

i dont necessarily need a picture of pedobear on the front, (capital one card lab), but i would like something somewhat painless that could allow me to purchase something more extravagant.

anyone else deal with this recently? the idea of debt freaks me out, but then again i have nothing new to show for it|

its your first card, your rates will be shit.

I am in this category as well.

If you get one, just make a habit of paying it off right away.

well but what is shit? higher than 18% or is that about right?

where is the best place to start looking? my bank is one possibility but that place is annoying|

Credit cards can be tricky......Its fun to spend the money you dont actually have ........ but paying back can be a bitch....Just paid of $6000 debt on 2 credit card.


Make sure you only use it when you have to have to use it.....If your thinking along the lines of making credit history then set a limit that you can payoff when the bill comes..... For example:-

set that on your Credit card you wont go more $80 a month shopping.


It will build credit history and you can pay off it whenever you get paid from work.

At 18 most people should get one to start building credit. Though too many lack self control and don't realize u have to pay that shit back, lol. Your first card should only have around $500 limit and start using it to make small purchases and pay them all off at once. Credit is everything in this world, don't fuck it up.

Anyone know good place to find out all the terminology in the legal agreement for cards? I also want my first one, just so I don't get denied credit at Best buy or something. I do know store branded cards have way high interest rates, but that's about it. Any help would be great.

quote:

Originally posted by raynbo Anyone know good place to find out all the terminology in the legal agreement for cards? I also want my first one, just so I don't get denied credit at Best buy or something. I do know store branded cards have way high interest rates, but that's about it. Any help would be great.

law school?

quote:

Originally posted by raynbo Anyone know good place to find out all the terminology in the legal agreement for cards? I also want my first one, just so I don't get denied credit at Best buy or something. I do know store branded cards have way high interest rates, but that's about it. Any help would be great.

I would only use those store only cards to make a large purchase on say a flat screen TV or furniture @ 0% interest for 12 months or whatever. Pay it off before the high interest rate kicks in and then cancel it. Those cards will fcuk u up bad if u can't pay it off in time.

Don't do it.

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Originally posted by Project-K If you get one, just make a habit of paying it off right away.

for credit building purposes, this is the WORST advice ever!

people have this common misconception, that the first time cardholders should pay it off right away. this is patently false. why? because you have no REVOLVING BALANCE! you need this revolving balance for a MINIMUM of 1 year, preferably 2+ years to PROPERLY build credit. also, NEVER EVER cancel more than 1 credit card in 6 months. this looks bad on your credit report and is reflected in your rating.

want anymore info? ask questions. ill answer them to the best of my knowledge.

at some point i will need this thing. i still have a debit/VISA that i use for most everything.

debt sucks, but i think i can manage that...not having a line of credit is terrible though|

quote:

Originally posted by gehzumteufel want anymore info? ask questions. ill answer them to the best of my knowledge.

Okay so I paid my two creditcards off that I was having a rollercoaster ride with earlier some month I couldnt pay them off so they kept adding.....Now its done Liek I have fully paid it off how would my credit report be?......Good or Bad????

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Originally posted by UmmiE Okay so I paid my two creditcards off that I was having a rollercoaster ride with earlier some month I couldnt pay them off so they kept adding.....Now its done Liek I have fully paid it off how would my credit report be?......Good or Bad????

paying them off will be good, but just paying it off and never using it again does NOT help your score. the card has to be used here and there. also after 2+ years of having a credit card and having payments on time for at least 6 months, preferably 1yr+, your credit rating will improve. do not get more than 2 credit cards. anymore than that is usually deemed excessive for your income (unless you make 100k+ every year consistently for 2+ years then you can have more than 2) and will HURT your credit rating. also try to NEVER have more than 50% used on a card. this hurts your credit rating also. if you have to for a few short months thats ok, but dont do it for extended periods longer than 3-4 months. it will hurt your credit rating.

quote:

Originally posted by KiNeTiC ENeRgY At 18 most people should get one to start building credit. Though too many lack self control and don't realize u have to pay that shit back, lol. Your first card should only have around $500 limit and start using it to make small purchases and pay them all off at once. Credit is everything in this world, don't fuck it up.

That's what I want to do. Should've done it earlier.

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Originally posted by iammesol That's what I want to do. Should've done it earlier.

sam, do it now. while your in school its the easiest time to get a credit card. waiting till after school makes it hard as fuck.

quote:

Originally posted by gehzumteufel ... waiting till after school makes it hard as fuck.

which would be me...in what way is it hard? just demonstrating credit or getting a lender to even offer me one?|

quote:

Originally posted by gehzumteufel for credit building purposes, this is the WORST advice ever! people have this common misconception, that the first time cardholders should pay it off right away. this is patently false. why? because you have no REVOLVING BALANCE! you need this revolving balance for a MINIMUM of 1 year, preferably 2+ years to PROPERLY build credit. also, NEVER EVER cancel more than 1 credit card in 6 months. this looks bad on your credit report and is reflected in your rating. want anymore info? ask questions. ill answer them to the best of my knowledge.

are you 100% sure of this? i was always told that the credit report companies just tap into your accounts to see what your balance is at that time. meaning that you could pay off your bill entirely every time, seeing that when they tap into your account for your credit score (i believe it is done quarterly) you may have a balance of whatever amount at that certain time.

granted, maybe it may not be the quickest way to bring up your score, but it does work. i have had my credit card for about 3 years now and have never missed a payment, and have always paid in full, and my credit score is close to a 750 which is really good.

the credit card i have is the MTVu card from citibank. it's a college card, so as long as you are in school you will most likely get accepted with it even with 0 credit. the rates i'm sure are horrible, but it makes no difference to me as i pay it off every month. it has a decent rewards program too, and no annual fee.

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Originally posted by biznology which would be me...in what way is it hard? just demonstrating credit or getting a lender to even offer me one?|

do they send you offers in the mail often? i say often, not just once every like 6 months.

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The Truth About Credit Card Debt Myth: Aren't there positive uses of a credit card? Like rebates and airline miles? Truth: Responsible use of a credit card does not exist. Credit card debt is a major problem in America. There is NO positive side to credit card use. You will spend more if you use credit cards. Even by paying the bills on time, you are not beating the system! But most families don't pay on time. The average family today carries $8,000 in credit card debt according to the American Bankers' Association. Now let's talk about the rebates. If you were using a credit card at 5%, you would have had to have spent $80,000 to get $4,000 rebates on new cars that lost $6,000 of value when you drove them off the lot. That is not a good deal! Cash vs. Credit Cards When you pay cash, you can "feel" the money leaving you. This is not true with credit cards. Flipping a credit card up on a counter registers nothing emotionally. If you use credit cards instead of cash you will spend 12-18% more. This is money you could have saved. If you "have to" use plastic, I suggest a debit card. I use them for travel and the occasional convenience of ordering something over the Internet or phone. Other than that, I use cash. Personal finance is 80% behavior. You need to cut out habits that make you spend more. You do not build wealth with credit cards. Use common sense. When you play with a multi-billion dollar industry and you think you're going to win at their game, you are naive. You cannot beat the credit card companies.

What about building credit though?

quote:

Originally posted by Enigmatik

i don't believe in that. i just use my credit card as if it was a debit card. i never spend more on it than i do have cash. even if the card has 0% interest for the first 2 years or w/e.

I don't use credit cards, i carry a piggy bank with me

quote:

Originally posted by JD8180 are you 100% sure of this? i was always told that the credit report companies just tap into your accounts to see what your balance is at that time. meaning that you could pay off your bill entirely every time, seeing that when they tap into your account for your credit score (i believe it is done quarterly) you may have a balance of whatever amount at that certain time. granted, maybe it may not be the quickest way to bring up your score, but it does work. i have had my credit card for about 3 years now and have never missed a payment, and have always paid in full, and my credit score is close to a 750 which is really good. the credit card i have is the MTVu card from citibank. it's a college card, so as long as you are in school you will most likely get accepted with it even with 0 credit. the rates i'm sure are horrible, but it makes no difference to me as i pay it off every month. it has a decent rewards program too, and no annual fee.

i am 100% sure on those things. your bank account, in general, doesnt affect your credit rating itself very much. it just shows that youre in good standing and that you have had it open for x length of time. the ONLY time your bank account has a real effect is if you are constantly in the negative, it has been opened for a short amount of time (less than 6 months), or you have a history of bad checks. your credit report does always show the current (at the time the agency last polled your bank which can be anything from 1 to 45 days ago) balance.

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