|
Credit Cards
|
View this Thread in Original format
| djbruuen |
| i'm going to get a credit card soon and am wondering which ones have the best benifits (i already tried pc, but the bastards turned me down cause i haven't had a card b4) |
|
|
| magikb |
| quote: | Originally posted by djbruuen
i'm going to get a credit card soon and am wondering which ones have the best benifits (i already tried pc, but the bastards turned me down cause i haven't had a card b4) |
If you have never had credit before, good luck getting anything through the major places...
They won't look at giving you a Visa, Mastercard, Amex, etc unless you pay to have a limit set...
Your best bet if you want to establish credit is to go to places like Future Shop, Zellers, Sears, Best Buy.. places like that that you can only purchase their merchandise so that way they are winning in the purchase and the interest they are collecting from you..
you need to have that card open for at least 6-8 months before ANY credit is established there..
Also.. if you get rejected by like 4 places... STOP inquiring.. it looks even worse on your bureau for too many credit inquries... |
|
|
| Matt |
If you're 18... good luck. As suggested, get a Zellers credit card or something and build up good credit.
Once you turn 19 though, it's easy. |
|
|
| rabbitjoker |
Non-bank issuers will usually give a card to anybody (with the appropriate rapage in APR) - MBNA, Capital One, etc.
Do not use your credit card as a financing source. |
|
|
| muzzybear |
Dude, be really careful with the HBC and private cards... if you don't pay 1/2 of your balance right away, they ding you big surcharges (read the fine print).
Just get a visa with your bank with a $500 limit. My first was a citibank visa. I bank with TD so I have a TD visa. I know you have to have credit to have a credit rating (I knew a guy with tonnes of cash, no credit card, and he couldn't get a mortgage!
A "line of credit" has a waaaay lower interest rating. That might be better!
:D |
|
|
| Matt |
| quote: | Originally posted by rabbitjoker
Do not use your credit card as a financing source. |
+1
Do your best to treat it as cash. IF you don't have the $$$ in your chequing, dont use it. |
|
|
| magikb |
| quote: | Originally posted by Matt
If you're 18... good luck. As suggested, get a Zellers credit card or something and build up good credit.
Once you turn 19 though, it's easy. |
not really.. I have had people that are in their 40's and 50's who have honestly NEVER been bankrupt but have just never had credit.. always paid cash.. and they are very stable and still can't get credit.. that is how it goes...
no one will give you a chance to start and once you have credit and need help.. no one is there to help you out.. I see it everyday! It is brutal! |
|
|
| rabbitjoker |
Oh, and pick and choose who you're going to apply for - don't apply to everybody.
If lenders see multiple requests for credit on your report - they tend to be weary to lend. |
|
|
| magikb |
| quote: | Originally posted by Matt
+1
Do your best to treat it as cash. IF you don't have the $$$ in your chequing, dont use it. |
you do have to spend on it each month to in order to build your credit.. you can't just have an open balance sitting there and never used it once.. that establishes nothing..
even if you just put a tank of gas on there a month and pay it off when the bill comes in.. that will help you establish.. |
|
|
| magikb |
| quote: | Originally posted by muzzybear
Dude, be really careful with the HBC and private cards... if you don't pay 1/2 of your balance right away, they ding you big surcharges (read the fine print).
Just get a visa with your bank with a $500 limit. My first was a citibank visa. I bank with TD so I have a TD visa. I know you have to have credit to have a credit rating (I knew a guy with tonnes of cash, no credit card, and he couldn't get a mortgage!
A "line of credit" has a waaaay lower interest rating. That might be better!
:D |
No revolving credit is good credit to have...lol
and I have had a Sears card in the past and they have never dinged me with anything for not paying the balance.. I have NEVER heard of that..
:conf: |
|
|
| Matt |
| quote: | Originally posted by magikb
you do have to spend on it each month to in order to build your credit.. you can't just have an open balance sitting there and never used it once.. that establishes nothing..
even if you just put a tank of gas on there a month and pay it off when the bill comes in.. that will help you establish.. |
what I was really getting at is don't go nuts with the card :D
Just go buy a banana from the grocery store at the start of the billing month :D |
|
|
| magikb |
| quote: | Originally posted by rabbitjoker
Oh, and pick and choose who you're going to apply for - don't apply to everybody.
If lenders see multiple requests for credit on your report - they tend to be weary to lend. |
yeah that is what I said.. cuz too many inquiries makes you look like a credit seeker and they will turn you down regardless! |
|
|
|
|
