Credit Cards?

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newyorkcityholic
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Credit Cards?

Postby newyorkcityholic » Thu Nov 06, 2008 4:16 pm

Ok I searched about credit cards and didn't find a thread on it so I'd like to start one! I am 19 and have never had a credit card. I think BF would be a good time to get one because I could make sure I have money in the bank, then buy all my BF stuff on the credit card, then pay it off when I am finished shopping!

So do you guys have a credit card that you love because of its benefits? Or maybe it gives you cash back? Is the APR good? I would really like to do this but I don't know the first thing about getting a credit card. I am in college to get my accounting degree and I took a Personal Finance class last semester and I learned that eventually I am going to have to establish some credit. Why not start now?

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bellesmom
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Postby bellesmom » Thu Nov 06, 2008 4:27 pm

Try Capital One. My husband and I both have a capital one credit card and we love them. They have a program where you can choose APR, rewards etc. and also you can upload one of your own photos on your card (I thought that was pretty cool) Also Washington Mutual. My husbands WaMu card lets him see his FICO score for free.(without having to purchase anything like a trail membership....it is just a perk of the card) Research first. Try to avoid the ones with the annual fee, membership fee, account set up fee(like First Premier).....they will kill you! I have researched this quite a bit. We are in the process of rebuilding our credit due to stupid decisions we made when we were both about 19 or 20 (like getting cards and not paying them and getting too far over our heads) Good Luck! I hope this helped! :D

bogart
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Postby bogart » Thu Nov 06, 2008 5:20 pm

At 19, I'd advise against a credit card, especially for the impulse-driven day that is Black Friday.

Because even though you may have "money in the bank", that TV, PS3, fancy-schmancy-doohickey will be higher than what you have....but, hey, it's a credit card, I can pay later, right? So what if I don't have the money now, I will eventually, right?

Use cash or a debit card.

If you think you want to get a credit card for this, at least get a low limit ($500, maybe $1000 MAX) so you can't get too crazy.

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killasnake
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Postby killasnake » Thu Nov 06, 2008 5:34 pm

If you have never had a credit card before, most companies will give you a credit limit of $500. I highly suggest that you do not use it for Black Friday. Impulse buying is really bad! lol I learned from experience.

At 19 you should be building up your credit, Use and pay the full amount every month. Your interest will be high.

geoff5093
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Postby geoff5093 » Thu Nov 06, 2008 5:54 pm

Do not get a credit card for that, if you have the money and simply don't want to carry around cash, then get a debit card. That way you won't have a limit (with most cards), and you can't spend money you don't have.

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svngpvtry
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Postby svngpvtry » Thu Nov 06, 2008 6:36 pm

I think she is trying to say that this would be a good opportunity to build a bit of credit by purchasing items she planed on buying anyway with a card and then paying them off. Nothing wrong with that logic at all. Its actually very sound for someone who is just starting out in the credit world. You and I have no idea about her fiscal responsibility but we can assume by the mere fact that she is contemplating this proposition that she is more responsible than most.

If you reread her question its not about if she should do it or not but instead is about CC companies and advice on what to look for.

Just because you may not have been as responsible or your children are not responsible enough for a credit card. doesnt mean this person is the same so it would be advisable to withhold judgment and simply address the question at hand. I bought my first house when I was 20 because I took an active effort in building good credit quickly. I now own several properties and have not looked back.

My advice, never carry a balance if you can help it but dont be afraid of using a credit card. After all most credit cards give you a 30 day grace period in which you can use their money for FREE. As long as you pay off your balance you dont pay any interest. If you take the time and learn how to make THEIR money work for YOU then you can make incredible things happen. Oh like paying off a 30 year mortgage in half the time with no real change in spending habits, and other really cool things. My wife and I purchased a new home in February of this year and without an increase in income we have paid off almost 3 years off of our home.

Other than that, do some research and do lots of it. Remember there are lots of important factors like your debt to credit ratio, when they increase your credit limit it changes that ratio and actually improves your credit score.

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Rendi2
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Postby Rendi2 » Thu Nov 06, 2008 6:41 pm

I don't completely understand credit reports BUT I have learned that Capital One does not put your credit limit on your report - and so it always looks like it's maxed out and so that somehow has an adverse affect on your credit score. We learned about this and closed capital one accounts.....

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packers
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Postby packers » Thu Nov 06, 2008 7:10 pm

Check this out before you decide on a credit card... http://www.daveramsey.com/

Back when we had cards we had store cards because they always offered free financing for a certain time. Well, it is easy to think we will pay it off before hand, but we always had something come up and were not able to pay it off in time. It took us years to pay the dumb cards off that we got when we were 20.

For those of you who can go into a store on Black Friday with a credit card in your pocket and not use it.... YOU ARE AWESOME!! I can't take the pressure. I'll admit it, I get the "stuffitis" itch on BF, so it only works for me to have cash.

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newyorkcityholic
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Postby newyorkcityholic » Thu Nov 06, 2008 7:38 pm

svngpvtry wrote:I think she is trying to say that this would be a good opportunity to build a bit of credit by purchasing items she planed on buying anyway with a card and then paying them off. Nothing wrong with that logic at all. Its actually very sound for someone who is just starting out in the credit world. You and I have no idea about her fiscal responsibility but we can assume by the mere fact that she is contemplating this proposition that she is more responsible than most.

If you reread her question its not about if she should do it or not but instead is about CC companies and advice on what to look for.

Just because you may not have been as responsible or your children are not responsible enough for a credit card. doesnt mean this person is the same so it would be advisable to withhold judgment and simply address the question at hand. I bought my first house when I was 20 because I took an active effort in building good credit quickly. I now own several properties and have not looked back.

My advice, never carry a balance if you can help it but dont be afraid of using a credit card. After all most credit cards give you a 30 day grace period in which you can use their money for FREE. As long as you pay off your balance you dont pay any interest. If you take the time and learn how to make THEIR money work for YOU then you can make incredible things happen. Oh like paying off a 30 year mortgage in half the time with no real change in spending habits, and other really cool things. My wife and I purchased a new home in February of this year and without an increase in income we have paid off almost 3 years off of our home.

Other than that, do some research and do lots of it. Remember there are lots of important factors like your debt to credit ratio, when they increase your credit limit it changes that ratio and actually improves your credit score.
i'm a guy lol the girl in the avatar is hilary duff....my future wife

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svngpvtry
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Postby svngpvtry » Thu Nov 06, 2008 7:49 pm

my apologies. I think it was subconscious. You can marry her as long as she can remain my mistress (shhhhh dont tell me wife though)

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hays4cat
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Postby hays4cat » Thu Nov 06, 2008 8:12 pm

Don't get a credit card! I was soooo excited when I got my first one at 18. I am now 35 and it is the first time I have been out of debt since that day!
WARNING!!!!! I am trained in the art of combat shopping!

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g-man430
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Postby g-man430 » Thu Nov 06, 2008 8:29 pm

I'm 20 and don't have a credit card. That is the last thing I want or need.
GREEN BAY PACKERS!!!!

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hays4cat
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Postby hays4cat » Thu Nov 06, 2008 8:45 pm

g-man430 wrote:I'm 20 and don't have a credit card. That is the last thing I want or need.



20?!?!?! no wonder you are always dancing! lol
WARNING!!!!! I am trained in the art of combat shopping!

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packers
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Postby packers » Thu Nov 06, 2008 9:32 pm

hays4cat wrote:
g-man430 wrote:I'm 20 and don't have a credit card. That is the last thing I want or need.



20?!?!?! no wonder you are always dancing! lol


The dancing always captures my attention and makes me dizzy :lol:

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PlutoIsTheBest
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Postby PlutoIsTheBest » Thu Nov 06, 2008 9:53 pm

Companies to stay away from:

Juniper Bank
Houshold Bank
Merrick Bank
Credit One
Orchard Bank
Providian
Sears

Try Capital One. I have never had a problem with them. You will probably only get a $500 limit since you have no credit. Good luck!

Oh yea, no offense to anyone who has or works for any of the "stay away from" companies. This is JMHO.


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