Credit Cards?

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geoff5093
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Postby geoff5093 » Thu Nov 06, 2008 10:12 pm

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

20 here as well, I have a debit card and I really don't want/need a credit card, I don't want to get into credit card debt. I have car payments so I'm building credit that way.

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iKitsune
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Postby iKitsune » Thu Nov 06, 2008 11:28 pm

Is it strange that I'd rather have 10 grand in credit card debt than 10 grand in the bank? Credit has always seemed like the forbidden fruit to me, and right now it's sounding very tempting. I hear about how the "average American" has $xxxx in CC debt, and then I think I'm weird for not carrying card debt / car note / etc.

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lovebf
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Postby lovebf » Thu Nov 06, 2008 11:46 pm

iKitsune wrote:Is it strange that I'd rather have 10 grand in credit card debt than 10 grand in the bank? Credit has always seemed like the forbidden fruit to me, and right now it's sounding very tempting. I hear about how the "average American" has $xxxx in CC debt, and then I think I'm weird for not carrying card debt / car note / etc.


No credit cards or credit card debt here either. Your not alone. But I do have loans on my cars. However, I will be getting rid of that as well and own them outright. I thought I was weird, but I find it refreshing their are other people in the world like me, or close.

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cmac1337
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Postby cmac1337 » Thu Nov 06, 2008 11:50 pm

I can say without a doubt that i'm more than thankful for not having any debt. i'm in the green (or black =D =D)
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Eddyisgreat
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Postby Eddyisgreat » Fri Nov 07, 2008 12:16 am

I'm in debt but its interesting to see my score fluctuate (improve!) over time. Getting the cards isn't the bad thing, lest you have outrageous fees. Having and using the card establishes said credit history in which additional lenders will trust you with additional money. Some places, ala cell phone companies require a credit check or you will have to pay more per month instead of enter a contract, especially if you know you will be with them for atleast a year. Don't forget car rental places, too.

Moving on, they offer much better protection than debit cards or cash. By law, you are only liable for up to $50 dollars worth of unauthorized charges, if that. Plus, you are using the banks money, not your own (at the time of the transaction), so you will have the backing of the issuing bank to go after the merchant who fufilled the order.

I'm trying to get to the point where I can minimize or eliminate my debit card usage, relying on the protection provided by my CC and simply paying off in full every month, but for now I only use them for large purchases.

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Postby nshah » Fri Nov 07, 2008 12:50 am

I'm 23 multiple cards, no debt.

I just treat it like cash- if I don't have the $$, don't put it on there... And since I don't carry much cash, I end up avoiding the impulse buying.

I LOVE my cards. I have a Chase Cash+ Rewards card, gets 5% cash back for Gas+Groceries+Pharmacy purchases. When gas prices were $4+ a gallon, the only thing that kept me sane was in my mind I knew I was getting the 5% back, so it was actually 20+cents cheaper, lol.

I have another citibank card because they have the VCC (Virtual Credit Card) number technology- GREAT if you buy stuff online. Pretty much they give you a disposable/one-time use credit card number so you have to give your real card info to a site if you don't want to.


I've gotten hundreds in cash back just for buying stuff that I NEED and was going to buy anyways. Not to mention all the added perks of the card- 0 liability, more secure than cash, some extend warranties, other cards have price guarantees.

I think one of the better reward cards out now is the Chase Freedom card.

Tony
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Postby Tony » Fri Nov 07, 2008 2:09 am

I got my first credit card 3 months after i turn 18,
Got my first Credit Card from Chase in April 2007 (24.99% APR).
Bought everything with my credit card, paid it off within the month.
Opened up another credit card August 2007 with Military Star (19.99% APR).
Closed Military Star Jan 2008
Closed Chase i forgot when.
Opened WaMu Credit Card Feb 2008 (9.99% APR).
[Credit score 749]

And i'm currently 19, I turn 20 in Jan!
I'm on my way to 850!!!

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killasnake
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Postby killasnake » Fri Nov 07, 2008 2:14 am

Tony wrote:[Credit score 749]


Muahaha mine is 771 with wamu :twisted: You really do have to ask yourself if you are ready to handle a credit card. If you know that you can pay it off each month or you spend what you have. You will be fine.

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barrett76
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Postby barrett76 » Fri Nov 07, 2008 2:26 am

Young and freedom to use a credit card? Not a good combination. However for ya'll that have maintained responsiblity for one BRAVO to you!! But you're not the norm. Which is why we are having an economy crisis right now. I'm not sure if you would be able to get one but American Express might be the way to go. I think you have to pay the balance every month. So if that's what you were planning to do anyway that could work for you.

Good luck with your decision. I hope you are one of the smart ones and learn to use a credit card in the right way. Trust me, I know from experience how to use them in the wrong way. :(

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GinaBeana87
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Postby GinaBeana87 » Fri Nov 07, 2008 2:47 am

Well i got my first card last year when i turned twenty and basically i just got a student citi card. It has a low limit, low interest rate and i earn cash back. At the end of every month i pay it off. I have found that store credit cards, BB, Target etc. usually offer percentages off or special coupons but they tend to have super high interest rates and end up being more trouble then they are worth. Just be smart and responsible and you will be fine!

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Sparkle2217
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Postby Sparkle2217 » Fri Nov 07, 2008 6:14 am

Yes BB has super high interest and a lot of catches too. Every time I get in the BB line on BF when its time for the employees to come out and offer the Credit Card nobody takes it and most people in the line that do have it complain about it.

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Eddyisgreat
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Postby Eddyisgreat » Fri Nov 07, 2008 10:20 am

Tony wrote:I got my first credit card 3 months after i turn 18,
Got my first Credit Card from Chase in April 2007 (24.99% APR).
Bought everything with my credit card, paid it off within the month.
Opened up another credit card August 2007 with Military Star (19.99% APR).
Closed Military Star Jan 2008
Closed Chase i forgot when.
Opened WaMu Credit Card Feb 2008 (9.99% APR).
[Credit score 749]

And i'm currently 19, I turn 20 in Jan!
I'm on my way to 850!!!


You close your accounts out and havn't been dinged with an "insufficient credit history"? Wow.

Adamixoye
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Postby Adamixoye » Fri Nov 07, 2008 10:36 am

killasnake wrote:If you know that you can pay it off each month or you spend what you have. You will be fine.


I totally agree with this and disagree with everyone else who is saying "too young, the temptation is too great." That is definitely true for SOME people, and I can't speak for whether the OP is in this category or not. But I disagree with the assessment that this is a surefire recipe for disaster. I have had credit cards since I was single and 21 (and a credit line since I was 19; I'm 27 now, married with child) and I have never had any credit troubles. We need more people who are responsible enough to handle credit, even at a young age. For me, credit is a tool. I understand there is something called INTEREST and if you can't pay off within the grace period you get HOSED.

The fact that I am apparently in the minority when I understand that spending thou$and$ that I don't have isn't free money when it turns into thou$and$ plus 20% APR that I have to pay back is one of the real reasons behind the current financial crisis.

gseclipse11
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Postby gseclipse11 » Fri Nov 07, 2008 11:25 am

I'm 23 with 1 CC, probably got it when I was 20. Put what I know I can on it and pay it off each month, never carry a balance.

Tony
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Postby Tony » Fri Nov 07, 2008 11:39 am

Eddyisgreat wrote:
You close your accounts out and havn't been dinged with an "insufficient credit history"? Wow.


It does show my score could be higher if i didn't have "insufficient credit history"
So yeah i did get dinged for it


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