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Old 05-01-2006, 10:13 PM
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credit cards

how many of you have credit cards and how was you able to get them? i have applied for a few student cards that are supposed to help you get started off for your credit (i could take out a loan at the bank, kinda a refinace of my car) but right now i would like to have a card to finish off my bronco (not cause i want the newest cd on the shelf) but they keep on telling me no because of no credit or not enough credit. and i really dont want to do a prepaid. because i plan to pay it off this summer when i go from part to full time. I understand the typical card lingo, and i know how to notice a bad card when i see one, but its kinda begining to become confusing.
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Old 05-01-2006, 11:32 PM
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try capitol one, or look into a secured card

try here
http://www.creditcards.com/
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Old 05-01-2006, 11:32 PM
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I got my first credit card, at 18, from Capital One. Ive found that applying for cards online doesnt work too well. I just wait until I get an offer in the mail, and apply that way. Right now, a Visa card will probably be the easiest to get, with Mastercard being the second. You can just go ahead and froget about a Disco or AMex card for a few years. Also, be prepared for a very low credit limit (200-400), and a high interest rate (20%-25%). Right now, I have two credit cards....my CapitalOne Visa (400 limit), and a Chase Mastercard (200 limit).

Probably the most important thing is to NEVER get a card with any kinds of fees. I got an offer just the other day for a card with a $100 account setup fee, $50 card activation fee, $20 monthly maintenance fee, and a $75 yearly fee. By the time they bill you for all of those fees, you are over your credit limit, and you get slapped with another fee, and a higher interest rate. Both of my credit cards have no fees, other than finance charges.

One other note on applying for a card. Each time you apply for credit, a credit inquiry goes on your credit report. Too many of these will also prevent you from getting a credit card, and it takes two years for them to go away.

Also, once you get a card, dont apply for another one from the same company in a short period of time.
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Old 05-02-2006, 12:41 AM
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capital one is what i started out with, defintly not the best, but got to start out somewhere. i later on canx it and got a chase card after my credit got better.
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Old 05-02-2006, 03:10 AM
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try a secured card form your bank. you put money in a savings account and that is used as you credit limit. that's what i have and it has helped build the credit rating.

(sorry about the all lowercase i just finished typing a paper and am too lazy to use the shift key now )
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Old 05-02-2006, 10:57 AM
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I am 23 and have never had a credit card, I also have very good credit. The way I built mine was through bank loans for my truck, school loans, cell phone, and utility bills paid on time, etc. The best thing you can do is pay all of your bills on time or early if there is no penalty for paying early. The only bad thing about doing it this way is that the bank always wants something that can be easily collected as collateral, i.e. your truck.
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Old 05-02-2006, 12:18 PM
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Quote:
Originally Posted by sirkt
try a secured card form your bank. you put money in a savings account and that is used as you credit limit. that's what i have and it has helped build the credit rating.
Are you talking about a Debit card? I have one and think it's a great idea for younger adults. No monthly bill, no interest, no fees, and your limit is what you make. No credit card debt either...
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Old 05-02-2006, 07:48 PM
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Quote:
Originally Posted by ATC Crazy
Are you talking about a Debit card? I have one and think it's a great idea for younger adults. No monthly bill, no interest, no fees, and your limit is what you make. No credit card debt either...
No, a debit card withdraws money from your checking account as soon as you purcahse something.

My bank (US Bank) offers a sercured credit card. They open a "Savings Account" for you where you put in money for your credit limit (for me $500) When you make a purchase you do not withdrawl from the account it stays in the account and gives the bank insurance in case you don't pay. Each month you get a staement (like a normal credit card) and you pay the bank back how much you spent, and if you don't they will charge intrest.

I don't know if all banks have this service but mine does and I think it is a safer way to build your credit.
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Old 05-02-2006, 08:15 PM
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Whatever you do, just get one, and don't use it heavily. Buy gas, pay it off the next month.

I got my first one a year ago, and have used it like 5 times, tops. I don't like to use it. You should hear how my mom goes on and on though... Always telling me how I shouldn't use it and asking me if I have a balance. It's very entertaining.

Ryan
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Old 05-03-2006, 01:02 AM
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I thought Student Loans were not calculated into your credit score?
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Old 05-03-2006, 10:06 AM
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I got a student credit card through my bank. I have used it for gas once all the other times it is for stuff that is $5-15. I don't really like to use it that often.
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Old 05-04-2006, 10:02 PM
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I have a Sears card (closest thing to a credit card I have) that needs to be payed off. Man is it easy to buy stuff with that thing. . .thats why I only use a debit card now. Still easy to spend, but at least I can't rack up debt with it.
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Old 05-06-2006, 01:56 AM
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Yeah, i love this catch-22. You cant get a card without credit, and you cant get credit without a card. Go figure. I"ve had a checking account since I was 16 and have written out over 400 checks, havent bounced one either. Every time i apply for a card i get the "insufficient credit backround" its really starting to make me angry. I have gotten a credit card for a clothing store, i guess i should buy some cloths on it to build up a good credit record. My problem is its a store where its like 60 bucks for a pair of jeans. I like getting the 12 dollar ones from walmart and trashing them. Anyone got any good sites where someone can apply for a credit card and get a low limit on it or anything?
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Old 05-06-2006, 12:47 PM
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Don't use a credit card to finish your truck. Thats a bad idea.

Just wait until you have the money and do it that way. Having credit card debt SUCKS
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Old 05-07-2006, 09:34 AM
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When I wanted my first card to order truck parts with I couldn't get one to save my life. Now that I have a few they won't stop sending me the friggin things.
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