Credit Cards
- Thread starter none3
- Start date
noungning
Heartless
but it's good to start by having one if you have no credit...
because no credit also means no loans, no houses, ok let's just say be able to manage it well. be realistic. don't charge something that's $5500 if you are only capable of paying for $500.
alot of ppl i know wants a house so bad, but because they don't have credit because they've never gotten a credit card, they don't get a loan. so there are some goods from the many negatives listed.
because no credit also means no loans, no houses, ok let's just say be able to manage it well. be realistic. don't charge something that's $5500 if you are only capable of paying for $500.
alot of ppl i know wants a house so bad, but because they don't have credit because they've never gotten a credit card, they don't get a loan. so there are some goods from the many negatives listed.
It's better to use someone else's credit card.
good idea..
so just find some DA who will buy you everything :yahoo:
none3
sarNie Hatchling
without credit or bad credit...you are screwed. You can't buy a house..much less rent an apartment. Even the jobs you apply for does a credit check on you. This American Dream is not such a great think after all. Let's just say that I'm blessed to live in a country that does give you the opportunity to make decisions. :blush:
jthepsen
sarNie Hatchling
And if you don't have a credit card in which you build credit from, you won't have credit which will allow you to qualify for houses or even cars.
However, what if you just have a credit card but don't use it, what happens? Like say for instance you pay off your debt but don't use it for a period or don't use it right away once you got it but use it like 4 months later after you got it or you don't use it at all? Hope that wasn't too confusing...lol. Also, I have a student loan that I'm paying off right now. If I apply for a credit card while paying school loan or after paying if off, does that affect the apr %? Will I most likely qualify for a credit card without needing a cosigner if I've never had a credit card or any debt other than the school loan I'm working on paying off or already have paid off? Because I know that some people do not qualify to get credit cards without a cosigner because they don't have credit.
noungning
Heartless
well how big are the school loans, if they are like 1k, i think you might be under qualified for a card, but if it's a large amount and you've been paying it on time, you shouldn't have a problem getting a credit card without a cosigner. i don't think the APR is affected by the fact of you have never had a card, if your credit score is good because you've been paying off your payments on time, you can get a good APR rate.
but the big thing about a person who's never had a credit card is, how much is your income, because this is also the other factor that approves you of getting a credit card, are you making something to pay off this card? if so, then you may be eligible in getting one. and also this affects the limit amount that is given to you. well if you want to have a card for the sake of building credit, it might be okay to go with the card that gives you a $200 limit. buy small things and pay it off monthly.
but the big thing about a person who's never had a credit card is, how much is your income, because this is also the other factor that approves you of getting a credit card, are you making something to pay off this card? if so, then you may be eligible in getting one. and also this affects the limit amount that is given to you. well if you want to have a card for the sake of building credit, it might be okay to go with the card that gives you a $200 limit. buy small things and pay it off monthly.
what noungning said is right.. limit your credit card.. your first credit card should be like $500 or something.. all credit card start out with 0% apr.. if you pay it all off like if you charge 300, at the end of the month pay off all $300 then your apr will continue to stay at 0%... this is the best way to build your credit. if you like pay min or like 2x the min and on time, it'll still make your rating good but not as good and not as fast plus your apr might jump up to max of 24%.. with credit cards, i never allow any apr. why? why give free money away? and never max out your credit card either, it does more harms then good. the only thing i will pay apr on are cars, houses, and stuff that are 5k and over... paying apr for a 1k purse, i consider that ridiculous..
so if you just want to build your credit.. just get something managable like a $500 limit Visa.. or if possible, ask your parents if they can put your name as secondary when they purchase a new car. my friend did that when he first started out building at 18.
credit cards arent that scary if you know control.. when you are tempted to buy a 1k purse, just think, do i want it that badly to suffer for it later? is it worth it? what if i jack up my rating because of it and end up paying 11%+ when financing a car (ouch)..... good luck..
so if you just want to build your credit.. just get something managable like a $500 limit Visa.. or if possible, ask your parents if they can put your name as secondary when they purchase a new car. my friend did that when he first started out building at 18.
credit cards arent that scary if you know control.. when you are tempted to buy a 1k purse, just think, do i want it that badly to suffer for it later? is it worth it? what if i jack up my rating because of it and end up paying 11%+ when financing a car (ouch)..... good luck..
noungning
Heartless
i came across a website that helps people in credit card situations out, it may help you decide if having one is good or not, or how to manage your credit card.
Link: http://articles.moneycentral.msn.com/Savin...ter.aspx?page=1
Link: http://articles.moneycentral.msn.com/Savin...ter.aspx?page=1