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Credit Card time... opinions?

Discussion in 'The Lounge' started by sled_dog, Jan 21, 2007.

  1. sled_dog

    sled_dog 1 ton status

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    I'm looking at getting a credit card. I need to get a new one. I haven't had one for a few years now, and I am constantly getting into situations that suck because I have to go to the bank and withdraw money to do anything. And I have good credit, but no history. I think its time to just get a credit card and use it sparingly. Or maybe use it as a loan device. I realy need to purchase a new welder but can only afford 2/3rds the purchase cost. So I'm kind of thinking of puting the rest on a card and using it to build my credit and spread the money out over some time.

    What cards do you have and like? I had a capitol one card before... NEVER again. So what are good companies to go with?
     
  2. Stomper

    Stomper ΜΟΛΩΝ ΛΑΒΕ GMOTM Winner

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    Very bad idea


     
  3. Confedneck79K30

    Confedneck79K30 3/4 ton status

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    ive got a visa through my bank, my wife has a capital one and loves it, especially the credit report every 6 mos...
     
  4. longbedder

    longbedder 1/2 ton status Premium Member

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    Debit cards that process as credit are extremely commonplace now, and you don't have to go to the bank for cash. They'll allow you to pay for anything anywhere a Visa or MC are accepted.

    Having a credit card or two for select occasions is not a bad idea. Spending money you don't have is a terrible idea, but our current culture is built on it.

    All that said, I've got a Cabela's card. I build Cabelas points for each dollar spent, and can redeem them occasionally for cool stuff. You can do similar programs to get airline miles.

    Beyond that, creditors and their interest rates are evil.
     
  5. sweetk30

    sweetk30 professional hooker Premium Member

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    i have my banks check/debit card for my checking account. i have only ever writen 10-15 checks over the years. i use it as a atm card and also at any buissness/online orders/over the phone orders. no problems.
     
  6. boggerless

    boggerless 1 ton status Premium Member

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    you sound like you know about high interest rates.i just got a Washington Mutual card. 0% till 08 and 9.99% after that.not bad. when you get the card , pay it off as soon as you can.you do need to build credit for your future.AND only have one card.my bud tim has 5 cards, he acts like hes all that.wait till he tries to get a house and his debt to income,ratio is to wide.:haha: :haha: be carefull Sled..
     
  7. beater_k20

    beater_k20 Banned

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    as long as you're mature with it, i see no reason why its a bad idea. care to elaborate on why you think it is? :ears:
     
  8. PsRumors

    PsRumors 1/2 ton status

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    Best advice I can give you is go to http://www.creditboards.com/forums/. Start reading and researching. There is a host of information there on which cards are the best along with the right and wrong ways to use a card. They also discuss utilization etc.

    Did you know it is better to carry 3 or 4 cards with small balances than it is to have one with a big balance? Try to keep utilization down on a card. I try to keep mine below 20% utilization.

    There are plenty of 0% cards out there. That is what you need if you are going to carry a balance month to month. Some 0% are short term (90 days) others have longer terms (3 yrs). Do your homework.

    Also, be careful. CCs can be adictive and easy. Too easy to get out of hand. But if your careful they can be a great tool.

    For example, my wife's Honda Odyssey. Bought it on a 0% card instead of a auto loan. We will be able to pay for it in 4 years instead of 5. The 4th year will be paying 9.9% but will transfer the balance to another 0% card.

    Good luck.
     
  9. sled_dog

    sled_dog 1 ton status

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    have to ask why as well. I mean, if making payments that are more than the minimum, whats really the issue? It will just build my credit and do what I would be doing by puting the money aside.
     
  10. 84k5

    84k5 1/2 ton status

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    Don't buy anything on a credit card unless you can make the maximum payment.
     
  11. boggerless

    boggerless 1 ton status Premium Member

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    thats it .just don't play like a guy at work. he switches cards just to pay the balance on the last one.:rolleyes: he never gets ahead,just buys time.:haha: :haha: remember this!!YOU CAN'T BORROW YOUR WAY OUT OF DEBT!!!!!!
     
  12. cybrfire

    cybrfire 1 ton status Vendor GMOTM Winner

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    Link some good credit cards! Ive never seen one with 0% for more than 90 days or so.
     
  13. MTMike

    MTMike 1/2 ton status

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  14. SkysTheLimit

    SkysTheLimit 1/2 ton status

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    Interest rates aside, American Express is hands down the best card out there. I had a Visa, Amex & Discover about 8 years ago. I ran into some rough times and the only bank who stood by me and worked with me was Amex. Guess how many cards I carry now... 1 and guess who issued it. Customer service is second to none. their rewards program is very good. Other benefits include:

    automatic 1 year extension of warranty.
    automatic free travel insurance for tickets booked with it
    price guarantee
    etc etc.
     
  15. sled_dog

    sled_dog 1 ton status

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    It is a nice thought, but for someone like me who doesn't have credit history, how the hell would it work? It is really sad to say, but you need credit history these days, and to do it you need to have a few bad habits(so it seems). I have been staying away from cards because I don't care to have one, but everywhere I turn people look at me strange or things are made difficult because I don't have one.

    For instance, I tried to buy a monitor today on Newegg.com. But they won't accept my order unless I use a Confirmed Paypal account. How do you get a confirmed account? Link your paypal account to a major credit card. Wtf? My account is linked directly to my bank account, how much more confirmation do they really need???

    How do you order anything from any of the online vendors without a card? I just haven't ordered anything for the S10 in over a year. Which when you really get down to it, sucks.
     
  16. sled_dog

    sled_dog 1 ton status

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    think my mom applied for an AmEx card for me about a year ago. Denied do to, get this "lack of credit history" :haha::mad:

    I went on Visa's site and used their "find the card for me" sort of thing. When it got to the credit portion the options were "No history", "bad", "ok", "decent", and "great". There was no, "Limited history but great credit" option. Which is where I fall in.
     
  17. MTMike

    MTMike 1/2 ton status

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    I have a debit card for both my business & personal account. And paypal can verify with your bank account, or with a debit card (which is techincally a major credit card, it's just your money instead of borrowed money)

    You can also build credit history with small bank loans as well. When you need a mortgage to buy a house, you can find a banker who does a mortgage based on you the person, your income and spending habits, not your FICO score.

    I see your point though. It's easier for me to just cut them up because I've already built a positive credit history, but if I could do it all over again I would pay cash for everything. I'd rather have started life not making payments on everything and then had to shop around for a mortgage company willing to look at more than my credit score

    Please don't take what I'm saying as preachy or anything... I'm just saying that very recently I have changed how I look at, and spend money and am offering advice based on what I've learned. I've done a lot of stupid stuff with money when I was younger, and I'm just glad I figured out how to fix it and learned how to stop doing it before it got worse. I wish someone would have given me some tough love when I signed up for that first CC or got that first car loan but nobody did. It took 10 years for me to learn it on my own, and even then it took a witty radio talk show host to make me stop and think.

    Good luck in what ever you decide to do.

    Mike
     
  18. beater_k20

    beater_k20 Banned

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    fixed it for you.
     
  19. beater_k20

    beater_k20 Banned

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    i've had a card (have 3 now) for the last 7 years, and it has always had a balance on it. nothing outragous, but a balance none the less. couple that with 3 student loans, and a sizeable tool account. i'm currently pushing 760, and i'm told that a home mortgage in good standing will only push me higher.

    i still dont see where credit is so bad.
     
  20. Drey

    Drey 3/4 ton status

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    I have one and use it for a few things mostly ordering things online. I only use it if I have the money to pay it off at one time.

    If you need to finance something Id go through a bank.
     

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