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OOPS! - Credit Card

Discussion in 'The Lounge' started by Resurrection_Joe, Nov 2, 2004.

  1. Resurrection_Joe

    Resurrection_Joe 1 ton status

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    Dinking aorund Circuit City, thought I'd apply for a credit card and fail yeat again with my absolutely no credit

    Bastards gave me one!

    It's $500 limit and 24% APR (OUCH!)

    So should I cancle and run or use it to buy some electronical doodad for credit rating, or buy small things each month and pay them off? If I buy under $300 I can pay it off in the same month I bought it.....

    I dunno, I don't like credit cards all that well, even though I have a heavily laden one through a relative with a single digit APR

    Anyway thanks for the info
     
  2. newyorkin

    newyorkin 1 ton status

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    I hate them. I just closed two that I'd had, and for some reason I don't fully comprehend yet, I applied and got a GM Card.

    I would go ahead and buy and pay off stuff, but only if you need it. Don't do it for the sake of building credit, I'm not sure it actually works that way.

    A credit card does make online purchasing a lot easier...
     
  3. Resurrection_Joe

    Resurrection_Joe 1 ton status

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    I have some things I'd LIKE but in no way NEED

    Maybe gifts......

    How hard is it to close card accounts?
     
  4. newyorkin

    newyorkin 1 ton status

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    Mine were a huge pain in the arse that dragged on several weeks because I could never call during biz hours, and the night crew could never override the system to work with me. I had some charges I was fighting, and were the primary reasons I was closing the accounts.
    I think one of the accounts may actually still be open with a stupid charge in the .00 digits.
    On one, I actually had to call them to take off a charge of 2 cents. I told them if they think I'm paying it they need to take me to court for it. /forums/images/graemlins/rotfl.gif /forums/images/graemlins/rotfl.gif They took that charge off and closed the account. That was for one of those retarded payment protection services they sell you, that you can cancel after the trial period. They conveniently didn't cancel me when I called to have it cancelled, so the charge was applied to my zero balance. By the way, it costs about 2 cents for payment protection on a capital one card with a zero balance /forums/images/graemlins/rotfl.gif
     
  5. gjk5

    gjk5 3/4 ton status

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    Very easy to close accounts. Using this card occasionally and paying it off will build up some credit for you over time, and the best way to increase scores is to only run it up 35% of the total every time. The longer you have the card (even if unused) the better your credit will be. I waited until I was 29 to have any cards, car loans etc. and it had a horrible effect on my credit. It has taken me almost five years to build up a good score that will enable me to get an excellent loan or credit card, but my first mortgage was a bitch to get.


    I say if you can trust yourself not to go nuts with it and keep the balance low, do it. You may end up with a 700 score in a year or two.
     
  6. bigyellowjimmy

    bigyellowjimmy 1/2 ton status

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    [ QUOTE ]
    it costs about 2 cents for payment protection on a capital one card with a zero balance



    [/ QUOTE ]

    Heck I'll undercut them and do it for .01 on all zero balances /forums/images/graemlins/histerical.gif
     
  7. Resurrection_Joe

    Resurrection_Joe 1 ton status

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    I'm handling $6500 on a card really well so I don't think I can go nuts with $500
     
  8. backcountry

    backcountry 1/2 ton status

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    If you do not have any credit you may want to use it for a while. Just make sure to only carry a small balance though.
     
  9. grimjaw

    grimjaw 1/2 ton status

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    Store cards are trouble. They have much higher interest rates overall and their min payment is only 2% of balance. With a min payment you will NEVER pay off the balance. Be very careful with any credit card. Good luck.
     
  10. 84_Chevy_K10

    84_Chevy_K10 Banned

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    I am 21 and I have tens of thousands of dollars available on credit cards...and I wouldn't have it any other way, it's a great way to build credit. /forums/images/graemlins/thumb.gif
     
  11. mosesburb

    mosesburb For Rent Premium Member GMOTM Winner

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    I'd suggest use it and pay the balance in full each month. This is kind of difficult in the limited environment of Circuit City, but in the eyes of the financial world, you, having no credit, are worse off than someone who filed bankruptcy. I wouldn't have believed this but about 8yrs ago when we were purchasing our house I completely porked the pooch on the deal because I had no credit. The financial institutions hit us very hard because I was higher risk than a bankrupcty person. I couldn't believe this. If wanted something, I saved my money and bought it. I realized the err of my ways, got a credit card, made purchases, paid the balance each month and within two years I had some ridiculously high credit score allowing us to re-finance at the good guy interest rate.

    If you use this account well, it should help you be able to acquire a "normal" card (Visa, M/C, etc) from a bank etc. I was turned down in my younger years from almost everyone, but both me and my sister got both of our first cards from Citibank (just FYI).

    What a forked system /forums/images/graemlins/angryfire.gif.
     
  12. surpip

    surpip 1 ton status

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    plus i dont know if this was mentioned or not, you dont pay intrest on the stuff you bought if you pay it off with in a month
     
  13. TruckNutzDude

    TruckNutzDude 1/2 ton status

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    [ QUOTE ]
    I am 21 and I have tens of thousands of dollars available on credit cards...and I wouldn't have it any other way, it's a great way to build credit. /forums/images/graemlins/thumb.gif

    [/ QUOTE ]

    I am 21 and have well over $10,000 in credit card debt... I'd just apply for personal loans if you need credit that bad. At least then you can't keep spending it each month and you know how much your bill will be and exactly how much interest you pay before it's all taken care of. I have a credit score around 700 but it's really really hard to make ends meet right now. /forums/images/graemlins/doah.gif
     

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