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Discussion in 'The Lounge' started by NEK5, Apr 12, 2007.

  1. NEK5

    NEK5 3/4 ton status Premium Member

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  2. CDA 455

    CDA 455 3/4 ton status

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    As long as that is your only one (credit card).

    Credit cards can be very addictive.

    And mortgaging your future wages can get out of hand very fast so be careful.
     
  3. 76zimmer

    76zimmer Flyin Rat Premium Member GMOTM Winner

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  4. NEK5

    NEK5 3/4 ton status Premium Member

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    Well, yes, it will be my first, and only one. I like to think I have good self control, so that shouldn`t be a problem, especially after seeing what my mom has gone through....
     
  5. NEK5

    NEK5 3/4 ton status Premium Member

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    guess I didn`t check that out..is that what I should be looking for? any recomendations zimmer?
     
  6. chevyfumes

    chevyfumes Court jester

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    I couldnt get the page to load but if it said anything like that I would run far away...
     
  7. CDA 455

    CDA 455 3/4 ton status

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    Good point there.
     
  8. adamforsythe

    adamforsythe 1/2 ton status

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    I applyed for a Capital one card about every 3 months for the past few years. Never got issued one in tell last october. I had a credit score of 0. Now after like 7 months and applying to a few more credit cards and keeping on time with my bills I have a score of 720. Kinda hard to believe when I checked it a few days ago but it's true. If you have no credit I doubt your going to get a awesome APR.....i have found that around 16% to 25% is about as good as your going to do with ne credit.
     
  9. 76zimmer

    76zimmer Flyin Rat Premium Member GMOTM Winner

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    Screw them all, If you feel you need to go the traditional credit route, Join a credit union, and get a personal loan, or a collateral loan for 1000$ and make payments. I think I posted links before about how to do it without having to take the "traditional credit" route
     
  10. Jagged

    Jagged 1 ton status

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    Personal/Signature loans are good for credit.

    Get a small one $500-1000. When you get about halfway or almost done paying it off, get another one (from the same financial institution). They'll close out the first loan and open up a new one for the combined total. Looks good on the credit report having loans paid off instead of zero balance CC's.
     
  11. NEK5

    NEK5 3/4 ton status Premium Member

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    Credit Union? or, could they be had somewhere else? ie. bank, loan comp.
     
  12. Jagged

    Jagged 1 ton status

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    All the above.

    Commonly called: Signature Loan, Personal Loan, and Unsecured Loan

    Small loans with no collateral.
     
  13. Fubeca

    Fubeca 1/2 ton status

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    Go back and re-read the other thread - there is no need to get a loan and pay interest just to build your credit.

    If you want to buy a car and need a loan - it may be worth it to take a loan on the car or truck. Don't get a loan just to build your credit.

    Getting a credit card and paying it off every month will allow you to build a credit history and a FICO score. If you are paying it off each month, it doesn't matter what the interest rate is - because you aren't paying interest.

    If you want to go that route (CC) just find the card with the best reward for you and use it for gas or other purchases and save the money (preferably in an interest bearing account like INGdirect) and pay it off monthly - and enjoy the rewards.

    Small personal loans will build your credit - but you waste your money paying interest when you don't need too.
     
  14. Thunder

    Thunder 3/4 ton status

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    The best way to establish credit is to open a savings account, put money in it regularly and keep it there. But that idea is too outlandish for anyone to take seriously. Besides it is far easier to get a high interest credit card and make someone else rich.
     
  15. Fubeca

    Fubeca 1/2 ton status

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    This will definately help you have financial well being - but it won't do anything for your FICO score.
     
  16. TSGB

    TSGB 1 ton status

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    Uh, no. I got my first credit card ($250 limit) with no previous experience, at 11 something %. Go to a credit union, and talk with them.
     
  17. NEK5

    NEK5 3/4 ton status Premium Member

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    Cool, thanks Nathaniel!;)
     
  18. TSGB

    TSGB 1 ton status

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    Maybe the difference is a low starting limit? I got it to use as a gas card, good intentions and all. Then, as Jek said, 18, 19, 20 year olds don't know jack financially. :deal: He's pretty damn right. :haha:
     
  19. TexasBlazerBoy

    TexasBlazerBoy 1/2 ton status

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    Yup.

    They should have a card that they can issue you. Start off with a $500.00 max until you become comfortable with the payment.:D
     
  20. Craig Artzner

    Craig Artzner 3/4 ton status GMOTM Winner

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    My first card was a Sears card at age 19. I got it to buy tools when I started wrenching. I would buy small amounts of stuff and pay it off every month. Then I got a car loan. Just remember never to bite off more than you can chew when it comes to CCs and always make your payments on time.
     

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