Signing up for my first credit card

[eedre]

I'm at a real loss as to what kind of rates are good for someone with little to no credit history are. So far, if I have any history it would be paying my tuition, rent, and cable bill.

I'm 23 years old, where is a good place to look or start when applying for a credit card? How long would it take to get approved and start using it?

[alec_mcmahon]

never

[mothmonsterman]

SImple answer.... Don't, there's no reason to get a credit card ever.
CASH CASH CASH, is what my dad always said.


If you want to build your credit do this.

Open an account at a local credit union, take out the smallest personal loand they will give you, like 1k, not take that money and toss it right back in the account. Have them take the monthly payments out of that.

in the end you will have to pay for the interest ya sure, but you will build your credit up fairly quickly.

credit cards are the devil.

[NJL]

Originally Posted by mothmonsterman

SImple answer.... Don't, there's no reason to get a credit card ever.
CASH CASH CASH, is what my dad always said.


If you want to build your credit do this.

Open an account at a local credit union, take out the smallest personal loand they will give you, like 1k, not take that money and toss it right back in the account. Have them take the monthly payments out of that.

in the end you will have to pay for the interest ya sure, but you will build your credit up fairly quickly.

credit cards are the devil.

this isn't true (with the credit cards at least), go to the forums at myfico.com

everyone should get educated.. it all depends on WHAT credit card you get and what percentage of debt you have based on the credit limit (as well as paying on time)..

credit ratings are a game, a game you can win, some of it doesn't make sense, but if you play the game right, your FICOs will go up.

[Jeremy Crockett]

Originally Posted by eedre

I'm at a real loss as to what kind of rates are good for someone with little to no credit history are. So far, if I have any history it would be paying my tuition, rent, and cable bill.

I'm 23 years old, where is a good place to look or start when applying for a credit card? How long would it take to get approved and start using it?

Never carry a balance... NEVER.

[playinpearls]

Originally Posted by NJL

this isn't true (with the credit cards at least), go to the forums at myfico.com

everyone should get educated.. it all depends on WHAT credit card you get and what percentage of debt you have based on the credit limit (as well as paying on time)..

credit ratings are a game, a game you can win, some of it doesn't make sense, but if you play the game right, your FICOs will go up.

there is only one person that wins in the credit card business, and that is the CEO and his gold plated toilet.

DO NOT GET A CREDIT CARD. THEY ARE STUPID AND ARE KILLING AMERICA. GET A SAVINGS ACCOUNT.

www.daveramsey.com

Your FICO score is just how much DEBT you've accumulated. Its a DEBT SCORE.

[IAmTheDood]

never get a credit card.

when ya do, you'll use it .. when the balance is maxed, you'll call for more.

i'm 32, finally out of credit card debt .. i got my first one at age 20 for $500 .. at age 31, i had 4 cards totalling about $17,000.

[NJL]

Originally Posted by playinpearls

there is only one person that wins in the credit card business, and that is the CEO and his gold plated toilet.

DO NOT GET A CREDIT CARD. THEY ARE STUPID AND ARE KILLING AMERICA. GET A SAVINGS ACCOUNT.

www.daveramsey.com

Your FICO score is just how much DEBT you've accumulated. Its a DEBT SCORE.

ok, go and try to buy a house without credit.. a car.. etc.

go read and study up on credit ratings..

[Lalabadie]

If monthly interest payments seem important to you, then you shouldn't get a credit card.

If you can pay with your card, then walk home and pay back the entire amount you put on your card, then it's okay use it. And don't deviate from this path. Possessing a credit card never cost me a single cent. It's just a convenient payment method.

[Ericman197]

If you are at all responsible, then go ahead and get a credit card. Use it for little things and necessities, and do your best never to carry a balance. In other words, when you get the bill in the mail for what you spent in the last month, pay it off in full. You can make the minimum payments, sure, but then you're going to end up paying a lot more in the long run.

Don't follow some of the other posters' suggestions unless you, like some of them, can't handle the responsibility of a credit card. It's quite simple: don't charge more than you can afford. People do this all the time and wind up in financial ruin. But as long as you can resist the urge to go out and buy a $3,000 bass RIGHT NOW just because your credit card allows you, then you'll be fine.

The only downside is that sometimes you might forget to pay the credit card bill, in which case you will lose out on the interest. But if you need credit history, then having a credit card is one way of doing it.

[playinpearls]

Originally Posted by NJL

ok, go and try to buy a house without credit.. a car.. etc.

go read and study up on credit ratings..

XOXOX

there are plenty of ways to build credit without using a credit card.

such as:

Originally Posted by mothmonsterman

Open an account at a local credit union, take out the smallest personal loand they will give you, like 1k, not take that money and toss it right back in the account. Have them take the monthly payments out of that.

[eedre]

I was thinking an easy way to do it would be to get a gas station card and pay that bill monthly. Need gas and pay for it anyway?

[vbsurfer3001]

DO NOT open an unsecured revolving debt account! Want a credit rating? Simple enough to do without paying those bloodsucking, soul-less, f__kwads a dime of your hard earned cash. You are already establishing credit via your bills,. Got cable? You have a credit score. Follow the above advice about the credit union, it's good information. Open a checking/savings account with a good bank, and that same bank will write you an auto loan after you have a year or so deposit history, better yet, SAVE the money and buy the car with CASH. The only people who want you to open a debt are those who will profit from it.

[knarleybass]

Don't do it! Spend money that you have...

[tplyons]

If you treat the credit card like a debit card, it doesn't cost you a cent.

In two years time, I was able to buy a brand new motorcycle on my credit, and I'll be getting a car on that credit soon enough when the bike is paid off. Credit is great, as long as you know your limits.

[jsbass]

Credit cards are fine if you can pay it off every month. If not, they are not for you.

[Robert B]

I'll chime in with those that point out that there's nothing wrong with the responsible use of credit cards. I don't think any of my credit cards have made a dime off me for several years because I pay them off every month. It's just a convenient way of paying for things. And you can definitely use them to your advantage if you use your head. We recently put vinyl windows on our house. Immediately upon purchase we transferred the balance to a credit card that was offering a 12 month no interest, no transfer-fee deal. Then we paid if off in 4 months so it didn't cost us anything. Just be honest with yourself. Are you disciplined enough to resist charging more than you can afford?

[pedroims]

NEVER GET A CREDIT CARD , spend what you have , not have cash dont buy it, forget that "" you need credit history"" ********, the ony debt I think you can have is a mortgage , but you should even try to buy a house with cash.

I think the only country that can use credit card is Japan , not sure now but interested rate used to be less than 1 %

[Lalabadie]

Why do people assume that using a credit card means using money you don't have?

[membranophone]

Credit cards are incredibly convenient if you can be mature enough. I'd never use a debit card for an internet purchase.