Getting credit
- Thread starter Half Evil
- Start date
Read and re-read the terms man. I would try to avoid the cards that have High interest plus prime. So say 25%+ prime. My first card was 21% interest, and that was the best I could find. Only had a $300 limit, But, i never went over and I was never late.
Dont fear credit cards, they are good. They are useful, and in some cases, they'll save your ass. Only reason why you should fear them is if: You are in larege amounts of debt, you go over limit, pay late. Otherwise, you;re good to go.
Rubber314Chicken
Golden Master
- Messages
- 5,574
good. Best way to never hit debt is to do that.
PokerDegenerate
Daemon Poster
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- 1,465
But you also gotta be careful of yearly fees and things like that because they will be charging you like 50+ a year sometimes just for having their card....
The best way to build up credit is if you have a good chunk of cash go to the bank and get what is called a secured loan which is a loan that you deposit your cash into an account and they give you the same amount but you are required to pay a lil interest on. But you can't use the money you have to "secure" the loan but you get the loan amount. Now what you can do is get autodraft from your account and don't use any of the money you got and just allow them to take the payment out of the account monthly and it will build up credit.....If you really want to get a credit card tho make sure you don't get one with a yearly fee and membership fees and such because even with no balance you are still being charged a fee yearly and a 1 time sign up fee which is usually like 75 bucks too....the best way to avoid interest on a high interest card is to only use it for gas and small things like that and pay it off every month so your interest is nothing or hardly anything but as long as you make your payments on time it doesn't matter if the balance is 0 every month....
The best way to build up credit is if you have a good chunk of cash go to the bank and get what is called a secured loan which is a loan that you deposit your cash into an account and they give you the same amount but you are required to pay a lil interest on. But you can't use the money you have to "secure" the loan but you get the loan amount. Now what you can do is get autodraft from your account and don't use any of the money you got and just allow them to take the payment out of the account monthly and it will build up credit.....If you really want to get a credit card tho make sure you don't get one with a yearly fee and membership fees and such because even with no balance you are still being charged a fee yearly and a 1 time sign up fee which is usually like 75 bucks too....the best way to avoid interest on a high interest card is to only use it for gas and small things like that and pay it off every month so your interest is nothing or hardly anything but as long as you make your payments on time it doesn't matter if the balance is 0 every month....
Nice, you'll get a trail started that way. What is the max on the cc?
Good luck with your life of servitude.
The "only" reason to go into debt is to buy something that is going to pay for itself and then some and you are sure that you could sell it in short order for more than you owe.
Debt for car = stupid
Debt for house = probably okay
Debt for school = usually stupid, the statistics on kids actually completing college now are horrible and there are plenty of companies or good old uncle sam (army, navy, etc) who will pay for your school.
Debt for any electronic device, like computers TV Blu-Ray = Really STUPID
I'm not trying to rain on your " I can't wait to start my credit history" parade, but you need to be carefull. Credit card companies make billions off of people who start out just like you buying into the credit history myth and wind up just being able to make the minimum payments on 10 different maxed out cards.
Again, good luck.
The "only" reason to go into debt is to buy something that is going to pay for itself and then some and you are sure that you could sell it in short order for more than you owe.
Debt for car = stupid
Debt for house = probably okay
Debt for school = usually stupid, the statistics on kids actually completing college now are horrible and there are plenty of companies or good old uncle sam (army, navy, etc) who will pay for your school.
Debt for any electronic device, like computers TV Blu-Ray = Really STUPID
I'm not trying to rain on your " I can't wait to start my credit history" parade, but you need to be carefull. Credit card companies make billions off of people who start out just like you buying into the credit history myth and wind up just being able to make the minimum payments on 10 different maxed out cards.
Again, good luck.
