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24 Looking to build Credit... What are some good tips on your first Credit Card

post #1 of 6706
Thread Starter 
I'm starting late but this year i really want to start building my credit up however i don't have many friends who are exactly responsible with their credit and want to hear from some people in my age group what companies offer the best deals
post #2 of 6706
What I been doing is instead of using my debit I use my credit for anything and pay it every month on time in full

Also dont use it if you dont have the money
post #3 of 6706
Quote:
Originally Posted by Shorty Doo Wop View Post

What I been doing is instead of using my debit I use my credit for anything and pay it every month on time in full

Also dont use it if you dont have the money

This
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post #4 of 6706
do you drive?
get a card with 5% cash back on gas
then pay it in full when the bill is due
post #5 of 6706
Quote:
Originally Posted by Kickmatic23 View Post

Quote:
Originally Posted by Shorty Doo Wop View Post

What I been doing is instead of using my debit I use my credit for anything and pay it every month on time in full

Also dont use it if you dont have the money

This

Yup all of this, especially if you get rewards and cash back for gas, movie tickets, restaurants....free money smokin.gif

I'm have the Chase Freedom, Blue Cash from Amex, and Citi Forward cards, covers cash back on gas, movies, food, amazon smokin.gif, and groceries too

Heard the Discover More is another great one too
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post #6 of 6706
Also.. U can get your parents to add u as a authorized user on one of their credit cards( one that they always pay on time and isnt maxed) u don't have to use that card at all. But it will show up on your credit score.
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post #7 of 6706
Find a CC with rewards that suit your lifestyle.

Use it on purchases you normally use cash for. Pay off the full balance at the end of the month.
post #8 of 6706
Outside of maybe 2 times, I never buy anything with my card unless I already have the money for it. I just transfer it from my main account to my payment account so I know I'm good when the statement comes.

Never had a late payment.

Big purchases like my new camera, tv, car repairs, etc I put on my credit card because its easy for me to stack up reward points. Still making sure I have the money for it before hand. Everything else I just use my debit or cash.
post #9 of 6706
pay it in full and spend only what you have. paying interest is dumb stupid unless something comes up and you need that credit line for an emergency.
post #10 of 6706
Auto debits and pay them ******* back off. Keep up with your bills and make timely payments. Take on only what you can afford to take on. Spend wisely.
post #11 of 6706
From stuff I've read: do not spend over 50% of your available balance per month. I would pay my card, in full, every month, but I guess that was still not right. Now I use my card a lot differently.
post #12 of 6706
Thread Starter 
Now does interest rates only kick in if you havent payed on time or is there always interest depending on the purchase?
post #13 of 6706
You just have to pay your last statement balance in full.
post #14 of 6706
I understand the whole credit companies want you to pay the interest but I'm not widdit it's not like it will hurt my score if I pay in full
post #15 of 6706
looking to get another CC.

what CC should i get (already have golden1) that has good perks and no fees. heard chase and BOA was good.
post #16 of 6706
Quote:
Originally Posted by WhatCanISay View Post

It's actually not wise to use a certain amount and pay it off in full every month to build credit. The CC companies don't make any money off of you.

1) have a small amount of open accounts (line of credit , CC etc...). Quality>Quantity , you rather have 2 CCs with 30k total available credit than 15 CCs with 30k total available credit.

2) keep your debt to credit ratio low (probably around 20%, Don't pay everything off in full. You want to pay interest so that the CC company can see that you are responsible and can handle debt )

3) Never skip a payment or make a late payment( they usually give you a grace period so don't surpass that)

4) ask for when you're eligible for a credit increase and how you will be able to qualify, ask for the credit increase rather than getting a new CC.

5) Spend responsibly and never go close to your limit, remember to keep it at 20% or lower.

6) Be patient and don't make too many credit inquiries. Everytime they run your credit, it lowers your score by a little.
true story... There's always this debate on NT whether to let keep a small balance or pay on full...

I personally say keep a small balance. There's a such thing called good debt.
post #17 of 6706
Quote:
Originally Posted by tyisny View Post

Now does interest rates only kick in if you havent payed on time or is there always interest depending on the purchase?
Interest occurs on anything there after a billing cycle. Late payment results in a fee.

Example (with my card):

My billing cycle ends on the 25th or 26th of every month. My statement will say that I owe $100 for this cycle (plus what ever balance was there from before) and that I have until the 18th of the next month to pay it.

I have 3 options for paying:
  • the amount listed on the current statement ($100)
  • previous balance + the new statement (no previous in this case smokin.gif)
  • minimum payment of $25

The first 2 option will zero out my balance and I will incur no interest. If there was a previous balance, only paying the new $100 will add interest onto the remaining balance.

If I pay the $25 minimum, interest will incur on the remaining $75; so my next statement will be the new purchases + ($75 * interest rate % if that isn't paid off)

If I made no payment I'd get charged with a late fee. I think its like $30; and my new statement will be new purchases + ($130 * interest rate)
Edited by silkboi - 1/16/13 at 12:30pm
post #18 of 6706
I keep a small balance on my AMEX card, something I know I can pay off if I have to and also where the monthly interest is $5-10. Sucks paying those $5-10 however, seems to be working since my credit is pretty ******g stellar, smokin.gif
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post #19 of 6706
Spend small amounts ($100-$200) and pay it off quickly

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post #20 of 6706
Get a Capital One Secure Credit Card.
post #21 of 6706
Thread Starter 
So in essence it isnt a late payment as long as you put up some sort of money prior to the bill's due date ?

Ex. i have up until the 25th to pay a 100$ balance.... I pay 50 on the 25th this isnt considered a late payment ?.... instead the remaining balance will be added to the next cycle along with interest on that 50$ remaining balance
post #22 of 6706
when i was 18 i got approved for a capital one cc with a 500 limit since i had no credit. because of this, i couldnt buy anything big, or spend too fast, which was beneficial to me at that age

so now, being 23, i find that having a moderate credit limit really helps keep my spending in check. they have raised it a couple times but i always ask to reduce back to the 500-800 range

this way, im able to buy big things, but pay it off in full in a month or two.
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post #23 of 6706

I shoulda never bout my Macbook with my CC.....mean.gif

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post #24 of 6706
I want to open up a bank account at a bank and setup a debit/checking account but also want a credit card.
Anyone have recommendations on a bank or credit union that would be perfect for me?
I'm located in Texas btw.
post #25 of 6706
Why do you want to build your credit? Credit is just a trap.
post #26 of 6706
Thread Starter 
to keep it G although i'm not to fond of the credit institutons it is growing more and more necessary to obtain even average things w/o good credit. It shall def be beneficial to me in the future
post #27 of 6706
Lol at dudes always saying CCS are traps, don't spend money you don't have and you should be good. Treat it like a debit card.
post #28 of 6706
I have a 775 credit score, and I've had 2 credit cards since I turned 20. I'm 25 now.

There are really no secrets. No one gave me any advice, I sort of just went with common sense - paying my bills on time literally every month for the past 5 years, keeping a balance in cycle, while also paying interest on some items (which I hate, but it helps nonetheless).

Just be smart man. I have 40 year old men envying me for my credit laugh.gif it's probably why my employer hired me to be honest.

Good luck.
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post #29 of 6706
Quote:
Originally Posted by Jonbx5 View Post

Lol at dudes always saying CCS are traps, don't spend money you don't have and you should be good. Treat it like a debit card.

If you have the money then why even bother to use credit? Paying someone interest to borrow money doesn't sound appealing to me, sorry.
post #30 of 6706
Quote:
Originally Posted by WhatCanISay View Post

Quote:
Originally Posted by DAYTONA 5000 View Post

Why do you want to build your credit? Credit is just a trap.

Your credit is actually more important than cash in this country. If you have 500k cash in the bank but crap credit, yea you can buy a 500k home.

But if you have phenomenal credit and say 100k in the bank you can put less than half of that as down payment and buy a 1 million+ home and build equity and more credit as well.

Many many many other advantages, as well as opportunities of having instant money in your hands when you need it while paying really low interest on that money.

Heck, even employers check your credit history.

 

This is untrue on so many levels. The reason they check your credit is to see how responsible you are. This is primarily done by the larger institutions in an effort to weed out people. Since most people are employed by small businesses though, you should be able to relate on a more personal basis and explain why you don't have any credit (you don't believe in borrowing money).

 

Since I switched to using cash last year, I can tell you that there are MANY more benefits than by using your CC as a debit card. That measly 2% cash back isn't going to offer you a whole lot in the long run. Even though I have always been responsible and frugile, I can easily save in 2 months what my CC rewards were for the entire year.

 

The housing analogy? We just came off of the biggest housing crash in the last 80 years, and we're still buying this theory? I would rather have a paid for house $500K house than a $1MM house with $900K in debt. Plus... isn't the point of credit to buy a house? Not buy a house to build credit?

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