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plenty of good tips in here.
24 Looking to build Credit... What are some good tips on your first Credit Card
- Thread in 'General' Thread starter Started by trynafeelmink,
- Start date
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I was scrolling through this thread wondering when I'd see you pop up. You're always saying how useless credit building is, and it's true.Cash is king. The idea is to not use credit to pay for things, just use cash and save up to pay things in full.
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I bought my current car in cash. I'm still saving up $ to buy a house (goal of not having a mortgage at all).
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In Detroit? Lol
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How effective is putting my name under my moms credit? How does this work?
Looking to get my first card by summertime.
Looking to get my first card by summertime.
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It will help you by establishing your credit history. You'll have a better chance of being approved for credit cards when you decide to apply on your own.
Your mom has to add you as an authorized users under her account. You can do this online.
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unless you are a baller or buying a very and i mean very cheap house. good luck with that no mortgage thing
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So say I get added tomorrow. My history will be established by...tomorrow? Is there a waiting period before I can actually apply for a card after I get put on?
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Tomorrow, or whenever it finishes processing (usually 1 business day). There's no formal waiting period, but I would use the card for 6 months first. I'm not too sure if CC companies look at the spending habits of authorized users.
Another option is getting a "secured" credit card from your bank. You basically put up money upfront ($500-1000) and your bank will give you a credit limit of the same amount. Google for more info.
If I were you, I'd just apply for 3-5 cards right now. As for cards I'd recommend, I like Bank of America's 3-2-1 and Better Balance credit cards. Discover IT is pretty good as well. So is Chase Freedom. If they don't approve you, use your authorized card from your mom for 6 months and apply again after 6 whole months.
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Do I get my own card if I go under my moms? Or hers?
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id wait longer til it starts reporting, if the card even reports authorized users. pretty sure not all do.
being added 1 day isnt gonna magically appear on your credit, it takes time but it def works. happened to my friend, he was on his dad's card for 8 years. Didnt even open up his own credit card since then or anything, he recently got approved for a car loan out of nowhere with ease. So it def works and works well if your parents are responsible
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i told people who PMed me, Discover IT is usually good for short credit history or even no credit.
they approved me instantly for $1,500 limit and 0% APR for 14 months
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I just got my Real Credit scores experian 731, equifax 725, ****** union 732... The equifax score went up like 120 points....... im pretty happy less than 2 yrs ago i was at 650, it pays to pay your bills on time
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So all you did was pay bills on time or open more lines of credit?
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ATTENTION:
Everyone in the USA is entitled to a FREE CREDIT SCORE CHECK! once a year you are able to check all 3! 100% accurate, up to date, and has every detail, every negative on your accounts.
I did it like 8 months ago. VERY VERY good for some of you who have no idea what your score is. Better than paying or trusting any of these website with inaccurate scores.
Federal website, legit and 100% FREE
https://www.annualcreditreport.com/
http://en.wikipedia.org/wiki/AnnualCreditReport.com
hope this helps some of you, will NOT affect your credit score
Everyone in the USA is entitled to a FREE CREDIT SCORE CHECK! once a year you are able to check all 3! 100% accurate, up to date, and has every detail, every negative on your accounts.
I did it like 8 months ago. VERY VERY good for some of you who have no idea what your score is. Better than paying or trusting any of these website with inaccurate scores.
Federal website, legit and 100% FREE
https://www.annualcreditreport.com/
http://en.wikipedia.org/wiki/AnnualCreditReport.com
hope this helps some of you, will NOT affect your credit score
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You must live in a very poor area then. I'd love to see you do this in NYC where I live. I'm going to purchase one sometime this year I hope and there is no way you can do this unless you are a corporate lawyer, middle to senior level banker, or something along that level.
Plus, with the way you can deduct interests rates and all the other deductions that can be made on multi-family homes, by paying cash, you are actually losing. That money could have been used to buy a few houses and have either a steady stream of income or invest it in a mutual fund where you'll receive a much higher return.
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I mean isn't paying your bills on time the only thing you have to do?
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Some folks don't get it YES CASH IS GOOD, but cash isn't going to get you thru on a car/home most the time.
Unless you're buying a used whip and home under 50k idk how that whole cash thing will pan out.
Unless you're buying a used whip and home under 50k idk how that whole cash thing will pan out.
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Yes - if you get a credit check once a year or so, it will not hurt your credit. Checking your credit over and over will.
New applications for new lines of credit often entail a credit check by the outlet issuing the credit, so just because you haven't checked your own credit, that doesn't mean you haven't run a a credit check.
Ha. I know. These dudes are living in a fantasy land. In NYC proper, the average cost of an apartment is close to a million dollars. That's not a typo, kiddies. And, yes, that is skewed by some of the ultra luxury buildings. But, a 700 foot 1 bedroom will run you 650K+ easy.
And, as i already explained last page, there are a lot of really sound arguments for not even doing this if you can. The opportunity cost of holding cash after you've reached the amount needed for the down payment alone hugely mitigates against the benefits of not paying interest.
There are so many more aspects to things than a lot of these people realize.
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Checking your own credit repeatedly will not hurt your credit.
serotonins
formerly maroki
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sub'd
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of course its not gonna hurt, i just posted it since a lot of people in here dont seem to know their actual credit score and are afraid to apply for cards.
this is the safest, best, and more accurate way to check, not freecreditscore.com, creditkarma, and all that other BS
so if it helps anyone then good, if not oh well. just didnt want people to waste time or money checking their scores elsewhere when the ultimate source is right there.
this is the safest, best, and more accurate way to check, not freecreditscore.com, creditkarma, and all that other BS
so if it helps anyone then good, if not oh well. just didnt want people to waste time or money checking their scores elsewhere when the ultimate source is right there.
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Just checked this out and I am only getting a free credit REVIEW.
Asking me to pay to see my actual score.
Is there any way to see my score without paying?
...
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Creditkarma.com
Sign up, and link your account.
Sign up, and link your account.
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are you sure?
it should be free and very very detailed.
the only way it will ask you for money is if you have already checked it within the last year.
everyone is entitled to 1 free credit check of all 3 bureaus
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