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24 Looking to build Credit... What are some good tips on your first Credit Card - Page 2

post #31 of 6408
Pay your entire bill on time..Every month..
post #32 of 6408
"When you got the cake, what you need the credit fo?"
post #33 of 6408

If you've gotten by this long without building your credit, I wouldn't make it my primary concern. If it becomes an issue, then start doing your research. If you're hell bent on building your credit right now, there are to options to look at that are actually beneficial. First, try getting an overdraft line of credit on your bank account. It's similar to a credit card in that it builds your credit history, but it will also prevent you from paying a $30 overdraft fee if you lose track of your expenses one month. Be careful though, because the interest rates on outstanding balances are typically in the 17-20% range. Credit Unions are usually much easier to secure these types of accounts for. Secondly, look into a secured credit card from a credit union. You will have to put up the money up front, but at least you won't have to worry about an outstanding balance being sent to collections since they already have the money in case you don't pay.

post #34 of 6408
good debt? that's insane. The only good debt would be a mortgage on a house. Pay in full and only use in emergencies. Cash is king
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post #35 of 6408
Quote:
Originally Posted by DAYTONA 5000 View Post

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.

to build credit.. ive had my cc for 3 years and havent payed interest once, I pay my entire bill on time every month
post #36 of 6408

wait can u still possibly get a credit card if you don't have a job, bad or no credit, and owe a cable company????????? Might be a stupid question ..........

post #37 of 6408
Quote:
Originally Posted by Animal Thug View Post

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 #38 of 6408
the only way to get a good credit score is to go into debt? What does a good credit score get you?
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post #39 of 6408
Quote:
Originally Posted by JumpmanPro97 View Post

the only way to get a good credit score is to go into debt? What does a good credit score get you?

A good credit score can help you out in many ways, financing, mortgages, some jobs actually check your credit history too.
post #40 of 6408
why would jobs check your credit score tho? You can get a mortgage without a fico score. Look up manual underwriting.
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post #41 of 6408
Quote:
Originally Posted by JumpmanPro97 View Post

the only way to get a good credit score is to go into debt? What does a good credit score get you?

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post #42 of 6408
So much conflicting information in here. Here's some tips for you because you don't have a credit card yet.

Find out what your credit score is from https://www.annualcreditreport.com/

First off, if your parents have a credit card, tell them to add you as an authorized user to their account. Why do you want to do this? The age or longevity of their credit history will transfer over to you. Let's say they have 15 year old credit history. You will get this as well. Credit history affects your credit score. The older it is, the higher the credit score.

Getting your first credit card is not easy. You might have to get a secured credit card from a bank (Bank of America for example) or a credit union. This means you have to up money upfront. You have to deposit a thousand dollars. Then you use that for about a year or so and then they will transfer you over to a unsecured (regular) credit card. If you're lucky, you might be able to get an unsecured card based on your credit score, income, debts, and expenses like rent.

For the rest of yall:

Don't wait until your billing statement to end before paying off your credit card.

Your balance at the end of your billing statement is reported to three major credit bureaus by your credit card company. Let's say you have a $3000 credit limit. If you spend $2000 dollars a month on that credit card and wait until after your statement ends to pay your balance, your credit card company will report you as utilizing $2000 of your $3000 credit limit. This is a credit utilization rate of 67%. This will negatively affect your credit score, EVEN if you pay it off in full before the due date. Ideally, you want your credit utilization rate to be 30% or less, and under 10% is even better.

BUT...you still want a balance reporting. So before your billing statement is over, pay off everything EXCEPT 1%-19% of your credit limit. THEN you pay the rest of the balance before the due date so you don't incur any interest charges.

Check out creditboard and myfico forums for more info.
Edited by NikeAirForce1 - 9/15/15 at 2:50am
post #43 of 6408
Quote:
Originally Posted by DAYTONA 5000 View Post

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.

Who says you have to pay interest though. Pay it in full and you're good. I got my first credit card when i got my first job at 17, now 24. I've paid every single bill on time and in full so i've never had a single late fee or a penny of interest gained on any balance. It's a good way to build credit and at the same time i get reward points for using my credit card. Don't be dumb with it and buy something when you don't have that balance in your checking account. I see dudes buying stuff on their CC they don't have the money for at the time of the purchase saying "it's cool i get paid next week", smh sick.gif That's the mentality that will get you in debt.
post #44 of 6408
Quote:
Originally Posted by JulesBeats View Post

wait can u still possibly get a credit card if you don't have a job, bad or no credit, and owe a cable company????????? Might be a stupid question ..........

 

They give them to dogs & dead people, so why not?

post #45 of 6408
Quote:
Originally Posted by WhatCanISay View Post

Quote:
Originally Posted by crcballer55 View Post

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?

Have you tried to buy a house recently ? It isn't even remotely as easy as it was years ago. Even if you have good credit, you still need to prove all the money in your bank is yours (which takes quite a bit of time ) , you still need to have a low debt to credit ratio, your yearly expenses must not exceed 50% of your yearly income and a few other qualifications .

Having NO credit is much different than having BAD credit. And noone should be put in the position of having to explain their credit score to their future employer for ANY reason. That's like trying to explain your felony charges to your boss and say "I never did anything and was falsely accused"

Credit isn't for everyone, but I highly suggest building a very nice credit history to anyone who is ambitious and driven to live a higher quality of life.

Credit is necessary . PERIOD.

 

Just because you don't have a credit history, doesn't mean that you can't buy a house. There is a thing called "alternative credit history". This is where they look at other items you pay other than your car loan, student loan, credit card, etc. If you pay all of your bills on time, why shouldn't those be reported to the lender as a sign of responsibility as well? Isn't it ironic that if you pay your cell phone or rent on time every month that you don't get credit for that on your FICO, but if you miss a payment, it's reported as a delinquency? Under the Equal Credit Opportunity Act, a creditor must accept any alternative credit accounts for which you are responsible to anyone who requires a credit check when your creditworthiness is being assessed.

 

Check out Ecredable.com. They offer credit reports that include non-traditional credit history like association dues, utilities, insurance payments, etc.

post #46 of 6408
Quote:
Originally Posted by NikeAirForce1 View Post

So much conflicting information in here. Here's some tips for you because you don't have a credit card yet.

Find out what your credit score is from https://www.annualcreditreport.com/

First off, if your parents have a credit card, tell them to add you as an authorized user to their account. Why do you want to do this? The age or longevity of their credit history will transfer over to you. Let's say they have 15 year old credit history. You will get this as well. Credit history affects your credit score. The older it is, the higher the credit score.

Getting your first credit card is not easy. You might have to get a secured credit card from a bank (Bank of America for example) or a credit union. This means you have to up money upfront. You have to deposit a thousand dollars. Then you use that for about a year or so and then they will transfer you over to a unsecured (regular) credit card. If you're lucky, you might be able to get an unsecured card based on your credit score, income, debts, and expenses like rent.

For the rest of yall:

Don't wait until your billing statement to end before paying off your credit card.

Your balance at the end of your billing statement is reported to three major credit bureaus by your credit card company. Let's say you have a $3000 credit limit. If you spend $2000 dollars a month on that credit card and wait until after your statement ends to pay your balance, your credit card company will report you as utilizing $2000 of your $3000 credit limit. This is a credit utilization rate of 67%. This will negatively affect your credit score, EVEN if you pay it off in full before the due date. Ideally, you want your credit utilization rate to be 30% or less, and under 10% is even better.

BUT...you still want a balance reporting. So before your billing statement is over, pay off everything EXCEPT 1%-10% of your credit limit. THEN you pay the rest of the balance before the due date so you don't incur any interest charges.

Check out creditboard and myfico forums for more info.

This guy knows. ( I work for a bank)
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post #47 of 6408
Quote:
Originally Posted by JumpmanPro97 View Post

good debt? that's insane. The only good debt would be a mortgage on a house. Pay in full and only use in emergencies. Cash is king
mean.gifmean.gif

then there is a such thing as good debt then?

you have an asset that's worth 10k, and you owe 1k... that's debt that can be easily taken care of w/ money in your pocket w/ the sale of the asset...

good debt.
post #48 of 6408
im 22 been living on my own with my girl for 4 years not, with no CC. it has sucked at times when things like random car problems start or emergency hosptial/dentist vists, but i has made me more responsible. i just finally got approved for a CC a couple days ago and its a great feeling smokin.gif
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post #49 of 6408
Once you get your CC / Credit game up. Companies will start sending you good CC offers.

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post #50 of 6408
Never do a credit card advance ever mean.gif
post #51 of 6408
Quote:
Originally Posted by tyisny View Post


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

 

Won't be wise or legitimate in this era or economy. You're too young banks and lending institutions stopped risking investments on people under 35.
My banker told me that in this day and age your credit comes from how fast you're able to make money. Your bank looks at that when determining loans.

I wouldn't want a loan in this economy either. I enjoy my financial freedom. 

I've gotten one $20,000 loan to start up my business and paid it off in 16 months.

 

post #52 of 6408
Just be responsible OP, set a reminder on your cell phone 5 days before the due date for your CC and use it as a debit card....I only use mine when I have the funds available in my checking to pay it off....got my first student card when I was 18, four years later I have never paid interest or a late fee...mean.gif that some of you turn down the free money, I've gotten over 100$ in rewards the last year....Chase gave me a 350$ check when I used my Freedom card the first time (no min purchase price either I bought a pack of gum laugh.gif). You can save your own money AND use the rewards, that way you get the best of both worlds, yeah credit isn't the end all be all but let you miss a payment or get some dings on that credit report...Good-great Credit (720+ or so) is NEVER a bad thing.

The rewards are like using Ebates, yeah I may only get 5% back but if I got one penny back on a purchase I made thats still 1 cent more than I had prior, plu if you use it for gas, groceries that 3-5% adds up in a few months smokin.gif
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post #53 of 6408
Quote:
Originally Posted by ***a5in11 View Post

im 22 been living on my own with my girl for 4 years not, with no CC. it has sucked at times when things like random car problems start or emergency hosptial/dentist vists, but i has made me more responsible. i just finally got approved for a CC a couple days ago and its a great feeling smokin.gif


Why not just keep an emergency fund instead?

post #54 of 6408
Quote:
Originally Posted by crcballer55 View Post

Quote:
im 22 been living on my own with my girl for 4 years not, with no CC. it has sucked at times when things like random car problems start or emergency hosptial/dentist vists, but i has made me more responsible. i just finally got approved for a CC a couple days ago and its a great feeling smokin.gif


Why not just keep an emergency fund instead?

I did have one, and I still have one. Having a CC will be an extra form of security. What if my transmission goes out? What if I get hurt playing basketball and will be out of work, to many what ifs can happen to just say that an emergency fund will save you.
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post #55 of 6408
Creditboards.com/fourms

Read the success stories, read the newbie fourms and begin to change your life. That website is all you really need.
post #56 of 6408
Quote:
Originally Posted by JumpmanPro97 View Post

why would jobs check your credit score tho? You can get a mortgage without a fico score. Look up manual underwriting.


I think it's more of a responsibility indicator... If your job requires you to use a company CC (for travel expenses for example), you are responsible for submitting an expense report that documents every transaction by a certain time so that the company doesn't get slapped with late fees.  So in essence, it's your responsibility to make sure the bill gets paid on time.  If you don't make sure your own CC bills aren't being paid, how can a company trust you to be responsible with theirs?? Just my theory

post #57 of 6408
Quote:
Originally Posted by ***a5in11 View Post

Quote:
Originally Posted by crcballer55 View Post

Quote:
im 22 been living on my own with my girl for 4 years not, with no CC. it has sucked at times when things like random car problems start or emergency hosptial/dentist vists, but i has made me more responsible. i just finally got approved for a CC a couple days ago and its a great feeling smokin.gif


Why not just keep an emergency fund instead?

I did have one, and I still have one. Having a CC will be an extra form of security. What if my transmission goes out? What if I get hurt playing basketball and will be out of work, to many what ifs can happen to just say that an emergency fund will save you.

 

What will a credit card do that an EF won't? You're still going to have to pay for it one way or another. The only difference is that the CC will end up costing more. A Transmission should only cost a couple thousand. A proper EF of 3-6 months of expenses should easily cover it. Sports injury? If you don't have insurance, your CC probably won't be nearly enough to cover it, plus, you're going to be paying at least 18% interest on any charges too.

 

An EF isn't meant to cover EVERYTHING. That's why it's important to supplement it with various forms of insurance i.e. homeowners, life, disability, medical, etc.

post #58 of 6408
I have a us bank CC with a $1300 limit for 6yrs now. Started at $500. Never paid min or in full but paid the statement balance to not get hit with APR. Only spend about $200 in gas a month. My scores at 774
post #59 of 6408
Off topic but to any bank heads in here, what are the advantages of going with USAA? I'll be in the military soon and was told to open an account with them. Currently with Wells Fargo.
post #60 of 6408
Quote:
Originally Posted by crcballer55 View Post

Quote:
Quote:
Originally Posted by crcballer55 View Post

Quote:
im 22 been living on my own with my girl for 4 years not, with no CC. it has sucked at times when things like random car problems start or emergency hosptial/dentist vists, but i has made me more responsible. i just finally got approved for a CC a couple days ago and its a great feeling smokin.gif



Why not just keep an emergency fund instead?


I did have one, and I still have one. Having a CC will be an extra form of security. What if my transmission goes out? What if I get hurt playing basketball and will be out of work, to many what ifs can happen to just say that an emergency fund will save you.

What will a credit card do that an EF won't? You're still going to have to pay for it one way or another. The only difference is that the CC will end up costing more. A Transmission should only cost a couple thousand. A proper EF of 3-6 months of expenses should easily cover it. Sports injury? If you don't have insurance, your CC probably won't be nearly enough to cover it, plus, you're going to be paying at least 18% interest on any charges too.

An EF isn't meant to cover EVERYTHING. That's why it's important to supplement it with various forms of insurance i.e. homeowners, life, disability, medical, etc.
Damn bro why the hate. I mean if want to be in your 40's with no credit history trying to get a house what you gonna do? Pay that out in cash too homie?
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