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

Discussion in 'General' started by tyisny, Jan 16, 2013.

  1. tyisny

    tyisny

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    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
     
  2. shorty doo wop

    shorty doo wop

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    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
     
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  3. kickmatic23

    kickmatic23

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    This
     
  4. grandtheftbike

    grandtheftbike

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    do you drive?
    get a card with 5% cash back on gas
    then pay it in full when the bill is due
     
  5. lyonbc1

    lyonbc1

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

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

    Heard the Discover More is another great one too
     
    Last edited: Jan 16, 2013
  6. crystalmethod

    crystalmethod

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    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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  7. retroflashbacks

    retroflashbacks

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    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.
     
  8. silkboi

    silkboi

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    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.
     
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  9. johnnyredstorm

    johnnyredstorm

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    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.
     
  10. kickstart

    kickstart

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    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.
     
  11. daprescription

    daprescription

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    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.
     
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  12. tyisny

    tyisny

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    Now does interest rates only kick in if you havent payed on time or is there always interest depending on the purchase?
     
  13. daprescription

    daprescription

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    You just have to pay your last statement balance in full.
     
  14. shorty doo wop

    shorty doo wop

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    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
     
  15. 916kid

    916kid

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    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.
     
    Last edited: Jan 16, 2013
  16. ricky409

    ricky409

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    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.
     
  17. silkboi

    silkboi

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    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)
    • 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)
     
    Last edited: Jan 16, 2013
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  18. ooiron manoo

    ooiron manoo

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    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
     
  19. unknwn

    unknwn

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    Spend small amounts ($100-$200) and pay it off quickly
     
  20. rico x hood

    rico x hood

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    Get a Capital One Secure Credit Card.
     
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