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

    10,023
    4,263
    Joined
    Mar 22, 2010
    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

    3,791
    448
    Joined
    Feb 5, 2011
    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
     
    zk1mpls and food4thgt like this.
  3. kickmatic23

    kickmatic23

    3,805
    63
    Joined
    Oct 22, 2007
    This
     
  4. grandtheftbike

    grandtheftbike

    13,428
    4,815
    Joined
    Oct 9, 2005
    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

    5,757
    533
    Joined
    Oct 1, 2011
    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

    3,500
    1,045
    Joined
    Jul 2, 2012
    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.
     
    captnaj phd and bwsteg like this.
  7. retroflashbacks

    retroflashbacks

    1,034
    144
    Joined
    Jul 17, 2001
    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

    4,475
    1,516
    Joined
    Feb 24, 2006
    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.
     
    ajwill307 likes this.
  9. johnnyredstorm

    johnnyredstorm

    65,592
    11,762
    Joined
    Apr 5, 2008
    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

    2,744
    147
    Joined
    Jun 1, 2011
    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

    9,681
    148
    Joined
    Aug 13, 2004
    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.
     
    hank scorpio likes this.
  12. tyisny

    tyisny

    10,023
    4,263
    Joined
    Mar 22, 2010
    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

    9,681
    148
    Joined
    Aug 13, 2004
    You just have to pay your last statement balance in full.
     
  14. shorty doo wop

    shorty doo wop

    3,791
    448
    Joined
    Feb 5, 2011
    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

    743
    326
    Joined
    Oct 16, 2009
    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

    9,002
    1,407
    Joined
    Dec 11, 2010
    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

    4,475
    1,516
    Joined
    Feb 24, 2006
    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
  18. ooiron manoo

    ooiron manoo

    13,575
    957
    Joined
    Feb 20, 2006
    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

    5,661
    922
    Joined
    Jun 2, 2005
    Spend small amounts ($100-$200) and pay it off quickly
     
  20. rico x hood

    rico x hood

    8,834
    2,562
    Joined
    Sep 11, 2005
    Get a Capital One Secure Credit Card.
     
    biggiemac likes this.
  21. tyisny

    tyisny

    10,023
    4,263
    Joined
    Mar 22, 2010
    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
     
  22. ultralightbeam

    ultralightbeam formerly i lyricaljkilla i

    7,760
    994
    Joined
    Nov 15, 2003
    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.
     
  23. curbsideprophet

    curbsideprophet

    2,138
    925
    Joined
    Sep 20, 2012
    I shoulda never bout my Macbook with my CC.....[​IMG]
     
    crcballer55 and iam king like this.
  24. royster

    royster

    409
    44
    Joined
    May 5, 2009
    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.
     
  25. daytona 5000

    daytona 5000

    11,953
    494
    Joined
    Sep 24, 2008
    Why do you want to build your credit? Credit is just a trap.
     
    crcballer55 and captnaj phd like this.