Credit Cards Yes or NO??

[lyricist343]

So I'm trying to build up some credit so I can eventually buy a... new house, new car, get loans etc... Just wanted to see how many of you actually have credit cards and if they are worth the hassle? I've heard rumors and seen the commercials. Any suggestions or preferred cards you choose to use?

 

[rko2004]

Yes. I have capital1 and chase. Just make sure you keep using your card/s. Make good sound decisions. Don't be afraid to spend. Just have a plan to pay it off.

 

[bush man 2002]

Just wanted to see how many of you actually have credit cards and if they are worth the hassle?
  im doing it now to build my credit back up...but when i got them when i was in college, worst mistake i ever made. so if you can handle the payments and are careful with how you use the credit card do it.

 

[boilermaker x]

33 years old, white collar professional, three cards (Amex, MC, Discover).  None have ever carried carry a balance and I use the Amex for 85% of purchases.  First card at 17, used it only for gas.  The only reason to ever use a credit card is so that you don't have to carry exorbitant amounts of cash on you.  Good credit comes with time, not spending.  Treat a credit card like cash: if you don't have it, you don't spend it.  No exceptions.

Edit: If you even have to think about making payments on your bill, you're already done.

 

[proper english]

get an Amex. /thread.

 

[mojodmonky1]

Originally Posted by proper english

get an Amex. /thread.

damn... beat me to it.

I use my Amex for everything.  If they dont take Amex, I'll use my Visa Logo Debit Card.  I prefer to use my Amex on all purchases due to the extra consumer protection they offer.  I'll admit it.  I've been kinda sleazy about it before, but Amex ALWAYS comes through. 

One time I was in Vegas and got back to my room piss drunk around 4-5AM and decided to order some room service.  I passed out fully dressed with all the lights on before room service came up, and didnt hear them knocking at the door.  I obviously got charged for the room service.  Called up Amex, told them I never took delivery of the food (even though it was 100% my fault) and they took the charge right off.
  

 

[atlien seeko]

here we go again...

 

[651akathepaul]

Credit cards are great tools for building credit and things like emergencies, but you cannot make a habit of using it like free money. That sounds easy, but it can get you.

I would first look into a CC from the bank you're currently with. Sometimes you can get a decent deal because of your other relationships, especially if you end up going through them for a mortgage. It's also easier to manage when it comes to transferring and things of that nature.

 

[solesavage]

Responsible and mature with a reliable source of income = Yes

 

[quaz]

I have two, I just pay them in full at the end of every month. If you don't have the money to pay them off don't use it, simple as that.

 

[johnnyredstorm]

Get one from Chase or CitiBank and only spend what you have.

 

[jwill jr]

If you have self control = yes, if not-no
..

I am assuming you are young, as seeing this will probable be your first credit card. To build up the credit, make sure you carry a balance. Use it for gas, the movies, or what ever. Never carry a high balance as it hurts your credit..

Another way to build your credit (assuming your parents dont mind helping) is get a small signature loan from a Credit union, or your bank. When I was 18, I got a $1500 loan with my mother co-signing. I spent it on a few things I needed at the time, and spent some on what I wanted (Shoes, clothes, ect). my loan payment a month was very small.. under $100/month. I eneded up paying a lil bit of money because of the interest, but in the long run it was worth it. After the 1500 loan I got another one on my own for 3000... did the same thing, excpet this time I put up half in my bank so I would have the 1st few months of the payments put up. I have had 5 signature loans, 2 car loans, and a morgage with the same credit union.... Fast Foward to now, and I have a very high FICO score, and I can literally walk into my credit union and take out a Signature loan and have the money in my account within 10 mins. I have worked with same loan officer for over 9 years. When I open up my own business that will be the same place I go. And I will get a very good interest rate. Now days, more than ever before a High Credit Score is very important.

So if you only want a CC to help build up your credit, be smart about it, but there are other ways to build up your credit.

 

[jdiggs]

I have one. Just make sure you pay your bills on time. A low card limit can help you not go crazy with it.
I use mine for books, gas, and emergency... and sometimes shoes but thats not good. Just dont go in over your head.

 

[lyricist343]

Fasho, I thought this thread had flopped but thanks for all the valuable input!

So if I only get one card and make sure that I don't go for the minimum payments, I can avoid all the interest charges right?

Is there a certain amount of grace days I get before that interest kicks in? Or does it automatically start once I make a purchase?

 

[stillin729]

I use my AMEX for any purchase outside of a grocery store

I basically spend between 2 week pay periods, prepay it down to like $50 and keep repeating

 

[recycledpaper]

i'm always amazed at how people can carry huge balances on their CC's without a care.

do what others have said. if you actually have the cash to cover your balance, go ahead and use your CC to start building that credit score. otherwise don't even bother.

 

[johnnyredstorm]

Originally Posted by lyricist343

Fasho, I thought this thread had flopped but thanks for all the valuable input!

So if I only get one card and make sure that I don't go for the minimum payments, I can avoid all the interest charges right?

Is there a certain amount of grace days I get before that interest kicks in? Or does it automatically start once I make a purchase?

You only pay interest if you don't pay off your ENTIRE balance. So if you have a $500 bill and pay $450, you're paying interest on that leftover $50.

 

[reener]

Amex

 

[oidreez]

whats special about AMEX and which amex card do yall have?

 

[651akathepaul]

If you're main objective is to build credit I would go with a CC from a conservative banking institution. Wells Fargo comes to mind.

The reason is that some of these other institutions or companies rely on credit cards as one of, if not the main source of their revenue. Meaning they will in all likelihood give you more of a credit limit than what you need and charge outrageous fees if you don't meet certain condidtions.

If you're only trying to build credit, there's no need for some of the fancier credit cards. Go conservative and if a real emergency happens you'll have built great credit to go after some of the more aggressive credit card offers.

 

[thewealth]

Originally Posted by proper english

get an Amex. /thread.

Just got my second one.

 

[6 Rings G.O.A.T.]

Yes. .but always make sure the payment are on time. .

 

[retroflashbacks]

Credits are great if you can manage your money and responsible enough to make payments on time.

My rule is: Charge only if you have the money to pay off the whole balance. Don't spend money you don't have.

 

[mo greene]

how are credit cards a hassle? pay your bills every month and that's it!

i dont get why there's a thread like this every week.