Should I get a credit card?

**skelooth** · 01-11-2007, 06:02 PM

I was thinking about getting one of those 'you've been preapproved' credit cards, and just using it for groceries and junk instead of my debit card, then paying it off each month like clockwork.... in an attempt to build credit.

Do you think this is a good idea?? I've never had a credit card before and don't know much about them.

**antihero** · 01-11-2007, 06:12 PM

Quote:

Originally Posted by skelooth

I was thinking about getting one of those 'you've been preapproved' credit cards, and just using it for groceries and junk instead of my debit card, then paying it off each month like clockwork.... in an attempt to build credit.

Do you think this is a good idea?? I've never had a credit card before and don't know much about them.

from what i understand thats not how building credit works. you need to carry a balance on the card for at least 6 months.

i could be wrong tho

Millz · 01-11-2007, 06:58 PM

IMO, get a card, and spend about $300.

Make more than minimum payments for the first 6 months, then pay it off completely on the 7th.

If you've never had a card before, it will help. You'll basically be out of luck on credit for the first 5 or 6 years as it is. (Banks start to trust your spending/payment habits after 5 or so years)

mild7s · 01-11-2007, 07:19 PM

get the credit card, if it is one of those yearly fee ones, it means you got bad credit.
pay everything one shot go if you can, it does help your credit.
I had a no limit credit line from Amex, I had to kill it cause it hurt my credit score. It is due to the fact that they can not see the ratio of my credit limit to how much I was paying. (avoid no credit limit cards if you want to build up credit)

which company sent you the letter?

mild7s · 01-11-2007, 07:23 PM

not sure if some people not knowing this, but you are entitled to a free credit report every year.

TravisS · 01-11-2007, 07:49 PM

NO NO NO NO! You don't need credit, if you get one you'll end up in a bad spot. Trust me. Befor you know it you will be so screwed. Be smart. Once you get into credit card hell you will never get out. I got one when I was 20, and I am still trying to pay it off. No matter how what your "plans" are for a credit card, something will always come up.

**Jayhawkk** · 01-11-2007, 08:08 PM

Nah, in today's economy you'll need credit. one credit card with a low limit won't kill ya. You need to hurt your credit to make it better. Anotherwords, when you initially get a credit card your score temp. drops before it'll rise back up.

Pay on time and pay over the minimum(even if my 5 dollars). Don't go over the limit and you'll be fine. Self control and need vs. wants will be what either dooms you to a life of credit servitude or makes life much easier to live.

**Jayhawkk** · 01-11-2007, 08:09 PM

Also make sure to shop. Look at the monthly fees, annual fees, application fees etc. Since you're a college student and have had no credit cards you should look at offers pertaining to your setup. You can usually get a 500-1000 limit with low interest, no annual or monthly fees.

dnyc99 · 01-11-2007, 08:39 PM

I don't have any credit cards either. I've heard that those "prepaid credit cards" (the kind you pay for in advance..works like a debit card) work just as good in helping build up credit?

Plus you can buy stuff online etc just like a credit card.

Millz · 01-11-2007, 08:50 PM

I'm curious to think how those without credit cards buy houses or cars? Pay in cash?

I could'nt imagine a bank willing to cough up 250K for a house on someone with little to no credit history.

**krzna** · 01-11-2007, 09:10 PM

go to amex
apply for a blue for students
zero apr for one year - they give around 3k
use it for a year - dont max it but have some fun
then around month 10 apply for Citibank dividend
zero apr for one year - 3k guaranteed
balance transfer your amex balance onto this
close amex
run this for a year be wise again
apply for citibank platinum , again zero apr this time you will get 5k
balance transfer and close
now apply for amex gold rewards - if you have a decent credit and if you are payin utilities like cable,electricity,phone bill (landline) then you will normally get this card
no upper limit, however you hv to pay the balance every month. I love this card, rewards are awesome. (Assuming by this time you have a great credit score- if you dont have a good score avoid celingless credit cards)

Other good cards that give big balances upto 100k are
Chase
Discover

Dont take captial one,hsbc,orchid bank and all the other crap that give you cards for like 300$'s with no introductory. its a waste of time. Dont do too many credit score checks,it does reflect.

enjoy

I had a good time when i was a student

TravisS · 01-11-2007, 09:56 PM

Quote:

Originally Posted by Jayhawkk

one credit card with a low limit won't kill ya.

Thats the same think I heard a crack dealer say, and he was right.

GOD WHERE IS HE!!! I NEED MY FIX!!!

**romanaz** · 01-11-2007, 10:00 PM

I don't have a credit card, and I don't plan on really having one. I'll probably get a debit card, but thats it. Anything else, cash.

and its called cashiers checks for buying house's :-D

**mr_min** · 01-11-2007, 10:20 PM

get a card....i have 3 and paid off fully each month.

discover card is for my gym and nextel
citibank for gas and anything that i can get 4% back monthly
chase b/c i had a balance transfer that made me $50..

get a card - it will eventually help build credit - i have a credit score of 752 out of 830 i believe

**Jayhawkk** · 01-11-2007, 11:15 PM

Self control. If you can't control your spending habits knowing full well of the consequences then the fault is yours not the credit card.

You buy houses and cars with loans...Not credit cards. matter of fact, most car companies will not allow full payment of a vehicle on a credit card.

There are plenty of first time buyer programs out there for both vehicle and home loans that will grant you low interest loans with little to no credit history. As long as the little to none doesn't include bad credit.

**NYCmitch25** · 01-11-2007, 11:37 PM

I know you don't get one...j/k

As long as you pay it off its a good idea.
*build up your credit score (this was great, best reason)
*not liable for charges if someone steals your identity.
*they are convienent.

MCconditioner · 01-12-2007, 03:59 AM

a lot of bad info here.

just get a card and pay it off. I have my credit cards linked to my bank account. I usually deposit money ahead of time so that my Credit card operates as if it were a debit cards. Oftentimes they have perks--I use mine to accumulate free points for travel, etc.

like Jayhawkk said, self control. A credit card is not an invitation to overspend or spend more money than you don't have. Use it like you might use a debit card.

Credit will become inmportant when you're looking to lease a car or buy a house. Start early and build it.

DJohnson · 01-12-2007, 04:26 AM

I applied for a Visa on my 18th birthday and got a Mastercard soon after. I barely use the Visa and I use the Mastercard for everything. I never buy more than I can afford so I pay it off every month with a month here or there where I leave a few hundred on it (because I spent too much). I pay a few dollars interest everytime but I've made $200 in rewards that I can just spend at Superstore (Mix between Walmart and Costco in Canada).

Over the past 3.5 years my credit limit has jumped in about $1000 denominations from $600 to $5400 where it is right now. Pretty damn good for a student.

01-11-2007, 06:02 PM	#1
skelooth eh heh heh Join Date: Aug 2005 Location: Behind you Posts: 7,200 Recipes: 0 Rep Power: 158	Should I get a credit card? I was thinking about getting one of those 'you've been preapproved' credit cards, and just using it for groceries and junk instead of my debit card, then paying it off each month like clockwork.... in an attempt to build credit. Do you think this is a good idea?? I've never had a credit card before and don't know much about them. __________________ http://loseover100lbs.com/misc-f7.html

01-11-2007, 06:58 PM	#3
Millz Pro Stature Join Date: Sep 2005 Location: NoVa Posts: 109 Recipes: 0 Rep Power: 4	IMO, get a card, and spend about $300. Make more than minimum payments for the first 6 months, then pay it off completely on the 7th. If you've never had a card before, it will help. You'll basically be out of luck on credit for the first 5 or 6 years as it is. (Banks start to trust your spending/payment habits after 5 or so years) __________________ Progress has little to do with speed, but much to do with direction. Effort is nothing without intensity.

01-11-2007, 07:49 PM	#6
TravisS New Member Join Date: Jun 2006 Location: Aransas Pass Tx Posts: 18 Recipes: 0 Rep Power: 0	NO NO NO NO! You don't need credit, if you get one you'll end up in a bad spot. Trust me. Befor you know it you will be so screwed. Be smart. Once you get into credit card hell you will never get out. I got one when I was 20, and I am still trying to pay it off. No matter how what your "plans" are for a credit card, something will always come up. __________________ Enjoy the sweat, you earned it.

01-11-2007, 08:08 PM	#7
Jayhawkk Nutraplanet Rep Join Date: Jun 2006 Posts: 1,106 Recipes: 0 Rep Power: 44	Nah, in today's economy you'll need credit. one credit card with a low limit won't kill ya. You need to hurt your credit to make it better. Anotherwords, when you initially get a credit card your score temp. drops before it'll rise back up. Pay on time and pay over the minimum(even if my 5 dollars). Don't go over the limit and you'll be fine. Self control and need vs. wants will be what either dooms you to a life of credit servitude or makes life much easier to live. __________________ Nutraplanet.com for all your supplement needs! ------------------------------ Hangin's too good for 'em! BURNIN'S too good for 'em! They should be ripped into itsy-bitsy little pieces and BURIED ALIVE!

01-11-2007, 08:09 PM	#8
Jayhawkk Nutraplanet Rep Join Date: Jun 2006 Posts: 1,106 Recipes: 0 Rep Power: 44	Also make sure to shop. Look at the monthly fees, annual fees, application fees etc. Since you're a college student and have had no credit cards you should look at offers pertaining to your setup. You can usually get a 500-1000 limit with low interest, no annual or monthly fees. __________________ Nutraplanet.com for all your supplement needs! ------------------------------ Hangin's too good for 'em! BURNIN'S too good for 'em! They should be ripped into itsy-bitsy little pieces and BURIED ALIVE!

01-11-2007, 07:19 PM	#4
mild7s Amateur Join Date: Dec 2006 Location: zoo york Posts: 40 Recipes: 0 Rep Power: 0	get the credit card, if it is one of those yearly fee ones, it means you got bad credit. pay everything one shot go if you can, it does help your credit. I had a no limit credit line from Amex, I had to kill it cause it hurt my credit score. It is due to the fact that they can not see the ratio of my credit limit to how much I was paying. (avoid no credit limit cards if you want to build up credit) which company sent you the letter?

01-11-2007, 07:23 PM	#5
mild7s Amateur Join Date: Dec 2006 Location: zoo york Posts: 40 Recipes: 0 Rep Power: 0	not sure if some people not knowing this, but you are entitled to a free credit report every year.

01-11-2007, 08:39 PM	#9
dnyc99 IMPC Contestant Join Date: Aug 2005 Posts: 4,023 Recipes: 0 Rep Power: 182	I don't have any credit cards either. I've heard that those "prepaid credit cards" (the kind you pay for in advance..works like a debit card) work just as good in helping build up credit? Plus you can buy stuff online etc just like a credit card. __________________

01-11-2007, 08:50 PM	#10
Millz Pro Stature Join Date: Sep 2005 Location: NoVa Posts: 109 Recipes: 0 Rep Power: 4	I'm curious to think how those without credit cards buy houses or cars? Pay in cash? I could'nt imagine a bank willing to cough up 250K for a house on someone with little to no credit history. __________________ Progress has little to do with speed, but much to do with direction. Effort is nothing without intensity.

01-11-2007, 09:10 PM	#11
krzna Dogg Crappin Join Date: Jun 2005 Location: Olangapo-Zambales,Philipines Posts: 1,598 Recipes: 0 Rep Power: 49	go to amex apply for a blue for students zero apr for one year - they give around 3k use it for a year - dont max it but have some fun then around month 10 apply for Citibank dividend zero apr for one year - 3k guaranteed balance transfer your amex balance onto this close amex run this for a year be wise again apply for citibank platinum , again zero apr this time you will get 5k balance transfer and close now apply for amex gold rewards - if you have a decent credit and if you are payin utilities like cable,electricity,phone bill (landline) then you will normally get this card no upper limit, however you hv to pay the balance every month. I love this card, rewards are awesome. (Assuming by this time you have a great credit score- if you dont have a good score avoid celingless credit cards) Other good cards that give big balances upto 100k are Chase Discover Dont take captial one,hsbc,orchid bank and all the other crap that give you cards for like 300$'s with no introductory. its a waste of time. Dont do too many credit score checks,it does reflect. enjoy I had a good time when i was a student __________________ *DIET DEDICATION DP** www.surpassgenetics.com www.offshorebodybuilding.com www.thevipboard.com Team Beast Breeder colossus@beastbreeder.com

01-11-2007, 10:20 PM	#14
mr_min IronMass Vip Join Date: Aug 2005 Location: connecticut Posts: 502 Recipes: 0 Rep Power: 11	get a card....i have 3 and paid off fully each month. discover card is for my gym and nextel citibank for gas and anything that i can get 4% back monthly chase b/c i had a balance transfer that made me $50.. get a card - it will eventually help build credit - i have a credit score of 752 out of 830 i believe

01-11-2007, 11:15 PM	#15
Jayhawkk Nutraplanet Rep Join Date: Jun 2006 Posts: 1,106 Recipes: 0 Rep Power: 44	Self control. If you can't control your spending habits knowing full well of the consequences then the fault is yours not the credit card. You buy houses and cars with loans...Not credit cards. matter of fact, most car companies will not allow full payment of a vehicle on a credit card. There are plenty of first time buyer programs out there for both vehicle and home loans that will grant you low interest loans with little to no credit history. As long as the little to none doesn't include bad credit. __________________ Nutraplanet.com for all your supplement needs! ------------------------------ Hangin's too good for 'em! BURNIN'S too good for 'em! They should be ripped into itsy-bitsy little pieces and BURIED ALIVE!

01-11-2007, 11:37 PM	#16
NYCmitch25 Silver Member Join Date: Jul 2005 Location: New York Posts: 1,098 Recipes: 0 Rep Power: 50	I know you don't get one...j/k As long as you pay it off its a good idea. build up your credit score (this was great, best reason) not liable for charges if someone steals your identity. *they are convienent. __________________ "I have found the Iron to be my greatest friend. It never freaks out on me, never runs. Friends may come and go. But two hundred pounds is always two hundred pounds." - Rollins

01-12-2007, 03:59 AM	#17
MCconditioner Pro Stature Join Date: Oct 2005 Posts: 147 Recipes: 0 Rep Power: 4	a lot of bad info here. just get a card and pay it off. I have my credit cards linked to my bank account. I usually deposit money ahead of time so that my Credit card operates as if it were a debit cards. Oftentimes they have perks--I use mine to accumulate free points for travel, etc. like Jayhawkk said, self control. A credit card is not an invitation to overspend or spend more money than you don't have. Use it like you might use a debit card. Credit will become inmportant when you're looking to lease a car or buy a house. Start early and build it. __________________ Yes I 8 all the pies

01-12-2007, 04:26 AM	#18
DJohnson IMPC Contestant Join Date: Sep 2005 Location: Alberta, Canada Posts: 1,013 Recipes: 0 Rep Power: 45	I applied for a Visa on my 18th birthday and got a Mastercard soon after. I barely use the Visa and I use the Mastercard for everything. I never buy more than I can afford so I pay it off every month with a month here or there where I leave a few hundred on it (because I spent too much). I pay a few dollars interest everytime but I've made $200 in rewards that I can just spend at Superstore (Mix between Walmart and Costco in Canada). Over the past 3.5 years my credit limit has jumped in about $1000 denominations from $600 to $5400 where it is right now. Pretty damn good for a student. __________________ Age: 21 Height: 5'10.5" Mar, 2001: 135lbs @ ~14% Nov, 2004: 245lbs @ ~40% Feb, 2006: 188lbs @ 20.1% - Hydrostatic Tested Dec, 2006: 168lbs @ 5.5% - 7 Point Caliper Tested BULKING FOR A LONG TIME NOW Long Term Goal: Over 200lbs @ 8%

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