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[General Discussion] Topic: Credit Cards |
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qball1324 |
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#1 Posted: 6/8/2009 9:10:02 PM I am thinking about applying for my 1st card. I am 29 and have never had 1 in my life. I am trying to establish credit for when I want to buy a house. Any suggestions on which one to apply for or which ones to stay away from. Any help would be greatly appreciated, Thanks |
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coltmac |
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#2 Posted: 6/8/2009 9:16:34 PM You're 29 and never had a credit card??? That's comical! |
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Cyrax |
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#3 Posted: 6/8/2009 9:29:25 PM Look for the Lowest Interest Rate , Since it is your first time, it might be a little bit high....You should read the late Fee Penalty, Cash Advances, and the Fine Print....  |
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LeafsNeedD |
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#4 Posted: 6/8/2009 9:58:27 PM
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kickinA |
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#5 Posted: 6/8/2009 10:17:58 PM QUOTE Originally Posted by coltmac:
You're 29 and never had a credit card??? That's comical!
I 2nd that.  |
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adamjoe |
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#6 Posted: 6/8/2009 10:40:30 PM Dude, I agree with the others...you should have had a credit card for at least 7-8 years by now. How do you rent a car or buy plane tickets?? Anyways, you aren't going to get a good rate no matter what card you apply for. Just be smart with it. |
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Ap1Bfreetorun |
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#7 Posted: 6/8/2009 10:58:13 PM
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umgmu |
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#8 Posted: 6/8/2009 11:46:53 PM avoid crapital one .. |
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wkufan |
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#9 Posted: 6/8/2009 11:57:02 PM Or you could be like me and never pay a dime in interest to a credit card company...if you seriously haven't ever had a credit card you should get one and get one with good rewards. Since you have no CC debt use it the same way you lived your life and don't charge what you can't pay IN FULL at the time it's due and you will build good credit and receive some rewards (airline miles, cash back, etc....) I personally go for the cash back which takes a long time to get but it's free money because I NEVER buy something with it I can't pay off in full at the time my payment is due, I understand it's hard to do for some people but that's how you wreak your financial life is buying what you can't afford. |
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steve1203 |
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#10 Posted: 6/9/2009 12:36:43 AM
So use it and pay it off in full each month, and you will be building your credit and also getting 2% back on everything.
http://www.schwab.com/public/schwab/banking_lending/credit_card?cmsid=P-990780&lvl1=banking_lending&lvl2=credit_card |
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RickeM |
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#11 Posted: 6/9/2009 1:18:36 AM QUOTE Originally Posted by kickinA:
I 2nd that.
I 3rd that.
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esplanade |
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#12 Posted: 6/9/2009 3:47:08 AM QUOTE Originally Posted by wkufan: Or you could be like me and never pay a dime in interest to a credit card company...if you seriously haven't ever had a credit card you should get one and get one with good rewards. Since you have no CC debt use it the same way you lived your life and don't charge what you can't pay IN FULL at the time it's due and you will build good credit and receive some rewards (airline miles, cash back, etc....) I personally go for the cash back which takes a long time to get but it's free money because I NEVER buy something with it I can't pay off in full at the time my payment is due, I understand it's hard to do for some people but that's how you wreak your financial life is buying what you can't afford.
Exactly, these other guys are idiots. Sure it's a bit curious that TS has never had a card, but comical is that these other clowns are paying 30% APR while laughing at someone who has been responsible with his cash. Party on fools.
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richardtonsj |
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#13 Posted: 6/9/2009 5:29:08 AM
You can also be responsible financially yet still have some credit cards. BTW, there are some advantages in using credit cards than using your ATM Visa. You can dispute visa transactions and get credit right away but ATM Visa, your money is deducted from your account first then you may get your money back, hopefully withn 30 days.
I would go as far as others and say it's comical that for someone who is 29 year old and does not have a credit card but I think it's comical for someone without real knowledge of how credit rating works considers others as idiots because they're paying interest to the bank.
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longshotsws |
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#14 Posted: 6/9/2009 7:02:48 AM
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ApacheM |
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#15 Posted: 6/9/2009 10:36:44 AM  Chase, Discover 
AMEX, Capitol one, Bk of Amer. 
I've had em all, Trust Me!!!!!
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KOAJ |
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#16 Posted: 6/9/2009 10:38:14 AM
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superbeets |
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#17 Posted: 6/9/2009 10:43:42 AM I think it's a good thing to have never had a card... You know how many people get screwed by card companies.. Sure you need to build credit but there are MANY ways of buying a home w/o having great credit...
Now if you don't have alot of money saved up then you may be in trouble but it sounds like you have been paying everything with cash...So that tells me you have a good amount of cash coming in or someone else is supporting you..
AMEX is the way to go but not sure if they would take you with no previous credit cards..
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esplanade |
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#18 Posted: 6/9/2009 11:52:57 AM QUOTE Originally Posted by richardtonsj: The issue here is not about paying interest to the credit card company. It is that if you don't have any credit card, you have no credit history. It will be almost impossible to get a loan on a home without credit unless you have the money to pay it off and don't have to pay the interest to the bank.
You can also be responsible financially yet still have some credit cards. BTW, there are some advantages in using credit cards than using your ATM Visa. You can dispute visa transactions and get credit right away but ATM Visa, your money is deducted from your account first then you may get your money back, hopefully withn 30 days.
I would go as far as others and say it's comical that for someone who is 29 year old and does not have a credit card but I think it's comical for someone without real knowledge of how credit rating works considers others as idiots because they're paying interest to the bank.
If you are addressing me, then you are way off base. I happen to be a credit manager for a major lender. I know more about credit ratings than you will ever dream of knowing. I also know what percentage of the population carries a balance on their cards, so while my initial statement may not have applied to you or anyone else specifically, it applies to the population at large. Also you might like to proof your posts in the future, the absence of the word 'no' where it belongs makes you appear unintelligent and yes, almost comical.
While you are resolving those issues, point out where I suggested having a card is not a good idea. A remedial reading class would be your friend, my friend.
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Greyhound |
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#19 Posted: 6/9/2009 12:17:48 PM I agree with Esplanade. Ridiculing this guy because he pays his bills and lives within his means seems a bit out of line to me.
He's only 29. Plenty of time to establish some credit history.  |
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JMatthew |
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#20 Posted: 6/9/2009 12:32:23 PM QUOTE Originally Posted by wkufan:
Or you could be like me and never pay a dime in interest to a credit card company...if you seriously haven't ever had a credit card you should get one and get one with good rewards. Since you have no CC debt use it the same way you lived your life and don't charge what you can't pay IN FULL at the time it's due and you will build good credit and receive some rewards (airline miles, cash back, etc....) I personally go for the cash back which takes a long time to get but it's free money because I NEVER buy something with it I can't pay off in full at the time my payment is due, I understand it's hard to do for some people but that's how you wreak your financial life is buying what you can't afford. I agree 100% |
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JMatthew |
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#21 Posted: 6/9/2009 12:36:54 PM Prepaid Visa cards are great way to establish credit and avoid paying rediculous apr's. Also, the right one's can be used for setting up wagering accounts...you need to shop around and keep an eye on fraud reports... |
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richardtonsj |
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#22 Posted: 6/9/2009 1:16:29 PM QUOTE Originally Posted by esplanade: If you are addressing me, then you are way off base. I happen to be a credit manager for a major lender. I know more about credit ratings than you will ever dream of knowing. I also know what percentage of the population carries a balance on their cards, so while my initial statement may not have applied to you or anyone else specifically, it applies to the population at large. Also you might like to proof your posts in the future, the absence of the word 'no' where it belongs makes you appear unintelligent and yes, almost comical. While you are resolving those issues, point out where I suggested having a card is not a good idea. A remedial reading class would be your friend, my friend.
You're not the only one who is in the mortgae industry. I've been in the business for more than 10 years myself and no I do not think you know more about credit rating than me. I personally mean that.
Sorry if I don't proof read my own writing. It was late, at least to my standard.
Yes I agree with you about most people carrying a balance on their cards and paying interest to the banks. But you also have to admit that by carrying credit card accounts without balance does help improve score tremendously due the debt ratio, especially now a day with economy and how the banks look at credit debt. There are other ways to build your credit but it never hurts to have an established credit history. I'm surprised the statement made in your post is coming from a so called lender's credit manager. I assume people can say whatever they can online, especially in a gambling forum.
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TheJonner |
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#23 Posted: 6/9/2009 1:16:38 PM  I am 29 and have never had 1 in my life. |
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richardtonsj |
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#24 Posted: 6/9/2009 1:18:09 PM QUOTE Originally Posted by JMatthew: Prepaid Visa cards are great way to establish credit and avoid paying rediculous apr's. Also, the right one's can be used for setting up wagering accounts...you need to shop around and keep an eye on fraud reports...
I don't think prepaid visa card actually has any effect in your credit report. Some might claim to but I haven't seen one that is actually posted to one's credit history. |
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jay10 |
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#25 Posted: 6/9/2009 1:21:52 PM QUOTE Originally Posted by richardtonsj:
I don't think prepaid visa card actually has any effect in your credit report. Some might claim to but I haven't seen one that is actually posted to one's credit history. ...prepaid cards do not establish credit. |
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