Credit Card rant (got one)

[azazyel]

Just a rant...

You know I never thought being responsible would comeback and bite me in the arse. I am 27 and have never owned a credit card, mostly because I have seen some of the trouble my friends have gotten into because of them. I have never had a car loan, I would rather own a reliable piece of crap than make payments on a nicer car. I haven't even had an NSF check in the last 7 years. And now I decide it is about time to start a credit history and now I can't get a credit card. I have been planning on buying a new HDTV and I have the cash to do so but I thought it would be better to use a credit card. I know I should have expected this but come on, I am not trying to get a platinum card or anything. Heck, I don't even care how much the interest is because I was just going to make the minimum payment once then pay the whole thing off. I have put through an application for a bank visa card but I have a feeling I am going to be denied . It just bugs me that I might have to resort to getting a secured card because I haven't let myself get into debt.

 

[TranceNation]

what kind of card were you trying to get?

 

[azazyel]

an Amex first then a Citybank..

 

[Orsorum]

That is quite commendable, to make it that far in life without using credit. However, that is precisely the problem - you've never proved your trustworthiness with someone elses' money. Every person above the age of 18 should have a credit history, even if it's a card they don't use often.

 

[azazyel]

Originally posted by: Orsorum
That is quite commendable, to make it that far in life without using credit. However, that is precisely the problem - you've never proved your trustworthiness with someone elses' money. Every person above the age of 18 should have a credit history, even if it's a card they don't use often.

Yeah, it just kills me though that when I was 18 I was getting credit cards in the mail all the time and now I can't get one to save my life.

Sweet Irony.

 

[Gravity]

I loathe credit cards. I wish you well since you need the credit but I also hope you don't get deep into debt as a result of it.

I'm debt free.

 

[TranceNation]

try some other credit cards , ie chase, mbna, etc.
i'd avoid first usa but they might work

 

[azazyel]

Originally posted by: TranceNation
try some other credit cards , ie chase, mbna, etc.
i'd avoid first usa but they might work

If I indeed don't get the one through my bank I will try these.

 

[mattlear]

Actually, credit cards can be quite beneficial.

I ALWAYS pay off my bill in full when it comes in. Basically, I am getting an interest free loan from the credit card company (plus frequent flyer miles) each month.

If you are disciplined enough, cerdit cards can be your friends.

Of course, this post discounts the various snal mial spam you will undoubtably get when the credit card company sells your information to one of their "partners"...

-Matt

 

[RossMAN]

Cliffs notes?

 

[DaWhim]

sucks to be you. cc is like a knife that can help you can kill you. learn to use it. feel bad for you tho. I have 2 cc as soon as I got into college. I am trying to get more as well.

 

[AgaBoogaBoo]

Originally posted by: RossMAN
Cliffs notes?

hasn't ever had a credit card
he's 27 now
he regrets it

 

[MystikMango]

Amex is a charge card, not a credit card.

Look into getting some department store cards first, like Sears, LC Penny and even Radio Shack. Charge a few things, and pay them off. But don't expect a credit line greater than $500 or $1000. After about 6 months you should be able to qualify for a major credit card or charge card.

My father never believed in credit. Everything he had he paid with cash, including cars and our house. He is now frustrated in this modern age when you need a credit card for everything. Hell, he can't even rent a car or get an ISP.

 

[TranceNation]

Also,
it's not a good idea to always pay cash, ie, if you pay for your airplane tickets in cash or hotel in cash, you'll likely by flagged by the FBI

 

[RossMAN]

Originally posted by: AgaBooga

Originally posted by: RossMAN
Cliffs notes?

hasn't ever had a credit card
he's 27 now
he regrets it

Thanks, I nominate you as AT'er of the day!.

/me emails you some stale gummy bears

 

[azazyel]

Originally posted by: MystikMango

My father never believed in credit. Everything he had he paid with cash, including cars and our house. He is now frustrated in this modern age when you need a credit card for everything. Hell, he can't even rent a car or get an ISP.

That's how I was raised.."if you can't pay cash then you don't really need it". Also, I don't really want to wait arround because I want to buy that TV. I mean I have more than enough money to pay for it (going to spend about $1,600) and I already know which TV I want.

Side note... I really want to play Prince of Persia on a HD widescreen.

 

[dullard]

Originally posted by: azazyel
That's how I was raised.."if you can't pay cash then you don't really need it". Also, I don't really want to wait arround because I want to buy that TV. I mean I have more than enough money to pay for it (going to spend about $1,600) and I already know which TV I want.

Side note... I really want to play Prince of Persia on a HD widescreen.

That is the key to proper CC use. If you don't have the cash, don't use your CC. Keep that motto and you will be very happy with any CC you get. Why? Two reasons (1) interest free loan on almost everything you purchase for 30-60 days, and (2) cash back on everything you purchase. When used wisely a CC can reap you major monetary rewards. Also think about everything that uses your credit history - house loans, auto loans, insurance, etc. You may be paying hundreds more a year in insurance costs since you never used a CC yet. There is no telling how much more interest you may be paying on your loans too. Even if you don't get a CC for that TV, please get a CC and use it with this alteration of your motto: if you can't pay cash then you don't really need it so don't put it on your CC. Then put everything you possibly can on your CC. Pay it off in full each month (don't pay the minimum like you planned even for one month - there is no good reason to do so). Heck pay your CC bill online through the CC website so you don't even have to pay for the check or stamp to mail in your payment.

 

[StageLeft]

You should have thought about this earlier You don't need to have credit card debt to get a good credit rating. As soon as I was able to after moving here I got a credit card. I never had any intentions of carrying a balance and more months than not I don't carry one. Just having it has kicked ass on my credit rating and I can now get credit for anything I want, even though I don't.

Oh yeah I use my CC for EVERYTHING I possibly can. I'll buy a $.85 chocholate bar with it. I get points for every purchase and I redeem them for real rewards, so other than the convenience of rarely going to the bank, and never having much cash on me (security), I also get money back by simply using a card.

MystikMangoWelcome your father to the 21st century and have him get a credit card.

Although I agree it's a bad idea to buy something on credit if you can't afford to pay it off immediately, there are a few cases where this is not true:

1) Student loans
2) House

It would take me 1-2 decades of thriftiness to save up for a house. And in the meantime I'm supposed to live in an apartment and raise a family there, all the time missing out on any benefits of interest and house appreciation? No way!

 

[azazyel]

I actually was told that I need to make the minium payment first so it would show up in my credit history. If I paid it off right away it just be a wash.

 

[beatle]

Originally posted by: azazyel
I actually was told that I need to make the minium payment first so it would show up in my credit history. If I paid it off right away it just be a wash.

That's not true. I've had a credit card for over 6 years and I've always paid my balance in full every month. AFAIK, my credit rating is pretty decent.

 

[NickelTitanium]

Credit cards don't really build your rating. Mortgage and high ticket items do...

 

[BatmanNate]

The only credit I've ever had was from buying a car (and paying it off in total shortly there after) and Capitol One won't stop badgering me with their damned Visa Platinum. I get the offer in the mail at least once a week. I've started using the stickers to decorate my computer.

 

[Ameesh]

Originally posted by: azazyel
Just a rant...

You know I never thought being responsible would comeback and bite me in the arse. I am 27 and have never owned a credit card, mostly because I have seen some of the trouble my friends have gotten into because of them. I have never had a car loan, I would rather own a reliable piece of crap than make payments on a nicer car. I haven't even had an NSF check in the last 7 years. And now I decide it is about time to start a credit history and now I can't get a credit card. I have been planning on buying a new HDTV and I have the cash to do so but I thought it would be better to use a credit card. I know I should have expected this but come on, I am not trying to get a platinum card or anything. Heck, I don't even care how much the interest is because I was just going to make the minimum payment once then pay the whole thing off. I have put through an application for a bank visa card but I have a feeling I am going to be denied . It just bugs me that I might have to resort to getting a secured card because I haven't let myself get into debt.

not getting a credit car dor car loan or building your credit in any other way is not responsible it is STUPID. you made a really dumb decision and now you are paying for it. imagine when you are ready to buy a house you are gonna have trouble becuase you dont have any established credit.

good job n00b.

 

[anxi80]

Originally posted by: azazyel
I actually was told that I need to make the minium payment first so it would show up in my credit history. If I paid it off right away it just be a wash.

i was told the same thing with my first credit card. i paid it off every month and nothing happened. then i started carrying payments over, but nothing too big, and i would pay more than the minimum (example, card had a limit of $500, my balance was $215, minimum monthly payment was $15, and i would pay $100-$120 every month.) after 2-3 months, my $500 credit limit soared to $3000 literally overnight, telling me i must be doing something right and now i get mails and credit card offers with good rates and such. i still do the same system though, never going over a few hundred into debt, something feasible that i can pay off easily if i needed to.

 

[Ameesh]

Originally posted by: MystikMango
Amex is a charge card, not a credit card.

Look into getting some department store cards first, like Sears, LC Penny and even Radio Shack. Charge a few things, and pay them off. But don't expect a credit line greater than $500 or $1000. After about 6 months you should be able to qualify for a major credit card or charge card.

My father never believed in credit. Everything he had he paid with cash, including cars and our house. He is now frustrated in this modern age when you need a credit card for everything. Hell, he can't even rent a car or get an ISP.

your dad sounds like an idiot also!