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EDIT: Got One!!!How Can I get a Credit Card?
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dullard
Elite Member
It is advice based on incorrect/incomplete information. This is the incorrect logic those people use: "If you never carry a balance, then the CC company doesn't make money and therefore you won't have good credit as fast". Sure it makes sense at first, until you think about it.
There are two significant errors in that statement. (1) The CC company doesn't calculate your credit score. (2) CC companies make a fortune if you pay in full each month as they charge the store ~4% for each purchase. Think about the billions of dollars of purchases in a year and take 4% of it...
Purposely losing money by carrying a balance you don't need doesn't help and you are out money. Instead, if you want a great credit score, do this: (1) Pay on time every time. (2) Do this with multiple lines of credit - credit cards, loans, etc. (3) Wait - it takes several years of ontime payments to build great credit scores.
There are some rare circumstance when you want to carry a balance. (1) Very short term emergency use. If it is a long term emergency, get a real loan instead. (2) Those 5% cash back offers you see all over only give you up to 5% cash back if you pay them ~20% interest by carring a balance. The catch is that they don't specify how much balance you want to carry, so you can pay 20% interest on $1 while collecting 5% on $1000. But be very careful with either case - as what may seem fine at time time can often escillate into a situation when you are unable to make the payments, you pay huge interest rates, and your credit score bombs.
Thanks for the advice everyone. I've calculated that I spend around 20 bucks a day, and ALWAYS use my debit card. So I should have good credit building, provided I pay of my bills which I have no choice to do. It will be pretty simple since I will use my credit card exclusively, then pay off my credit card with my debit card. Yeah, I didn't think carrying a balance would make sense. Also, at my bank, Washington Mutual I have the Gold Checking Card which is an extra 7 bucks a month. It offers some discounts, which I never use. Is it worth keeping, as in it someway builds a better relationship with the bank? I don't mind paying the 7 bucks if it helps.
Thanks,
Kishan
Thanks,
Kishan
Kishan,
You sound like you're on the road to perfect credit. I wish I had your patience/knowledge when I got my first credit card.
By the way, don't EVER go 30 days late on any payments. About a year ago, my checking account number/routing number was changed by my bank (when Wachovia and First Union combined), and a few automatic payments were rejected by my credit card companies. Anyways, I was working out of state, ~65 hours a week, and wasn't really paying attention to my CC, or my checking account. I was just spending money on food, etc., and checking the balance every few days. I was bringing in extra money, but didn't realize that several payments were missed. Long story short, I didn't know they went 30 days late until it was too late, and needless to say, my credit score tanked. I just pulled my credit report a few weeks ago, and now I have to hopefully figure out if I can somehow clean this mess up...
Moral of the story...be smart, pay on time (pay as soon as the bill is ready), and don't look at it as free money (I've still got CC's from college I'm paying off...the bartabs and electronics don't look so "cool" anymore, and the books I still have make me wish I would have worked more and paid cash for them).
You sound like you're on the road to perfect credit. I wish I had your patience/knowledge when I got my first credit card.
By the way, don't EVER go 30 days late on any payments. About a year ago, my checking account number/routing number was changed by my bank (when Wachovia and First Union combined), and a few automatic payments were rejected by my credit card companies. Anyways, I was working out of state, ~65 hours a week, and wasn't really paying attention to my CC, or my checking account. I was just spending money on food, etc., and checking the balance every few days. I was bringing in extra money, but didn't realize that several payments were missed. Long story short, I didn't know they went 30 days late until it was too late, and needless to say, my credit score tanked. I just pulled my credit report a few weeks ago, and now I have to hopefully figure out if I can somehow clean this mess up...
Moral of the story...be smart, pay on time (pay as soon as the bill is ready), and don't look at it as free money (I've still got CC's from college I'm paying off...the bartabs and electronics don't look so "cool" anymore, and the books I still have make me wish I would have worked more and paid cash for them).
hey thanks. I try to be the, "model citizen."😛
yeah, I got interested in credit after learning what the Amex black card is. 30 Days overdue or delinquent payments goes on your report, let alone the fact my parents really fvcked up their credit, and I never want to be in the sittuation where I can't get a house morgatge closed, or a car financed since I have too many inquiries or late payments. Two lessons I learned in this country:
1. Have good credit.
2. Keep a clean license.
Extra Credit: Don't let women or friends manipulate you financially.
It sucks that you got screwed by the banks. I know how you feel. You do enough work, your busting your balls to make a decent living, and some unknown factor bites you. I'm sorry, and good luck🙂
Thanks,
Kishan
hahaha!! actually I use my debit card lately for EVERYTHING! Don't eat if I can't use it. Just easier, make sure you monitor the balances once, sometimes twice a day. Also realize that most places aren't instantanoeus, so have a decent buffer. Use direct deposit for income since I hate people who say, "I still haven't cashed a couple of checks." Not smart, since that shows you aren't on track, and don't know where your money is. 18 months ago I was living paycheck to paycheck. Never doing that again.
Kishan
mitaiwan82
Platinum Member
wtf? you got more credit than me? Granted I have the non-student version, but I make more than twice what you make annually....😕
ironcrotch
Diamond Member
PWNT
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