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Got a credit card. I am accepted by the society.

F

FrustratedUser

Lifer
For those who don't know I moved to the US in January 2002 and I've enjoyed every minute of it since. 🙂

That said, everyone knows about the 'credit game' here. When you're a n00b in the US lots of things are difficult or weird.

No credit history means:
Sky high insurance.
No cell phone without hundreds of $$$ in deposit.
No international / long distance phone without $$$ deposit.
Getting any kind of credit for a car (which is needed) = major PITA.

So I had to bend over and take it for a while. :disgust:
My plan was this. Get any credit I could even if that meant getting raped without lube. See it as an investment.
After aound 2 months I found a car I liked. I was limited to basically 1 dealer because they were the only ones who even considered me as a customer. My very good friend who moved here a year earlier was kind enough to co-sign my loan. He told me he'd do it to help me getting into the system. Kudos to him :beer:😀

Anyhow, got the loan at 29.3% interest rate!! Talk about rape, LOL! I figured, OK I can take that abuse for 6 to 9 months to build credit.
The plan started to pay off. In September 2002 I was able to refinance with a Credit Union, got 5.25%. Wooho!

Slowly some credit card offers started coming in. Most was crap, $500 limit @ %24 APR.
Fast forward to a couple of weeks ago. Got an offer from MBNA for a Master Card CC. Up to $3000 limit @ 7.9% APR.
Yesterday they called and asked a few Q's about my stay here and how long I was planning on staying and how much $$$ I usually have in the bank. I was approved!!

$2500 limit @ 7.9% 😀 Not to shabby I would say.

 
WARNING!!!!

If you can dodge MBNA, do it!! If you get screwed(i.e., somebody stole your info and used your card), they won't inform you. they'll just cancel the card and report you to credit agencies (3 major ones, mind you). They don't give a sh!t about their customers. If you try talking to any of their CSR they'll put you on hold and argue with you. STAY AWAY!!!:disgust::|
 
Thanks for the advice but I'll use it for a while and then get another card when I get better offers.
Remember I am still playing the game so I am not quite there yet.

Which other CC are good?
 
Try Citicard, Amex, Chase. these cards have no annual fee. Amex blue has this membership rewards program where you earn points and exchange it to coupons or discounts. Worldperks Visa has an annual fee (50/yr. i think) but earns you mileage also which you can use for future travels. So far, we,ve earned 4 free round trip tickets (int'l. travel) for over 6 yrs. of stay with them.

Also, credit union will/can be your BEST FRIEND!!!

GOODLUCK!!!
 
Originally posted by: Gnote
WARNING

Try to limit the number of credit cards you apply to. Each time you get a new one, your credit record takes a hit.
Click to expand...

can't agree with you. Parents have alot of different credit cards and they have over 755 score
 
Thanks again.
I'll use it for 6 months or so. Mainly for on-line purchasing. It's just for building some more credit. I don't like to use a debit card for on-line stuff.
 
Originally posted by: Ylen13
Originally posted by: Gnote
WARNING

Try to limit the number of credit cards you apply to. Each time you get a new one, your credit record takes a hit.
Click to expand...

can't agree with you. Parents have alot of different credit cards and they have over 755 score
Click to expand...

It is a fact that inquiries affect your score, STFU unless you have half a clue what you're talking about.

Viper GTS
 
The interest rate shouldn't matter - pay off your bill EACH MONTH. It's the best financial decision you could EVER make. Trust me.
 
Originally posted by: jumpr
The interest rate shouldn't matter - pay off your bill EACH MONTH. It's the best financial decision you could EVER make. Trust me.
Click to expand...

I know that. It's just that every other offers were simply crap.
My plan is to use it with care and pay everything off every month.

 
Originally posted by: Viper GTS
Originally posted by: Ylen13
Originally posted by: Gnote
WARNING

Try to limit the number of credit cards you apply to. Each time you get a new one, your credit record takes a hit.
Click to expand...

can't agree with you. Parents have alot of different credit cards and they have over 755 score
Click to expand...

It is a fact that inquiries affect your score, STFU unless you have half a clue what you're talking about.

Viper GTS
Click to expand...


Exactly. It's not having a bunch of cards that affects your score but rather getting a new one. Every time you apply for credit they have to run a check on you. Each check lowers your beacon score 5 points. I can't remember how many years it takes for the checks to drop off though.
 
Originally posted by: pinoy
WARNING!!!!

If you can dodge MBNA, do it!! If you get screwed(i.e., somebody stole your info and used your card), they won't inform you. they'll just cancel the card and report you to credit agencies (3 major ones, mind you). They don't give a sh!t about their customers. If you try talking to any of their CSR they'll put you on hold and argue with you. STAY AWAY!!!:disgust::|
Click to expand...


Totally true ... I am talking from experience here. I had a credit card with them and when my wallet was stolen, I called in and told them to freeze the card. This was on a Thursday night and they finally got around to freezing it on Monday. Whoever stole it was able to charge up almost a 1000 dollars and they refused to re-imburse me for it 🙁

Hopefully U have a better experience with them ... I am still fighting that issue with them

DX
 
Originally posted by: DigitalXtreme
Originally posted by: pinoy
WARNING!!!!

If you can dodge MBNA, do it!! If you get screwed(i.e., somebody stole your info and used your card), they won't inform you. they'll just cancel the card and report you to credit agencies (3 major ones, mind you). They don't give a sh!t about their customers. If you try talking to any of their CSR they'll put you on hold and argue with you. STAY AWAY!!!:disgust::|
Click to expand...


Totally true ... I am talking from experience here. I had a credit card with them and when my wallet was stolen, I called in and told them to freeze the card. This was on a Thursday night and they finally got around to freezing it on Monday. Whoever stole it was able to charge up almost a 1000 dollars and they refused to re-imburse me for it 🙁

Hopefully U have a better experience with them ... I am still fighting that issue with them

DX
Click to expand...

:Q
Daumn!
 
Good for you man, just be careful with the CC. If you aren't responsible with your spending than having a CC will be a bad thing for you. Only charge what you know you can afford.
 
Originally posted by: Viper GTS
Originally posted by: Ylen13
Originally posted by: Gnote
WARNING

Try to limit the number of credit cards you apply to. Each time you get a new one, your credit record takes a hit.
Click to expand...

can't agree with you. Parents have alot of different credit cards and they have over 755 score
Click to expand...

It is a fact that inquiries affect your score, STFU unless you have half a clue what you're talking about.

Viper GTS
Click to expand...

 
Look for the next thread frustrateduser files chapter 7 😉







J/K by the way i love MBNA nothing but great service.
 
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