My CC thread *NEW QUESTION 2/20 (at end)*

[archcommus]

Sorry, has to be bumped.

 

[Jeff7181]

I started out with a $200 Shell gas card about a month after I turned 18... I now (I'm 23) have a Bank One Visa with a $10,000 credit limit, and a Bank of America/Fleet Visa with an $8,000 limit.

 

[Mo0o]

There really isn't that much to discuss either way... it doesn't take a huge amount of effort to apply for a credit card so the best way to find out is to just apply for one. If we tell you it is easy, you'll apply, if we tell you it's hard, you'll probably apply anyways.

 

[archcommus]

Originally posted by: archcommus87
A disadvantage I thought of is not being able to see where my money is going so much. With MS Money and using my debit card, everything is categorized and it's very easy to see pie charts and such of where I'm spending money. If I use a CC for everything, that'll appear as one transaction under the CC category in Money.

Any way to get a good breakdown still even when using a CC?

 

[archcommus]

Originally posted by: Mo0o
There really isn't that much to discuss either way... it doesn't take a huge amount of effort to apply for a credit card so the best way to find out is to just apply for one. If we tell you it is easy, you'll apply, if we tell you it's hard, you'll probably apply anyways.

True. That is why we've moved on to other CC-related topics.

 

[archcommus]

Another Q, if I decided to make payments every two weeks instead of monthly, would that affect my credit score over time at all?

 

[dionx]

Originally posted by: archcommus
Another Q, if I decided to make payments every two weeks instead of monthly, would that affect my credit score over time at all?

not at all.

things that affect your score negatively:
- not paying the minimum
- not paying on time
- having a high credit utilization (usually above 80%)

things that affect your score positively:
- paying on time consistently over time
- having a low credit utilization (under 50%)

things that don't affect your score at all:
- paying in full each month or carrying a balance
- multiple payments a month


there are other scenarios, just ask and i'll tell you if it affects FICO or not

 

[archcommus]

Okay thanks a lot.

 

[mugs]

Originally posted by: archcommus
A disadvantage I thought of is not being able to see where my money is going so much. With MS Money and using my debit card, everything is categorized and it's very easy to see pie charts and such of where I'm spending money. If I use a CC for everything, that'll appear as one transaction under the CC category in Money.

Any way to get a good breakdown still even when using a CC?

Yeah, just add your credit card as an account on Money. Depending on what bank you get the card from, you may be able to do the same thing as with your debit card.

 

[archcommus]

Originally posted by: mugs

Originally posted by: archcommus
A disadvantage I thought of is not being able to see where my money is going so much. With MS Money and using my debit card, everything is categorized and it's very easy to see pie charts and such of where I'm spending money. If I use a CC for everything, that'll appear as one transaction under the CC category in Money.

Any way to get a good breakdown still even when using a CC?

Yeah, just add your credit card as an account on Money. Depending on what bank you get the card from, you may be able to do the same thing as with your debit card.

Very good idea!

Well I don't use banking direct through Money anyway, I enter everything myself, so I should definitely be able to do it regardless of who I go with.

 

[thegimp03]

Definitely get a student card from a bank - like BofA, Wells Fargo, etc. They will take care of you and usually do not have yearly fees like a lot of other credit cards. Yearly fees can be around 50-60 bucks.

 

[randomlinh]

Originally posted by: archcommus

Originally posted by: cmp1223
If you want perks get an AMEX black 🙂

Only want one for now so it must be something that's accepted EVERYWHERE.

if you are entilted enough to get amex black, it WILL be accepted everywhere 😛 actually, i wonder if it has kind of influence.

 

[archcommus]

Actually, I was thinking I will need two credit cards. Because if I intend to use one for all of my daily purchases, I must be sure to pay it off in full each month so as not to acquire interest. However, what if I ever NEED to buy something that I know I will not pay off in full that month? If I put that on my main card, that instantly makes that card a bad choice to use for all of my purchases next month. So I need two, one with a lot of benefits and the interest rate doesn't matter, another with no frills but as low of an APR as possible.

 

[archcommus]

Another Q.

I know that when using a debit card as credit instead of debit (say, online, or anywhere where you sign instead of using your PIN), it takes three days for the transaction to appear in your checking account, instead of being instantaneous. Is this the same for credit cards and the transaction appearing on your balance when you check it online? Is it instant or does it not show up for three days?

If the former, I'll use the online synchronization with MS Money. If the latter, I'll enter the transactions myself.

 

[archcommus]

:thumbsup:

 

[b0mbrman]

Originally posted by: archcommus
Another Q.

I know that when using a debit card as credit instead of debit (say, online, or anywhere where you sign instead of using your PIN), it takes three days for the transaction to appear in your checking account, instead of being instantaneous. Is this the same for credit cards and the transaction appearing on your balance when you check it online? Is it instant or does it not show up for three days?

If the former, I'll use the online synchronization with MS Money. If the latter, I'll enter the transactions myself.

My credit card transactions do not show up online for three days.

 

[archcommus]

Thanks, looks like I'll do it manually then.