never had a credit card -- any suggestions?

[markuskidd]

I've never had a credit card, since I generally try to make purchases once I have the money to pay for them But I'm getting the point where it might be nice to build up some credit, so I was wondering if anyone out there could suggest a card that would work well for me and maybe has some useful perks. I'm a student right now, if that factors in.

Also, just how much purchasing should I be doing with a credit card if my sole intention is to build up my credit report?

 

[aircooled]

Don't get more than one. Keep a LOW balance.

Credit cards are your friend and your enemy. You need one to help build your credit rating, but they can get you in alot of trouble!

 

[ScrapSilicon]

RossMAN knows

 

[wyvrn]

^^ That's the only advice you need. Get one or two only and never keep a balance. Try not to carry them in your wallet, they are big temptations.

 

[Ausm]

Originally posted by: aircooled
Don't get more than one. Keep a LOW balance. Credit cards are your friend and your enemy. You need one to help build your credit rating, but they can get you in alot of trouble!

Well said Aircooled!!


Ausm

 

[markuskidd]

But how much is a good amount, say per month, to spend with this thing so that it helps me out?

 

[nord1899]

Doesn't really matter how much you spend so long as you can pay it off each month.

 

[VBboy]

If your credit card is rejected, that goes into your credit card history. Many other things do, as well. Check out Free Credit report before even applying for a card. Also, the lower the APR, the better, which goes without saying.

 

[MrBond]

You're going to have trouble getting a CC with no credit history. Do you have a job? How old are you?

When I turned 18, I got my first CC, it was some card with a $20 annual fee and a $500 limit. That was THE PERFECT card for me. I wanted lots of expensive stuff, but I could never fit it on the card . After a year of having that card (I bought something every month and paid it off), I cancled it and got a BP Visa from First USA that gives me 1% back in free bp gas cards for all purchases, and 3% back for BP Gasoline purchases. Since my regular gas station is a BP, it's essentially 3 cents off per gallon of gas I buy there.

 

[markuskidd]

I have gotten this free credit report, not sure how to interpret it though.

I am 20 years old, I am a full-time student and I have worked full-time in the past but right now I'm working about 20-30 hours per week.

 

[markuskidd]

And how do I cancel my membership now that I've gotten my free report?

 

[giguana]

I know from experience how deep you can get sucked in to debt with those damn things. I owe over $2000 to 2 different card companies. It blows. The advice everybody is giving you is very good. Listen to the smart people of ATOT. If you want a good company to go with, Providian is a good one. They specialize in getting cards for people with little or no credit, with decent limits and APR's. My sister has one, and they have been very good.

 

[vtqanh]

since you're a student, you can try to get a Amex Blue. It's pretty good. With all the return protection and price match guarantee

 

[RossMAN]

Originally posted by: markuskidd
And how do I cancel my membership now that I've gotten my free report?

First call their customer service, tell the CSR you want to CANCEL your membership and not be charged a penny ... ask for a confirmation number if they can provide one, write down the date, time, name of the person you spoke with and their extension or operator ID or badge number. THEN mail them a letter as well.

Usually a phone is not enough, they also require something in writing otherwise you'll be charged their outrageous $69.95/yr annual fee.

 

[VBboy]

Dude, college students get nice credit card deals! Check your news stand at the library. We always have a bunch of credit card offers there (not your college), $1000 limit or so, no fee. No need to have a job or anything!

 

[RossMAN]

Originally posted by: VBboy
Dude, college students get nice credit card deals! Check your news stand at the library. We always have a bunch of credit card offers there (not your college), $1000 limit or so, no fee. No need to have a job or anything!

That's where I got my first cc. During lunch time CitiBank reps were all over the campus handing out flyers to EVERYONE, I thought what the fsck I don't have a cc, applied, got approved with a piddly $300 limit that was 8 years ago.

 

[jonmullen]

Pay it off fully each month.

 

[jonnyjack]

i just got a credit card for the same reason, to build up my own credit. before i was just using a credit card under my parent's account. i am also 20 years old, fulltime student, but i only work about 10-12 hours a week.

i got the Citibank Dividend Platinum Select Card for College Students. this is actually the same exact card i had with my parents except it said for college students on the online application. you get 1% cash back (it builds up and once it hits $100 they send you a check, so you don't actually see the cash back until you charge $10,000, haha), no annual fee (this is important to me cause i pay the balance every month so i don't get charged anything to use the card), online access to your account to see all your charges without having to wait until your statement comes in the mail.

i got an $800 credit limit which is more than enough for me. but yeah, like everyone else said always pay your balance every month.

here's the link: http://www.citibank.com/us/cards/cardserv/dividend/index.htm

 

[B00ne]

Why are credit cards actually called credit cards? Technically my VISA is just a "somebody else than my bank handles my card payments and collects the money at the end of the month" card. So where is the credit part and what is this credit rating some ppl speak off?

 

[Zugzwang152]

Originally posted by: RossMAN

Originally posted by: VBboy
Dude, college students get nice credit card deals! Check your news stand at the library. We always have a bunch of credit card offers there (not your college), $1000 limit or so, no fee. No need to have a job or anything!

That's where I got my first cc. During lunch time CitiBank reps were all over the campus handing out flyers to EVERYONE, I thought what the fsck I don't have a cc, applied, got approved with a piddly $300 limit that was 8 years ago.

and whats your total limit now rossman

 

[thomsbrain]

Originally posted by: B00ne
Why are credit cards actually called credit cards? Technically my VISA is just a "somebody else than my bank handles my card payments and collects the money at the end of the month" card. So where is the credit part and what is this credit rating some ppl speak off?

the credit part is the part between the purchase and your payment to the company.

 

[Confused]

Originally posted by: B00ne
Why are credit cards actually called credit cards? Technically my VISA is just a "somebody else than my bank handles my card payments and collects the money at the end of the month" card. So where is the credit part and what is this credit rating some ppl speak off?

There are 2 types of card. Debit, and Credit.

Debit cards take the money out of your account as soon as you purchase the item, and if you don't have the money in your account, you can't buy it. With these, you can spend as much as you have in your account.

Credit cards give you a set limit (say $1000). You cannot spend more than that, however, you can spend that amount, even if you do not have it in your bank account. You pay the credit card off once a month, or, if you don't have the money, you will get charged a certain rate (the APR) for however long after that statement comes through, until you pay it off.


I cannot recommend companies/anything else to do with CCs, cos I am in the UK for one, and I only have a debit card, so it's pretty straight forward for me! If i don't have the money in account, I can't buy!


Confused

 

[Shrooms420]

my first card was at $200 and i would pay the total of each billing statement when it came in. then about a year later after i got the credit card, i was in the market for a new car. so then my sister(1 yr older with good credit but had no loans or anything big in her records) and i applied for a loan on my car and to my surprise, we were approved!!! so what im trying to say is, charge only what you can pay for. Good credit will help you get loans,car(s), house(s), etc.


P.S. my credit limit is now at $10 grand after 6yrs

 

[B00ne]

ok thanks, I guess I have a credit card then because my normal bank card is a debit card already (EC-card - handles meastro and electronic cash). But i dont know if I can delay the paying of the monthly bill tho - but i dont plan on that anyway - and usually I use the VISA abroad only.

 

[Zugzwang152]

Originally posted by: B00ne
ok thanks, I guess I have a credit card then because my normal bank card is a debit card already (EC-card - handles meastro and electronic cash). But i dont know if I can delay the paying of the monthly bill tho - but i dont plan on that anyway - and usually I use the VISA abroad only.

yeah, use the credit card only when you need possible protection...otherwise you'll fall into the trap like i did