OMFG!!! I got a credit card!!! :D

[Mustanggt]

best thing to do with that is get a cash advance for half your credit open checking account with that $ and pay it off in one payment, keep doing that every month, this will build your credit. at end of year you will have no credit limit.

 

[RossMAN]

<< best thing to do with that is get a cash advance for half your credit open checking account with that $ and pay it off in one payment, keep doing that every month, this will build your credit. at end of year you will have no credit limit. >>



That is some of the worst advice I have ever heard. Why? Cash advances don't have the luxury of a "25 day grace period", interest charges start accruing the same day you take the cash advance.

2/8/2002 cash advance for $600
2/8/2002 interest begings accruing
2/28/2002 cut off statement for your credit card, your average daily balance is ($600 x 20 days) / 30 days (something like that)
3/25/2002 due date (25 days after statement is cut)

You know owe out the a$$.

Cash advance = BAD!

 

[Salvador]

Heh.. I just counted all my cards this afternoon. I currently have 18 cards all together with about $75K-$100K at my disposal. I only carry balances on 2 cards though and just have the rest because they won't stop sending them to me!

Like it has already been said before, be CAREFUL. It's easy to get carried away and spend beyond your means.

Sal

 

[LukFilm]

Isn't it bad to have so many credit cards?

 

[RossMAN]

<< Isn't it bad to have so many credit cards? >>



It can be, it all depends on how disciplined you are in your finances.

For me having high cc limits = BROKE

 

[Mustanggt]

If you can tell him a better way to build his credit with AE without getting him in debt i would like hear it, he is only paying interest nothing more. going out and buying things you do not need is no way to do it. and you dont build credit unless you use it.

 

[Oakenfold]

<< Isn't it bad to have so many credit cards? >>

Hmmm well let's view it this way, you have X amount of dollars available to you on X1+X2+X3 credit cards...totalling to a certain amount of Unsecured debt, some instituitions take this into account when you apply for a loan somewhere and some do not. THe main thing is how you handle the credit that you have,, like I said earlier credit is something that you build over time. People want to see if you max out that card and are just making the minimum payment, are you capable of paying on time, do you go over your credit limit? People that have maxxed out credit cards, making late payments and paying over the limit fees show that they are having financial problems carrying the current DEBT ratio that they have(any combination of those listed above generally throw a warning flag), therefore a lender is going to take this into account when reviewing any application. Also if you do have late payments on your credit history many lenders generally look to see when they were, if they were in the last two years that usually indicates that there was a recent problem in your life, and are possibly more of a risk, if they are older they might feel more confident in your ability to repay. As Rossman said earlier cash advances are quite silly in my opinion, very convenient if you need cash quickly and you have no way of writing a check or are expecting to be able to repay the advance within a short time period, it's a convenient loan in other words, if you have no way of repaying a cash advance right away I suggest you stay away from it, and for goodness sake that's no way to build credit. Remember when someone pulls a credit report it's a Snapshot of your credit history up to that point. Buy things that you need on your card, gas,groceries, smokes whatever..you will find that there are many every day things that you can put on your card and not things that you NEED like most things in the hot dealz forum as you well know..just put those on your card, pay it off every month and you will be well on your way to establishing a good credit history.

 

[manuelku]

Hey LukFilm, I am not a citizen too but I found that pretty easily to get a creditcard. The first card that I received was the BA Visa, the second one was the Paypal visa (don't get it, it's a damn freaking scum, they will call you every single week for joining clubs or sh*t, plus when you get your card, they will charge you for activation fee, which is 96 bucks. dang), the third card that I got was the AMEX blue for student. Interestingly enough, I got all the 3 cards within 3 months. I don't know why you will have a hard time getting Blue because I got mine without questioning after I did the online application. Again, I am not a citizen too, I am just a damn student that will leave anytime after I get my degree.