Thinking of getting a CC, but I am scared!!

[DAM]

http://www.wellsfargo.com/credit_cards/select_card/student/

Is this something I should consider, I am a student and have been with this bank for like 4 years, what exactly should I be looking for? Is it smart to have all your banking done in one location?



dam(somanyquestionssolittlecommas)

 

[Maverick]

if its your first card I'd say don't get one with your bank...because if you ever want to change banks (which you probably will if you're with Wells Fargo) you lose that small convenience any way. Credit card companies love getting first time CC users because most people stay loyal to the first card they get. I'd say go with an Amex for students, or a discover card.

 

[Kelvrick]

Umm... I couldn't get to the page, but it might jsut be me.

If you're so scared, get a secured credit card. You give them 500 or so and they give you a credit card with a 500 limit. You keep making payments and build credit. If you ever don't make payments, they take your 500 and you call it even.

<== back at anandtech monkey dance

 

[Kevin]

Visa or MasterCard, stay away from Discover. Their Customer Service is full of fools. Also, we've never had cases of fraud except with our Discover card, once someone used the card and ordered compthing from QVC but they actually cought it. Another very recently involving a cash advance at Bank of America (I believe).

 

[CPA]

Do you need it? Really, truly ask yourself do you need it? If you don't, then don't, at least not at this time.

 

[DAM]

Shiva: Well I have been extremely happy with Wells Fargo I do not see why I would change banks any time soon.

Kelvrick: I have my check card for that, which it sounds to be the same thing, no?

kevin: thanks for the tip, they I wanted a visa or MC or a Amex sounds pretty good.

CPA: I don't absolutely need it, however I would like to improve my credit rating, since it seems that, that is a major factor in the "real" world outside of college.



dam()

 

[ElFenix]

get one card. buy gas. pay off bill in full.

 

[Kelvrick]

Originally posted by: DAM
Shiva: Well I have been extremely happy with Wells Fargo I do not see why I would change banks any time soon.

Kelvrick: I have my check card for that, which it sounds to be the same thing, no?

kevin: thanks for the tip, they I wanted a visa or MC or a Amex sounds pretty good.

CPA: I don't absolutely need it, however I would like to improve my credit rating, since it seems that, that is a major factor in the "real" world outside of college.



dam()

Last I looked, I think check cards had a limit if like 300 bucks a day unless you physically went into the bank and withdrew money. Credit cards on the other hand... Anyway, my first year in college about a month after I turned 18, I applied for the Citibank Sony card. They gave me a 1100 limit. Its usefull for when I wanna buy crap that costs close to a grand or so.

No, I think the secured credit card is different because it is still considered a credit card and it builds your credit. Sides, you want to use a credit card. If your check card has a visa symbol like my bofa card does, then it has all of that protection stuff, but then when someone steals it, your money is already gone and it'll take a while for them to give you that money back. With the credit card, you just deny it and you deal with the credit card company. You still have your money.

<== credit building monkey dance

 

[CPA]

Originally posted by: DAM
Shiva: Well I have been extremely happy with Wells Fargo I do not see why I would change banks any time soon.

Kelvrick: I have my check card for that, which it sounds to be the same thing, no?

kevin: thanks for the tip, they I wanted a visa or MC or a Amex sounds pretty good.

CPA: I don't absolutely need it, however I would like to improve my credit rating, since it seems that, that is a major factor in the "real" world outside of college.



dam()

For what purpose? I know, the normal answer is buy a house or car or whatever, but if you saved your money and paid with as much cash as possible you can get a loan (not cc debt, but installment loan) without previous credit. No car dealer is going to turn you down with 1/2 down on a car and with little or no credit history.

Just don't fall into the marketing scheme of "You need a credit card to build a credit history". It's designed that way to pull as much dollars out of you as possible, to allow you to make purchases you otherwise wouldn't have made and to get you into a mentality that the more credit the better.

If you can wait until after college and you have a steady job than I wouldn't be so adament about it. I started with a simple little Sears credit card when I was 18 and in college. I now have over 150K in credit card available credit and 15K in debt. The cc debt has never gone away and I'm now 32.

<= bad cc management even for a CPA.

 

[ElFenix]

he who has the most credit wins, just ask rossman.

 

[iamme]

Yes, be very scared. It's no coincidence that credit card debt is a huge problem in the U.S.

Always spend within your means...

 

[ATLien247]

Originally posted by: DAM
http://www.wellsfargo.com/credit_cards/select_card/student/

Is this something I should consider, I am a student and have been with this bank for like 4 years, what exactly should I be looking for? Is it smart to have all your banking done in one location?



dam(somanyquestionssolittlecommas)

Pay cash... don't be a fool like the rest of us who are in debt!

But, if you absolutely insist on getting a CC, that one isn't a very good choice.

You'll want to look for one with a low, fixed APR... and no annual fee.

You should be able to get one at around 10-12% fixed APR without too much problem.

And, if at all possible, pay off the balance each month....

 

[iamme]

I knew someone who did this, and it kept him out of CC trouble:

Get a fishbowl or something. Everytime you're thinking about making a CC charge, pull cash out of your bank account and put it in the bowl, before you make the purchase. If you make a emergency charge (gas, food, etc), make sure putting money in the bowl is your first priority. This way, you'll hold yourself accountable and pay off your CC in full each month.

Kinda gimicky, but it helped him stay in check.

Oh, if you live in the dorms or with others, hide the bowl!

 

[DAM]

Well, how about just having a CC for emergencies? Like if I find myself in the middle of Siberia with nothing but my wallet. Would that be a good use to a CC?



dam()

 

[CPA]

Originally posted by: DAM
Well, how about just having a CC for emergencies? Like if I find myself in the middle of Siberia with nothing but my wallet. Would that be a good use to a CC?



dam()

The problem with that is soon after getting the card obtaining Quake IV becomes and emergency.

 

[RossMAN]

I briefly skimmed over the thread, so I didn't read all the posts.

1) How old are you?
2) Is this your first credit account? You have never had a credit card, line of credit, loan, car loan, department store card, gas card or personal loan, right? A debit/check card does not count.
3) If you currently have or had credit, what month/year did you open that account?
4) What exactly are you scared of? 1) Not being approved or 2) Losing control of your credit cards, buying everything in sight on impulse just because it says SALE and turning into RossMAN?
5) How long have you been at your present job and living at your current address?
6) Do you make a decent wage?
7) Would you have anything against applying for a SECURED credit card and can you come up with the $500 (refundable) deposit? If you have something against a SECURED cc, why?

 

[Ameesh]

Originally posted by: kevin000
Visa or MasterCard, stay away from Discover. Their Customer Service is full of fools. Also, we've never had cases of fraud except with our Discover card, once someone used the card and ordered compthing from QVC but they actually cought it. Another very recently involving a cash advance at Bank of America (I believe).

wow ive had the toal opposite experience, ive had great customer service from discover. but i also would say for your first cc get a mastercard or visa

 

[SuperSix]

Wells Fargo is by far the WORST credit card company. They won't do address verification for merchants, so if you want something shipped to an address different from the billing address and themerchant checks, they won't give any info to the merchant.

Unless you want everything shipped to your billing address, I guess it will work...

 

[jorken]

Hmm, i want to get a card as well, i'm 22 have NO credit history and don't goto school. I think as soon as I start applying for cards i'll just get denied left and right. Any n00b cards out there that won't rape me in annual fee's+APR's?

 

[DAM]

Originally posted by: RossMAN
I briefly skimmed over the thread, so I didn't read all the posts.

1) How old are you?
23

2) Is this your first credit account? You have never had a credit card, line of credit, loan, car loan, department store card, gas card or personal loan, right? A debit/check card does not count.
Yes, do student loans count?

3) If you currently have or had credit, what month/year did you open that account?
Never had a credit card.

4) What exactly are you scared of? 1) Not being approved or 2) Losing control of your credit cards, buying everything in sight on impulse just because it says SALE and turning into RossMAN?
1) Not scared of that 2) Nope, I am scared of buying something then being in debt for the rest of my life.

5) How long have you been at your present job and living at your current address?
Present Job:3 years+ Current address like 4 weeks (I move often since im in college)

6) Do you make a decent wage?
Hell yeah, been working IT for 3 years

7) Would you have anything against applying for a SECURED credit card and can you come up with the $500 (refundable) deposit? If you have something against a SECURED cc, why?
I don't really have anything against it, but it kinda sucks that I have to put the money upfront, reminds me too much of my debit card.


dam()

 

[DAM]

Originally posted by: SuperSix
Wells Fargo is by far the WORST credit card company. They won't do address verification for merchants, so if you want something shipped to an address different from the billing address and themerchant checks, they won't give any info to the merchant.

Unless you want everything shipped to your billing address, I guess it will work...

Weird, I have had things shipped pretty much everywhere, both to my current job, to my summer job in another city, to my parents house, etc etc. Then again I think I try to keep my bank informed of where I am shipping things to, and I think that by wellsfargo not giving out your info, that might be a good thing.



dam(IMO)