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Credit Cards...

Man, if I had only known...

I did the same thing, at least, it was my plan. But as some of the posters have eluded to, it is a temptation. A temptation that I have given in to. I currently owe nearly $1400 total on my 2 credit cards, and really don't make enough on a monthly basis to even dream about paying them off within a couple months.

Feel free to get one, but be careful.:apple:
 
When I got my 1st CC a little over 18 months ago, I had a $500 limit and only used it for gas. Three charges a month and paying it completely off for the first 6 months and then applying for a higher limit got it bumped up to $1000.

I'm glad it got bumped up cause my car need some repairs that I had to charge. I have been paying at least double the minimum (mostly 3-4x though) to pay off the balance. While paying it down, I have kept it filed away so I don't rack up any more charges on it while it has the balance.

About the same time my car needed the repairs, it also needed new tires. The place I got the tires from had a 3/6/12 month interest free period depending on how much the initial charge was ($250/500/750). My total came to a little over the $500 so I got the 6 month interest free period. I have got it down to a couple hundred left on the balance. As with the 1st card, I keep it filed away so I am not tempted to use it.

As a side note. The 2nd card has a $1800 limit, but that was given to me after nearly a year of on time payments of double (on average) the minimum payment on the 1st card.
 
I got a letter in the mail once saying I was pre-approved for a Discover card. I went to their website, entered the code and all my info only to learn that I could not get that particular card, but I was eligible for one that had a higher interest rate and I was had the option of turning it down, which I did.

Bottom line, try and get a card without an annual fee, because even if you use the card or not you will still be charged that annual fee.
 
GSMiller said:
I got a letter in the mail once saying I was pre-approved for a Discover card. I went to their website, entered the code and all my info only to learn that I could not get that particular card, but I was eligible for one that had a higher interest rate and I was had the option of turning it down, which I did.

Bottom line, try and get a card without an annual fee, because even if you use the card or not you will still be charged that annual fee.
Click to expand...

yeah discover is notorious for that. the "good" discover card is very hard to get and if you actually get offered it you should take it.
 
ipodtoucher said:
If it does help I do have a small student loan, not much. But I doubt it would give me much help...

The real hard part is convincing my mom, yes I am 19, but she has gone through such bad things with credit cards that she really hates the idea of me getting one.
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well if you mom controls you financial backing then your mom makes the rules. I figured that out pretty quickly with my parents. When they where the ones being my financial backers they made the rules. Did not matter that I was 23-24 years old at the time. They where the ones covering my cost of living and paying for school at the time.

I ended up getting my first credit card when I was I think 22 and that was me being the primary and my father being the co signer. It was really so it would be easier on my parents to cover expenses because the bill went home and I was only allowed to using it for pre approved things.

But like others have said the first credit card is crap limit wise. It was a 500 buck limit. It was upped to 750 a year later and in Janauy this year after I graduated it was upped to 1500. I have not messed with it since then.

I got my own primary card of AMEX. It started with a 2000 credit limit and 6 months later it was upped to 4k.

It takes a while before they will up the limit. Mind you I gross over 50k a year. Paid my balance off in full every month and my normal montly balance almost always over 1000 so I had my own reasons. I would like to point that the card covers pretty much everything but rent and power so it is going to look higher than it really is. I might as well get easy cash back for standard monthly things any how.
 
i'd recommend just getting ONE card, no annual fee, with some rewards/cashback program.

to really build your credit, buy only what you can afford, then pay off the balance EVERY MONTH. the credit card companies won't like you very much, but you also won't go into a horrible debt spiral...
 
Sun Baked said:
Credit cards = financial world's version of crack
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Only if you have no self control. Otherwise I like CCs that that give me an interest free loan for about a month and that give me rewards (cash back).

I still put all my purchases on a spreadsheet to calculate my spending/saving for the month.
 
ChrisA said:
Your plan is good. Apply for a few cards, keep the limit low, like under $2K. And pay it off when yo get the first bill. Do NOT get a card that has an anual fee. Can you turn it down? Kind of, All you have to do is cut it up and throw it in the trash.

Nothing wrong with CCs. I never pay cash. Just don't buy stuff you can't pay off completely when you get the bill.
Click to expand...

Exactly. I've been doing just this for last 5 years. I never once accrued any interest until this past summer when I needed to spend more than I had while waiting for my financial aid refund to kick in.

I just got a card from my bank (Wells Fargo). It's not the greatest in terms of interest rates or rewards or anything; however, it makes everything easier since I've got everything in one place and I can just transfer money from my checking to my credit card every month with one click on one site.
 
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