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|Zach|
10-16-2006, 10:16 PM
I have held off on credit cards for good long while now but I need to establish some credit. I think it would help out here and there to have a CC.

What is my best choice?

Not really best choice as much as most responsible choice credit card wise. There are a shit ton of options out there. Any advice?

Short Leash Hootie
10-16-2006, 10:17 PM
the new ESPN credit card. That chick in the green dress is smoking hot.

UteChief
10-16-2006, 10:18 PM
I have an Amex and Visa. It seems Visa is taken more places. I would stay away from anything with a yearly fee. Why are you paying for someone else to make money. My Amex is the blue, so you can pay over time if you need. But I am sure to pay mine off every month.

Simplex3
10-16-2006, 10:26 PM
Do a Discover and then a Visa/MC for a backup. Don't take anything with fees, let them get their % from the retailer (which they all do).

The key with credit cards is to pay them off at the end of every month. Every time. Don't let yourself start carrying balances, it will lead to ruin.

Count Alex's Losses
10-16-2006, 10:27 PM
Keep all your money in shoeboxes.

|Zach|
10-16-2006, 10:28 PM
The key with credit cards is to pay them off at the end of every month. Every time. Don't let yourself start carrying balances, it will lead to ruin.
Thats my main thing, im not going crazy I just want to build some credit. Why would I do any as a backup?

Bill Parcells
10-16-2006, 10:30 PM
I only have 3 credit cards..but I had incidents of fraud on 2 of them..citibank and chase..citibank called me right away..with chase I found out after some jerkoff put out a huge spending spree on my card.

go with citibank!!

dtebbe
10-16-2006, 10:31 PM
Amex Blue Cash (https://www124.americanexpress.com/cards/loyalty.do?page=bluecash&Card_name=BlueCash&link=CARD_SELECTOR) is hands down the best card out there right now. No annual fee and the best cash-back rates available. My wife and I both have one and use it instead of cash or checks everywhere, then pay the bill in full at the end of the month. Last year we got over $700 cash back. And Amex is a great company to deal with if you ever have a problem.

The other card I carry is a Capital One No Hassle Visa, only use it when I can't use my Amex card. Stay away from Citibank, MBNA, and Chase, they are the biggest scumbags on earth IMHO. If you have a credit union, thier MasterCard and Visas are usually pretty good as well.

DT

Simplex3
10-16-2006, 10:33 PM
Thats my main thing, im not going crazy I just want to build some credit. Why would I do any as a backup?
Discover is nice because at the end of the year they cut you a check for a small part of what your spend with them. However, there are still places that don't take it. If someone takes cards you can be sure they take Visa.

I keep a Discover for my personal with a Visa to back it up, then a Visa for my business. The extra cards help me keep my expenses straight.

SLAG
10-16-2006, 10:42 PM
Good way to get credit is a "Secure Card" its like a credit card that you put like $500 down-


The best way to get your credt score high is to accrew some balance so that they charge you interest-

They want to make their money-

So if you dont go crazy.. throw the CC company a bone (interest) they will in turn lift your credit score up- they want to see that you can make them money and pay them back at the same time

ChiefsFire
10-16-2006, 11:10 PM
wow to be young and creditless again....

the only way to build a decent credit score is to charge and pay it off...ifya ever wanna get a good loan on a house ya need a good credit score...im not telling ya to run out and charge your ass off but whatever ya get ya need to use it....

Baconeater
10-16-2006, 11:10 PM
Don't do it.

HemiEd
10-16-2006, 11:15 PM
It is a vicious trap, run.

If establishing credit is the main goal, and not the convenience, I would recommend doing it some other way.

This is from a guy that has a pocket full of them, thanks to Mrs. Hemi.

Frazod
10-16-2006, 11:24 PM
Work towards getting an American Express card. You have to pay it off every month and won't rack up interest charges. You won't be able to get one immediately, though.

At first, you'll have either a Visa or Mastercard with low limits and high interest rates. Use the card and pay it down. Don't make any late payments. After a year, you'll move up to the next level and be able to get better cards, perhaps even the AMEX. I only have the AMEX and a Master Card which I use sparringly only for places that don't take the AMEX.

Credit cards ruined me when I was younger. I went berserk with the cash advance and just buying crap in general, and before I knew it I was $13,000 in debt with a shit job and more bills than I could afford because I broke up with my evil twat GF and she moved out. I ended up filing bankruptcy. This can happen faster than you realize.

NEVER USE A REGULAR CREDIT CARD FOR CASH ADVANCE UNLESS IT IS A DIRE EMERGENCY.

Another good piece of advice (one I wish I had listened to): Don't buy anything with the credit card that you can't afford to pay cash for.

Good luck.

ChiefsCountry
10-16-2006, 11:33 PM
Discover is nice because at the end of the year they cut you a check for a small part of what your spend with them. However, there are still places that don't take it. If someone takes cards you can be sure they take Visa.

I keep a Discover for my personal with a Visa to back it up, then a Visa for my business. The extra cards help me keep my expenses straight.

Thats the same thing my parents do.

beavis
10-16-2006, 11:39 PM
Amex Blue Cash (https://www124.americanexpress.com/cards/loyalty.do?page=bluecash&Card_name=BlueCash&link=CARD_SELECTOR) is hands down the best card out there right now. No annual fee and the best cash-back rates available. My wife and I both have one and use it instead of cash or checks everywhere, then pay the bill in full at the end of the month. Last year we got over $700 cash back. And Amex is a great company to deal with if you ever have a problem.

That's pretty similar to the Discover gas card, but slightly better I believe. I'll have to look into it.

Unless you're responsible enough to pay off the balance each month, don't get one. It's real easy to fall into having huge balances on several cards.

The ONLY reason I use them now is for the rewards. It's hard to turn down free money.

Skip Towne
10-16-2006, 11:48 PM
If you've never had a credit card, it might be smart to get a debit card first. They are kind of like a practice credit card. There is no chance of running up a bill you can't pay but they have many of the advantages of a credit card. Retailers can't tell the difference and you can pay bills or make purchases online or by phone. Also, nobody can steal it and run up huge bills with it. Just an idea.

Brock
10-16-2006, 11:48 PM
If you absolutely must fall for the "establish credit" scam, get a credit card for a store that you use a lot, like Lowe's or Wal Mart. There is no reason on earth good enough to own a visa or a mastercard.

|Zach|
10-16-2006, 11:49 PM
If you've never had a credit card, it might be smart to get a debit card first. They are kind of like a practice credit card. There is no chance of running up a bill you can't pay but they have many of the advantages of a credit card. Retailers can't tell the difference and you can pay bills or make purchases online or by phone. Also, nobody can steal it and run up huge bills with it. Just an idea.
I have had a debit for a while now.

SLAG
10-16-2006, 11:50 PM
If you absolutely must fall for the "establish credit" scam, get a credit card for a store that you use a lot, like Lowe's or Wal Mart. There is no reason on earth good enough to own a visa or a mastercard.
:bravo: :clap: good point


i would advise aganst target

The Bad Guy
10-16-2006, 11:55 PM
Get an American Ex. or Discover Card.I currently have 2 cards from citi and an Amex with about 7 grand in charges on them. I refuse to pay interest though. Both have two years free of interest. 4 grand of that is a private student loan that had a 12% interest rate.You just have to be smart. If they have 0% for a while, take advantage of it as long as you're smart about it.I have a settlement hopefully coming back from GM so I can pay it completely off.

elvomito
10-17-2006, 12:32 AM
here's a trick to give you great credit fast...
if you know someone like a parent or grandparent with a great credit score, they can add you to one of their longstanding perfect credit accounts and you'll inherit their credit history for that account. just give them the extra card so they know you won't charge anything and you're off to a great start.

Miles
10-17-2006, 12:40 AM
If you absolutely must fall for the "establish credit" scam, get a credit card for a store that you use a lot, like Lowe's or Wal Mart. There is no reason on earth good enough to own a visa or a mastercard.

If you pay it off on time I can't think of much of a reason why not to have a major credit card. Nice to have on hand in case of emergency and they have better consumer fraud protection than debit cards.

luv
10-17-2006, 01:08 AM
My first credit card was a Capitol One. I still have it.

luv
10-17-2006, 01:10 AM
If you absolutely must fall for the "establish credit" scam, get a credit card for a store that you use a lot, like Lowe's or Wal Mart. There is no reason on earth good enough to own a visa or a mastercard.
I've been getting tons of offers for gas cards. If you plan on driving back and forth to KC a lot, maybe one of those would be a good choice.

Guru
10-17-2006, 01:20 AM
Do a Discover and then a Visa/MC for a backup. Don't take anything with fees, let them get their % from the retailer (which they all do).

The key with credit cards is to pay them off at the end of every month. Every time. Don't let yourself start carrying balances, it will lead to ruin.


What he said.

mrub4
10-17-2006, 01:43 AM
The day I turned 18 I was approved for a Yahoo! visa card, I believe they were with FirstUSA Bank. It was unsecured with no fees, and a 9.99% interest rate.

Just BE RESPONSIBLE with it. Everyone will say that about getting your first card, and there's a reason. After a few months I had three cards, racked up a decent sized debt, and lost my job. Now five years later I've finally gotten to a point where I've recieved offers for a (secured) card with no fees... and a 21% interest rate.

greg63
10-17-2006, 02:05 AM
Visa
Mastercard
Discover
Capital One

greg63
10-17-2006, 02:07 AM
What he said.

Yep; and...


The day I turned 18 I was approved for a Yahoo! visa card, I believe they were with FirstUSA Bank. It was unsecured with no fees, and a 9.99% interest rate.

Just BE RESPONSIBLE with it. Everyone will say that about getting your first card, and there's a reason. After a few months I had three cards, racked up a decent sized debt, and lost my job. Now five years later I've finally gotten to a point where I've recieved offers for a (secured) card with no fees... and a 21% interest rate.

Yep!

DenverChief
10-17-2006, 02:33 AM
If someone takes cards you can be sure they take Visa.




Actually I called Xcel Energy the other day (the local power company :spock: ) and tried to pay with my Visa debit card and they said they no longer accept Visa becasue they Charge around $8 per card transaction to the "retailer" versus $4 for Mastercard or Discover...I was pretty dumbfounded....mastercard anyone?

DenverChief
10-17-2006, 02:38 AM
It is a vicious trap, run.

If establishing credit is the main goal, and not the convenience, I would recommend doing it some other way.

This is from a guy that has a pocket full of them, thanks to Mrs. Hemi.

Agreed Student loans are a great way to improve your credit the down side is if you get too far into them (like around 30K) it could be 30 years before you finish paying :D

Rausch
10-17-2006, 02:38 AM
I have held off on credit cards for good long while now but I need to establish some credit. I think it would help out here and there to have a CC.

What is my best choice?

Don't.

You don't need them to maintain or establish credit...

DenverChief
10-17-2006, 02:40 AM
my evil twat GF

LMAO I love you man!

luv
10-17-2006, 02:40 AM
Don't.

You don't need them to maintain or establish credit...
Hey teach, isn't it past your bedtime?

Rausch
10-17-2006, 02:43 AM
Hey teach, isn't it past your bedtime?

I can't sleep knowing I'll soon tie my credit to the woman in the other room.
















How will she ever forgive me?... STFU

luv
10-17-2006, 02:45 AM
I can't sleep knowing I'll soon tie my credit to the woman in the other room.






How will she ever forgive me?... STFU
Don't ever let her go. If you do, you're ****ed.

Looking forward to the big day as it draws near?

Rausch
10-17-2006, 02:46 AM
Don't ever let her go. If you do, you're ****ed.

Looking forward to the big day as it draws near?

I've soiled myself a few times.

That normal?...

DenverChief
10-17-2006, 02:47 AM
I can't sleep knowing I'll soon tie my credit to the woman in the other room.



How will she ever forgive me?... STFU


you're getting hitched? talk about don't do it :p

Rausch
10-17-2006, 02:48 AM
you're getting hitched? talk about don't do it :p


Odds are I knocked her up at some point anyway.

I figure I'm saving money in the long run...

luv
10-17-2006, 02:49 AM
I've soiled myself a few times.

That normal?...
You're asking someone who's hardly ever dated, let alone gotten married. I have no clue what's normal.

Anyway, I've got "homework" to go work on. I'm only on page 36. I'll catch ya later.

Oh, and if she's the one that does the laundry, what do you care if you shit your drawers? :)

DenverChief
10-17-2006, 02:56 AM
You're asking someone who's hardly ever dated, let alone gotten married. I have no clue what's normal.

Anyway, I've got "homework" to go work on. I'm only on page 36. I'll catch ya later.

Oh, and if she's the one that does the laundry, what do you care if you shit your drawers? :)


"homework"
Ok Ladies - "MALE HOTTIES" thread (http://www.chiefsplanet.com/BB/showthread.php?t=39183)

ChiefFan31
10-17-2006, 02:56 AM
Amex Blue Cash (https://www124.americanexpress.com/cards/loyalty.do?page=bluecash&Card_name=BlueCash&link=CARD_SELECTOR) is hands down the best card out there right now. No annual fee and the best cash-back rates available. My wife and I both have one and use it instead of cash or checks everywhere, then pay the bill in full at the end of the month. Last year we got over $700 cash back. And Amex is a great company to deal with if you ever have a problem.

The other card I carry is a Capital One No Hassle Visa, only use it when I can't use my Amex card. Stay away from Citibank, MBNA, and Chase, they are the biggest scumbags on earth IMHO. If you have a credit union, thier MasterCard and Visas are usually pretty good as well.

DT

I stopped reading after this post. Listen to this poster. Good advice.

Since you have no credit, you *might* have to start with a secured card then you will get offers left and right in the mail. I would start with a local credit union first if possible.

AMEX is the most respected card out there. If you want to build up some credit, that would be the way to go.


Dont be a dumb**** like I was and go on a spending spree and make late payments. If you can be responsible about this, then make it happen, if you have doubts. Then dont do it.

SLAG
10-17-2006, 03:16 AM
how does buying a house affect your credit?

ChiefFan31
10-17-2006, 03:47 AM
how does buying a house affect your credit?

Your a rock star now. The bank will now front you for all the coke and whores you could possibly want :D



Really though, if you can get a home loan, your credit is good. Well at a decent interest rate of course.

Inspector
10-17-2006, 06:28 AM
You may have already received this advice about credit cards.

When you recieve them, use a regular paper shredder. It usually does a pretty good job on them and helps protect you from the difficulties that credit cards frequently bring - especially to younger folks.

Save and pay cash for everything. Or at least as much as possible.

That's probably not what you want to hear, but it is the advice I have given my kids and grandkids.

Good luck.

kepp
10-17-2006, 08:25 AM
I only have 3 credit cards..but I had incidents of fraud on 2 of them..citibank and chase..citibank called me right away..with chase I found out after some jerkoff put out a huge spending spree on my card.

go with citibank!!
Agreed...I've had a citibank card since my first year in college and have never had a problem. They are on top of the security issues.

joesomebody
10-17-2006, 10:56 AM
American Express is the way to go. That company has got to be the greatest to work with in the world.
As someone said though, if you have zero credit, you are probably going to have to go with Visa. Capital One is usually very good about a first credit card. Usually the max starts out at $500 and as long as you use it and pay the bills on time it will go up quick.

Keep in mind, your credit score takes negative hits for every time you apply for a credit card, so don't get TOO many. Also, if you haven't had the card very long it is a negative, and if you have the thing over 50% of your max it is a negative.

Ari Chi3fs
10-17-2006, 10:59 AM
in order to build the optimum credit score, you should carry 3 credit cards, with no more balance than 1/3 on any of them. If you get a balance over 1/3 then your credit score suffers, as they think you are overextended.

Id go with a Discover for sure... Also, get a card with a :KU: on it, they look really cool!

Amnorix
10-17-2006, 11:00 AM
Do a Discover and then a Visa/MC for a backup. Don't take anything with fees, let them get their % from the retailer (which they all do).

The key with credit cards is to pay them off at the end of every month. Every time. Don't let yourself start carrying balances, it will lead to ruin.

This is exactly what I do. To take it one step further -- use the Discover as your primary because you get various awards, including cash back as an option. This is better than the millions of frequent flyer points only usable on Tuesdays and Thursdays between 11:00 p.m. and midnight when flying to Nome, Alaska reward card....

Cash back is hard to argue with. Sure it's 1% of your purchases, max, if you do the cash option, but that's better than zero back, plus an annual fee...

Amnorix
10-17-2006, 11:01 AM
in order to build the optimum credit score, you should carry 3 credit cards, with no more balance than 1/3 on any of them. If you get a balance over 1/3 then your credit score suffers, as they think you are overextended.

Id go with a Discover for sure... Also, get a card with a :KU: on it, they look really cool!


NEVER CARRY A BALANCE.

Fug the credit score, NEVER carry a balance, and you will be fine. Start carrying balances, and you're on your way to financial ruin.

Amnorix
10-17-2006, 11:05 AM
If you suffer credit card fraud remember that federal law limits your exposure to $50, max.

NEVER BUY CREDIT CARD PROTECTION INSURANCE. It is the Biggest waste of money in the history of the world. If htere is a fraudulent charge, dispute it, and that's IT.

Your maximum exposure is $50. You are a fool if you spend money on insurance when federal law already caps your exposure.

http://www.ftc.gov/bcp/conline/pubs/alerts/lossalrt.htm

Ari Chi3fs
10-17-2006, 11:26 AM
NEVER CARRY A BALANCE.

Fug the credit score, NEVER carry a balance, and you will be fine. Start carrying balances, and you're on your way to financial ruin.

Yes! Ruin Indeed! Woo hoo... Yay for ruin!

greg63
10-17-2006, 11:52 AM
You may have already received this advice about credit cards.

When you recieve them, use a regular paper shredder. It usually does a pretty good job on them and helps protect you from the difficulties that credit cards frequently bring - especially to younger folks.

Save and pay cash for everything. Or at least as much as possible.

That's probably not what you want to hear, but it is the advice I have given my kids and grandkids.

Good luck.

And, sound advice it is. :)

I wished I would have listened to those around me giving me the exact same advice when I was younger.

Calcountry
10-17-2006, 12:16 PM
If you shop at Costco, an Amex card is a dangerous thing unless you have tons of self control.

Don't use credit, you rob merchants of anywhere between 1.7 and 3 percent of the gross sale. Why do you think that CC companies offer affinity programs that give you points, miles, dollars? They take it from the merchants. They probably use the other one percent for advertising, but the real profits are when you run a balance, then they get to charge you usury, they like that. That is why, even though you may feel broke, with a card balance, there will be no shortage of these thieves offering you more and more cards.

Get one Visa Card, one FREE Amex card(one that doesn't charge an annual fee), and that is it.

Always pay your balance off. If you ever can't pay it off, cut it up, when paid off there will be tons of new card offers in the mail, just open a new account carefully at that time.

PastorMikH
10-17-2006, 12:47 PM
I would recommend staying away from Plastic if at all possible. We did until our 3rd year of marriage. We got one, and we were going to be DISCIPLINED with it. 10 years later we were in a huge hole and between the cards and car payment, close to $400 a month was going out to interest alone (we do not own a house). It has been a tough climb to being free from the credit card dept (and we did not declare bankruptcy either). I won't get back into that hole again.


If you go the card route, go with one that has a low max and don't let them raise your max. Pay it off every month. In fact, I would suggest not even carrying it and only use it if you have cash in the bank to cover the expense. When you charge something, put that cash asside immediately so you will have it when the bill comes in.


Another way to help your credit is with loans. Save money so you can put down a larger downpayments when you borrow but make sure you have the money in your budget to make the payments without putting yourself in a bind.

Frosty
10-17-2006, 01:04 PM
I believe they were with FirstUSA Bank.

I would avoid FirstUSA like the plague. They played all sorts of games with us. They would hold our check until after the due date and then jack up our rates because of "late payment". There were one time that we had the check back from the bank before it was credited to our account. It seemed like we had to call every month to complain and get our rate back down. My understanding is that paying online isn't much better.

I will be forever grateful to FirstUSA and their, IMO, sleazy business practices as they motivated me to finally get all of our credit card debt paid off and to never, ever carry a balance again.

I believe they own MNBA, too, so I would expect the same from them.

way2kalm
10-17-2006, 01:19 PM
You may have already received this advice about credit cards.

When you recieve them, use a regular paper shredder. It usually does a pretty good job on them and helps protect you from the difficulties that credit cards frequently bring - especially to younger folks.

Save and pay cash for everything. Or at least as much as possible.

That's probably not what you want to hear, but it is the advice I have given my kids and grandkids.

Good luck.

That is the best advice you'll ever get on this thread. You don't NEED credit! If you want more sound advice visit:

http://www.daveramsey.com/shop/Books_C31.cfm

Buy a book and educate your self about money as much as you can.

Take it from someone who is digging his way OUT of debt. I hope to have a FICO score of ZERO one day, that is going to be my life time goal.

Brock
10-17-2006, 01:22 PM
Take it from someone who is digging his way OUT of debt. I hope to have a FICO score of ZERO one day, that is going to be my life time goal.

Absolutely. Nobody needs any credit beyond a mortgage. Financing cars or appliances or any of that kind of crap just means you're trying to buy something you don't have the means for.

Andoverer
10-18-2006, 01:44 PM
Absolutely. Nobody needs any credit beyond a mortgage. Financing cars or appliances or any of that kind of crap just means you're trying to buy something you don't have the means for.

I concur.

Here's your credit advice :http://www.daveramsey.com/etc/wheres_dave/?fuseaction=dspcontent&intContentId=5705

May 5th in Kansas City. Be there.

ck_IN
10-18-2006, 03:28 PM
I haven't read all the responses so I apologize if I repeat anyone. But why do you think you need credit? I had the impression that you were still in school. Is that right? If so you don't need to be given a loaded gun which is what a credit card is.

If you do want a credit history then save up for your next car. Wait as long as you can and buy a car that's as close to the amount you have saved. Go to a local bank, open an interest bearing account. Take out a loan for the car secured with the account you just opened. Make several months of payments and then use the account to pay the balance. You'll have a credit history with a local source.

KingPriest2
10-18-2006, 03:40 PM
Absolutely. Nobody needs any credit beyond a mortgage. Financing cars or appliances or any of that kind of crap just means you're trying to buy something you don't have the means for.


Not necceassarily true. Unfortunetly Insurance companies look at it. Employers look at credit history.