Author Topic: Credit Cards (Read 8131 times)

Furious · « **on:** June 20, 2006, 10:08:32 pm »

I applied for one today, not really expecting to get it approved but it did! I got approved for $3,000! My credit score is mid 700's and rated at "Good" due to the loan I'm paying off for my car.

iago · « **Reply #1 on:** June 20, 2006, 11:20:04 pm »

I guess there's one thing to say: BE CAREFUL! Don't get yourself into horrible debt

dark_drake · « **Reply #2 on:** June 20, 2006, 11:26:17 pm »

My brother has a credit card for the sole purpose of building his credit score. He doesn't use it often, but enough so he can start building up his credit score.

As long as you use it responsibly, you should be fine. Just don't spend too much of that money you don't have.

MyndFyre · « **Reply #3 on:** June 20, 2006, 11:31:10 pm »

Quote from: dark_drake on June 20, 2006, 11:26:17 pm

My brother has a credit card for the sole purpose of building his credit score. He doesn't use it often, but enough so he can start building up his credit score.

As long as you use it responsibly, you should be fine. Just don't spend too much of that money you don't have.

A good way to do this would be, for instance, to auto-pay $50 or something and then charge up to $50 in gas every month. That way you're never missing a payment, and it's a solid way to build your score.

Joe · « **Reply #4 on:** June 20, 2006, 11:33:41 pm »

And another nice tip: If you pay your balance is zero at the beginning of the month cycle, and you pay off everything you charged on it during that cycle, you don't get any intrest.

Sidoh · « **Reply #5 on:** June 21, 2006, 02:42:31 am »

Quote from: Joe on June 20, 2006, 11:33:41 pm

And another nice tip: If you pay your balance is zero at the beginning of the month cycle, and you pay off everything you charged on it during that cycle, you don't get any intrest.

I think everyone knows that? :O

Joe · « **Reply #6 on:** June 21, 2006, 04:41:19 am »

I didn't know that until I took Econ. Of course, I failed Econ, but oh well.

MyndFyre · « **Reply #7 on:** June 21, 2006, 04:46:21 am »

Quote from: Joe on June 21, 2006, 04:41:19 am

I didn't know that until I took Econ. Of course, I failed Econ, but oh well.

The thing is, your cardmember agreement tells you that. It rarely tells you things about how they interact with the credit bureau.

rabbit · « **Reply #8 on:** June 21, 2006, 08:21:17 am »

Quote from: Furious on June 20, 2006, 10:08:32 pm

I applied for one today, not really expecting to get it approved but it did! I got approved for $3,000! My credit score is mid 700's and rated at "Good" due to the loan I'm paying off for my car.

Buy cheap things and pay right away for a while. Like Myndy said, auto $50/gas is a good way to go, but also stuff like a few shirts or pants every now and then. Remember not to limit yourself to auto-pay only.

iago · « **Reply #9 on:** June 21, 2006, 09:23:25 am »

Quote from: rabbit on June 21, 2006, 08:21:17 am

Remember not to limit yourself to auto-pay only.

Why? What's the harm in being careful? If he wants nice stuff, he can just as easily buy it in cash. If he can't afford to buy it in cash, then he ought not to be putting it on his credit card.

rabbit · « **Reply #10 on:** June 21, 2006, 09:46:29 am »

I'm saying buy some stuff but pay it uh...manually?

Warrior · « **Reply #11 on:** June 21, 2006, 10:19:34 am »

FORGET THEM MAX THE BITCH OUT. SEND ME SOME MONEY WHILE UR AT IT.

CrAz3D · « **Reply #12 on:** June 21, 2006, 12:50:42 pm »

...outta curiosity, would my debit/credit card still build credit for me?

MyndFyre · « **Reply #13 on:** June 21, 2006, 01:07:43 pm »

Quote from: CrAz3D on June 21, 2006, 12:50:42 pm

...outta curiosity, would my debit/credit card still build credit for me?

A debit card does not intrinsically build credit for you (for example, by purchasing a pre-paid Visa card). Having a checking account does, though, and it can also negatively affect your credit (for example, if you become overdrawn without overdraw protection). Even if the debit card has the Visa logo on it, it's not actually a credit card.

rabbit · « **Reply #14 on:** June 21, 2006, 01:33:42 pm »

I have a Visa debit/check card with Wachovia. All you have to do is basically get it, put in $20, and never spend with it, and check it every month or so (they have fees or something), and you'll get a good enough rating.

Furious · « **Reply #15 on:** June 21, 2006, 01:34:38 pm »

Quote from: MyndFyre[x86] on June 21, 2006, 01:07:43 pm

Quote from: CrAz3D on June 21, 2006, 12:50:42 pm
...outta curiosity, would my debit/credit card still build credit for me?

A debit card does not intrinsically build credit for you (for example, by purchasing a pre-paid Visa card). Having a checking account does, though, and it can also negatively affect your credit (for example, if you become overdrawn without overdraw protection). Even if the debit card has the Visa logo on it, it's not actually a credit card.

My checking account has had no effect on my credit at all, the only reason I have good credit is because of my loan. And like you were saying, the Visa Check Card ( which I also have, in addition to my actual debit card ) doesn't build credit either.

Furious · « **Reply #16 on:** June 21, 2006, 01:35:42 pm »

Quote from: rabbit on June 21, 2006, 01:33:42 pm

I have a Visa debit/check card with Wachovia. All you have to do is basically get it, put in $20, and never spend with it, and check it every month or so (they have fees or something), and you'll get a good enough rating.

Wachovia sucks, I have my banking through Navy Federal, and AFAIK check cards / debit cards have no impact on your credit history, period.

CrAz3D · « **Reply #17 on:** June 21, 2006, 01:36:23 pm »

Maybe I'll get a rewards card & end up with alot of random crap.

I buy ALOT of stuff on my debit card, if I bought it all on a credit card & just paid it off (by the end of the month) with my debit card that should be building some good credit.

rabbit · « **Reply #18 on:** June 21, 2006, 01:37:35 pm »

Debit/check cards are a different breed of Visa. It's weird. Mine does build my credit, though. And I like Wachovia, they have waived $130 in overdraft fees from me so far ($37 for a 10 cent overdraft, rediculous), but that might just be because the guy who handles that likes me

Anyway, debit cards do affect credit ratings.

Furious · « **Reply #19 on:** June 21, 2006, 02:03:37 pm »

Quote from: rabbit on June 21, 2006, 01:37:35 pm

Debit/check cards are a different breed of Visa. It's weird. Mine does build my credit, though. And I like Wachovia, they have waived $130 in overdraft fees from me so far ($37 for a 10 cent overdraft, rediculous), but that might just be because the guy who handles that likes me

Anyway, debit cards do affect credit ratings.

Bullshit. Show me a credit report showing your debit card affecting it. Oh, and on a side note, NFCU only charges $20 per overdrawl.

MyndFyre · « **Reply #20 on:** June 21, 2006, 02:10:40 pm »

Quote from: rabbit on June 21, 2006, 01:37:35 pm

Debit/check cards are a different breed of Visa. It's weird. Mine does build my credit, though. And I like Wachovia, they have waived $130 in overdraft fees from me so far ($37 for a 10 cent overdraft, rediculous), but that might just be because the guy who handles that likes me

Anyway, debit cards do affect credit ratings.

It affected your credit because you were overdrawn. Doing that to a checking account affects your credit. That's why you can't get one without a cosigner until you're an adult.

Quote from: Furious on June 21, 2006, 01:34:38 pm

My checking account has had no effect on my credit at all, the only reason I have good credit is because of my loan. And like you were saying, the Visa Check Card ( which I also have, in addition to my actual debit card ) doesn't build credit either.

If you go to your bank and tell them you want to apply for a loan, and then ask them if they can report your checking account history to the credit bureau, it will have a modest, positive affect for your credit. A checking account isn't that special, but I guarantee you, it affects your credit in the long term.

By the way, it might not have affected yours too terribly much because you're only 19.

Furious · « **Reply #21 on:** June 21, 2006, 03:07:37 pm »

Quote from: MyndFyre[x86] on June 21, 2006, 02:10:40 pm

Quote from: rabbit on June 21, 2006, 01:37:35 pm
Debit/check cards are a different breed of Visa. It's weird. Mine does build my credit, though. And I like Wachovia, they have waived $130 in overdraft fees from me so far ($37 for a 10 cent overdraft, rediculous), but that might just be because the guy who handles that likes me

Anyway, debit cards do affect credit ratings.
It affected your credit because you were overdrawn. Doing that to a checking account affects your credit. That's why you can't get one without a cosigner until you're an adult.

Quote from: Furious on June 21, 2006, 01:34:38 pm
My checking account has had no effect on my credit at all, the only reason I have good credit is because of my loan. And like you were saying, the Visa Check Card ( which I also have, in addition to my actual debit card ) doesn't build credit either.
If you go to your bank and tell them you want to apply for a loan, and then ask them if they can report your checking account history to the credit bureau, it will have a modest, positive affect for your credit. A checking account isn't that special, but I guarantee you, it affects your credit in the long term.

By the way, it might not have affected yours too terribly much because you're only 19.

And after checking my credit report, again, it still shows nothing for the debit card I've had for 3 years now, and nothing for the account I've had with them for 5 years. It only shows my NFCU loan, and gives explanations about different things.

truste1 · « **Reply #22 on:** June 21, 2006, 09:29:20 pm »

I have a Capital One Platinum Card. I want a Citgo card because I'm forever not having money for gas.

rabbit · « **Reply #23 on:** June 21, 2006, 11:31:08 pm »

wtftrust. When did you get here?

MyndFyre · « **Reply #24 on:** June 21, 2006, 11:39:06 pm »

For whatever reason trust has 2 names.

trust · « **Reply #25 on:** June 22, 2006, 10:13:30 am »

Yeah I logged into that name by accident. I had two from back when I was banned from coming here.

Furious · « **Reply #26 on:** June 22, 2006, 02:19:13 pm »

Quote from: OG Trust on June 22, 2006, 10:13:30 am

Yeah I logged into that name by accident. I had two from back when I was banned from coming here.

LOL!

deadly7 · « **Reply #27 on:** June 22, 2006, 06:24:24 pm »

Quote from: OG Trust on June 22, 2006, 10:13:30 am

Yeah I logged into that name by accident. I had two from back when I was banned from coming here.

You can thank me for that.

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Author Topic: Credit Cards (Read 8131 times)

trust