Credit Cards

[Furious]

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]

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

[dark_drake]

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]

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]

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]

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]

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

[MyndFyre]

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]

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]

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]

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

[Warrior]

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

[CrAz3D]

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

[MyndFyre]

...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]

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.