When is a good time to get my own credit card? | TigerDroppings.com

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Lazy But Talented
LSU Fan
Baton Rouge/New Orleans
Member since Aug 2011
4189 posts

When is a good time to get my own credit card?


At what age should I sign up for a credit card and start building credit? I'm in college and work about 24 hours a week. I don't spend a lot on anything because my parents still pay for my necessities (tuition, car, rent, groceries, etc). When did most of you get your first credit card? Should I get one now?






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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
29702 posts
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re: When is a good time to get my own credit card?


There is nothing wrong with having a card and much in favor of it, provided you pay the balance in full every month.

If you are going to fall prey to the idea that you can finance your next vacation on your card and "pay it later", don't do it.






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TigerDeBaiter
LSU Fan
Member since Dec 2010
2508 posts

re: When is a good time to get my own credit card?


Immediately. But yeah, just put your normal purchases on it and pay it off every month.





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Daygo85
LSU Fan
Member since Aug 2008
2655 posts

re: When is a good time to get my own credit card?


Do not get a revolving credit card! It is absolutely not necessary. Get a debit card. If you don't have the money......don't buy it.

Yes one will need credit to buy a house. But having credit card debt is not necessary.






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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
29702 posts
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re: When is a good time to get my own credit card?


quote:

Do not get a revolving credit card! It is absolutely not necessary.


It isn't necessary but it absolutely helps and is an important first step.

If you can show over time that you are responsible with debt, then you can borrow at very reasonable rates when it is advantageous to do so. This is a game-changer. Bankers get rich by borrowing other people's money, after all. If you want to get a small business loan one day you'd better actually have a record of some sort.

If you are not responsible with debt, then stay the hell away from it.






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LSU6262
LSU Fan
Member since Jun 2008
2296 posts
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re: When is a good time to get my own credit card?


quote:

Do not get a revolving credit card! It is absolutely not necessary.


I completely disagree with this. But, I know how to manage my money and pay off my credit every month






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eng08
LSU Fan
Member since Jan 2013
1544 posts
 Online 

re: When is a good time to get my own credit card?


Get one while you are in school still and they will give you one easily.

I Didnt want one bc I just Didnt need one. Once I got out of school and was working a good job, I couldn't get it...

Wasn't that I had bad credit, just not enough credit. I paid bills, loans, worked etc all through school too.






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TigerDeBaiter
LSU Fan
Member since Dec 2010
2508 posts

re: When is a good time to get my own credit card?


quote:

Do not get a revolving credit card! It is absolutely not necessary. Get a debit card. If you don't have the money......don't buy it.


There's absolutely no logic to this. I don't think the OP was asking if he should get a CC to go buy a bunch of stuff he couldn't otherwise afford.

Length of credit history is a big deal when applying for any type of loan. You have to start somewhere. And a CC is the most logical place.






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Fat Bastard
New Orleans Saints Fan
Paradise
Member since Mar 2009
15628 posts

re: When is a good time to get my own credit card?


Got mine from The Central bank of Iraq you should follow suit. good luck!





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GenesChin
Ole Miss Fan
The Promise Land
Member since Feb 2012
10656 posts

re: When is a good time to get my own credit card?


What cards would I qualify for as a college student with no history?





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ZereauxSum
LSU Fan
Lot 23E
Member since Nov 2008
8035 posts

re: When is a good time to get my own credit card?


quote:

What cards would I qualify for as a college student with no history?


I don't know if this is true anymore, but when I was in school (early 2000s) you couldn't walk for more than 2 minutes without running across a poster, flyer or some guy with a table set up doing credit card applications.

If you haven't run across any then just google credit cards for students. You won't get great terms but like others have said, rates don't matter. Your goal here is to pay off the card every single month ( If you can't pay for it, don't charge it). The name of the game is to establish credit history.



This post was edited on 4/1 at 10:22 am


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Siderophore
LSU Fan
Member since Nov 2010
3334 posts

re: When is a good time to get my own credit card?


ASAP, if you are responsible with it.

You need years of credit history for bigger purchases or even the nicer CCs.







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Lazy But Talented
LSU Fan
Baton Rouge/New Orleans
Member since Aug 2011
4189 posts

re: When is a good time to get my own credit card?


I wouldn't be using it on much. I just thought just doing a few small purchases on it and paying it each month helps in the long run? I'd still continue to use my debit card for nearly everything.





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Siderophore
LSU Fan
Member since Nov 2010
3334 posts

re: When is a good time to get my own credit card?


TBH, if you have the financial discipline, you might be better off using your CC as your primary due to the nice rewards many CCs have.

Just don't fall into the trap of working from the question of if you can afford the mini payment rather than the whole bill.






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Dead Mike
LSU Fan
Cell Block 4
Member since Mar 2010
1761 posts

re: When is a good time to get my own credit card?


Get a rewards credit card now as a student with a lower limit, and get used to paying your balance off in full each month. Eventually you'll qualify for a limit increase. Once I got a limit increase, my next card with a different issuer had the same new credit line.





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eelsuee
LSU Fan
2B+!2B
Member since Oct 2004
3958 posts

re: When is a good time to get my own credit card?


I agree with most of the advice so far. Get one ASAP if you are smart/responsible enough to not run up debt. I would recommend starting with a simple rule, gas purchases only. This gives you some purchases every month and makes it much harder to justify throwing a few extra things in the buggy when you are shopping. Paying at the pump is also more convenient than paying inside. Having a credit card as opposed to a gas card also gives you the extra benefit of having it in an emergency.

You are better of never having a credit card in your life if you won't be responsible with it though.






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Brettesaurus Rex
New Orleans Saints Fan
Baton Rouge
Member since Dec 2009
21991 posts
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re: When is a good time to get my own credit card?


Just some advice as a first time house buyer a year our of college. Get a CC as soon as you can or as soon as your parents feel responsible enough to give it to you. Building credit is one of the most important things you can do for yourself. By establishing a credit history years before big purchases, it will allow them to trust you with say a car loan or even moreso a house loan. If they can't trust that and see that you've never had any kind of debt or credit to your name, then theres no way you're getting approved.

Basically, you're setting yourself back years when it comes time to buy your first car or house if you dont build credit with something like a CC.






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AstroTiger
LSU Fan
Boxtard Commissioner
Member since Oct 2007
21158 posts

re: When is a good time to get my own credit card?


quote:

Just some advice as a first time house buyer a year our of college. Get a CC as soon as you can or as soon as your parents feel responsible enough to give it to you. Building credit is one of the most important things you can do for yourself. By establishing a credit history years before big purchases, it will allow them to trust you with say a car loan or even moreso a house loan



I agree with this. I had a credit card starting at 15. Used it mostly when I started driving for gas and whatever else. Always paid in full within a few days of the purchse. Of course as I got older and got jobs, I used it more and more. Never built up a balance or missed a payment. By the time I was 25, my credit score was 780, which is good enough to get you approved for just about anything.






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GeauxColonels
Nicholls St. Fan
Tottenham Hotspur Fan
Member since Oct 2009
15696 posts

re: When is a good time to get my own credit card?


quote:

What cards would I qualify for as a college student with no history?

I know Capital One has a card specifically aimed at college students. I'm sure other lenders (Chase, Citi, etc.) have the same thing.






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