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When is a good time to get my own credit card?
Posted on 3/31/13 at 8:43 pm
Posted on 3/31/13 at 8:43 pm
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?
7
Posted on 3/31/13 at 8:52 pm to Lazy But Talented
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.
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.
Posted on 3/31/13 at 9:14 pm to Lazy But Talented
Immediately. But yeah, just put your normal purchases on it and pay it off every month.
Posted on 3/31/13 at 9:37 pm to Lazy But Talented
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.
Yes one will need credit to buy a house. But having credit card debt is not necessary.
Posted on 3/31/13 at 9:55 pm to Daygo85
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.
Posted on 3/31/13 at 9:57 pm to Daygo85
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
Posted on 3/31/13 at 10:55 pm to LSU6262
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.
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.
Posted on 4/1/13 at 12:45 am to Daygo85
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.
Posted on 4/1/13 at 8:20 am to Lazy But Talented
Got mine from The Central bank of Iraq you should follow suit. good luck!
Posted on 4/1/13 at 10:07 am to Fat Bastard
What cards would I qualify for as a college student with no history?
Posted on 4/1/13 at 10:20 am to GenesChin
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 4/1/13 at 10:22 am
Posted on 4/1/13 at 10:43 am to Lazy But Talented
ASAP, if you are responsible with it.
You need years of credit history for bigger purchases or even the nicer CCs.
You need years of credit history for bigger purchases or even the nicer CCs.
Posted on 4/1/13 at 11:15 am to Siderophore
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.
Posted on 4/1/13 at 11:23 am to Lazy But Talented
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.
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.
Posted on 4/1/13 at 2:00 pm to Siderophore
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.
Posted on 4/1/13 at 2:14 pm to Lazy But Talented
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.
You are better of never having a credit card in your life if you won't be responsible with it though.
Posted on 4/1/13 at 11:45 pm to Lazy But Talented
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.
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.
Posted on 4/2/13 at 1:32 pm to Brettesaurus Rex
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.
Posted on 4/2/13 at 2:55 pm to GenesChin
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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