- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Credit Card Question
Posted on 8/13/08 at 5:11 am
Posted on 8/13/08 at 5:11 am
I just got my first credit card with capital one and the interest rate is ridiculous. 19.8%. The credit limit is real low ($300), and I was just wondering if credit companies lower their interest rates after issuing the card. I'm going to use this card and pay it off quickly to get some good credit to my name, but will I be stuck with this raping of an interest rate?
5
Posted on 8/13/08 at 7:12 am to Stoopid512
quote:That is extremely low. Almost defeats the purpose. Are you sure it's only $300?
The credit limit is real low ($300)
Just make sure you stick to your guns and pay it off every month. The CC companies are no dummies. They exploit our weak spots. Credit Cards are convenient. They are also poison for the undisciplined.
Posted on 8/13/08 at 7:52 am to Stoopid512
The card's interest rate will likely not change by itself. But you can always call the card company after a few months (say 6) of not missing payments and ask for it to be lowered.
The card company wants your interest rate and limit to be such that you will carry a hefty debt with as much interest as possible, but still be good for the money eventually.
The card company wants your interest rate and limit to be such that you will carry a hefty debt with as much interest as possible, but still be good for the money eventually.
Posted on 8/13/08 at 8:05 am to Stoopid512
Charge around $100/month, pay off the balance every month, after 6 months call and say you'd like to cancel the card. When they ask why, say the interest rate is too high. More than likely they'll cut it to keep you.
Posted on 8/13/08 at 8:09 am to TheLittleAristotle
quote:
after 6 months call and say you'd like to cancel the card. When they ask why, say the interest rate is too high. More than likely they'll cut it to keep you.
Sometimes this works, sometimes not. It depends on the card / company.
Doesn't hurt to try though.
Posted on 8/13/08 at 8:36 am to Ziggy
for your first credit card, your gonna have to deal with it, the thing is to show good pay history for a while then you will be able to ask for a higher limit and lower interest rate
Posted on 8/13/08 at 9:04 am to Penn
quote:
for your first credit card, your gonna have to deal with it, the thing is to show good pay history for a while then you will be able to ask for a higher limit and lower interest rate
I'm in a similar situation, although my interest rate isn't quite that high. How long does it take to establish some good credit by paying it off every month?
Posted on 8/13/08 at 9:13 am to Stoopid512
The two credit cards I carry don't charge any interest if you pay off the balance every month. Do some other cards charge interest even if you don't carry a balance?
Posted on 8/13/08 at 11:56 am to FredSecunda
quote:
I'm in a similar situation, although my interest rate isn't quite that high. How long does it take to establish some good credit by paying it off every month?
depends on your previous credit history, how many tradelines you already have, lets say you are established, 6 mths to a year, if not established credit used, 1 year at least
Posted on 8/13/08 at 12:21 pm to blueridgeTiger
quote:
The two credit cards I carry don't charge any interest if you pay off the balance every month.
Posted on 8/13/08 at 12:25 pm to Stoopid512
Just pay off the balance every month, and in a few months you'll be inundated with credit card offers. I'm amazed by how many my kids get, and they basically got their credit rating by me paying their credit cards since they are both in school.
Page 1 of 1
Back to top
Follow TigerDroppings for LSU Football News