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re: Thinking about getting a credit card for the first time
Posted on 5/12/22 at 5:11 pm to Warfarer
Posted on 5/12/22 at 5:11 pm to Warfarer
quote:
He is correct. Utilization on a credit report is pulled at random.
It's not exactly random. It's pulled 21 days before your statement date. So if you can have a 0 balance 21 days before your statement you will report a 0% utilization.
Mines always like 1 or 2, I just don't worry about it that much.
This post was edited on 5/12/22 at 5:13 pm
0
Posted on 5/12/22 at 5:20 pm to joshnorris14
quote:
It absolutely is true. If you pay it off before your statement ends, you'll have a $0 Balance. If you fail to pay it off before your statement ends, you'll report a utilization of whatever the balance divided by the limit is
Not true. I have never paid my bill late and always pay in full every month. If I have a big trip or purchase I’ve seen my utilization go up and my score drop a few points until it readjust.
Posted on 5/12/22 at 5:29 pm to sec13rowBBseat28
quote:
My wife and I use our American Express cards for everything
I’m all about some Delta Sky Miles from Amex. We put pretty much everything on it for the miles. Sky Club, 2 free tickets a year, always priority plus, 9 out of the last 10 flights I’ve been on were 1st class (and the other was comfort plus), I’m a big fan. Lot of benefits to a good reward card if you’re disciplined enough to pay it off monthly.
Posted on 5/12/22 at 5:53 pm to Pisco
I went with Discover. They have a rewards/cash back program. No annual fee, 0% intro APR 15 months. My Dad has Discover and he likes it.
I’ll be paying close attention to it. Won’t get over my head
I’ll be paying close attention to it. Won’t get over my head
Posted on 5/12/22 at 6:00 pm to Pisco
As most have mentioned credit cards are fantastic if you have the money and pay it monthly. I pay mine like 3 times a month because I’m weird and like to see it at zero, but I wouldn’t recommend it as a “short on money at times” vehicle. That available balance will quickly decline, you’ll max it, and you’ll be eating some absurd interest charges and end up worse off than before. But…. You’ll have a fricking blast up until that point… worth itttttt?
Posted on 5/12/22 at 6:01 pm to Pisco
What a shitty thread title
Posted on 5/12/22 at 6:10 pm to Salamander_Wilson
I had a $19 interest charge sneak through a few years ago that still haunts me. I’ll go poo away thousands on retarded stuff like gambling, but that $19 will bother me till the end of my days no matter how much in rewards I redeem. They won, I lost, I’m pissed.
Posted on 5/12/22 at 6:13 pm to Pisco
If your credit is outstanding you don't need one.
Posted on 5/12/22 at 6:15 pm to Pisco
The best way to manage a card if you have to pay attention to your expenses is to deduct each charge amount from your checkbook as if it was a check. And always pay off your card in full.
Posted on 5/12/22 at 6:56 pm to Pisco
Don’t get one unless you absolutely need it
Posted on 5/12/22 at 7:56 pm to yellowfin
I struggled to justify the renewal but Amex gave me a $200 statement credit so I acquiesced.
Posted on 5/12/22 at 8:04 pm to Pisco
All of these baws are sending you towards the rewards cards, but those really only make sense if you have a desire to play the game—and you don’t come across as someone who does that. If you really just want it for emergencies, I’d probably open one with a credit union. Low frills for sure, but also lower interest.
Posted on 5/12/22 at 8:43 pm to Pisco
you should never "swipe" a debit card 
Posted on 5/12/22 at 9:14 pm to Pisco
Get a “no annual fee” card and pay the entire balance off EVERY month by the due date. If you can’t do that, a credit card will sink you.
Posted on 5/12/22 at 9:30 pm to Indefatigable
100%
It’s a great deal if you are disciplined enough to pay them off EVERY month. I haven’t paid for a hotel room in 15 years because of CC rewards.
It’s a great deal if you are disciplined enough to pay them off EVERY month. I haven’t paid for a hotel room in 15 years because of CC rewards.
Posted on 5/12/22 at 9:38 pm to armsdealer
quote:
I mainly want my bank information as secure as possible.
This is why I went solely to credit. I had someone get access to my bank account one time when I was 25 and that was it. From that point on, I used my credit card like a debit card. It gives another layer of protection against fraud. On top of that, requesting credit line increases and taking out reward cards it’s impossible to beat what you get with spending on credit - as long as you pay it off EVERY month.
Posted on 5/12/22 at 9:49 pm to Pisco
quote:
Just something I can use if I’m short on money at times.
Maybe you should use the credit card.
Posted on 5/12/22 at 9:58 pm to KingGator81
quote:
This is why I went solely to credit. I had someone get access to my bank account one time when I was 25 and that was it. From that point on, I used my credit card like a debit card. It gives another layer of protection against fraud.
I just looked and the last charge on my debit card to an outside entity was renewing my PTIN January of 2021 because they don't take credit cards.
Posted on 5/12/22 at 10:17 pm to ChickennBiscuits
quote:
All of these baws are sending you towards the rewards cards, but those really only make sense if you have a desire to play the game—and you don’t come across as someone who does that. If you really just want it for emergencies, I’d probably open one with a credit union. Low frills for sure, but also lower interest.
No. If you don’t want to “play the game” you should get the citi double cash with automatic 2% back on everything. There’s nothing to think about, you just get money every month.
Unless you are completely irresponsible, there is no reason to ever use a debit card instead of a credit card outside of additional processing charges. They are safer, you get something back for using them, and they improve your credit score.
This post was edited on 5/12/22 at 10:19 pm
Posted on 5/12/22 at 10:22 pm to LSUFanHouston
quote:
Build up your savings. We have credit cards, but there are only a few times we use them:
Unless there is a cash discount, you should use your rewards credit card as much as possible.
If you’ll never miss a payment, you would be stupid to use cash over credit card for any transaction.
I’m on vacation number three this year. The first two vacation flights were paid for by points via my credit card. The one I’m on included companion fare, so almost a two for one.
This post was edited on 5/12/22 at 10:23 pm
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