Applying for a credit card..

bobman1235

POLKOHOLIC wrote:

I did not acknowledge that but yea thanks for the advice. I'll remember that when I max out my card like an idiot and forget to pay at the end of the month. Oh and yea, most of this reply was sarcasm.

Dude, you're being awfully hostile to people offering the advice you asked for. I think we should all tell you to go fu** yourself and your credit card, honestly. You talk like someone who couldn't handle credit or anything else, considering you can't even handle a civil conversation with people offering help.

Chances are you won't get an AMEX, they're one of the more discerning credit card companies. You're not going to get a freakin' gold card either, so don't try. Do a google search for college credit cards, or "credit-builder" cards. My first one I got when I was in college and it was through MBNA.

TroyD

POLKOHOLIC wrote:

I did not acknowledge that but yea thanks for the advice. I'll remember that when I max out my card like an idiot and forget to pay at the end of the month. Oh and yea, most of this reply was sarcasm.

Like the man said, then don't friggin' ask. When I get kids fresh out of basic training and I give them this speech, you know how many nod thier heads and promise to only use credit cards in emergencies and pay off the bill every month? ALL of them. You know how many go out and use it like free money and wind up financially burdened? MANY of them.


BDT

nadams

My first card was a Capital One card. They started me with a $250 limit. Then I went out and got a Providian card... they started me with something like $650, which I immediately maxxed out and have not yet been able to pay off. When Capital One bumped my limit to $750, that one got maxxed out, too.

It wasn't that I didn't have intentions of paying it back... it was more that, for instance, I bought my new digital camera, then found out that my truck needed new tires. Paid for the camera with my card beforehand, then didn't have room to put the tires on it, so I had to pay cash. This left me with nothing in the checking acct to pay for the camera with.

But, crap happens, you know? I now have a total of 4 lines of credit, including my car loan, and there's balance on all of them. I got a debit card from my bank that can be used as a Visa, so I use that now instead of credit, and am working at paying my balances off, slowly but surely.

Maurice

I you only want to build credit, go get a gas card. They are easy to get and you wont be able to by new gear on it.:p But be careful, once you start using credit cards the wrong way, you will be years getting back to ground zero, if ever. BE WARNED, credit card companies are not your friends. If you mess up, the will f*ck you everyway but Sunday.

cfrizz

AMEN BOB!

We are trying to give you valuable information most of which was learned the hard way. But since you are a KNOW IT ALL KID you will just have to learn for yourself.

So good luck getting your card. (hopefully your parents WON'T co-sign for one) Just don't come back on here whining about how in debt you are when you blow yourself out of the water!:rolleyes:

bobman1235 wrote:

Dude, you're being awfully hostile to people offering the advice you asked for. I think we should all tell you to go fu** yourself and your credit card, honestly. You talk like someone who couldn't handle credit or anything else, considering you can't even handle a civil conversation with people offering help.

Chances are you won't get an AMEX, they're one of the more discerning credit card companies. You're not going to get a freakin' gold card either, so don't try. Do a google search for college credit cards, or "credit-builder" cards. My first one I got when I was in college and it was through MBNA.

Dennis Gardner

Capital One just had a recent story hit the news about how a customer had a $300 limit and once he hit the limit and didn't pay, they hit him with a $45/mth over the limit fee and $45/mth late fee, then issued him another $300 card. This happened 3 times with 3 cards within a year and he now owes over $4000 to them and only charged $900 worth of goods.

All in only a year!!!!!!

maingey

Well, if he ain't listening, I am. I've done a bunch with cc and am still figuring it out. I just got married 3 months ago, and my wife and I looked into hers a bit because we're hoping to buy a home in another year or so. But hers is interesting because she just got out of grad school, but has had most support between me and her mother. No credit cards, but she has a car in her name and is a sub on our apt lease. Her credit score is higher than mine, but she gets no credit offers at all. The advice given here is interesting, and reopened conversation about it. Thanks Guys.
J

ohskigod

shack wrote:

Lou, I have been lending money for 28 years and that is just about the worst advice you could possibly give a young person. .

oh come now, I can think of some worse advice


1) bang crack whores, and forget the whole "condom" thing. they're for the sailors.
2) Its perfectly OK to poor gasoline on an open flame.
3) If someone attacks you with a knife, dont worry.....knives just tickle
4) If something feels good, then it just HAS to be right.




but seriously, when someone said, pay it off every month, I got a pic in my head of him buying a pack of gum, then paying the bill. as you said, showing a balance (again, no where near the limit) helps the score. I see your point if you constantly use the card, it will allways show a balance. I would say even if you pay it every month, still be careful not to have to total amount on the card be too high, because if someone looks at the bureau while the balance is high, wether you pay it off that month or not, that snapshot of a high balance might screw with your debt to income ratio and acually hurt your score.

I think Polkmaniac punched out of this thread anyway, shame too, because the 4 above points were some DAMN good advise

POLKOHOLIC

I apologize if I seemed a bit hostile in my previous posts.

My parents did offer to co-sign for me but I told them no. I might go to my local chase branch tomorrow and talk to one of the personal bankers there about what card I could apply for. I know Chase has some student credit cards and those might just do the trick. Another option that Im considering is to get a macys card for a few months and apply for a real card in the spring.

I understand that the credit card companies are out to get you in debt and I completely agree. Right now I have a check card which I use to purchase everything from groceries to gas. My "plan" is to quit using that card and put everything on a credit card instead. At the end of the month, I will just use the funds from my checking account to pay off the credit card - this way I will be building credit and have the convenience of a credit card.

I already had a discussion about being in debt from my father who has countless credit cards - and he said much of the same - the companies are out to get you. Im 100% certain that the credit card companies will not screw me over and that it will be me doing the ****.

Thanks for the help guys and I will also look into capital one.

Mike682

Grab an easy card from Visa or Mastercard; Others have posted links to these cards. Charge a few smaller items and pay the balance off within the month. My advice is do not keep a balance on the card in the beginning. In other words, do not charge more than you can pay off in the next cycle. Credit card balances can grow very fast and you don't want to be in over your head by just paying the minimum every month.

As for credit reports, it's mostly about your fico score and your history. Even if you have a high score, a creditor will still look at your history. I've seen folks with high ficos and only have 6-8 months of open accounts. Creditors look to see what balances you have on your open accounts, recent charges, your payment history, when you opened the acct, total available credit, etc. They will also look at your income and total debt to calculate your debt to income ratio.

So it's best to start a little at a time: one card and pay it off every month. Don't forget you will need to buy a car in the future, etc.

Grow your credit profile the right way and you will be ok. Hope this helps

Mike