00_XJ Posted June 30, 2009 Report Share Posted June 30, 2009 So I'm 18 and about to start college in the Fall and realized I should probably start establishing my credit. I work 30 hours a week and already have a debit card so I figured the best way to start is to get a credit card and basically use it for gas and food, etc like I do with my debit card then pay it off every month. I know I'm responsible enough to have one, I know I won't ever use it to buy something I don't have the cash for and I know I'll make the payments in full every month. What are some things I should look for when applying for a credit card? I know low interest rates and low yearly fees, but I don't know what "low" is when it comes to credit cards. I know it's easy to screw up your credit by not researching first so I need some tips and some good cards to look at. Quote 2000 Jeep Cherokee -DC Audio -Memphis -Audioque -SecondSkin -Pioneer -KnuKonceptz Link to comment Share on other sites More sharing options...
Applejack Posted June 30, 2009 Report Share Posted June 30, 2009 if i were you id start out with just a 250-500 dollar credit line, probably the only one you'll be able to get anyways, just use it cautiously. Quote Midwest Car Audio is on facebook! http://www.facebook.com/pages/Midwest-Car-Audio-Association/101253286585630 Link to comment Share on other sites More sharing options...
CaptainzPlanetz Posted June 30, 2009 Report Share Posted June 30, 2009 So I'm 18 and about to start college in the Fall and realized I should probably start establishing my credit. I work 30 hours a week and already have a debit card so I figured the best way to start is to get a credit card and basically use it for gas and food, etc like I do with my debit card then pay it off every month.I know I'm responsible enough to have one, I know I won't ever use it to buy something I don't have the cash for and I know I'll make the payments in full every month. What are some things I should look for when applying for a credit card? I know low interest rates and low yearly fees, but I don't know what "low" is when it comes to credit cards. I know it's easy to screw up your credit by not researching first so I need some tips and some good cards to look at. I dont know how your debit card is, but with mine I can use it as credit or debit, the only difference between the two, is by using the debit, it charges the account immediatly, but while using it as a credit card it just takes the culmination of the charges and takes the money from your account monthly, so as long as you have the funds in the bank at the end of the month to cover the charges, you can use your card as a credit card to build your credit, but like I said I dont know if you can do that in your situation. Quote ¿ǝɯɐƃ ǝɥʇ Trolls never learn............ All BS aside, If I see one more comment in here that is NOT about the pre-sale, I will start the vacations. And that includes the trolls feeding the trolls. YOU THE ONE THAT SOUND LIKE A OGER AND HUMPBACK/TROLLS? Add "SMDLIFER" on Xbox LIVE to play with other SMD members. Link to comment Share on other sites More sharing options...
RamenNoodles Posted June 30, 2009 Report Share Posted June 30, 2009 I dont know how your debit card is, but with mine I can use it as credit or debit, the only difference between the two, is by using the debit, it charges the account immediatly, but while using it as a credit card it just takes the culmination of the charges and takes the money from your account monthly, so as long as you have the funds in the bank at the end of the month to cover the charges, you can use your card as a credit card to build your credit, but like I said I dont know if you can do that in your situation. YOu still dont gain "credit" that way. Sign up for a Capital One credit card with like a $250 limit, and buy gas once a month. Pay it off as soon as you get the statement and dont be late. Dont use more then half of your allotted balance either. so dont spend more then $125. Quote Diablo Audio Technologies Fi Car Audio Ascendant Audio Link to comment Share on other sites More sharing options...
jizzybizzy Posted June 30, 2009 Report Share Posted June 30, 2009 your safest bet is to get a credit card through your bank. i have a debit and a credit card (im 19) from chase and it if you're going to use it just for gas and food you dont really need to worry about a low interest rate. you only need to really worry about it is if you're planning on purchasing sometihng you cant exactly afford with cash. say a larger system, new rims, car breaks down, etc. then thats where you need to start to worry. my credit limit on my first credit card was $500 .. then i got a different one ( i switched banks and wanted to keep my bills all in one spot) and they gave me a $7500 limit. ... just be carefull..i always thought i would just use mine for gas and food and i got suckered in to the nice shit trend. i spoiled myself and bought shit i couldnt afford and now paying off my credit card bill is where all my cash is going...... Quote you ain't been bizzy til you've been wit jizzy. Vehicle:: 2005 Saturn Ion Headunit:: Jensen 9312HD Speakers:: RE SE Coaxials Subwoofer(s):: (2) 15" RE SEs Amplifier(s):: Audiopipe AP1500.1D Audiopipe AP1504 Enclosure:: Sealed Wire: KNU KONCEPTZ 1/0 Battery:: Kinetik HC600 Link to comment Share on other sites More sharing options...
davewms9605 Posted June 30, 2009 Report Share Posted June 30, 2009 Its good to see young men and women try to learn good things in life rather then spend their time on video games!! Wish I was looking for the same questions you are when i was your age. Well, if you must get one now, try to get a credit card with low interest fees and rates, try to keep your balance low and dont live off just paying the minimum payment because you can really get in over your head and you could ruin your credit early!! And dont get too involved in having more than one credit card. Take baby steps. Try talking to your bank on these things and compare with other banks fees and rates and you should come up with something to your liking, but remember, just because you might get approved for a $5000 credit limit doesnt mean you should get it!!!! Keep it to a minimum!!! Quote Current Setup: Sony CDX-7401UI 2- 12" Alpine TypeR DVC2ohm Subs Custom ported box 4-American Bass 6.5in SQ-6B Mids 4-Pioneer TS-T15 Tweeters 2-Crunch P1500.1 Mono Amps 2-runs 1/0 GA KnuKonceptz KnuKonceptz RCA's 1-Stinger SPV44 Battery Coming soon: 250 Amp Alt Custom Door Panels Second Skin Sound Deadner All in my 1986 Monte Carlo SS!!! Link to comment Share on other sites More sharing options...
00_XJ Posted June 30, 2009 Author Report Share Posted June 30, 2009 I'm planning on just using it for gas and food once or twice a month like Ramen said. I'm pretty stingy with my money so I don't see me going off and buying more than I can afford with it. I really just want to keep my balance around 50 bucks a month and pay it off in full, that way I have some type of credit established when I get out of college. I'm pretty strict on myself about spending money only when I can afford it. I've already saved up enough for my college tuition for this year so I won't have to take out student loans. Quote 2000 Jeep Cherokee -DC Audio -Memphis -Audioque -SecondSkin -Pioneer -KnuKonceptz Link to comment Share on other sites More sharing options...
slugdub Posted June 30, 2009 Report Share Posted June 30, 2009 What are some things I should look for when applying for a credit card? I know low interest rates and low yearly fees, but I don't know what "low" is when it comes to credit cards. I know it's easy to screw up your credit by not researching first so I need some tips and some good cards to look at. Well, the important thing to know is how they calculate interest. That's usually this complex thing called "the average daily balance method." They only make money from you if you make minimum payments, or basically anything less than the BIF (balance in full). Your first card is probably going to have a huge interest rate, like 20%. This won't matter if you pay it off. The only thing to avoid is a monthly fee, they may also very likely try and charge you that, for your first card. If you want my advice (and on this subject I'm actually quite knowledgable) skip all the on-campus promotions with the free t-shirts and candybars etc (hell, I even went to a keg party and had to fill out a CC app!) and go with a secured card. For $600 as a deposit you can try to get a credit card that appears as an unsecured card (ask about this). Basically, its like saying on your credit you took out a loan but leaving out the collateral. This is what immigrants use here, that are fresh citizens etc. That way you can't screw up and get a bad trade if you miss payments and build credit very easily. That's the way to go. Don't fall into the trap. 'They' want you to come out of college in debt, with a degree and then pay with your new income. Quote Link to comment Share on other sites More sharing options...
slugdub Posted June 30, 2009 Report Share Posted June 30, 2009 I'm planning on just using it for gas and food once or twice a month like Ramen said. I'm pretty stingy with my money so I don't see me going off and buying more than I can afford with it. I really just want to keep my balance around 50 bucks a month and pay it off in full, that way I have some type of credit established when I get out of college. I'm pretty strict on myself about spending money only when I can afford it. I've already saved up enough for my college tuition for this year so I won't have to take out student loans. Yeah, you'd be surprised how many stingy people are in collections. Just sayin' Livin poor in college and learning to make $20 last all week is good for you... but having that credit card to buy your friends pizza or take out your frosh girlfriend is an easy way to end up on the dark road to debtordom. Quote Link to comment Share on other sites More sharing options...
00_XJ Posted June 30, 2009 Author Report Share Posted June 30, 2009 Yeah, you'd be surprised how many stingy people are in collections. Just sayin'Livin poor in college and learning to make $20 last all week is good for you... but having that credit card to buy your friends pizza or take out your frosh girlfriend is an easy way to end up on the dark road to debtordom. I live at home with my parents, I have no bills. I've already paid my truck off and my parents agreed to pay insurance and cell phone as long as I was in school. I work 30 hours a week, given I only make 8 bucks an hour, that goes a long way when you have no bills. I'm pretty set on having money to spend on NEEDS and rarely buy WANTS. If I want something I save up for it no matter how long it takes. IMHO I think I'm responsible enough to have one and don't see myself splurging on things I don't need. Tomorrow when I get off I'm gonna go talk to my aunt who works for the bank I use and see what their rates are. What are considered low rates on credit cards? Quote 2000 Jeep Cherokee -DC Audio -Memphis -Audioque -SecondSkin -Pioneer -KnuKonceptz Link to comment Share on other sites More sharing options...
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