My first credit card...

Patrick · August 5th, 2006, 10:17 PM

Don't carry the card except when you're traveling. Avoid the possibility of impulse buying of things you really can't afford.

RedFury · August 6th, 2006, 12:01 AM

Get a cardboard milk carton, fill it with water. Put the credit card in it... then freeze. You'll find out how badly you need to use it while waiting for it to thaw out. By that time, you'll have either forgotten about what you wanted to buy with it, or have changed your mind for the better

BBA · August 6th, 2006, 10:22 AM

Quote:

Originally Posted by RunAboveIt

Already have my bank account set up for payments.

.

Remember, if you only make the minimum payments, that $1,00 will cost you about $4000 by the time it's paid off.

You still have to pay for what you buy.

The trick is to buy a few things, pay them off. Buy a few more...pay it off. As soon as they increase your credit line, cancel the card and get another with zero interest. Chances are the first time they won;t ask questions. The second time you cancel one, they will call you and ask why you want to cancel...tell them the rates are not good.

Thats how I got down to a fixed 5.99% on mine, but my limits are substantially higher than yours, but so is my age and credit rating.

**GroundZero3** · August 6th, 2006, 10:46 AM

Quote:

Originally Posted by RedFury

Get a cardboard milk carton, fill it with water. Put the credit card in it... then freeze. You'll find out how badly you need to use it while waiting for it to thaw out. By that time, you'll have either forgotten about what you wanted to buy with it, or have changed your mind for the better

awesome advise! Wish i heard that sooner!

Rootstonian · August 7th, 2006, 12:19 PM

LOL,,,I AM getting old. $1,000 is nothing. I'm sure CC companies have statistics that show even if a kid ran up that kind of debt and deadbeated on it, mom & dad would help out.

Or they would cut the finance charge and take $100 a month for 10 months. If you can't earn $100 a month at 18, there's a problem!

shawshank62 · August 7th, 2006, 12:48 PM

Quote:

I don't know what everyone's rush is with trying to build a credit line, especially with a credit card. Especially dumb kids who over-spend and can't pay it off and end up in debt up to their grandchildren's eyes. Anyway...

I wonder the same-thing...I'm happy with my visa check card. I have the rest of my life to build credit, especially when I have a steadier higher paying job that i know for sure I can make my payments. I'm in no rush to risk things, and get in debt.

Rootstonian · August 7th, 2006, 12:57 PM

Good credit scores will lower you car insurance, get you a better deal on a car loan (iffy) and help with getting a house down the road. And I don't think you can get a cell phone without a credit card/score unless you have a co-signer.

It's also the only way I travel; I'm not carrying hundreds of $'s with me on vacation. Charge it and pay when I get home. And it's the only way to shop online.

And call me phobic, but cash is just "dirty". I don't think I've had more than $100 TOTAL in my wallet over the last 3 years!

4 credit cards and a debit card is what I carry. Lose your wallet and $100 in cash? Goodbye cash. For me, I cancel cards and get new ones. And every month, they're nice enough to sent me a nice, neat, itemized list of what I've bought so I don't have to keep track.

Can they be trouble? Of course. Used wisely, you can't live without them, IMHO.

rockpile · August 8th, 2006, 11:00 AM

I would reccomend destroying it and investing money elsewhere. You do not nor will need a credit card as long as you maintain a solid and good terms with your credit union. There is a reason so many people are in debt, and these banks love it. If you insist on keeping just pay it off every month. Good luck.