credit card recommendations

[1991notchbackLX]

Get a gas card for a big chain gas station. Pick one that's plentiful in your neck of the woods and has reasonable and competitive pricing. Put all of your gas purchases on the card and pay it down to zero at the end of every month. If you don't feel like you're at the stage financially to keep your balance at zero and to not fall victim to insane interest rates, don't get a card until you know you are. If you do manage to get a card from a bank, get one from a large lending institution like Chase, and use it for groceries and gas. Again, do so ONLY if you can avoid interest rates and make payments on time and in FULL.

 

[mob]

If youve never had one its going to be impossible to get approved for one a lone. I got denied for every credit card I applied for about a year ago. I just tried a couple and decided to give up and not get one. My buddy got a student credit card from Citi bank, like no interest for the first year and a real high cap. He got in over his head and started paying his rent with his credit card with no job(no income). He owes A LOT of money. I'll maybe get one to just improve my credit later on but I dont need one now, I live within my means. I get very anxious about money and if I was in debt I dont know what I'd do.

 

[fivespeedsteed]

yeah ive been in classes on credit, i know all the inns and outts and how important it is to pay to zero, i know that much. im just saying without any credit as of right now, my bank told me they could get me one as a student. and i was making sure chase, amex, ect. didnt have a better offer out there. i do plan on using it almost scarcely and paying it to zero. the gas thing is great, but at school and home i have 2 differnt sets of gas stations around, and wasnt sure if it would be worth it or not.

 

[92GreenGT]

If you've been on classes involving credit then you shouldn't have to ask this thread. Get whatever card you can to start with and you can always switch it up later. Remember that once you open an account, unless it's just horrible on terms then it's better to never close them.

Actually replying with factual info instead of just saying "THEY ARE THE DEVIL" are the types of replies you need to see. I can provide all the facts without issue, with the card it's only going to help you or hurt you as much as you let it.

Remember it's a lot easier to spend plastic money than it is real cash, so always ask if yourself if you need what you're about to buy or if you for sure have the funds to cover it when the bill comes in.

Good luck.

 

[93 teal terror]

Let me give you another scenario as food for thought. I had zero balances on all my credit cards but also had very little savings as I used all mine to help put a 35% down payment on a house. Then I lost my job. Even with unemployment I had barely enough to pay bills. $7 left over. So after burning though savings, I had no choice other than to use my cc's. Seemed ok to me as the interest rates were less than 10%. Then as the new cc rules came into play and the economy continued to tank my interest rates on all the cards went to 30%. Fortunately I had found a job by then and cancelled the cards to keep my low interest rates while I paid it off. Today, after a 400% increase in income from when I was on unemployment last year, I have no problem saving 30k/yr and never plan to use another credit card. I already have a home loan, emergency savings, etc. I guess my point is, get one if you need it to establish credit but as soon as you are established focus on getting rid of them all together as a lot of people end up using them as a bridge to a lifestyle that they cannot afford. That and cc companies will screw you at a drop of a hat. Id had my ccs 10 years when they jacked up the interest rate and they would not budge on it.

 

[Kilgore Trout]

so im 21 and have no credit. what kinda card you guys recommend. wachovia said they can get me a card cause im a student with a 500 dollar limit. 500 dollar limit is what im looking for. paying it off wont be a problem and i know all about paying more than the minimum payment.

so chase, wachovia, what kinda card you guys like?

The only card I like is my American Express card. It has to be paid off every month and they are pretty picky but you might be able to get one its worth a shot. Whatever you charge will have to be paid off each month. Its kinda like a payday loan service allowing you to spend from your paycheck before you get it if need be... The rest are all a ripoff. I suggest you not get a credit card.

Lately they have become a total ****ing ripoff there are much better ways to build credit.

Its time for all consumers to band together and send a message to the credit card companies, we will not stand for any more BULL****!

 

[92GreenGT]

Lately they have become a total ****ing ripoff there are much better ways to build credit.

Do you care to share the much better ways to build your credit?

 

[Mustang5L5]

Mike I have always wondered about those apply for credit things... never done one, but thats just because I am happy with my one card!

Well, the ones i usually do are no interest for 18 months or something like that. Downside is on month 19 they charge you back interest or something like that?? Not quite sure because I never let it go that far. I'm sure a lot of people look at the "minimum $75/month" payment and just pay that. I would never do that though.

I've purchased 2 HDTV's using that setup. 0% interest for 12 months or 18 or whatever. My credit is good, so i easily qualify. TV was paid off quickly, and then i cancelled the account. It just allowed me to stagger my payments out a little bit and I didn't have to walk around with a large amount of cash on me while i looked for the best deals around.

If it's something where they charge interest, i'll just take the cash out or use a CC.

 

[25thmustang]

Yeah Mike, I see that for larger items. Furniture, TVs etc... Almost all of them we pay with the CC, go home and pay the CC off, vs going to the bank and getting the cash.

I also want to know how to get credit without a card, or loans? I built mine off student loans, credit card and a car loan.

 

[92GreenGT]

Installment loans don't help your credit as much as revolving credit will, comparing time/effort and actual cost.

Maybe there are some better ways I've not been taking advantage of, hopefully anyways!!!

 

[NIKwoaC]

I say CCs are evil because they have much less tolerance with their customers than what, say a student loan or a car loan has. My student loans have a 15 day zero penalty late payment period. I can get ahead on my car loan and entirely skip a payment if I feel like it, and even if I'm not ahead and I'm late on one, the lender will call and politely remind me to pay up- again with no penalty. Hell, I could pay my rent 5 days late and my landlord wouldn't even blink. HOWEVER, I could make a $4,999 payment the first month on a $5000 credit card bill, and if I am a DAY LATE on the next payment, they will bust my balls with a $40 dollar late fee or whatever it is.

On top of that, every time I'm on the horn with my CC people (Chase), I get harassed with "special offers" and don't-take-no-for-an-answer attitude.

I'm not trying to start a debate. I've just had such a bad experience with my CC that I have to vent a little bit.

 

[Blandnuts]

^Yeah, I didn't have much fun working with Chase and Fleet cards when I had them.

 

[89gtstalker]

Stay away from credit cards. Ive had them, used them correctly, yet there is no need for them. All a credit score is is an indicator of how likely you are to give a company interest. Use cash, buy what you can afford, and stay away from credit cards. Everyone says they know how to use them and wont over use, but look at the world in general. The average household has $8k in consumer credit. Odds are people are going to use them incorrectly, thats why credit card companies are so profitable. In addition, people spend about 1/3 more then they would have using cash, because the credit card makes it so easy and there is no emotional connection swiping a card, as opposed to handing over physical cash.

I paid off and closed all my cards about 5 years ago, and never looked back. Save up some money to cover yourself for 6 months for emergencies, and you have no need for credit cards.

As far as the statement about leaving the cards open or it hurts your credit, my credit score has actually gone up over the years and is near 800. A mortgage and student loans are all I have open. Also if you have credit cards open, with a limit, even if you carry a zero balance, when being considered for loans, that available limit goes against you, because its available credit you could go max out the next day. If your worried about your credit score, that will get estabolished through cell phones, auto loans, home loans, and even through monthly utilities. Pay all of them on time, and you will estabolish credit without getting into the credit card game. As far as home loans in the future, if your credit score is low, find a mortgage lender that will manually underwrite your loan, not just look at credit score, like most big banks do. They can evaluate your debt to income ratio, your payment history and base it off of that. Save your down payment, and your good to go. Don't open yourself up to that risk just to build credit.

 

[7upstang91]

Anyone ever heard of Dave Ramsey? He has stated, "live like no one else, so later you can live like no one else".

Check out this guy...
Dave Ramsey Homepage - daveramsey.com

I didn't look to much into this website, I have taken one of his classes though. Try to send him an email if you do really want advise.

 

[fivespeedsteed]

i dont have any loans, and i cant even get my phone under my name because i dont have credit without a 400+ dollar down payment.

 

[89gtstalker]

Anyone ever heard of Dave Ramsey? He has stated, "live like no one else, so later you can live like no one else".

Check out this guy...
Dave Ramsey Homepage - daveramsey.com
.

I read one of Dave's books, and thats what changed my money habits. It really common sense, but sometimes you have to hear it from someone else.

 

[fivespeedsteed]

so i see bp has a chase card that gets you 5% on gas, 2% on groceries, ect. are cards like this worth looking into if they will be paid off right away, or can i not get one? guy at the bank said interest rates are higher on them, but i figured that was only if you didnt pay it off.

 

[Kilgore Trout]

so i see bp has a chase card that gets you 5% on gas, 2% on groceries, ect. are cards like this worth looking into if they will be paid off right away, or can i not get one? guy at the bank said interest rates are higher on them, but i figured that was only if you didnt pay it off.

The card details do not matter since they are free to change the terms at any time.

You can sign up for a card that looks like a super great deal but after a couple months you will get a letter telling you that it is now just another card with a 29% rate.

Like I said the only card that is a fair deal is an American Express card and I am talking about the kind that you pay off every month, not one of their revolving products.

IF you MUST do a revolving account I would suggest doing business with a company that is long term and established and does business other than just credit cards. This would be Sears, Kohls, Macy's etc (store cards). Stay away from the companies that just exist to rip off credit card customers such as Cap One and the like. And do not make the minimum payment, pay at least 5-10% of your balance each month.