Credit Card...

streethorse · Oct 17, 2006

The ole no interest for a year scam, what ever the unpaid balence is
after 1 year.......... they will instantly add 1 year of 12% interest too.
I learned that the hard way a long time ago.

VOORHEES · Oct 17, 2006

Just be wise. It takes along time to build credit and while your currently at 750, it will take along time to move up. If you buy something on credit, pay it off asap. No ifs/ands/buts.
Good luck.

AmBo · Oct 17, 2006

Engaged at 19?! Holy hell bro...careful with that ish...

shallowreef · Oct 17, 2006

I know i am going to seem really nosey but your spending money like its no biggie. Are you seriously going to be able to afford a new house, a wedding, a wedding ring, bills, insurance, and the stuff to furnish your house? I don't mean to be nosey but are you rich? Because i'm 21 and my fiance who is also 21 makes 60k a year and i who make 40k a year and we are trying to find townhouses that can fit our budget. Hell i'm selling my stang once i get married just to pay less on insurance. What do you do for a living?

Sorry for harping but, I too just don't want to see you get into debt thats all. My aunt is in debt for thousands and it sucks to be in debt.

merc123 · Oct 17, 2006

shallowreef said:
I know i am going to seem really nosey but your spending money like its no biggie. Are you seriously going to be able to afford a new house, a wedding, a wedding ring, bills, insurance, and the stuff to furnish your house? I don't mean to be nosey but are you rich? Because i'm 21 and my fiance who is also 21 makes 60k a year and i who make 40k a year and we are trying to find townhouses that can fit our budget. Hell i'm selling my stang once i get married just to pay less on insurance. What do you do for a living?

Sorry for harping but, I too just don't want to see you get into debt thats all. My aunt is in debt for thousands and it sucks to be in debt.

I agree. 40k/year is nothing. I make a little bit more than that and after taxes I'm raped. I'm 24 btw.

Paula got married young age (not a knock on you Paula)

Kilgore Trout · Oct 17, 2006

Once you start to think of credit cards as big bloodsucking leeches on your back you will start to hate them...

Easy credit is a ripoff

jegg · Oct 17, 2006

there is good debt and there is bad debt

good debt is a mortgage but it is only good if you own that house somewhere where it can apreciate in value through out the life of your debt.

bad debt are debts from credit cards. most people that use credit cards are purchasing things that they dont need. unless you pay your balances off right away credit cards the way to go. car loans are bad debts also. Just for the fact that they deppreciate in value as soon as you pull out of the parking lot but most people need a car to get by.

as far as i know. you dont need credit history to get a loan on a house. It helps, but not necessary. a good alternative is to save money. if a bank sees you have a good amount saved when you decide to get a loan they are more than likely happy to give you a loan.

Bluffing024 · Oct 17, 2006

I always pay my cards off at the end of the month. I know I can get a home loan. I am looking to get the best rae possible on one.

shallowreef: I completely see where you are coming from. I am a Fiber Tech for Comcast Communications. I make 75k/yr. I know it isn't a lot but it gets us by. And my fiance' is a loan officer at US Bank and she makes 50k/yr. I also co-own a body shop called Fairchilds Customs in Missouri. I work hard so I can play hard.

shallowreef · Oct 17, 2006

Well now i feel much better for you. I thought you were getting in over your head.

Good for you.

04DarkShadowGT · Oct 17, 2006

streethorse said:
The ole no interest for a year scam, what ever the unpaid balence is
after 1 year.......... they will instantly add 1 year of 12% interest too.
I learned that the hard way a long time ago.

Its not a scam, you are supposed to pay it off in that year. If you would have you would have been fine. Read the contract you signed.

streethorse · Oct 17, 2006

04DarkShadowGT said:
Its not a scam, you are supposed to pay it off in that year. If you would have you would have been fine. Read the contract you signed.

its just that most people think that the interest starts after 1 year,
when actually the interest starts when you make the purchase,.... of course
if you pay the loan off before 1 year you wont have to pay that 1 year worth
of interest. but if you wait 1 day after the 1 year point you will owe a full
year of interest ....... its a legal scam just like the lottery.

DerekStangGT · Oct 19, 2006

97stang_guy said:
I know I am young. I never carry a balence on my cards. I am VERY anal about my credit, that is how I have a 750 score at 19.

how do you know your credit score? dont you have to pay for that? and thats a very good rating. usually they deduct points for lack of credit history. hell, i got denied a 5k loan b/c i only had credit for 2 years.

DerekStangGT · Oct 19, 2006

97stang_guy said:
I always pay my cards off at the end of the month. I know I can get a home loan. I am looking to get the best rae possible on one.

shallowreef: I completely see where you are coming from. I am a Fiber Tech for Comcast Communications. I make 75k/yr. I know it isn't a lot but it gets us by. And my fiance' is a loan officer at US Bank and she makes 50k/yr. I also co-own a body shop called Fairchilds Customs in Missouri. I work hard so I can play hard.

isnt a lot? 75K is a lot of money for a 50 y/o man. 75k is unbelievable for a 19 y/o

CobraRed_96_GT · Oct 19, 2006

+1 for buying a 25" then a mongoose SQ

merc123 · Oct 19, 2006

I wish I made 75k. If 75k and a 50k salary is just "getting you by" then you're living beyond your means. I lived very well on just 25k.

DCjuggalo · Oct 19, 2006

97stang_guy said:
I am a Fiber Tech for Comcast Communications. I make 75k/yr. I know it isn't a lot but it gets us by.

damn 75k a year thats unheard of. what is a fiber tech? did u have to go to college ? where do i sign up

GDawg · Oct 19, 2006

Didn't have the patience to read everyone's posts but I'm sure many told you to not go crazy with that limit. The minute you are over 40% of that limit your credit score will start to go down. The best thing is to have tons of credit and not use much of it. I ebb and flow but I know where I'm supposed to be.

Bluffing024 · Oct 20, 2006

merc123 said:
I wish I made 75k. If 75k and a 50k salary is just "getting you by" then you're living beyond your means. I lived very well on just 25k.

It doesn't just get us by. We put about 4k a month into savings and 401k and investments.

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