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What is the best credit card for an 18 year old? |
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I need to consolidate my debt through one of those financial counseling places, but also want to keep my C.C.? |
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Can I use a credit card to pay on ANOTHER credit card? |
Long story... lol. I just dont want to pay a lot of interest if I have to get cash Additional Details Long story... lol. I just dont want to pay a lot of interest if I have to get cash ... |
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A collection agency drained my bank account, how can I get my money back? |
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Should I pay it off all at once? |
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mricon75 | I want to get a bunch of credit cards, which ones? |
i want to apply and get like 10 credit cards, what are some of the best places to get them? |
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$m¤¤v¥ £¤¢¤
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Look for a card with a low or nonexistent annual fee and low interest rates. For now, just get one: Opening a slew of credit accounts in a short period of time can make you look like a risky customer.
Apply for a secured credit card
If you can't get a regular credit card, apply for the secured version. These require you to deposit money with a lender; your credit limit is usually equal to the deposit.
You'll want to screen your card issuer carefully. To be frank, there are a lot of bad guys in this particular niche of the credit world. Some charge outrageous application or annual fees and punitively high interest rates.
Your credit union, if you have one, is a good place to start looking for a secured card. You can also check Bankrate.com's list of secured credit card issuers.
Ideally, the card you pick would:
Have no application fee and a low annual fee
Convert to a regular, unsecured credit card after 12 to 18 months of on-time payments
Be reported to all three credit bureaus.
If the issuer doesn't report to the credit bureaus, the card won't help build your credit history.
Get a finance company card
Gas companies and department stores that issue charge cards typically use finance companies, rather than major banks, to handle the transactions. These cards don't do as much for your credit score as a bank card (Visa, MasterCard, Discover, etc.), but they're usually easier to get.
Again, don't go overboard. One or two of these cards is enough. If you get many more, you may find that later in your life these accounts could prevent you from getting the highest possible credit score. That's not a reason to avoid them completely, because right now they'll do you some good. Just don't apply for half a dozen. |
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Beetle Becca
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You don't need 10 credit cards to build good credit! If anything, TOO MANY credit cards looks superfluous and might PREVENT you from obtaining a super high credit score. Especially if you open 10 cards all at once...it'll lowe your score because it'll look like you're desperate to rack up debt. Instead of 10, aim for 2-3 credit cards and make sure they're major cards, preferably Visa or MasterCard.
The types of credit cards that you should get, depends on your overall credit history? Are you trying to build credit from scratch for the first time ever? Then apply for student cards(if you're a student). Student cards are relatively easy to get, and some of them come with decent-sized credit limits(high credit limits makes you look more established, therefore gives you a better credit score). If you're not a student, then it'll be hard to get approved for a regular card without credit. In that case, get a secured card at a respectable, well-reputed bank such as Wachovia, Bank of America, or even at your local credit union. "Secured cards" are cards that require an upfront deposit equal(or sometimes less) than your initial credit limit. Use this card wisely, pay on time, and within a year, you will get your deposit back(plus interest) and the bank/institution will most likely raise your credit limit.
Personally I really like Bank of America's secured card program. First, they run your credit to see if you're approved for their regular unsecured card. If not, they try to get you approved for their 100/500 card, which is only partially secured; you pay $100 deposit(which will later be returned to you if you consistently pay your card on time) for a $500 credit limit. If you're not approved for that card, they will then approve you for a fully secured card, which requires a deposit equal to the credit limit. Even if they try to approve you for all 3 cards, it only counts as 1 hard inquiry on your credit report.
Please please please do NOT apply for any "subprime" card that requires you to pay tons of fees upfront!! These cards are big rip-offs and borderline scams. A card with tons of fees is also an indication that the company has a horrible customer service department, will attempt to put false fees on your bill in the hopes that you don't notice, and basically they are a nightmare to deal with. High-fee credit cards to avoid? Anything that advertises that "bad credit or no credit" isn't an issue: First Premier, Aspire, Rewards 660, Centennial, Household Bank, HSBC. Orchard Bank is the lesser of the evils when it comes to subprime/bad credit lenders, but you can definitely do better than them, by getting a secured card with a "real" bank.
Okay, now suppose you have bad credit? I'd recommend going straight for the secured cards. Don't even try to apply for the real great cards like American Express Blue, because most likely you'll be turned down and then you'll have nothing but a hard inquiry on your credit report(the more apps you fill out, the more inquiries; inquiries bring down your credit score, so aim for as few inquiries as possible). DO NOT think that your only option are the high-fee rip-off subprime cards! The subprime companies WANT you to think that they're your only option, so that you'll be suckered into their high-fee card, but you can do better than them! Go straight to your credit union or a Bank of America for a secured card.
You shouldn't narrow your scope to just credit cards. In order to have a great credit score, you'll need a well-rounded variety of credit. So get 2-3 Visas or Mastercards. Then, get a loan. If you're a student, a plain 'ol federal Stafford loan will work nicely. If you like working out, I thoroughly recommend signing a gym membership contract with Bally's. Bally's reports your monthly gym membership fees to the credit bureaus, which will help you establish credit history. They report the full amount of your membership(over the full contract's time span) as an "installment loan"(same type of loan as that for an auto or personal loan). Or, you can get a CD-secured loan. This concept is similar to that of a secured credit card, but involves a loan instead of a credit card. You pay an upfront deposit(which they hold in an interest-bearing Certificate of Deposit account), you then get a loan for the amount that you deposited into the CD account for a time span of 6mo.-2yrs, then you pay back the loan over time. DO NOT pay off the loan right away, because although it will save you a few dollars in interest, it will not establish a long consistent payment history. And if you're trying to establish credit, remember: payment history and length of time your accounts are open are two important factors!
Lastly, suppose you already have good credit and you just want to get more credit cards? I still don't recommend getting as many as 10...but if you need another card, I'd say that Bank of America's rewards card is good(it gives a relatively big credit limit). American Express is good too, but some of these are considered "charge cards," which means you have to pay back the full balance by the end of the month. Also, American Express isn't accepted at nearly as many locations as MasterCard or Visa...so stick with Visa or MasterCard. I've heard great things about Wells Fargo and Wachovia as well. Chase is okay, although sometimes the people there try to give you false fees or raise your variable interest rate(that happened to my uncle a few times).
Good luck! Remember, there are a lot of options available...you just have to be open and educated about them. I thoroughly recommend www.creditboards.com for researching products or other credit-related questions. |
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trashy
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you must want to skip out on some debt you plan to rack up. They go by your credit report. You might get some but doubt you will succeed at getting 10. |
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iampete434
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check out this site
www.findcreditoffers.com
gives you all info you need on every card available and its free |
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crystal
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credit cards are a bad idea i dont have one and never will get one i like to stick with my debit card i never owe more than i have |
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I change my name72
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Try not to get that much.I would only get two.Visa,Plus the Armenian Express. |
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Candieâ„¢
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You don't need ten of them. Maybe just one, but not ten. But you are your own person and you make your own decisions. You can get that many if you want to.
Anyway, my mother had Capital One. She stuck with them for a while. I think she had a Visa.
TCF Bank is good, too, I guess. My dad has TCF. |
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beauty s
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for one thing 10 credit cards are too much.. 2 should be ok
if more this will hurt your credit.. |
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KK
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Why would want to be dumb enough to apply for 10 and get 10 credit cards?
Each credit inquiry goes on your report and can lower your score. I'd highly advise against it as credit cards, with the high interest rates and ability to get yourself in trouble quickly, is high. |
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Jim R
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www.creditboards.com/forums will answer all the questions you have. The people there have helped me take my credit score from 528 to 717 in about 6 months. My available credit has went from a single $500 secured card to over $18K in available credit. |
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Alexa's Mommy
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I really would not get 10 Credit Cards... To much of an opportunity to get yourself in A LOT of DEBT!!! |
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