 Can anyone, please, explain to me how a credit card works? |
| I am a new immigrant - I have been in the States for 2 years, but just got my Resident status. We do not have credit system in my country, so it seems to me to be extremely confusing. My husband has ... |
|
 Quickest way to build good credit from no credit? |
| I'm a 20 year old college student with no credit history and I just got my first credit card, a WaMu Secured Credit Card with a $29 annual fee and required deposit. My question is, what is the ... |
|
 Is it best to pay a credit card bill early or on time? |
| to establish a decent credit..my next bill isnt due till sept 12th, what is better? to pay earlier then that date or on time. ... |
|
 Can I be sued for a ten year old debt? |
| I have an unpaid debt of originally 700 dlls with a phone company formerly knonw as Pacific Bell in California. That company eventually became SBC and now ATT. I just got a call from a collection ... |
|
 Credit cards and credit score? |
in order to improve my credit score should i pay the cards off every month of leave a balance? and why
Additional Details
if leaving a balance is recommended explain why and how much ... |
|
 My sister used and signed my name to purchase a car. What should I do? |
| The credit bureau is showing that it is my debt, but the company which she got the credit from does not have me in their database.... |
|
 How can i earn money online by just typing??? |
| Almost all sites about making money online is A BIG SCAM!!! most of them send virus to your computer!!! Does anyone know an online job as a typist??? Most sites have these bold texts about how to ... |
|
 Credit card vs. loan? |
| I have a debt of 28,000, and a loan for it for 12.99% for 96 months (611.00 payment). I have been thinking about transferring the debt to credit cards: 16000 at 1.9% for 8 months then 16.99% after, ... |
|
 If I co-sign for my brothers auto loan, will it appear on my credit report? |
| I would like to know because I'm trying to buy a house very soon and would like to help my little brother out. I just don't want to mess up my chances at getting a ... |
|
 I am looking for a web site that has good info on how to repair bad credit..any suggestions? |
| i considered "eliminate bad credit for good on line sites" to my understanding they're scams...bankrupcy sounds like the last option and i'm not that bad in debt..less than 5000...... |
|
 What are some specific ways I can increase my credit score? |
| Here's the situation: my credit rating is poor. I have a few charged off credit cards from my early college years. HOWEVER, I do have one credit card that I have never even been late. Also, I ... |
|
 I just got my first checking/savings account...help? |
| Could someone explain to me whether or not I can buy things online with it? I got my account from Wamu...and I think I get the gist of it all, but I'm just concerned what exactly I can/can'... |
|
 Can an 11 year old use their mothers credit card? |
| Hello, my 11 year old wants a credit card, and keeps asking if she can use my credit card, she's very responsible, so she won't screw up my credit, but still, can she use it?... |
|
 Wage Garnishment help? |
Doesn't anyone know on how to stop wage garnishment..since my mother die I have been facing hard time... is there a law that protect me...or is to late what can I don't I feel so sad.
... |
|
|  |
moike18 | Is this a bad way of building credit? |
I am 18 and I have a $23,000 auto loan that my parents co-signed for me. I also have a credit card. Both payments I pay in full and on time each month. Does this look good as far as building credit or no?
Additional Details
Thanks for your help guys
=]
By the way:
It is a used car...but a very new/nice used car that I love driving and is something that I get to look forward to after my long days at work and school. |
 |
 
Andrea
 |
That is THE way to build a good credit history. Always make your payments on time, no matter what and make sure you pay at least the minimum due on time.
Good luck. |
|
jamesm_sh
 |
Yes it does. As long as you keep paying the payments on time it will help build your credit. If I were you I wouldn't go out and start applying for more credit though. The more that people look up your credit the worse it is. |
|
Triple-C
|
Just don't max out your card or miss an auto payment and you should build credit just fine. It won't look bad on your record, it could be seen as a positive payment history, which can help you get a new card in the future (don't have more then 1 or 2 at a time) or a loan if you need one someday. |
|
AgAnn
|
Yes...you are on your way to having great credit!
Beware, if you miss even one payment it will show on both your credit and your parents since they cosigned. |
|
Casey
|
I think it's a great way to build credit. It's good you're making payments and not taking your parents for a ride like some do. The lender reports to all parties that signed for a loan.
You can order your credit report from Equifax, TransUnion, or Experian to verify your credit report is getting updated. You are entitled to one free report from each of the 3 agencies per year. |
|
Callie
|
It is important to build credit in American society starting at a very young age. The reason that it is increasingly important to build credit is because of the standard developmental stages American adolescents and young adults go through. After leaving home, a majority of American children go on to college. In order to be able to afford the expensive items (like textbooks) and the fun activities (like Spring break trips), it is sometimes necessary to rely on credit. You want to build credit which reflects your credibility as a borrower. In order to build credit of this kind, you will want to follow a few simple rules. The first is to make sure that you pay off the balance of each credit card in full at the end of each month.
http://best-loans.awardspace.com/repaircredit.htm
If you build credit early, it will be there to access during your starving college years, when you may need it most. After college almost always comes a car, a family and a house, all of which bring their own financial obligations and each of which requires that you increasingly build credit which reflects your stages of growth.Other keys to build credit are to always make payment early or on time, to make sure to always stay within your given credit limit, and to avoid applying for numerous credit cards. Regular monitoring of your credit report is also important because, once you build credit, you don’t want it destroyed by computer errors or, worse yet, identity theft. |
|
Reena
|
Your monthly car payment is what it is and the best thing to do is to pay it on time. For the sake of your parents taking on the risk to be the co-signer on this loan, I hope you understand your responsibility.
Make even just one late payment and the lender can immediately go to your parents and demand payment.
As far as your Credit Card. When you say you make payments in full every month... does that mean you pay off the whole balance owed on the card every month? If the answer is yes... that is absolutely great and will improve your credit score tremendously if you keep up the habit for at least a year or so.
If "paying in full" means to you that you pay the requested minimum payment they ask for.... change that habit immediately and "up" the payment.
The best way to handle a credit card is never to use more than 10% of the available line of credit. If your card has a limit of $1000 then you should not charge more than a $100 on it during any billing cycle and of course pay that off in full when the bill comes in. |
|
Sri S
 |
Credit cards are issued after an account has been approved by the credit provider, after which cardholders can use it to make purchases accepting that card.
http://bestinvestment.freehostia.com
When a purchase is made, the credit card user agrees to pay the card issuer. The cardholder indicates his/her consent to pay, by signing a t with a record of the card details and indicating the amount to be paid or by entering a Personal identification number (PIN). Also, many merchants now accept verbal authorizations via telephone and electronic authorization using the Internet, known as a 'Card/Cardholder Not Present' (CNP) transaction.
|
|
stellaqlove
|
yea it helps |
|
Steve T
|
18 and a big loan like that is not great, but nothing will happen to your credit score if you simply pay on time. You probably should have started with a smaller loan, as that is more manageable for someone your age. You'll also do yourself good if you pay more than the minimum payment, especially when it comes to credit cards.
Also, consider this:
You just borrowed $23,000 against a depreciable asset. You will have to pay that back, with interest, as the car depreciates. That's not good. So borrowing that much to buy a car probably wasn't the wisest decision. (Also at 18 you probably could have waited on a car or bought used.) |
|
WalkingOnAir
|
sorry(: have no idea |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
11 | 2 minutes(s) ago
| | | |
11 | 29 minutes(s) ago
| | | |
11 | 1 hour(s) ago
| | | |
10 | 6 hour(s) ago
| | | |
11 | 8 hour(s) ago
| | | |
11 | 9 hour(s) ago
| | | |
11 | 1 day(s) ago
| | | |
11 | 4 day(s) ago
| | | |
11 | 6 day(s) ago
| | | |
11 | 2 week(s) ago
| |
|
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
