 My kid wants a prepaid visa debit.? |
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 What can a 750 credit score get me? |
Additional Details
it was a pretty general question. i knew i had a 750 score for the past 2 months but i never fully understood what the big deal was. thank you all for your advice. i ... |
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 Whats the difference when useing debt and credit on a atm card? |
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 I am about to be 18 and have good credit. i need to know if 16.97% interest is high.? |
and does anyone have trouble with capital one?
Additional Details
okay so iam 18, so 6% insrest isnt going to happen. please dont write about your self.... |
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The other day, I used the self check out service at WalMart.
My total was 28 dollars and some change and I insert a 20 dollar bill, and two 5 dollars bills....equaling $30 that I inserted ... |
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| So I've done some research and I know all of the consequences of walking away from credit card debt. But I am not sure what I should do. I know many people have asked this same question and were ... |
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Livelife5002 | Tips on how to use credit card!!! Help? |
So I will be 18 tomorrow and I'm planning on opening an credit card account maybe with like Bank of America. I want to start building up my credit now! So what are some advice or tips about credit cards. I don't want to make any mistakes using them. How do I build up my credit? How do I avoid debts? Thanks |
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Liberty, Equality, Fraternity
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I know this is an unpopular response, but the best advice is to put off getting one for as long as possible. You have your whole life to build your credit score. It's really easy to get caught up in the world of being able to afford whatever you want, only to get a bill at the end of the month that is a lot bigger than you expected.
If you must get one, ONLY SPEND WHAT YOU CAN AFFORD. Not a cent more. Pay it off immediately, as soon as you get the bill. Do not just make the minimum payment.
A better idea might be to get a checking account with a check card--that way you use it just like a credit card but the purchases come right out of your checking account. You can choose to use it like a credit card and build up your credit that way. Any bank will be able to get you one--I use Bank of America, and it works well (plus I really like their "Keep the Change" program, which puts a few cents in your savings account every time you use it).
Happy birthday! Good luck! |
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Gordon S
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don't buy anything with it that you cannot pay in full when the bill comes. |
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SmartyArty
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Get a low interest card with no annual fee, and only charge what you can pay back within that billing statement. |
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amandafofanda66
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The best thing I was told was to buy one thing and PAY IT OFF. Do NOT buy anything else until to pay off that one thing. (And start small) |
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dianah
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First, don't charge more than you can afford to pay off later. And always pay off your entire monthly balance, and if you cannot, pay MORE than the minimum. And try to get a card that offers rewards. |
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Must Be The Clouds In My Eyes
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dont spend anythnig that you dont know how your paying off the bill and you will be fine |
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Ben N
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Buy stuff with card, pay off immediately...soon as you buy it, pay it off....sooner the better and well....thats what I learned |
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Sara M
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Buy all your gas for the month with your credit card while at the same time setting the exact amount aside in your checking. At the end of the month when the bill is due, pay it off in full. Your credit will build fast if you're consistent. |
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Andrew M
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get the credit card but do not use it, if you do, pay it back as soon as you get the bill don't put it off. Know what you can afford before you buy it, think ahead and don't borrow what you don't already have, any you'll be fine. |
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Bob
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Keep the card open for as long as possible and always keep a balance, but keep the balance managable. That way you'll be paying on it every month, even if it's only a monthly payment of say $25... you'll be building a payment history which goes on your credit report. You also need to pay on time every month to keep your history clean and to keep the low interest rate.
And only use the card for building your credit and for REAL emergencies. Do not abuse it... it's really easy to and that's how people get into serious consumer debt. Use cash or your bank card for most of your purchases.
Once you have a fairly good credit rating, you could move on to some sort of auto loan or a personal loan that will help build your credit even more. |
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KM
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Charge a small bill that you pay every month on the card and then pay it off within your billing cycle. It will be listed on your terms and services, usually 28 days. That way you will be building your credit and not maxing out your card. |
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Ski owl
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don't spend more then you can afford to pay off when you get the bill unless it is a drop dead emergency. I recomend not getting a credit card at all....they can be serious trouble. |
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Brian K
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The key is to charge and then pay off the amount when the bill arrives. If you start charging more than you can payoff right away, you will start to accumulate revolving debt. This revolving debt is taken into account when you start applying for loans, like a car loan. Having credit card debt itself isn't all bad, as long as you continue to make the necessary payments. But it is always best to use the card for everyday purchases and then pay it off when the bill arrives. That will show creditors that you are good with your finances. They will be more willing to trust you with a loan (higher credit score, than if you never used a credit card). |
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chaosismyidentity
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What ever you buy on your card, put that money back. Do not spend it. Then when the payment comes in....pay it in full. This will allow you to build your credit without going into debt. Only purchase what you would normally purchase . Like a tank of gas, and nothing more. It is really easy to go...swipe, swipe, swipe. But then it is real difficult to erase the debt. All of a sudden a pair of shoes that cost 19.99 out the door, with the interest, those shoes will cost you 50.00. Then after your credit is built....trust me , everyone will be wanting you to apply for their cards. Pick the one with no annual fee, and the lowest interest rate, and then continue as above. Only in an emergency situation should you use the card. |
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cocoy
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use it and pay off the balance as soon as you get the bill/statement (whatever you wanna call it) ... don't max it out! ... |
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Baby Gyrl
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Well try opening a secure credit card with your bank. These are really user-friendly and help you gradually build your credit. NEVER charge your credit card when you don't have money in the bank to pay it off!!!!! Just charge little by little on the card and keep paying it off on time every time. THen after awhile the bank will raise your credit limit |
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charlie davis
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only get a small valued credit card to use it on things that you usually buy or purchase anyhow. when you go to the store and usually pay cash , use your credit card, then pay the bill with the money you were gonna spend on it anyhow. dont spend money you dont have, that just puts you in a deep hole that you never intended on getting into. dont use the credit card like its money in the bank, use it like its a last option in case of emergency, or like i said to conduct transactions you were already gone to use cash for, but itll start racking up transactions and you never pay the interest if you pay off the full amount before the due date! |
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jaywhitsell
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don't put anymore on that you can pay off each month. there are varying opinions on how to build it fastest. I say the safest fastest way is to pay off the entire balance every month. |
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Sal
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Don't use Bank of America, they are the worst, they will raise your rates for no reason.
Pick something else, like Discover, or American Express |
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Sweets
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If you are totally sure you want to get a credit card I would get one and request a small start amout. $300-500 would be ideal because in the end, if you max it out, its not that hard to pay off. Also, avoid in-store credit cards because the interest rates are usual so high.
Use your card to purchase a few things. Keep your purchase amount at a small price. Then when you get the bill pay double or triple the minimum and pay it off somewhat quickly. Making on time payments and paying of cards is a sure fire way to build your credit.
BUT please stay with one. I can't stress that enough. I was once in over 15,000 debt with just credit cards alone. With debt consolidation PLUS a 250 payment for over 4 years I was finally free of debt! Its a lessoned learned and I hope you won't ever have to go through that.
Good Luck!! |
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sweetie p
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keep your balance low but still use the card on a regular basis. If financially possible pay it off each month and dont ever be even one minute late in paying because they will almost double your interest rates. I wish I knew about credit when I was 18 . It has taken me years to rebuild what I messed up. |
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iamtfc
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The way you build credit is by using your card, then paying it off on time. My advice is to think of it as a debit card, and only buy things that you know you have money for. When you get home, go online and immediately pay your bill (BofA has some nice billpay features).
If you use google calendar, set it to email you shortly before your bill is due, so that you never forget to pay it on time. Not only will you pay a hefty fee, but you will lower your credit score. If you pay your bill in full each month, a credit card is basically just a short term loan with no interest.
That said, studies show that people tend to spend more when they use a credit card than they would if they were paying cash. So my advice is to use it as sparingly as possible. Many of my friends are carrying several thousand dollars in credit card bills they built up in college.
Never ever use the checks they send you to write off of your credit card, and never ever get a cash advance. You'll end up paying a percentage right away, and there are usually fees attached. |
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dw
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First of all, keep your balance below 40% of your limit. So if your limit is $100 keep it below $40. It's better to have multiple cards with a small balance, than to have 1 card that is maxed out. Pay it off each month or only use it for emergencies. You can put your gas on it because you know you'd have to pay for it anyways so it's not a frivoluos decision. Don't make any late payments!! Credit card companies will raise you interest from late payments and even if your score drops from a different account! |
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Sam
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Here are some tips -
1. Make your payments before the due date
2. Don't use more than 50% of your credit limit
3. Pay more than the minimum
4. Open 2-3 credit cards max and no more
GOod luck! |
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msm_35
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Do NOT use the card unless you are sure you can pay it off in no more than three weeks. Keep the balance paid. Use only for emergencies if you can (car breaks down, stranded by boyfriend, gas to get home to mom, etc.) I just learned this. Keep just the one card. Do not change cards. The longer you have the one card and keep it paid, the better your credit score. I made the mistake of switching cards every few years to get better rates and that hurt my credit score because they measure the length of time that you have one source of credit. They take the longest an calculate it a part of the score. I had to learn the hard way. |
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ruthietoothie1972
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Well go into the bank and speak with a personal banker.....they are going to be your best resource. Bank of America offers such a wide range of credit cards to suit most every need. They have student credit cards as well.
You want to use credit wisely. Always pay your bill on time. Try to always pay the whole balance off every month to avoid paying interest. Never go over your credit limit because there will be a fee if you do. You don't want to max the credit line out. If you have a checking account and use a credit card as overdraft protection for the account....make sure you have a separate card just for purchases. Read the disclosures.....if you are late on any payment most credit card companies with raise your interest rate to the max that is allowed. |
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justagorilla
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building credit....good idea and you're soooo right: you have to be careful with the debt thang.
B of A is not an easy place to get a first card. Capital One is.
try to get a card that has no annual fee. At first you may have to go this route, but always strive to get away from it. Also, you want to always work at obtaining a lower and lower interest rate. This is accomplished by establishing good credit. You already knew this. Your first card will have a small spending limit. This is good too. Never get a cash advance as this is where the killer interest is.
If you have plenty of cash flow, and want to buy something, use the card for a small item (1-2 hundred dollars) and begin making normal payments....after three or four, start to make double payments and after three or four of these, pay it off completely if you can. do this off and on for a year...and at the end of the first year, ask for an increase and interest reduction. you may get one or the other, both, or none of the above. it happens. If you have a good job, a bank account, and good credit standing after the first year, apply for a loan, say $500.00 and pay it back as before. This is a way you can start building credit. If the day comes and you want to buy a car on payments, a house, a business, good credit will help with all. Do not apply for a bunch of cards...every time you do, a credit check is done and this impacts on your credit ratng too. It just does! Alway go for the best one and cancel the old one. When I have called to cancel, I have been offered a lower interest rate than the other one. this isn't always the case, but it works sometimes. They always ask why you are canceling, because they want to keep you a customer. go for it, my friend. |
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bdancer222
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I hope you see how important it is to only charge what you can afford to pay in full every month.
The second most important thing to remember is to NEVER, NEVER, NEVER loan the credit card to anyone. Doesn't matter how good a friend or how much you love them. don't let them use your credit card. It never turns out well. |
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Tania
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Tip 1.
1. Pay your bill on time, atleast 2 days before the last date.
2. Keep a record of your bill generation date.
3. Any big transactions make it just after your bill has been generated, so that you have the maximum number of days for that.
4. Similarly never make big transactions just before the genration of the big.
5. Simply aviod late payments, the interest rate is too high. Alway always pay the bill before the due dat. |
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Steve R
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Keep track of your spending and pay the full amount due each month. Smart cardholders don't pay interest. |
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M K
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If you have no credit history you will not be approved for a unsecured credit card such as Bank of America and Chase. You have no credit history so you will not get approved for these cards. You DO NOT want to apply for as many cards as possible. Too many inquiries will keep your credit score down. When you apply for too many credit cards lenders view this as you need money desperately. You can get a credit card now from http://www.creditfast.com click on the bad credit page. You will get approved for these offers. They have fees but the sooner you get a credit card the sooner you can build good credit history. With good credit you will get better interest rates on future loans, like a auto loan. You could save hundreds of dollars on the life of the loan because you were able to get a lower interest rate. Be careful because a lot of people get stuck in debt, and then ruin their credit. Another way to help your credit is to use no more than 40% of your limit. Creditors like to see that you don't max out every credit card you get. Follow these steps and you will have amazing credit. |
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