 Is a credit card a bad idea for an 18 year old? |
Additional Details
basically i've just got a credit card and every1 keeps saying what a bad idea it will be.... but i've only got a £200 limit at the mo anyway?? how can it ... |
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 Unfair credit card? |
| Hi there. i recently made a couple of late payments but paid immediately the next month on top of the fine. ive been a loyal customer for years and had a low interest rate but now they have withdrawn ... |
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 Can i get a loan or credit card with no credit? |
i am 19 and i need to borrow about 1000 dollars to pay some bills and rent. I have no credit or anything but i only need this money for around a month before i can pay it back. any advice?
A... |
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 Tell me how to get "un" "royally screwed"? |
| Before I begin let me just be completely honest. I have just up and left two apartment complexes, I am on chex systems because I owe 200 to one and around 600 to another bank. When I was 15 my "... |
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 My sister is using her 2 year old daughter's information to get credit cards, how can i stop this? |
| Well, as shameful as this may be, my sister has a two year old daughter and i just recently found out that she's been using her daughters information to open accounts such as credit cards, cell ... |
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 Why should Americans use cash instead of credit cards? |
| For Americans it’s much easier for us to slide our credit cards then to pay with actual cash. Most Americans are trying to manage their money in this tough economy and are slowly going back to ... |
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| I am 19 and i have no credit history, im ineed of a personal loan of 3000 i make 1760 monthly help??? |
| i have been applying everywhere but i cant seem to get a loan as of yet and i need this asap so please if u kno of any loan sharks, or company that could most definetly help me out please let me ... |
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 If I were to divorce my husband, would his credit also be my credit? Or is it seperate? |
| What I want to know is when I divorce my husband will I continue to have no credit? Or will I have his credit on my credit report?... |
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 Can they take her car? |
| My friend is planning on filing bankruptcy. She has an appointment with the lawyer in about an hour (to actually file) not just a consultation. She just called me to tell me that people are pounding ... |
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 Is it hard to buy a house without credit? |
| my fiance and i are living in a shack and we have found a house we love and would like to buy but we have no credit bc we are young and have always been afraid of getting in over our heads. we were ... |
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 Did they ask for your? |
| [For the people that have a paypal credit card] Did they ask for your credit card number when you signed up for a paypal debit card? if so, Are the EXACT numbers on your credit card that are on the ... |
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 Does anybody know? |
| If you live at an address for a number of years,and the last owners have taken a personal loan out and they have given the address that you are now living at,they haven't kept the loan up to ... |
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 Bill collectors, won't listen to me!? |
| Bill collectors keep calling our phone number! I have told them that the person they are looking for does not live here! They now have a automatic system and if you answer it kicks in. I want to get ... |
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 Do i trust these people? |
i have just applied for a loan,
and have been told that i must pay 49.50 admin fee
is this correct and is it because its a smaller lender and i have adverse ... |
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LISA G | Why does everyone worry about their credit rating ???? |
if you cant afford to pay for things by cash ...dont have it!! thats my moto anyways!!! |
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heybulldog
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I agree. People obsess with the fico score.
You borrow money and make payments on time to get a high score so you can borrow money and pay interest. It's a stupid game.
New cars are a rip off. You lose money as soon as you drive off the lot. It keeps losing money every yr.
Save up for a good used cash car. If you have no payments it's easy to save up.
The average American pays $300 a month in interest on car loans and home loans.
As far as getting a home. You can get a home loan without a fico score. It's called manual underwriting. It's not a sub prime loan. It's the way home loans were givin' before all the fico worship.
You can get the lowest interest rates available.
There is a difference between "bad credit" from not paying your debts and no credit from not borrowing money. You can get an apartment with no credit. You can get a job with no credit. It's "bad credit" people look at. |
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bill.storey2@btinternet.com
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only when it comes to getting a loan to buy a house |
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SuperCactus
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A poor credit rating makes it very difficult to buy a can, home or any item that must be financed. Many employers look on a credit score as an indication of a persons character. Bad credit often equals no job. |
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atari pacman
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I agree. All my purchases are planned, yet I've been encouraged to take out a credit card to boost my credit rating ... from an organisation that was always happy to give me credit many years ago. |
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Mugwug
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It's strange. I hear people rant and rave about how they bike to work and save the enviroment, how car owners are irresponsible and then it turns out they either can't afford a car or don't have a drivers licence.
The same thing pops to mind when I hear someone tell me how any credit is evil and I should avoid the whole thing. I can't help picturing the person having a series of R9s on their report and NOW converting to a "cash only" society after having destroyed their own credit.
Maybe I'm wrong.
I'd agree to a point. It's just credit. Have a little bit, treat it like an adult and don't fixate on it. The truth is, however, that if you do intend to buy a house it's going to take a LONG time to come up with a few hundred thousand dollars to buy one with cash, and at that stage in the game it's a little late to suddenly decide you might need credit after all.
Credit in moderation, fiscal responsibility first and foremost. |
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Blue Indiana
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Lets see if you can say that 10 years from now when every thing is going to be credit. Credit saved my life. |
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Brad F
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I agree with you completely, and you should read up a little on Dave Ramsey as he mainly preaches paying cash for everything and has some nice plans. www.daveramsey.com....the only thing I can see being worried about your credit rating is trying to get approved for a mortgage, as very few people can pay out of pocket an entire house :) |
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Anthony A
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I've cut my credit cards over year ago... so there is no need to worry about this anyway... because I don't want any loans. |
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mcmdcak
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Most landlords pull a credit report before renting to you also. Bad score = no rentee to you.
There are numerous times in life when bills have to be paid with credit :House buying, Auto buying, Emergency Health bills, etc.
You have the correct concept, therefore you will have a good credit score :) |
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ponek99
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you loans that you may need get better or worse rates |
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shiprepairwoman
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You need good credit to buy a home or rent an apartment. Also car insurance rates go up for people with bad credit. I have great credit and it gives me freedom to decide what I want to do about borrowing. I always get great rates on mortgages. Most people can't pay cash for houses and if we can don't choose to. |
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Emily
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Your motto may work for you, but not everybody else in the universe. Not many people have ready cash to get the things they need now but they can afford to pay monthly payments at scheduled dates. America is just about credit and that's how it's been forever. Good credit is needed to finance a home, car, education, to make travel reservations, for emergencies and so many things. Good credit gives you the opportunity to finance at low interest rates and that's the reason it's important to establish good credit. If you can pay cash well more power to you!
Yes, I would personally love to be rich and pay everything with cash and I have done so in the past. However, it left me with an empty credit report and nobody willing to help me finance a car when I needed it 10 years ago. At that time, I had a non-existent credit report because I paid everything with cash, so I had to get a co-signer. Having good credit gives you independence and respect. If you are responsible, it simply works.
Don't ding people because they cannot pay with cash and because they rely on good credit. I think for the most part people are responsible with credit and those who aren't and pay everything with "cash only" just don't know how to handle credit responsibly due to past mistakes. It may take some a little longer to learn how to manage credit, but it is very important for so many reasons in addition to the ones I have mentioned.
I applaud you for your personal motto, but frankly if I had to pay everything with cash only, I would simply have an empty credit report and no way to prove my credit worthiness to finance my new home. Good credit has allowed me to buy the home of my dreams at a low interest rate and I am very happy. Good credit simply works for me if you use it responsibly and that's my motto!!!! |
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countrygirl
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The older you get you will need credit for something, homes,cars loans for school, then the little ones come along and boy do you need it then. |
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kapn
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I don't... |
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donald e
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what do you do for a new car how many folks have 10000 plus cash to buy a new car, or a house, the better your credit rating the lower the interest rate therefore the lower the monthly payment making something that you wouldnt have the cash for affordable on a monthly basis, for example the monthly payment on 100000 mortgage with good credit 5.25% interest would be 553.00 for 30 years for principal and interest with poor credit it could be 787.00 at 8.75% or higher and could be an arm an not a fixed rate, i for one have a lot better things to do with 220.00 a month than give it to some bank,, i for one have very high credit scores, recently purchased a car on a saturday and told the dealer he would have a check on monday from my lender who i got on the phone for him, told him to close the deal he would have to let me take the car home to the little woman right then and there, after the lender assured him he would have a check no later than tuesday, he agreed to let me take the car if he could pull my credit report, i agreed, his comment when he pulled it was omg, thinking something was wrong i asked him what was the problem, he said no problem but he had never seen a score that high before, he handed me the keys and i didnt give him a dime. my bank got the check to him on wednesday and i never heard from the dealer that it was 24 hours late, hope this explains why it is important to have a good credit rating |
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Crazyjester9
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That moto of yours doesn't hold up too well when it comes to buying a new car or a house, unless you're making extremely good money.
The fact of the matter is a good credit rating can save you untold amounts when it comes to interest rates and fees. |
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the only booboobear
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credit ratings are just a way to make you feel good about borrowing money, as if you have to be special to borrow. wow so special you end up paying 25% interest.! its all a big con. |
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