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BeachBoarder | I don't want a credit card, and do I really even need one? |
I'm 19 and most of my friends have credit cards. I told them I had no interest in getting one and they were like "but you need to start gaining good credit".
I don't really even get the whole concept of the credit card. When I buy something, I make sure I have enough cash for it and pay with that. It just seems much easier and I know that I definitely have the money and don't have to worry about a bill later. If I want to buy something big, I save up for it.
So what's the big deal? |
 |
 
low_on_ram
|
Good attitude! & it's the right one to have. You really shouldn't buy anything unless you have cash in hand.
A credit card is good for establishing credit, it's another way of showing that your able to make payments on time. Though, paying off the balance each month also accomplishes this.
Sometimes it's handy to have a credit card if you are going to make a large purchase like a tv, expensive dinner, ect.
It's handy to have one if for instance your in an area where there are no atm's, your car broke down, & the repair shop wants to get paid before you can go on your way.
You need one if you are going to rent a car, hotel room, video/movie, ect. It's a way for the merchant to know that if they do lend you their item & you destroy it, they have a way of being compensated.
That being said, there is no reason why you cannot get a card & just not use it unless you need to. |
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CrackBerry Addict
 |
You are doing exactly what you should be doing. Most people talk about building credit because, eventually, they will need to borrow money. The lender needs to know that they can trust you with their money, so they look at your past history of borrowing money to see if you are a good candidate. If you never need to borrow money, then you don't need to worry about having a high FICO score (which comes from good credit history).
If you will need to borrow money at some point (for a home is the only thing I recommend borrowing money for) then you will need some sort of history, so to speak. The good news is that you don't have to use debt in order to build this history. What I recommend you do is go to the following site and sign up for a profile:
http://www.prbc.com
This reporting bureau allows you to use non-traditional bills to build a solid credit history. Things like rent, cable, cell phone, utilities, and insurance payments can all be used in your profile to build a solid history. They also have a list of lenders they use who can look at your PRBC report and qualify you for a loan.
I congratulate you on not being like everyone else, thinking that you have to use debt in order to be okay. I don't plan on borrowing money ever again except for a home. |
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Super Ninja
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Keep it up! You are in the right track. Your friends simply do not understand the concept of having a credit card. When someone uses a credit card its because they simply do not have the money to buy things. They are broke! You are smart they are not! |
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Joe E
 |
I don't know what the BIG deal would be. I've seen so many people get in BIG trouble w/their damn credit cards. If I can't pay cash for something, I either wait or I don't get it. I'm OLD-SCHOOL in that area. |
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kelly
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I don't have one and donot desire one all things out of credit crads are bad and I work to hard to throw my money away in the sky high interest rates they charge. If you don't have the cash in hand to buy it then then waht makes you think in 30 days you'll have the cash to pay for it then? |
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dr
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No, you don't need one and don't let your friends pressure you otherwise. If you have the cash, you can buy anything you need or want. |
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Jayinem
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GREAT DECISION!
Check your friends' balances in a year or two - you'll be debt free! As far as building credit: It's just as likely to damage your credit if you overspend, carry a debt (this creeps up slowly), miss a couple of payments, etc.
There are some things they are good for, but at 19 I don't think it's a "need". Either it can be done with a debit card backed by Visa or a friend can use his/her card.
So, you say you are making sure you have enought money before you buy stuff...interesting (See link - funny). |
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marks
 |
I preferred to do business that way too, until I had a medical emergency. My advice would be to get a credit card, make small charges on it, pay it off each month, and sleep secure knowing that if you need it for emergencies it is there. |
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bubba
 |
They are good for deposits on rental equipment, handy when flying, and good for internet purchases (safer than giving your bank account information - just cancel it if there is ever a problem).
Otherwise, your right - stay away from them. To build your credit, take out bank loans and pay back quickly, pay all you bills on time. It is ok to use a card once in a while, but pay it off ASAP if you do. |
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Cereal Killer
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Its so refreshing to see smart young people.
You don't need a credit card. You will need to build your credit but there are other ways of doing that. My parents always told me "If you don't have the money to pay for it, then you don't need it."
And it's so true. Saving is such a great skill (and trust me it is a skill). I am someone who can't save money to save my life, but I'm smart enough not to spend money I don't have. And that's what a credit card is, because if you had it, wouldn't you just use cash or debit?
Keep up the good work!! When it's time to buy a car and eventually a home, you'll be one step ahead of the crowd because you won't have screwed up your credit. |
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Brad
 |
You are right on the money. For 99% of products/services you can purchase, this is a great mindset. However, there are a couple of things in life that will depend upon what your credit score is and credit cards will play a major part of.
Although it can be done by saving up for the entire amount, buying a car is typically done with putting down some sort of deposit and financing the rest, your credit score will determine what interest amount you will be paying over the life of the loan. Purchasing a home is another, most people will get some sort of financing for their purchase and a credit score will determine the interest amount you will be paying. Having a credit card and paying off the balance at the end of the month will help your credit score and allow you to obtain loans that have lower interests rates compared to people that don't have any established credit.
I personally like using my credit card because I get to hold onto my money just a little longer and squeeze a little more out of interest before I payoff my bill at the end of the month. It's great incase there is an emergency that I have access to a large amount of money, warranties are extended for certain products that I buy, I get free rental car coverage on vehicles that I rent, I don't have to carry much or any cash, if I lose my credit card things that were purchased without my authorization are not my responsibility to pay, etc.
Unfortunately there are too many people out there that just spend away, max out their credit cards, and can't pay the bills off. They let their desire for instant gratification take over. |
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teresathegreat
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You need a credit card for certain things, like reserving a rental car or plan tickets. But you can use a debit card for most of these things as well.
Your friends do have a point - establishing a good credit history is important, and will be essential to you later on in life when you are ready to apply for loans or buy a house. Your credit history looks at how much money you are trusted with, and how responsibly you handle it.
So if you handle your credit card responsibly, it can benefit you in the long run. It's best to think of a credit card as a debit card - you simply pay for the items at the end of the month instead of at the moment of purchase. If you pay the amount in full every month, you won't have to worry about finance charges or interest, and you will build an excellent credit history.
So your friends have a good point - but I'd be interested to know how many of them really handle their credit responsibily, and how many foolishly carry a balance from month to month. |
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Jennifer
|
Hi,
I got my Capital One and Chase credit cards from this site.It's very easy and fast.You should apply and keep these cards for emergency or to improve your credit score since there is no annual fee.Check it out here:
http://ez-mart.biz/NoAnnualFee.htm |
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Grant M
|
If you ever want to buy a car or a house then you should start gaining credit history somehow.
If you have no desire to ever buy anything with a loan then I suppose you don't need one, but chances are you will someday want to take a loan out for something.
You should not use your credit card for everyday purchases and make sure it is always paid off in full every month. If you do these two things you will be miles ahead of the average person.
If you are still scared to get a credit card you can get what is a called a secured card through your bank. What you do with this is give the bank a sum of money - say $500 dollar. They will give you a card with a limit of that amount. You will pay it off just like a credit card every month, but you don't run the risk of going into debt, and you still gain a good credit history. |
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huneymooner
|
Building your credit history (a good one) will help you out when you wan to get a loan/note when buying items such as car or home. Your credit history helps those loaning you money (banks, c.card cos., etc.) determine your "loanability." You will likely not have a bunch of cash for those big ticket items.
Good habits, such as paying off your credit card, are beneficial for you considering you will likely have needs for credit in the future.
If you don't want a card, don't get one. Wait until you are ready. You sound like you know the value of the dollar by making sure you have enough money to pay for those things you wish to purchase. |
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West
|
It takes a few years to establish good credit, then once you establish it you need to keel utilizing it responsibly to further increase your score. Let's face it, credit is a HUGE part of life.
Some things you might want to consider are that increasing number of companies rely on credit scores to form an opinion on employment candidacy, Credit score can affect the down payment on utilities (Cell Phone, etc.), Credit score is going to affect your ability buy purchase cars/houses, in the future.
Unless you believe you can pay off an entire house with cash in hand in the future, you are going to need credit eventually. The better your score, the LESS you are going to pay in interest and the more likely you are going to get the loan to begin with.
Think you might want to start a business in the future? You'll need credit.
Want to go to nice college with a student loan? You'll need credit (though, I applaud you if you can pay for that with cash you have in the bank).
Having good credit is only going to help you. It's best to establish it before you need it, otherwise it'll be too late. |
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