Credit cards

CrimsonNuker · Post by **CrimsonNuker** » Thu Feb 23, 2012 3:52 am

I just got my first credit card strictly for convenience and credit building. WHAT SHOULD BE MY FIRST PURCHASE? :sohappy:

Panu · Post by **Panu** » Thu Feb 23, 2012 4:53 am

When I got mine I went and bought some ice cream

.curve · Post by **.curve** » Thu Feb 23, 2012 5:13 am

I put a bunch of big purchases on it and paid those off over time.

~$400 for Coachella ticket
$250 for new sunglasses
$120 light show gloves
$299 iPhone 4s

EvGa · Post by **EvGa** » Thu Feb 23, 2012 5:26 am

Just make sure whatever you buy maxes out your limit! :sohappy:

Not srs, I read 10% utilization is best for building credit. I use about 10% of my limit each month and pay it off immediately.

I will say, having a card is a huge convenience. I had an unexpected trip come up that I couldn't pay for in cash/debit and was able to put it on my card for a month until I had the funds.. life saver. Also used it once for a car repair.

inky · Post by **inky** » Thu Feb 23, 2012 5:41 am

For electronics or any product that exceeds $50, I usually pay by CC. Although if you have Amex, it would be convenient for you to get another one from Visa or MC since some places decline amex due to their higher fees.

For services like framing or fixing your laptop or car, some people prefer to take cash so that you get to save on taxes and they don't have to talk to Uncle Sam lol.

CrimsonNuker · Post by **CrimsonNuker** » Thu Feb 23, 2012 5:44 am

EvGa wrote:Just make sure whatever you buy maxes out your limit!

Not srs, I read 10% utilization is best for building credit. I use about 10% of my limit each month and pay it off immediately.

I will say, having a card is a huge convenience. I had an unexpected trip come up that I couldn't pay for in cash/debit and was able to put it on my card for a month until I had the funds.. life saver. Also used it once for a car repair.

Yeah that's what I'm planning, my limit is only $1000; so I'm only going to use about $150 max a month.

And yeah it's a Visa

Dimethyltryptamine · Post by **Dimethyltryptamine** » Thu Feb 23, 2012 8:35 am

.curve wrote:$299 iPhone 4s

$300?!

Damn just checked Apple website, far out they're cheap there. Start at $199... here they start at $799

CrimsonNuker · Post by **CrimsonNuker** » Thu Feb 23, 2012 8:51 am

Dimethyltryptamine wrote:
.curve wrote:$299 iPhone 4s

$300?!

Damn just checked Apple website, far out they're cheap there. Start at $199... here they start at $799

O___O $199 must be with a plan, $799 must be unlocked.

heroo · Post by **heroo** » Thu Feb 23, 2012 11:14 am

I got a 2500 euro/3500 dollar limit on my card. I hardly use it though. Mostly I use it for booking tickets to Iraq whenever I go. And sometimes to buy RuneScape goldmember for my lil bro.

You don't need creditcards for anything here in Holland.

Post by **dom** » Thu Feb 23, 2012 11:50 am

I pay for -everything- on my credit card and then pay it off after. It builds credit and gets me aero plan miles.

woutR · Post by **woutR** » Thu Feb 23, 2012 1:10 pm

Don't you have to pay interest on your credit card? Why not use a debit card if you have the funds to pay it back instantly anyways?

ltsune · Post by **ltsune** » Thu Feb 23, 2012 3:25 pm

woutR wrote:Don't you have to pay interest on your credit card? Why not use a debit card if you have the funds to pay it back instantly anyways?

Yes, you do. Well, I have what I suppose is called a credit card, lol. But I just always make sure to have enough money on it, so I will not have to pay interest. The only reason I use it instead of a debit card is because I would like to be able to pay whatever unforeseeable cost I may run into.

But yeah, I would say always try to NEVER use any of the credit the bank allows you to. Only if it's an unforeseeable cost, and try to pay it back ASAP. Banks often charge insane interests for the money you owe them on a credit card.

.curve · Post by **.curve** » Thu Feb 23, 2012 4:01 pm

CrimsonNuker wrote:
Dimethyltryptamine wrote:
.curve wrote:$299 iPhone 4s

$300?!

Damn just checked Apple website, far out they're cheap there. Start at $199... here they start at $799

O___O $199 must be with a plan, $799 must be unlocked.

Now that I think about it, my 2 year plan had just come up, making me eligible for an upgrade so the phone was $199 with a new 2 year plan.

Post by **dom** » Thu Feb 23, 2012 5:28 pm

woutR wrote:Don't you have to pay interest on your credit card? Why not use a debit card if you have the funds to pay it back instantly anyways?

You only pay interest if you didn't pay off your balance by the statement day, IIRC. I just use my credit card and pay it off each paycheck.

EvGa · Post by **EvGa** » Thu Feb 23, 2012 5:50 pm

Yea, there is no interest charged unless you carry a balance into the next billing cycle.

By buying stuff on it and then paying it off immediately without letting it carry over and building up interest you are showing the credit agencies (and anyone that pulls your report) that you are responsible enough to have credit and use it properly. AKA - They'll be willing to loan you money or a service since you appear responsible. Info for those unaware.

Isis · Post by **Isis** » Thu Feb 23, 2012 5:50 pm

I use mine for credit building (but haven't used it in a while), I spend about £10 a month and then pay that off each month. But last time I used it, I had an unexpected vet bill, so I used my credit card and have just been paying that off each month. My card is only £200 max, as I have a poor credit rating.

takolin · Post by **takolin** » Thu Feb 23, 2012 6:46 pm

When I got mine I bought a Kindle and some books to go on it.

CrimsonNuker · Post by **CrimsonNuker** » Thu Feb 23, 2012 7:16 pm

ltsune wrote:
woutR wrote:Don't you have to pay interest on your credit card? Why not use a debit card if you have the funds to pay it back instantly anyways?

Yes, you do. Well, I have what I suppose is called a credit card, lol. But I just always make sure to have enough money on it, so I will not have to pay interest. The only reason I use it instead of a debit card is because I would like to be able to pay whatever unforeseeable cost I may run into.

But yeah, I would say always try to NEVER use any of the credit the bank allows you to. Only if it's an unforeseeable cost, and try to pay it back ASAP. Banks often charge insane interests for the money you owe them on a credit card.

Yeah my interest rate is 19.98% or some stupid shit like that, it's ridiculous. That's why I'm not gonna try to max out my credit card every chance I get.

LOL @ Bastet's 200 pound limit

*BlackFox · Post by *BlackFox » Thu Feb 23, 2012 7:51 pm

If you do get a credit card, be careful... I'm Just saying

Spoiler!

Isis · Post by **Isis** » Thu Feb 23, 2012 7:57 pm

CrimsonNuker wrote:
LOL @ Bastet's 200 pound limit

No one else would give me a credit card, so I was lucky to even get £200, so don't knock it!

woutR · Post by **woutR** » Thu Feb 23, 2012 8:47 pm

No offense, but you probably shouldn't have gotten one in that case.

Isis · Post by **Isis** » Thu Feb 23, 2012 9:01 pm

woutR wrote:No offense, but you probably shouldn't have gotten one in that case.

So how the hell would you expect me to get my credit rating up? That is the only way. The only reason I have poor credit history, is because I was out of work a few years ago. So I was unable to pay my credit card off. So please next time think about the circumstances before you post a reply.

Post by **dom** » Thu Feb 23, 2012 9:16 pm

When I was applying for my mortgage I was finally told how credit ratings really work. Most people just say to use your card and pay it off, or to keep a rolling balance, etc.

A high portion of your credit score is a ratio between how much credit you have and how much credit you owe. The difficult thing, however, is that the only way to get more credit is to use more credit.

Reoccuring bills tied to your credit history (Rogers bill for example) also show up in your credit report.

I try to spend as much as possible in credit, while continuously paying off, so I get more credit and increase my credit score. A high credit score saves you money as it gets you better interest rates when borrowing.

One important thing to also remember is that some employers will make you give up your personal information so they can run a credit check on you as part of their hiring process. My employer did this and a lot of the qualified applicants didn't get the job because of things like student loans.

EvGa · Post by **EvGa** » Thu Feb 23, 2012 9:52 pm

dom wrote:My employer did this and a lot of the qualified applicants didn't get the job because of things like student loans.

My credit is average. I just don't have a lot to it at the moment, being a student with a low limit credit card, student loans (relatively small amount), and only a few recurring payments.

Another misconception to add to dom's reply. When companies run a credit check they don't just go "hey! His score is 750! whoopty do!" They actually go through and look at your credit lines, usage, how long you've had credit, etc, etc. your report is a big "credit resume".

CrimsonNuker · Post by **CrimsonNuker** » Fri Feb 24, 2012 3:17 am

*BlackFox wrote:If you do get a credit card, be careful... I'm Just saying

Spoiler!

Average American.

heroo · Post by **heroo** » Fri Feb 24, 2012 3:26 am

7% interest rate on my creditcard FTW?

inky · Post by **inky** » Fri Feb 24, 2012 5:31 am

I'm not sure at what age it's possible (16 iirc) but you if you're listed as dependent to your folks, can tie your account with your parents so whenever they pay the bills you start to build up your credit score as well. Just hope that your parents are fiscally responsible people.

CrimsonNuker · Post by **CrimsonNuker** » Fri Feb 24, 2012 5:57 am

inky wrote:I'm not sure at what age it's possible (16 iirc) but you if you're listed as dependent to your folks, can tie your account with your parents so whenever they pay the bills you start to build up your credit score as well. Just hope that your parents are fiscally responsible people.

My mom wanted to do this with me, but she did't want to give me $5000 credit.

Panu · Post by **Panu** » Fri Feb 24, 2012 6:38 am

inky wrote:I'm not sure at what age it's possible (16 iirc) but you if you're listed as dependent to your folks, can tie your account with your parents so whenever they pay the bills you start to build up your credit score as well. Just hope that your parents are fiscally responsible people.

This applies to me.

Post by **Majorharper** » Fri Feb 24, 2012 12:17 pm

I got mine when I was 18, and I use it to pay my pilot license bills sometimes, managed to bust my limit of 1000$... cost me 25$

oh well, now im poor as f.uck and I cant use my card anymore otherwise ill be in debt...

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