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Old 09-16-2012, 07:03 PM   #11 
dramaqueen
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Yes, pay more than the minimum. I was also told not to ever close a credit card account because it will hurt your credit. If you don't want a certain credit card just don't use it.
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Old 09-16-2012, 07:24 PM   #12 
crowntaillove
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Oh really? I thought that you had to pay a monthly minimum no matter what on your credit card. I also read somewhere that keeping an open line of credit (an unused credit card) could hurt your credit. xD growing up is pretty confusing....
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Old 09-16-2012, 07:57 PM   #13 
Kenny G
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I would like to make a suggestion. If you have a credit union in your area apply for a credit card with them if not look online and apply for one. They offer lower APR rates that the major credit card companies. I believe there is no annual fee.

Stay away from fly by night prepaid credit cards. They do nothing to help establish credit. If you need to go the secured card route Capital One is your best option. You would start off secured and with regular payments they will move you to unsecured. It one of the best ways to establish credit history. You will not be charged an annual fee and you can control your spending.
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Old 09-16-2012, 08:01 PM   #14 
crowntaillove
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Quote:
Originally Posted by Kenny G View Post
I would like to make a suggestion. If you have a credit union in your area apply for a credit card with them if not look online and apply for one. They offer lower APR rates that the major credit card companies. I believe there is no annual fee.

Stay away from fly by night prepaid credit cards. They do nothing to help establish credit. If you need to go the secured card route Capital One is your best option. You would start off secured and with regular payments they will move you to unsecured. It one of the best ways to establish credit history. You will not be charged an annual fee and you can control your spending.
Thanks! I'll look into that.
I'm still iffy on going the route of a secured credit card, mainly because I don't have $500 cash on me to put down for one. The other reason is, I'd be paying interest on my own money! I know you gotta do what you gotta do, but still.
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Old 09-16-2012, 08:06 PM   #15 
Kenny G
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Research it online. I believe you can do it with as little as 200.00 and you don't pay interest because you have put up the money up front and the card will only allow you to charge what you have available on the card.

I started out with a Capital One secured card in my late teens early twenties. The end justifies the means. The goal is to establish credit. I would look into Municipal Credit unions first.
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Old 09-16-2012, 08:21 PM   #16 
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Please, pay off the balance EVERY month. Don't carry that debt month to month and pay WAY more for something then it it worth.
If you don't have the money to pay for it, DON'T BUY IT. Using a credit card can help you build your credit. Paying it off month to month can help you build your credit too.
Don't be stupid and carry a balance, that is exactly why there are so many people with thousands in debt. I just cannot wrap my head around being okay with being in so much debt.
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Old 09-16-2012, 08:29 PM   #17 
crowntaillove
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Well I definately don't want to end up in debt, but I really want to build credit. From what I've read on here, it's more helpful to build credit by not paying off the full amount each month. Idk.
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Old 09-17-2012, 05:55 AM   #18 
toad
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No, that's not true... Not paying off your balance does not matter. Did you read the link I posted? The only thing ~not~ paying your balance does is lose you a lot of money in 'interest'.

Secured cards can be good - my first card, a couple years ago, was a secured one; I put down $99 and they gave me a $500 limit. The only downside to that particular card is the annual fee, so I will be closing it soon and opening another to replace it. I've only ever used it to put gas in my car; all my cards have a certain purpose - card for the pets, card for clothing, card for gas, and debit cards for food, etc.

Last edited by toad; 09-17-2012 at 05:59 AM.
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Old 09-17-2012, 06:53 AM   #19 
jennesque
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Not trying to sell his book by any means, or tell you go to his seminars, but you should check out Dave Ramsey's website, and if you can, listen to his radio show a few times. It's on conservative talk radio stations, but if you're not republican/political, don't worry.. there's very little about politics ever mentioned.. it's not an Obama bashing talk show.
His radio show and books are about getting out of debt and staying debt free. The only debt you should ever really get into is a mortgage.. maybe student loans, although he doesn't suggest even that. Credit cards aren't worth it. You also do not need a credit score for anything except getting into debt - which is bad. You can still get a mortgage without a credit score, they'll just check things like your utility payment history.

You don't need credit cards for an emergency either.. depending on how old you are, you should just have an emergency fund built up of three months worth of your bills and then continue to save for whatever it is that you need. Without a credit score, you might need to pay security deposits on things that you wouldn't if, say, you had 700-800+ credit score, but even if you're new at receiving credit, your credit will not look good (not bad, it just lacks a long history) so you'd probably get stuck with the same deposit anyways.

Trust me, from someone who came down to hard economic times and tried to use credit cards to keep myself afloat (after years of saying I'd never do that and I consistently did pay off the balance within a month or two) it's not worth it. I'm still working on becoming debt free myself, but it is not something I will ever get myself into again. I will not get credit card debt ever again. I'm slowly working towards having no credit! (Or at least only my mortgage on my credit).
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Old 09-17-2012, 07:10 AM   #20 
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Let me ask those that say to carry a balance month to month, are you in any sort of debt besides a mortgage payment?
Because....I'm not.
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