Credit cards?

[jennesque]

I wanted to say that I agree, if you absolutely insist on having a card, pay off the balance. Debt isn't worth getting into. There's nothing you can do with a credit card you can't so with a debit card - except spend money on things you can't afford. If you don't pay off the balance you're just wasting money on interest. It's not worth it, and any lapse of self control can lead to a snowball of debt.
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[AngelicScars]

Originally Posted by dramaqueen

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.

That sounds like a good way to get yourself in a lot of trouble if someone decides to use that credit card that you stopped using.

Keeping your oldest credit is a good idea, but closing out a credit card account that you have paid off in full and didn't have trouble with during the time you had it and you are no longer using isn't going to hurt you. It's a good idea to close out accounts you aren't using to avoid identity theft.

[OrangeAugust]

Originally Posted by dramaqueen

but they really don't like it when you pay off the whole thing every month. My mom says that doesn't help build your credit.

I don't know about that. I only have one credit card which I didn't get until I was 24, and I pay the whole thing off every month. They increase my credit limit every once in a while, and I'm in the process of buying my house and because of my credit score my mortgage banker said I'm the "golden buyer". So...

[OrangeAugust]

Originally Posted by AngelicScars

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.

That's the exact advice my dad gave me when I first got a credit card.

[AngelicScars]

Originally Posted by OrangeAugust

I don't know about that. I only have one credit card which I didn't get until I was 24, and I pay the whole thing off every month. They increase my credit limit every once in a while, and I'm in the process of buying my house and because of my credit score my mortgage banker said I'm the "golden buyer". So...

Yep, when we bought our first/current house, we were told the same thing.

[dramaqueen]

I guess I was told the wrong thing or misunderstood. I thought my mom said not to pay a balance off every month but she said she didn't say that. She did say that closing out credit card accounts will affect your fico score.

[crowntaillove]

Originally Posted by dramaqueen

I guess I was told the wrong thing or misunderstood. I thought my mom said not to pay a balance off every month but she said she didn't say that. She did say that closing out credit card accounts will affect your fico score.

I asked my dad advice on it today and he said that if you pay off the balance every month then you will build credit, but a lot slower than if you only payed the minimum. That makes a whole lot of sense right? xP

I just want to be able to get a loan to buy a house someday. And as of right now, Best Buy won't even give me a credit card. When I was under 18 I got credit card offers in the mail...wheres one when I actually want it!?!?!