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Getting a Credit Card
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theJ


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PostPosted: Thu Nov 15, 2012 6:25 pm    Post subject: Reply with quote

Iggles wrote:
Aside from having more cash on hand? Nothing. But if you invest the money or even keep it in a bank with a very low interest rate, it's a net gain.

It's also useful as essentially a free cash advance if you have a steady income. Those who cannot get credit cards tend to rely on the predatory practice of payday loans that cut into their income.

That i agree with. I would bet a majority of my bank account though that most people do not invest the money when they get these great 0% interest loans. Maybe they have a 0.5% money market.

I guess i just don't see the point of short loan terms except in the second case you outlined - cash advance in a pinch. Otherwise i only see it as a unnecessary risk. But that's IMO.
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vike daddy


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PostPosted: Thu Nov 15, 2012 6:50 pm    Post subject: Reply with quote

theJ wrote:
Interest free credit is great if you can make interest in the midterm (or don't have the cash on hand), but otherwise you literally gained nothing.

a new guy without established credit already does gain the advantage of being able to point to a clean payment history, when attempting to get a larger credit line.

that's something.
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theJ


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PostPosted: Thu Nov 15, 2012 7:11 pm    Post subject: Reply with quote

vike daddy wrote:
theJ wrote:
Interest free credit is great if you can make interest in the midterm (or don't have the cash on hand), but otherwise you literally gained nothing.

a new guy without established credit already does gain the advantage of being able to point to a clean payment history, when attempting to get a larger credit line.

that's something.

I get building credit through regular use of a credit card for standard purchases (like gas, food, etc, basically things you buy all the time). I don't get the people saying they made this amazing deal where they got a 12 month interest free loan when they had the money in the bank and don't plan on doing anything with that money in the interim.

Does that make sense? I feel like i'm not articulating this very well, and people are mistaking me for this guy that hates credit under all circumstances. I don't. I get it. I just don't understand financing non-regular purchases when you have the money.
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Mossburg


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PostPosted: Thu Nov 15, 2012 7:21 pm    Post subject: Reply with quote

theJ wrote:
vike daddy wrote:
theJ wrote:
Interest free credit is great if you can make interest in the midterm (or don't have the cash on hand), but otherwise you literally gained nothing.

a new guy without established credit already does gain the advantage of being able to point to a clean payment history, when attempting to get a larger credit line.

that's something.

I get building credit through regular use of a credit card for standard purchases (like gas, food, etc, basically things you buy all the time). I don't get the people saying they made this amazing deal where they got a 12 month interest free loan when they had the money in the bank and don't plan on doing anything with that money in the interim.

Does that make sense? I feel like i'm not articulating this very well, and people are mistaking me for this guy that hates credit under all circumstances. I don't. I get it. I just don't understand financing non-regular purchases when you have the money.


It made more sense in the past, when you could earn 4%+ in savings accounts. Not so much anymore.
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tylerdouglass


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PostPosted: Thu Nov 15, 2012 7:38 pm    Post subject: Reply with quote

FWIW I'm opening an Amazon Visa Card this week. Plan on paying it off immediately after use to avoid interest, but I'll still get the small rewards for using it and I'll be building some credit.

My credit is already good due to an auto loan I paid off well before I needed to, but I haven't worked on my credit since then.
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vike daddy


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PostPosted: Thu Nov 15, 2012 7:49 pm    Post subject: Reply with quote

theJ wrote:
I get building credit through regular use of a credit card for standard purchases (like gas, food, etc, basically things you buy all the time). I don't get the people saying they made this amazing deal where they got a 12 month interest free loan when they had the money in the bank and don't plan on doing anything with that money in the interim.

Does that make sense? I feel like i'm not articulating this very well, and people are mistaking me for this guy that hates credit under all circumstances. I don't. I get it. I just don't understand financing non-regular purchases when you have the money.

but that isn't the OP's situation that birthed this thread. that's all i've ever replied to.
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Gmen


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PostPosted: Thu Nov 15, 2012 8:29 pm    Post subject: Reply with quote

If you post the number, i'll tell if you it's a good card or not.
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MonserinNC


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PostPosted: Thu Nov 15, 2012 8:37 pm    Post subject: Reply with quote

theJ wrote:

I get building credit through regular use of a credit card for standard purchases (like gas, food, etc, basically things you buy all the time). I don't get the people saying they made this amazing deal where they got a 12 month interest free loan when they had the money in the bank and don't plan on doing anything with that money in the interim.

Does that make sense? I feel like i'm not articulating this very well, and people are mistaking me for this guy that hates credit under all circumstances. I don't. I get it. I just don't understand financing non-regular purchases when you have the money.


I got you. Once again, its all about position in life. I dont think I cant stress enough the importance of having an emergency fund stashed away.

Lets say you did lose your job. I would much rather take a few credit hits for missing my payment on a card than be evicted or cant put gas in my car, haha. You feel me?

Also just to put it out there, since when do people no longer take risks? Haha, you have to bet that you wont get fired, but if you do, you still have your cash on hand, you take a few credit hits, and you still have your $2000 TV to enjoy Very Happy REAL TALK though

I know I have skipped a few Student loan payments in my day Wink
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Superman(DH23)


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PostPosted: Thu Nov 15, 2012 10:15 pm    Post subject: Reply with quote

MaddHatter wrote:
MaddHatter wrote:
I would highly recommend paying off the entire balance every month and using it sparingly (gas here, food there) to build your credit.


10% usage is great
Under 30% usage is recommended

Even if you pay it off entirely every month, using more will limit the positive impact on your credit score
Credit Cards are great for people who need to build credit, always pay more than the minimum payment, but less than the full balance, maintain a small constant balance, and credit rating goes up steadily.

CC company's are there to take as much of your money as possible, its the nature of the beast. At least the payday loan places are up front about it. But to think that CC companys don't operate in a predatory manner is foolish. They want you to max out, they want you to miss payments, they want you to send in the minimum payment. If you don't understand that, don't get yourself into debt.
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Superman(DH23)


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PostPosted: Thu Nov 15, 2012 10:17 pm    Post subject: Reply with quote

tylerdouglass wrote:
FWIW I'm opening an Amazon Visa Card this week. Plan on paying it off immediately after use to avoid interest, but I'll still get the small rewards for using it and I'll be building some credit.

My credit is already good due to an auto loan I paid off well before I needed to, but I haven't worked on my credit since then.
Your best bet is to get a major credit card, don't pay it off every month, keep a small balance so you have to pay a small finance charge.
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tylerdouglass


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PostPosted: Thu Nov 15, 2012 10:21 pm    Post subject: Reply with quote

Superman(DH23) wrote:
tylerdouglass wrote:
FWIW I'm opening an Amazon Visa Card this week. Plan on paying it off immediately after use to avoid interest, but I'll still get the small rewards for using it and I'll be building some credit.

My credit is already good due to an auto loan I paid off well before I needed to, but I haven't worked on my credit since then.
Your best bet is to get a major credit card, don't pay it off every month, keep a small balance so you have to pay a small finance charge.


I've hear from multiple people (including my parents who have nearly perfect credit) that that is just a myth.

Most of them claim it's a rumor started by the credit card companies, and honestly, that makes sense.

Why would your credit score go up more for not paying off every chance you get, as opposed to paying off your debt ASAP?
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snkhd09


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PostPosted: Thu Nov 15, 2012 11:17 pm    Post subject: Reply with quote

tylerdouglass wrote:
Superman(DH23) wrote:
tylerdouglass wrote:
FWIW I'm opening an Amazon Visa Card this week. Plan on paying it off immediately after use to avoid interest, but I'll still get the small rewards for using it and I'll be building some credit.

My credit is already good due to an auto loan I paid off well before I needed to, but I haven't worked on my credit since then.
Your best bet is to get a major credit card, don't pay it off every month, keep a small balance so you have to pay a small finance charge.


I've hear from multiple people (including my parents who have nearly perfect credit) that that is just a myth.

Most of them claim it's a rumor started by the credit card companies, and honestly, that makes sense.

Why would your credit score go up more for not paying off every chance you get, as opposed to paying off your debt ASAP?


It's one of the most common myth about credit score.

http://money.usnews.com/money/blogs/my-money/2010/08/24/six-popular-credit-score-myths

http://money.msn.com/credit-rating/7-nasty-credit-myths-that-will-not-die-weston.aspx

http://finance.yahoo.com/news/8-common-credit-myths-debunked.html

http://www.dailyfinance.com/2011/02/14/top-five-credit-score-myths/

http://www.investopedia.com/articles/basics/08/financial-myths.asp
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TheVillain112


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PostPosted: Fri Nov 16, 2012 1:29 am    Post subject: Re: Getting a Credit Card Reply with quote

bigjohnson2009 wrote:
How should I got about choosing a card? Through my bank (PNC)? Online?

Will I be approved for the card or will a need a co-signer or something? (potentially tough question, but I don't have any sketchy credit history)

And just to spark conversation, how do you use your credit card? Short term debt? Made some mistakes with them early and are still screwed by credit cards? Other?


1. Since this is your first CC, going through your bank is probably good. After that it depends on your lifestyle. I travel a lot so I have a Hilton Honors card. I find that hotel points give me a much bigger bang for my buck than airline miles. Cash back cards are good as well, if you don't really have any specific rewards you're interested in.

2. You should be fine getting one. Your limit might not be a lot without a co-signer but you shouldn't have any troubles getting one without a sketchy credit history. Especially if you go to your bank for one.

3. I have two CC's. One I don't ever use but have it just in case I need a second one. The other one I use all the time, but always pay the balance off fully. The only debt that I have is my mortgage. Everything else, car, school, CC is fully paid off. I never carry a balance on my CC.

Also be careful signing up for too many cards. Department store cards, gas cards, bank card, etc... It can start adding up and if you have too many cards it can hit your credit. Plus if you're lazy like me, you'll forget when to pay which. Which is why I keep only two cards...
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Last edited by TheVillain112 on Fri Nov 16, 2012 3:44 pm; edited 1 time in total
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tylerdouglass


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PostPosted: Fri Nov 16, 2012 1:58 am    Post subject: Reply with quote

snkhd09 wrote:
tylerdouglass wrote:
Superman(DH23) wrote:
tylerdouglass wrote:
FWIW I'm opening an Amazon Visa Card this week. Plan on paying it off immediately after use to avoid interest, but I'll still get the small rewards for using it and I'll be building some credit.

My credit is already good due to an auto loan I paid off well before I needed to, but I haven't worked on my credit since then.
Your best bet is to get a major credit card, don't pay it off every month, keep a small balance so you have to pay a small finance charge.


I've hear from multiple people (including my parents who have nearly perfect credit) that that is just a myth.

Most of them claim it's a rumor started by the credit card companies, and honestly, that makes sense.

Why would your credit score go up more for not paying off every chance you get, as opposed to paying off your debt ASAP?


It's one of the most common myth about credit score.

http://money.usnews.com/money/blogs/my-money/2010/08/24/six-popular-credit-score-myths

http://money.msn.com/credit-rating/7-nasty-credit-myths-that-will-not-die-weston.aspx

http://finance.yahoo.com/news/8-common-credit-myths-debunked.html

http://www.dailyfinance.com/2011/02/14/top-five-credit-score-myths/

http://www.investopedia.com/articles/basics/08/financial-myths.asp


Certainly seems like a rumor the CC company's would start. It benefits them in a big way.
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Harper41


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PostPosted: Fri Nov 16, 2012 2:29 am    Post subject: Reply with quote

Ill be the first to admit I don't know too much about credit cards. Would it be smart to get one and just use it for everyday purchases like food and gas while in college? Stuff that I know I can pay off
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