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Getting a Credit Card
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bigjohnson2009


Joined: 16 Feb 2006
Posts: 2092
Location: Toledo, OH
PostPosted: Mon Nov 12, 2012 5:11 pm    Post subject: Getting a Credit Card Reply with quote

Hello footballsfuture,

I'm relying on you for some advice. I'm a senior in college and have gotten this far with only using student loans and a car loan for debt. I've paid off my car, pay rent at the current place I live, and have the cable bill in my name. I'm getting an accounting internship for tax season and don't have the upfront funds I need right now. I want some money to purchase professional clothes as well as shop for xmas. My wages at the internship will allow me to pay any debt I rack up within a year (I'll be making about twice as much as I do know, and I'm hardly financially pressed).

I'm assuming I'll want something zero interest for 12 months or whatever and then use it to build credit going forward. My question for you is :

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?
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vike daddy


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PostPosted: Mon Nov 12, 2012 5:13 pm    Post subject: Re: Getting a Credit Card Reply with quote

bigjohnson2009 wrote:
Hello footballsfuture,

I'm relying on you for some advice.

bad idea from the get go.
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bigjohnson2009


Joined: 16 Feb 2006
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Location: Toledo, OH
PostPosted: Mon Nov 12, 2012 5:15 pm    Post subject: Re: Getting a Credit Card Reply with quote

vike daddy wrote:
bigjohnson2009 wrote:
Hello footballsfuture,

I'm relying on you for some advice.

bad idea from the get go.


Are you implying an internet discussion board lacks knowledge? If I peruse through a few responses I'm hoping I can get what I'm looking for. There's lots of wisdom on this board, is this the best you can offer? Haha
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tylerdouglass


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PostPosted: Mon Nov 12, 2012 5:35 pm    Post subject: Re: Getting a Credit Card Reply with quote

bigjohnson2009 wrote:
vike daddy wrote:
bigjohnson2009 wrote:
Hello footballsfuture,

I'm relying on you for some advice.

bad idea from the get go.


Are you implying an internet discussion board lacks knowledge? If I peruse through a few responses I'm hoping I can get what I'm looking for. There's lots of wisdom on this board, is this the best you can offer? Haha


There should be plenty of good advice given. It'll be up to you to weed out the good advice from the bad. Wink
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vike daddy


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PostPosted: Mon Nov 12, 2012 5:39 pm    Post subject: Reply with quote

it was a joke, son. a wry and dry bit of humor.


you mention you need credit to buy professional work clothing and Christmas presents. have you considered getting a credit card from a major retail department store?

often they give you 10% off your first purchase when you sign up, which is even 10% off sale prices. if you scope the store's merchandise in advance and buy a lot of items you need in the initial transaction, that will add up to a lot of savings.

you can thank me later. (also a wry and dry bit of humor there...)
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tylerdouglass


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PostPosted: Mon Nov 12, 2012 5:41 pm    Post subject: Reply with quote

vike daddy wrote:
it was a joke, son. a wry and dry bit of humor.


you mention you need credit to buy professional work clothing and Christmas presents. have you considered getting a credit card from a major retail department store?

often they give you 10% off your first purchase, which is even 10% off sale prices. if you scope the store's merchandise in advance and buy a lot of items you need in the initial transaction, that will add up to a lot of savings.

you can thank me later. (also a wry and dry bit of humor there...)


WE DON'T GET YOUR JOKES, GRANDPA!

But yeah, getting a credit card from a store isn't too bad of an idea. I had a best buy card to buy my dad a TV, and I don't regret it.
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IDOG_det


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PostPosted: Mon Nov 12, 2012 5:41 pm    Post subject: Re: Getting a Credit Card Reply with quote

tylerdouglass wrote:
bigjohnson2009 wrote:
vike daddy wrote:
bigjohnson2009 wrote:
Hello footballsfuture,

I'm relying on you for some advice.

bad idea from the get go.


Are you implying an internet discussion board lacks knowledge? If I peruse through a few responses I'm hoping I can get what I'm looking for. There's lots of wisdom on this board, is this the best you can offer? Haha


There should be plenty of good advice given. It'll be up to you to weed out the good advice from the bad. Wink
By 3 more new cars. Get your own house. Oh, and get all gold clothing. Also, buy like 10 of those 90 inch TV's. And a hot tub. Then you'll be set. Is that good advice? Too good?
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vike daddy


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PostPosted: Mon Nov 12, 2012 5:42 pm    Post subject: Re: Getting a Credit Card Reply with quote

IDOG_det wrote:
By 3 more new cars. Get your own house. Oh, and get all gold clothing. Also, buy like 10 of those 90 inch TV's. And a hot tub. Then you'll be set. Is that good advice? Too good?

he wouldn't need this whole credit thing if he just went out and got one of those $175,000 a year jobs.
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IDOG_det


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PostPosted: Mon Nov 12, 2012 5:43 pm    Post subject: Re: Getting a Credit Card Reply with quote

vike daddy wrote:
IDOG_det wrote:
By 3 more new cars. Get your own house. Oh, and get all gold clothing. Also, buy like 10 of those 90 inch TV's. And a hot tub. Then you'll be set. Is that good advice? Too good?

he wouldn't need this whole credit thing if he just went out and got one of those $175,000 a year jobs.
Too late, I took them all.
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theJ


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PostPosted: Mon Nov 12, 2012 5:52 pm    Post subject: Reply with quote

I would never use a credit card to buy something when i didn't have the money to pay it off. Even if i was 98% certain i would have the money to pay it off in 6 months, it's a bad idea. In that 2% scenario where you don't get the job, or something else bad happens, you're going to be stuck in debt up to your eyeballs.

Better idea is to talk to Mom and Dad, or Grandma, or your roommate, or whoever you can scrounge up some bucks from. Then you buy only what is absolutely necessary until you start making money.

And i wouldn't buy these clothes at full retail. Buy them at consignment sales or somewhere you can find them cheap. You don't have the money! Don't spend it!

BTW: i thought you were a chemical engineering student? Change majors?
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bigjohnson2009


Joined: 16 Feb 2006
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PostPosted: Mon Nov 12, 2012 5:57 pm    Post subject: Reply with quote

theJ wrote:
I would never use a credit card to buy something when i didn't have the money to pay it off. Even if i was 98% certain i would have the money to pay it off in 6 months, it's a bad idea. In that 2% scenario where you don't get the job, or something else bad happens, you're going to be stuck in debt up to your eyeballs.

Better idea is to talk to Mom and Dad, or Grandma, or your roommate, or whoever you can scrounge up some bucks from. Then you buy only what is absolutely necessary until you start making money.

And i wouldn't buy these clothes at full retail. Buy them at consignment sales or somewhere you can find them cheap. You don't have the money! Don't spend it!

BTW: i thought you were a chemical engineering student? Change majors?


I have an official offer with spelled out hours and wages. Even if I somehow blew this job, I could easily start working 40 hours rather than 30 at my current job and pay the money. It's an extremely short-term loan in my eyes. I'm pretty solid with money, I know that's hard to just say to someone on an internet board and have them believe.

And I was pharmacy major my first semester until december '09. I've been in accounting since the second half of my freshman year and love it. You're a UT student or former student correct?
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RoeKG


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PostPosted: Mon Nov 12, 2012 6:20 pm    Post subject: Reply with quote

If you know you're going to pay it off, then go for it. Shop around online for the offer that fits you best, and you shouldn't need a cosigner.

Pay it off as much as you can as you go, though. It can get out of hand fast if you don't. And dear sweet baby Jesus, don't miss a payment.

Assuming you get one with no interest for however long, you can also transfer the balance towards the end of that deal to another card with no interest.

Credit cards aren't bad when used responsibly.
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m0town12


Joined: 12 Jan 2006
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PostPosted: Mon Nov 12, 2012 8:13 pm    Post subject: Reply with quote

I don't know whether or not it's worth it to buy dress clothes on a credit card (I personally don't use them.)

But I do know that buying a nice suit and nice fitting dress clothes is a great investment.

Whether you like it or not, every job is about marketing. How will you portray yourself.
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scar988


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PostPosted: Mon Nov 12, 2012 8:28 pm    Post subject: Reply with quote

As someone who looks at credit profiles all the time, as long as all you have on there is a car loan and student loan, you should easily be able to get $500-1000 limit on a cap one or citi card.

Though I would say, definitely go through your bank or do an AMEX.
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Grachuus


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PostPosted: Mon Nov 12, 2012 8:30 pm    Post subject: Reply with quote

bigjohnson2009 wrote:
theJ wrote:
I would never use a credit card to buy something when i didn't have the money to pay it off. Even if i was 98% certain i would have the money to pay it off in 6 months, it's a bad idea. In that 2% scenario where you don't get the job, or something else bad happens, you're going to be stuck in debt up to your eyeballs.

Better idea is to talk to Mom and Dad, or Grandma, or your roommate, or whoever you can scrounge up some bucks from. Then you buy only what is absolutely necessary until you start making money.

And i wouldn't buy these clothes at full retail. Buy them at consignment sales or somewhere you can find them cheap. You don't have the money! Don't spend it!

BTW: i thought you were a chemical engineering student? Change majors?


I have an official offer with spelled out hours and wages. Even if I somehow blew this job, I could easily start working 40 hours rather than 30 at my current job and pay the money. It's an extremely short-term loan in my eyes. I'm pretty solid with money, I know that's hard to just say to someone on an internet board and have them believe.

And I was pharmacy major my first semester until december '09. I've been in accounting since the second half of my freshman year and love it. You're a UT student or former student correct?


Irrelevant.

Secret to saving is earning. If you can't pay for something now, do not buy it. Only time you should consider other wise is for housing. If you need a vehicle the only time you consider breaking this is if the vehicle is very cheap and reliable.

Sorry it isn't what you want to hear.
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