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#12
06-12-2007, 12:31 AM
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Re: Should I Get Some Credit Cards?
[ QUOTE ]
You only need 1 card to build your credit. [/ QUOTE ] Not really true; in fact, the more lines of credit that are current (up to a point), the better you are. Plus, a major factor is length that the account has been in good standing. The longer, the better, and obviously you can't speed up time which is why it is vital to start early and PAY IT OFF every month. Once you begin to pay it off every month, your available credit will increase gradually (in spurts), and this also reflects well on your credit. 
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#13
06-12-2007, 12:53 AM
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Re: Should I Get Some Credit Cards?
[ QUOTE ]
[ QUOTE ] You only need 1 card to build your credit. [/ QUOTE ] Not really true; in fact, the more lines of credit that are current (up to a point), the better you are. Plus, a major factor is length that the account has been in good standing. The longer, the better, and obviously you can't speed up time which is why it is vital to start early and PAY IT OFF every month. Once you begin to pay it off every month, your available credit will increase gradually (in spurts), and this also reflects well on your credit. [/ QUOTE ] to maximize your credit score, I agree with everything you said. However, to build a great credit score, you only need 1 card.
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#14
06-13-2007, 01:40 AM
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Re: Should I Get Some Credit Cards?
Hey guys,
Assume I can manage money. I can I'm not going to go spending more just because I have a card. I have a decent amount of money now. I have a debit card that I carry. I'm not spending like some nutcase. I buy what I need to eat and drive and that's pretty much it. Knowing this, should I get a credit card or several?
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#15
06-13-2007, 09:39 AM
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Re: Should I Get Some Credit Cards?
[ QUOTE ]
Hey guys, Assume I can manage money. I can I'm not going to go spending more just because I have a card. I have a decent amount of money now. I have a debit card that I carry. I'm not spending like some nutcase. I buy what I need to eat and drive and that's pretty much it. Knowing this, should I get a credit card or several? [/ QUOTE ] As I said in my original post, most reputable credit card issuers won't give you a card when you go from 0 cards to 10 cards all at once. Several things to consider: your age, income, steady employment, credit history, etc. If you don't have alot of experience in all these areas, most issuers aren't crazy about turning you loose with their card. Just keep it simple. Start with 1 card. Use it for a while & if you are responsible like you say you are...then you won't have a problem getting more cards with higher limits. Somehow I get the feeling that you are itching to get a whole fist full of cards regardless of what we say.
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#16
06-13-2007, 01:30 PM
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Re: Should I Get Some Credit Cards?
Get one card, for now. You will start to get at least 10 "pre-approved" offers for more credit cards in the mail every month (yes, even reputable companies want you to use their money because then they can charge you interest...they really don't care if you open 3 cards at once). Open maybe one more after you've had your first one for awhile and are still using it responsibly.
You could also take out a small loan from the bank (think 500-1000), pay it back $100 per month, pay it off in 5-10 months - you end up paying some interest, but you now have this as good credit on your credit report. No credit is definitely as bad as poor credit once you try to finance big purchases later in life, and the longer your payment history, the better your score, so it's best to start as early as you responsibly can. It sounds like you have things under control - open up a cash rewards card with no annual fee and buy gas on it, pay it off each month, increase your limit, you'll be fine.
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#17
06-13-2007, 01:36 PM
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Re: Should I Get Some Credit Cards?
Just open up a few decent cash back credit cards use them for groceries and gas and pay it off them off at the end of every month.
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#18
06-13-2007, 04:47 PM
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Re: Should I Get Some Credit Cards?
Which card should I get? Are some better than others? How do you go about finding the right one?
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#19
06-13-2007, 04:53 PM
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Re: Should I Get Some Credit Cards?
Check out Bankrate.com
This is a great financial website.
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#20
06-13-2007, 06:04 PM
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Re: Should I Get Some Credit Cards?
[ QUOTE ]
Which card should I get? Are some better than others? How do you go about finding the right one? [/ QUOTE ] http://www.fatwallet.com/t/52/711457/ pick something with a good rewards rate on things you buy a lot and no annual fee, and then pay it off every month.
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