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#11
07-30-2007, 01:18 PM
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Re: Establishing Credit - Best Credit Card for a college student?
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Whatever you get, as soon as you get it, tell em you want better interest rate. [/ QUOTE ] Your interest rate shouldn't matter. 
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#12
07-30-2007, 04:21 PM
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Re: Establishing Credit - Best Credit Card for a college student?
[ QUOTE ]
[ QUOTE ] Whatever you get, as soon as you get it, tell em you want better interest rate. [/ QUOTE ] Your interest rate shouldn't matter. [/ QUOTE ] Right because college kids never spend more than they have. "Wanna go to Cancun?" "I don't have any money." "Don't you have a CC." "It's only for emergencies" "Trust me. this is an emergency" "ok. sign me up"
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#14
07-30-2007, 08:34 PM
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Re: Establishing Credit - Best Credit Card for a college student?
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Yeah I guess. And it's not like you're losing anything by lowering your rate. Still. Don't carry a balance on your credit card!!! [/ QUOTE ] This is true.
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#15
07-31-2007, 07:44 PM
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Re: Establishing Credit - Best Credit Card for a college student?
I would be careful of placing too much importance on credit rating. The only way to have a good one is by continually borrowing and staying in debt.
Your credit rating is really on a measure of how much you love debt.
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#16
07-31-2007, 09:03 PM
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Re: Establishing Credit - Best Credit Card for a college student?
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I would be careful of placing too much importance on credit rating. The only way to have a good one is by continually borrowing and staying in debt. Your credit rating is really on a measure of how much you love debt. [/ QUOTE ] This isn't true at all
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#17
07-31-2007, 09:40 PM
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Re: Establishing Credit - Best Credit Card for a college student?
[ QUOTE ]
[ QUOTE ] I would be careful of placing too much importance on credit rating. The only way to have a good one is by continually borrowing and staying in debt. Your credit rating is really on a measure of how much you love debt. [/ QUOTE ] This isn't true at all [/ QUOTE ] Explain to me where I have gone wrong. My FICO score is zero. If I walk into a bank to get a loan and some desk jockey pulls up my credit report - I will be denied. I could buy the damn bank - but they wouldn't give me a loan. The only reason to have a good FICO score is so you can borrow more money. I wonder if you think you need to keep a house loan so you can get the tax deduction? To OP: Always consider the source of information. I'm not saying having a credit card you will be in financial ruin - I'm just saying many people, including me, built wealth by NOT getting credit cards.
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#18
07-31-2007, 10:22 PM
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Re: Establishing Credit - Best Credit Card for a college student?
Chemboss- People who have no idea what they are talking about should not attempt to give young people advice.
Your credit score affects your insurance premiums, ability to secure rental housing, ability to get a cell phone, etc. etc. And of course, sometimes people do want to borrow money, and having a good credit score can help quite a bit with the mortgage payments. Not having a credit card helps you build wealth? How does that work?
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#19
07-31-2007, 11:39 PM
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Re: Establishing Credit - Best Credit Card for a college student?
[ QUOTE ]
Chemboss- People who have no idea what they are talking about should not attempt to give young people advice. [/ QUOTE ] I am living proof of what I am saying. Explain to me where I am wrong. [ QUOTE ] Your credit score affects your insurance premiums, ability to secure rental housing, ability to get a cell phone, etc. etc. And of course, sometimes people do want to borrow money, and having a good credit score can help quite a bit with the mortgage payments. [/ QUOTE ] Like I said my FICO score is zero - my insurance premiums are low, I would have no problem renting an apartment or house, I have a cell phone with the same rate of everyone else. If I went to get a mortgage most banks would deny me because they only use FICO score. (I don't get mortgages I pay cash, another key to becoming wealthy). You can get a mortgage without a credit score - it is called manual underwriting. [ QUOTE ] Not having a credit card helps you build wealth? How does that work? [/ QUOTE ] People who use credit cards spend significantly more on purchases (studies have found between 30 - 50% more). It is small but ads up. People fall into the trap of spending more money than they have by using a credit card. It starts of pattern of relying on debt. Do you think convenience is the reason McDonald's and other fast food chains are accepting credit? Their own research found people spend nearly 50% more when using credit. They couldn't get the machines in fast enough. If you use credit fine. I'm sure there are lots of people who use credit cards and get through life fine. But I think many people are under the impression that you need a FICO score to be successful. But in the end it is much better to only spend money you have. Let me ask you this: Do you believe a car is a good investment? I hear this all the time. OP - all I'm saying is consider the source.
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#20
07-31-2007, 11:50 PM
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Re: Establishing Credit - Best Credit Card for a college student?
[ QUOTE ]
Explain to me where I have gone wrong. [/ QUOTE ] [ QUOTE ] My FICO score is zero. [/ QUOTE ] Right here. It's impossible to have a FICO score of zero. [ QUOTE ] To OP: Always consider the source of information. [/ QUOTE ] Good advice. Don't listen to chemboss, he has no clue what he is talking about.
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