Credit Card

[Aloysius]

so I'm applying for a credit card to begin setting up my damned modern-necessary "credit rating" as good and all...

say I never buy anything, they're not gonna charge me then for anything right?

this APR thing, does that get charged for every purchase made no matter what, even if I pay the credit card place right away?

if I never buy anything, does that then not establish good credit for me?

it all feels so sleazy....

[qfnol31]

Credit cards are good, when used correctly. They can be advance cash (bad idea) or just used when you want the security of a credit card over a checking card, etc.

Credit cards are good if you pay off each bill in full. Then you pay no interest and you build up a good credit rating. I've never missed a bill and paid each in full and only once had to pay interest (because I used my debit account thinking it was the credit card when I had no money...oops!). They're simple.

Also, Visa's most accepted (internationally too) followed by Master Card. Those two have great customer representative and are easy to work with. I know this because I used to swipe them every day at my job.

[Andrea348]

i recommend the money book for the young, fabulous, and broke by suze orman. it explains all kinds of stuff like that....it's helped me out a lot even though i have no credit problems. it lets ya know what to do.

i'm pretty sure you need to use your card to establish the credit though.

[blovedwolfofgod]

ok, so about credit. what i have learned from my bank.
-the more buying power you have, the better your score. if you have 1 card with a thousand dollars, you will be worse off than if you have 6 cards and 10 thousand dollars of buying power (assuming you can keep yourself under control)
-you dont get charged interest if you pay off your card right away. the only things that are APRed is whats left after you make a payment.
-assuming you arent signed up for anything that has an annual fee on your card, or that your card itself has no annual fee, you wont be charged anything.
-establishing credit... get a loan, pay it off for a year. you need to be paying something off for 9 months to a year for it to impact your credit score in any meaningful way
-dont be surprised if you cant get a loan. every one of those credit card offers "your pre-approved" dealies, that counts as a credit check and a lot of credit checks hurts your score. so, actually, you are getting shafted because ppl that want you to get their cards are actually hurting your credit.

[zabbazooey]

I agree with Andrea

[toledo_jesus]

yeah, what I have done is put something like 400 dollars on it so that I can be paying off a decent amount. my monthly payment comes in around 10 bucks, so I usually put 25 or so in it.

[Aloysius]

I don't want a loan now, though I may grudgingly need one later I don't want to take one out now.

so I get a credit card, and use it and pay it off right away, and they won't charge usury (interest for you modern-speakers ) on me?

and doing that should establish a good credit score, right? it would probably take a while, but it would right?

[Aloysius]

well, I applied. may God have mercy on my soul.

((I'm only doing this envisioning the future purchasing of land I plan))
"It is lawful to borrow for usury from a man who is ready to do so and is a usurer by profession; provided the borrower have a good end in view, such as the relief of his own or another's need." -St. Thomas Aquinas

[qfnol31]

Which company?

[annie]

citi mastercard, 5% back on all GROCERIES, GAS and MEDICATION

[zabbazooey]

^^^^ Sweeeeet

[Aloysius]

[quote name='qfnol31' date='Nov 5 2005, 08:09 PM']Which company?
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Capital One

who else could get a barbarian to ride a Christmas train in the mall? :

I'm coming up with a very dramatic metal box with a lock and key that I'll have to drag along with me everytime I want to use it. lol

[blovedwolfofgod]

actually buying stuff and paying off the card right away really wont help or hinder your credit score.

[Aloysius]

won't it ESTABLISH a credit score? currently I have none, doing that should establish one right?

[qfnol31]

[quote name='Aloysius' date='Nov 5 2005, 07:16 PM']Capital One

who else could get a barbarian to ride a Christmas train in the mall?  :

I'm coming up with a very dramatic metal box with a lock and key that I'll have to drag along with me everytime I want to use it.  lol
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[/quote]

That would probably be Visa, which is good.