Credit

[ehh]

Re: Credit

Yes, because it's so hard to take 10 minutes to get a free one online once a year and make sure no one has taken out credit cards in your name or there isn't a mistake about one of your accounts....it's much easier to wait until you apply for a loan or a credit card and get denied because of something like that.

Yeah and the problem with credit reports is that once you look at it you own it. If there are 10 mistakes on there it's up to YOU to fix it. I don't like the idea of other people being able to report whatever the hell they want about me whether it's true or not.

[Altimus]

Re: Credit

Yeah and the problem with credit reports is that once you look at it you own it. If there are 10 mistakes on there it's up to YOU to fix it. I don't like the idea of other people being able to report whatever the hell they want about me whether it's true or not.

That doesn't make sense. Then banks have the right to tell you no to whatever you want from them. Of course it is your liability to fix it if it is your report. Why would anyone fix it for you?

Its not whatever the hell they want, its stuff that you take credit on; car loan, home loan, CC. Having good credit gives you better % on car and home loans. GL to you if you don't care about all that.

[Bruins]

Re: Credit

I'm 18, and haven't had a credit card yet obviously. Is it something I should look into just for the purpose of earning a good credit score for when I need it? Are there any card companies that are specifically good for young people like me?

[Altimus]

Re: Credit

I'm 18, and haven't had a credit card yet obviously. Is it something I should look into just for the purpose of earning a good credit score for when I need it? Are there any card companies that are specifically good for young people like me?

Discover has student credit cards. IMO Discover has the best CC service because of their cash back bonus.

If you are denied, try https://www.1fbusa.com/

That was my first card when I was a student.

[CM1847]

Re: Credit

Yeah and the problem with credit reports is that once you look at it you own it. If there are 10 mistakes on there it's up to YOU to fix it. I don't like the idea of other people being able to report whatever the hell they want about me whether it's true or not.

So by not looking at it you somehow absolve your of any responsibility as to what is on the report? It is YOUR credit, nobody is going to keep a watchful eye on it to make sure there is no fraud. If you go into a car dealership and get denied a loan the "but I never looked at my credit report" excuse isn't going to get you a loan....

You can end up paying a few thousand dollars more on a <$20,000 car if you have bad credit. Why take the chance? It's not hard to get your report, take 10 minutes once a year to make sure things are as they should be and forget about it until next year, it's a small task that could save you some huge headaches down the line if there were a mistake or fraud.

[CM1847]

Re: Credit

I'm 18, and haven't had a credit card yet obviously. Is it something I should look into just for the purpose of earning a good credit score for when I need it? Are there any card companies that are specifically good for young people like me?

Yes, get a credit card but be smart with it. Make sure to make the monthly payments. Everyone always says the best thing to do with your first credit card is to use it to buy something every month(gas or groceries usually) and pay it off in full at the end of each month. You won't have to pay any interest that way and you will still get the card added to your credit report and it will be in good standing. Having no credit is just as bad as having bad credit when it comes time to get car/house loans, so you want to start building something but make sure you use CC's wisely. When you are first starting, don't put it on your credit card unless you have enough in your checking account to cover it, a good rule of thumb to live by, you should avoid spending money you don't have at all costs.

[Bruins]

Re: Credit

Yes, get a credit card but be smart with it. Make sure to make the monthly payments. Everyone always says the best thing to do with your first credit card is to use it to buy something every month(gas or groceries usually) and pay it off in full at the end of each month. You won't have to pay any interest that way and you will still get the card added to your credit report and it will be in good standing. Having no credit is just as bad as having bad credit when it comes time to get car/house loans, so you want to start building something but make sure you use CC's wisely. When you are first starting, don't put it on your credit card unless you have enough in your checking account to cover it, a good rule of thumb to live by, you should avoid spending money you don't have at all costs.

Any specific companies you can suggest? I tried Discover like Altimus suggested and instantly found out they were not approving me.

[CM1847]

Re: Credit

Any specific companies you can suggest? I tried Discover like Altimus suggested and instantly found out they were not approving me.

I got lucky and got my first CC thtough a company my dad has a CC with, his good credit led them to give me a card with $1000 limit, it was a good first card.

So I've not had experience trying to get that first card, but from what I hear Capital One is pretty good about giving cards to those with less than desirable credit, I'm not sure if they have a good record of giving to those with no history, but if I were going to start looking, I would go there first. But like I said earlier in the thread, there are a lot of sites out there with much, much better advice than I have to offer, you may want to spend 10 minutes Googling it to see if there is some other highly regarded starter-card company out there.

[GeePee20]

Re: Credit

Any specific companies you can suggest? I tried Discover like Altimus suggested and instantly found out they were not approving me.

Check out Bank of America's Student Visa Card. I was approved pretty much instantly with no credit history. I'm not sure what effect my being a long time B of A customer had but you should certainly check it out if you are a student.

EDIT: I also I have a question of my own. Is there any benefit to having 2 credit cards at ago 20 even if I am not using all my credit every month. I am in no debt and I pay my full bill every month but I was wondering if it would help me build credit faster if I had two cards.

[p_rushing]

Re: Credit

I got one at college, didn't get points, those went to the booster club, but I wasn't charging a ton, so it didn't matter. My credit line kept getting increased starting from $500 and I still have the card, I just never use it. As long as you have some type of job, you should be able to get a card.

[ESPNdeportes]

Re: Credit

I'm 18, and haven't had a credit card yet obviously. Is it something I should look into just for the purpose of earning a good credit score for when I need it? Are there any card companies that are specifically good for young people like me?

As long as you pay the bill completely each month, any credit card will be fine, because then the interest is irrelevant.

I'd go for a card with a very small credit limit initially, maybe $500 or less if you can find that. That way there will at least be a cap on your spending. My advice is also don't use the card to buy anything you won't be able to pay off completely after purchase. Focus on small purchases you know that you won't have a problem paying, and pay the bill every month.

[mjb2124]

Re: Credit

As long as you pay the bill completely each month...

That's the key. I've actually had people tell me that not having a balance on my CC every month is a bad thing. Completely misguided logic.

I actually got a credit score statement on my credit history today. 3 ratings: 782, 781, 779. All excellent. What I've done is pay off my credit card completely at the end of every month and paid all my bills on time every month. The only negative I had listed was $952 in charges on my credit card that will be paid off at the end of the month (when the credit score was run, my monthly statement had not arrived yet so I hadn't paid it). So my scores are probably higher. 850 is theoretically perfect, but almost un-attainable. 825 is more likely.

Anyhow, getting a good credit score is pretty easy (recovering from a bad one is more difficult and takes time). Just purchase things within your means and pay it off in full at the end of the month. Rule of thumb: If you don't have the money in the bank, don't buy it!! Simple as that.

[Chaos81]

Re: Credit

What I've done is pay off my credit card completely at the end of every month and paid all my bills on time every month.

That's exactly what my Step-Mom has done. She hasn't had a single late payment and has paid her CC's off every month. I don't know her credit score, but I'm sure it's way the heck up there.