credit card recommendations

[fivespeedsteed]

so im 21 and have no credit. what kinda card you guys recommend. wachovia said they can get me a card cause im a student with a 500 dollar limit. 500 dollar limit is what im looking for. paying it off wont be a problem and i know all about paying more than the minimum payment.

so chase, wachovia, what kinda card you guys like?

 

[tannerc91gt]

this would be better off posted in the short bus section

 

[fivespeedsteed]

this would be better off posted in the short bus section

good call. i never venture over there. move it if you want mods.

 

[NIKwoaC]

Credit cards are evil. Approach with caution.

 

[fivespeedsteed]

ive heard plenty about them and i know about paying them off. but i figure i need credit at some point in my life.

 

[aar0s]

Unless you want to be owned by the creditor for the rest of your life stay away from them. i don't and wont have one. pay cash and never worry about your interest rate and keep that money in your pocket.
The only time you need to worry about having credit is when your buying a house, unless you save, buy a reasonable house that you can afford and pay cash. I have a good friend who got a card "just in case" and now those ass hats own him, he's so deep with them it will take years to dig out. another friend is paying over 200 a month in interest. best recommendation i can give is to pass on every offer for a credit card.

 

[92GreenGT]

Don't listen to anything about credit cards being evil. Credit cards are the best thing in the world to improve your credit score. Revolving credit is looked at highly on your FICO because it's the easiest to get in trouble with. So if you use it wisely you are looked at as being responsible. I started off with a Cap1(aka Crap1) card with a 300$ limit(no credit history at all) and I got a CLI after having it for 6 months to $500. That was a few years ago and I've got a Marathon gas card(non visa) now as well. Going to try and get hooked in with a local credit union and get a card from them, then in a few years get a top tier card from one of the top banks. Most places suggest you have at LEAST 4 cards to help improve your credit score. You want to stay under the 10% utilization of the CL. That's why having a larger credit limit allows you to put more on the card without it hurting your score.

Use the credit card as a TOOL to improve your credit and you'll never have issues. Pay in full from month to month and keep the card active, stay away from maxing the card out and keeping high amounts on the card. Be responsible and you'll be rewarded with a high credit score and great credit history thanks to those "evil credit cards".

Good luck!

 

[25thmustang]

Had a credit card since I was 16 years old...

Have NEVER missed a payment (paid to 0 every month) and had a credit score in the mid 800s by my early 20s.

Credit is only bad if you can't manage it. Also there are times where you simply don't have the cash in your pocket for something you need. Gas comes to mind.

 

[anthony hill]

Dude i went out lookin for the best credit card about a year ago, and i found the the best deal i could get was with the bank i have my checking and savings through. Plus it makes it a lil easier to tranfer money when you need to. Plus they got me the lowest interest rate and i was able to bump it up to a $1500 limit like 3 months later. Just a thought

 

[fivespeedsteed]

i was probably going to go with one through my bank. just making sure there wasnt a better deal out there, with chase, ect, ect. and i have seen lots of people get out of hand wit hthem. i plan on paying them to 0 each and every month also.

 

[Blandnuts]

I would suggest a credit union if you can get into one.

 

[NIKwoaC]

I'll stand by my statement that credit cards are evil. Are they good to boost your credit score? Yes. Are they easier to use than cash? Yes. But never have I done business with anyone so willing to screw you over at the drop of a hat.

 

[Blandnuts]

Yeah, credit cards are retarded if you use them improperly and a shady company. I've used the same credit union for 13 years and never had a problem with them when using credit (never really did anything bad though). Now when I had a chase and some other card, they were in love with adding some extra fee every time I made a payment.

 

[SVT32VDOHC]

I got one at 18. When I was 21, I couldn't even get a Nextel phone because I didn't have enough credit. CC didn't build me enough credit to even get a cell phone...WTF? So, I knew I wanted a house soon, so I leased a Ford F150. When I was 23, I was able to buy a house, on my own with the credit that the lease got me. I turned the truck in about 5 months after I bought the house.

Leasing cars IMO is throwing away money, but I had to do it to get credit. CC weren't enough in my case. It was only 250 per month for the FX4 F150 because of A-plan, so it was very affordable.

 

[undercnstrction]

here's my .02

i don't think it will matter what bank backs it up. as long as it's a visa or mastercard. those are the 2 companies that are most widely accepted. go with whatever bank will give you the best rates. make sure you are not late on the payments and you should be good. revolving credit is a big part of a credit score. and having a good credit score is extremely important. it can affect your insurance, your deposits for phone and utility companies, etc. some jobs even do credit checks prior to hiring you. lack of credit does not necessarily mean BAD credit. also, most places now will not rent you a hotel room, or get a rental car, or get an airline ticket without a credit card. don't get pulled into getting several cards or department store cards.

 

[5.0Droptop]

Just use it wisely.

 

[Mustang5L5]

Not against getting one...just make sure you are responsible. All day long on the radio i hear ads for debt releif for people with over $10K in credit card debt. The funny part is the ads make it sound like it's not your fault for oweing that much money and they will easily wipe it out. So that just makes more people financially irresponsible.

I've had 1 CC on me since I was 18. I have RARELY used it to pay for something in person. I only use it for online purchases. Whan i'm out in the world...i'm a cash only person.

Major purchases though I have applied on the spot for credit, gotten it, and then paid off the balance on the first bill.

 

[25thmustang]

Mike I have always wondered about those apply for credit things... never done one, but thats just because I am happy with my one card!

 

[7upstang91]

Just stay away.

 

[25thmustang]

My GF chooses cards based on rewards. Sounds funny, but she regularly gets $50 in rewards for simply using her card! She also pays hers to 0 every month.