building credit at a young age

September 02, 2013 @ 22:57:09 PM
Post: 1940
Join Date: Mar 2009
Location: seattle
so i just finished HS, got my first job and im thinking about getting a credit card and just using it to buy shit then paying it off with my paychecks to build credit


anyone else done this? a lot of my friends would say they'd just get a credit card and have their parents use it for groceries and shit and just pay it off quick to build credit but it sounds too good to be true.


anyway im a financial noob any help would be appreciated 

i dont care about you

September 02, 2013 @ 23:06:48 PM
Post: 125
Join Date: Sep 2012
Location: Birmingham, UK
dont                        
September 02, 2013 @ 23:09:46 PM
Post: 5018
Join Date: Feb 2009
what an idiot.
September 02, 2013 @ 23:16:25 PM
Post: 119
Join Date: Jul 2013
Getting a credit card is pretty simple.

Don't spend what you don't have.
September 02, 2013 @ 23:16:35 PM
Post: 3139
Join Date: Jun 2008
smh hahaha go back to high shcool
September 02, 2013 @ 23:35:15 PM
Post: 493
Join Date: Sep 2013
Location: Bando
Originally posted by Inactive User
so i just finished HS, got my first job and im thinking about getting a credit card and just using it to buy shit then paying it off with my paychecks to build credit


anyone else done this? a lot of my friends would say they'd just get a credit card and have their parents use it for groceries and shit and just pay it off quick to build credit but it sounds too good to be true.


anyway im a financial noob any help would be appreciated 
Don't listen to these fuccbois -__- That is actually a great idea. It'll also be helpful when you apply for any kind of loan or apartment in that matter in the future. It will show you know how to pay your bills on time & you're reliable if you do so.  But be sure to pay on time, credit game will be fucked up if you miss payments. But interest rates will rape at first since you have no credit history. Idk how informed you are about how it works but basically, you'll end up paying more than what you spend. How much more you may ask? It depends on how you good/bad that interest rates are.

demdownvotestho

September 02, 2013 @ 23:39:58 PM
Post: 356
Join Date: Jul 2012
Location: L.A.
Getting a credit card is pretty simple.

Don't spend what you don't have.
^truth

You usually have to start with a bank credit card though.  Just be responsible, pay your bills on time and know what you can/can't afford.
September 03, 2013 @ 00:50:59 AM
Post: 2205
Join Date: Mar 2012
Location: California
You gotta do this to live in America 
dont go ans blow your money on apcs and Rick or whatever. 
Just send a little and pay it back soon. 
September 03, 2013 @ 00:59:07 AM
Post: 60
Join Date: Mar 2012
Location: Yass
set your credit limit to $500 or $1000. Although it might seem like a good idea to pay it off immediately, you are gonna want to a have a constant balance and PAY THE BILL ON TIME. Rinse and repeat as needed.
September 03, 2013 @ 01:05:18 AM
Post: 151
Join Date: Mar 2011
Easiest way is to get a student credit card from the bank you have a checking/debit account at. Usually the limit on these is very low due to your lack of credit history. After you get it just do this:

Although it might seem like a good idea to pay it off immediately, you are gonna want to a have a constant balance and PAY THE BILL ON TIME. Rinse and repeat as needed.
September 03, 2013 @ 01:12:51 AM
Post: 2739
Join Date: Jul 2012
Location: Columbus
You gotta do this to live in America 
dont go ans blow your money on apcs and Rick or whatever. 
Just send a little and pay it back soon. 
Don't listen to Joe, spend it all on Rick
September 03, 2013 @ 01:19:49 AM
Post: 687
Join Date: May 2007
Getting a credit card is pretty simple.

Don't spend what you don't have.
This.
The urge to borrow $3000 and go out and buy dat 60" widescreen or whatever the fuck will be high, just don't.

Also, some people say you can build credit faster by keeping a balance on your card so the bank can "make a little money on you."
Complete bullshit, just pay on time.
September 03, 2013 @ 01:22:07 AM
Post: 526
Join Date: Nov 2011
Location: Canada
Good idea to start building credit at a young age, just remember the goal is to build credit and not ball out so don't go overboard and u should be ight.

Fly on little wing

September 03, 2013 @ 01:23:42 AM
Post: 113
Join Date: Sep 2012
Location: orange county
i do this too bro 
September 03, 2013 @ 01:43:35 AM
Post: 2168
Join Date: Sep 2009
Location: BLAT BLAT BLAT
Join a credit union and cop a 3% APR car loan.
September 03, 2013 @ 01:50:34 AM
Post: 2304
Join Date: Jun 2013
watch this for info on how to live your life
http://www.youtube.com/watch?v=7jzc_h2_u04
- Tracy Jackson
September 03, 2013 @ 02:07:39 AM
Post: 851
Join Date: Jan 2010
Location: Lumbridge
Because of the Credit Card Act of 2009, don't you have to be 21 to get a credit card these days without a cosigning parent? Bruh, you're just gonna get denied and end up wasting an inquiry on your credit report (which takes two years to get removed).

Ask your parents to make you an authorized user on one of their cards. You don't even have to use it. As long as they pay their bills on time you are building credit history. But if they go into collections, you're fucked b.
September 03, 2013 @ 02:18:01 AM
Post: 119
Join Date: Jul 2013
Because of the Credit Card Act of 2009, don't you have to be 21 to get a credit card these days without a cosigning parent?
Yes, this is true.

I couldn't get a CC when I was 18, which was BS because A) I was already making money then and B) my parents refused to co-sign me.
September 03, 2013 @ 03:10:03 AM
Post: 1910
Join Date: Dec 2010
Location: Sparta
the greatest advice i learned was from a person that said if can start all over was. Get 2 credit cards. 
use one card wait for the bill then pay it with the other one
and when the bill comes in a month later for the other one pay it
and keep going and it will dramatically increase your credit vs just use one pay one month use it pay one month.

Cmon get down with a real nigga wussup

September 03, 2013 @ 21:54:04 PM
Post: 315
Join Date: Jan 2013
Been doing it since 08 when I was a freshman. Only used it for school like books, gas, food, etc.

This post is hidden due to user account is no longer active or improper post content.

September 04, 2013 @ 02:17:58 AM
Post: 119
Join Date: Jul 2013
Originally posted by Inactive User
the greatest advice i learned was from a person that said if can start all over was. Get 2 credit cards. 
use one card wait for the bill then pay it with the other one
and when the bill comes in a month later for the other one pay it
and keep going and it will dramatically increase your credit vs just use one pay one month use it pay one month.
How exactly do you pay for a CC bill with another CC?
September 04, 2013 @ 02:31:26 AM
Post: 2934
Join Date: Aug 2006
Location: MN
Originally posted by Inactive User
the greatest advice i learned was from a person that said if can start all over was. Get 2 credit cards. 
use one card wait for the bill then pay it with the other one
and when the bill comes in a month later for the other one pay it
and keep going and it will dramatically increase your credit vs just use one pay one month use it pay one month.
How exactly do you pay for a CC bill with another CC?
don't think he meant to say that actually.  Basically just suggests switch between cards each month and pay em off on time and you'll build credit faster.

And I got a credit card with Wells Fargo once I was 18, been paying it off on time ever since and it's definitely gonna be great for once I'm done with school 
September 04, 2013 @ 03:33:59 AM
Post: 1940
Join Date: Mar 2009
Location: seattle
well some good/bad advice thanks guys ill weigh my options 

i dont care about you

September 04, 2013 @ 03:36:46 AM
Post: 2934
Join Date: Aug 2006
Location: MN
The "bad" is from kids that dont have any idea what they're talking about.  You should definitely do it and just listen to the common sense advice in here
September 04, 2013 @ 03:43:08 AM
Post: 1940
Join Date: Mar 2009
Location: seattle
yea thats how im takin it

i dont care about you

September 04, 2013 @ 07:24:39 AM
Post: 944
Join Date: Feb 2009
Location: California
Open a BoA BankAmericard and use it to only fill up on gas. They give you 3% cash back, just make sure you pay it all off on your statement and within a year you'll have some sort of credit.
September 04, 2013 @ 09:48:13 AM
Post: 835
Join Date: Apr 2012
Location: Australia
The way I am building my credit is via my car loan, I got a $5,800 loan to get a car and have had it for about a year now. At the start I was paying the min repayment ($60 a fortnight) I didnt realise untill about 4 months later that I was getting charged $50 intrest a month. When I became fulltime at my job I started paying $150 a week, each week and in the last 6 months I have gotten it from 5,200 down to 2000 as of this week.

It's a 5 year loan, I should have it toasted by January.
September 04, 2013 @ 14:12:36 PM
Post: 2168
Join Date: Sep 2009
Location: BLAT BLAT BLAT
The way I am building my credit is via my car loan, I got a $5,800 loan to get a car and have had it for about a year now. At the start I was paying the min repayment ($60 a fortnight) I didnt realise untill about 4 months later that I was getting charged $50 intrest a month. When I became fulltime at my job I started paying $150 a week, each week and in the last 6 months I have gotten it from 5,200 down to 2000 as of this week.

It's a 5 year loan, I should have it toasted by January.
What APR % did you get? I got a $7,500 3 year car loan at 2.99% APR through my credit union. Minimum payments are $232 a month, but I pay $250 so I don't have to deal with interest. Car loans are dope because you build up credit while having a new(ish) car.
September 04, 2013 @ 15:31:45 PM
Post: 2636
Join Date: Nov 2011
Location: 909/626
I got a bank of america credit card myself with about 5 hunna limit on it. pops reminded me never to spend 50% of it so my max would be around 250 ish everytime. buy all my shit with the credit card and pay everything off after the closing date. also +1 to what dude said up there, don't spend what you don't have. lotta cats don't seem to understand that.

He's cute? I bet he ain't #Hansum

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