how do i get a credit card in my name?

[SpencerH]

Originally posted by Rogan Josh

I always pay my bills straight away so as not to accrue interest, and it hasn't hurt my credit rating. In fact, they keep putting up my credit limit without asking and I keep asking them to put it back down again, because I don't think it is a good idea to have such a huge credit limit on a card.

I not saying it hurts your credit rating to always pay it off (as I also do) but consider this. Who do credit card companies continually target? Students and recent chapter 11 graduates. Why? Because they are often irresponsible with the cards, pay lots of interest and keep the companies in business. If you use your available credit, pay a little interest, then pay off the principle you are showing that you are a 'responsible' consumer and it improves your rating just as if you default on a payment it lowers your rating.

[My Wife Hates CIV]

buy a car. take out a small personal loan and pay it back. try getting credit through sears or lowes - they give credit to anyone.

[Lefty Scaevola]

Originally posted by MikeH
Try your bank, even if the rate is a bit ****, keep it for a few months then get a real one.

A lot of smaller bank s and bank chains have dropped credit card from their services and just give you a application to some large national bank chain.

[MRT144]

Originally posted by Lincoln
Don't fall into the credit trap. Only use the card when you have money in the bank to repay what you are spending with the card. To build up your credit get a card from an oil company and repay it promptly or get a loan from your bank that is based on your savings and pay that back promptly. But don't fall into the trap! When I was your age my bank mailed me a Master Card without asking. But they learned a valuable lesson (and so did I). I do all my business with cash now including buying a home. It is the only way to go and you can use a debit card to rent a car or whatever.

this is exactly what i plan on doing ive seen my parents go through too much crap to be fiscally irresponsible.

[Skanky Burns]

Originally posted by MikeH
You have to pay charges for using a debit card?

We get a certain number of "free" transactions, after which each costs an extra $1. Sucky bastards.

[Az]

I have a credit card, and I am into my first overdraft already.

[Flubber]

I use my credit card for almost all my purchases but pay it off about every two weeks so that interest never accrues. I have now garnered enough airmiles for a trip to Hawaii.

As for debit, all my transactions are free but they charge a 10 dollar monthly fee which is waived if you have at least $1000 in your account on each day of the month. So thats what I do and the $120 that I save yearly is much more than any interest I could gain from investments or interest charges I could save by paying down debt ( my debt is at between 5.1% and 6%)

To get a credit card, simply apply to a company that is marketing to students. There are cards with lower limits available. Another simple way to get a credit rating is to put say $500 aside in a bond at a bank and then borrow $500 from the same bank but secured by that bond. There is absolutely no risk to the bank so you should get a great interest rate and the cost to you is the difference between the interest rates. You can be upfront that you are trying to establish a rating and if you find a helpful banker they should be only too happy to set it up.

[MarkG]

get an amazon card!!

[GePap]

do you get a fee for that, Mark?

I still have not gotten a credit card. I make all my purchases with cash.

[MarkG]

Originally posted by GePap


do you get a fee for that, Mark?

hmmm, well......, you see.....
eer


yeap

[Provost Harrison]

I used to get countless offers of platinum cards when I was an impoverished student or unemployed...now I am working and have a bit of money, not a thing in the post

[SpencerH]

PH, a bit of money? What happened? Last word I saw, the uni was sending some leg breakers to sort you out!

[ajbera]

You're gonna need a card from a bank that caters to sub-prime (i.e., high-risk) consumers. My suggestions are to try a bank like Household bank (where I got my first card). Your APR (annual percentage rate, i.e. interest rate) will likely be a bit high, but there's probably no getting around that since you're a credit card newbie. Besides, your APR will drop as your history improves, and you can always request APR reductions from time to time (assuming you deserve it).

Other options include a secured card, where you start off with a deposit at a bank, and they base your initial credit on the deposit. Again, as your credit history improves and you pay your bills on time, your credit will increase, and you can eventually transfer the balance to an unsecured card.

Secured cards:

http://www.cardweb.com/mod_perl/cardlocator/survey/secured

There are also student cards, which are geared towards (you guessed it) students:

http://www.cardweb.com/mod_perl/cardlocator/survey/student

Just remember to a) pay your bills ON TIME, b) pay MORE THAN THE MINIMUM AMOUNT DUE (your debtload will take forever to pay off if you just pay the minimum), and c) only use it for EMERGENCIES or when you know you'll have the money in the very near future to pay the bill. It is extremely easy to get over your head with credit, and lots of young people have f*cked themselves accumulating debtloads that they can't pay off. Also, recall that bankruptcy legislation reform is around the bend, meaning that you'll have a harder time just eliminating all debt through bankruptcy, should it come to that.

Hope this helps. Good luck.