Help Ozzy Find a Credit Card

[Flubber]

Seriously though-- There are tonnes of no fee cards-- you can nprobably get one with some bells and whistles if you don't mind a high interest rate. THEN you simply make a practice of paying it off regularly

Oh and you don't need a CC to do this-- You could get a small personal loan and accomplish much the same thing

[DanS]

Originally posted by Flubber
I can't believe the irresponsibility of younger adults in statements like this.

Constructive laziness is a virtue.

[MRT144]

Originally posted by Spec


Never go Sears. 28.8% interest with no good advantage since Sears is not cheap.

Best thing you can do is calculate the amount of money you spend for your daily activities (restaurant, shopping, Games and such) and come to an amount for the month.
Then when you ask for a credit card, demande that amount in credit.
This way, all you need to use is your credit card, so no debit-card fees, garantees on all merchandise bought and a "limited" budget for your monthly expenses so that you dont over spend.
At the end of the month, you transfer the money from your bank account to the credit card, pay no interest and use really well your credit, which gives you a lot of points on your beacon score at the bank when you try to get out a loan.

Spec.

wow spec, you described how I do things almost exactly

[Spec]

Thats exactly what I do.

I used to be loan officer you know.

Spec.

[Flubber]

Originally posted by Spec

At the end of the month, you transfer the money from your bank account to the credit card, pay no interest and use really well your credit, which gives you a lot of points on your beacon score at the bank when you try to get out a loan.

Spec.

The only difference for me is that I pay my card off completely twice a month on my payday. I view my online CC statement. The big benefits are that I never pay interest AND I would catch fraud reasonably quickly

[pchang]

At Capital One

They catch fraud for you!

[Spiffor]

Originally posted by Spec
I used to be loan officer you know.

Was that back when you did every evil thing in the world except murder?

[OzzyKP]

Well I applied for one through my bank (bank of america).

[Spec]

Originally posted by Spiffor

Was that back when you did every evil thing in the world except murder?

I dont know if thats a troll, but no. From 22 to 25.

Spec.

[snoopy369]

1. All major banks should have a bill-pay setup themselves, where you can tell the bank to automatically send money to the credit card company every month. Some major credit card companies have e-bills that can be automatically downloaded by the bank's e-bill pay system and then automatically paid directly. I imagine Bank of America should have this for Bank of America credit cards.

2. I've seen some pretty cool loan setups in some banks where you borrow some money and use the money itself as collateral, and use the money itself to pay off the loan plus the interest the money itself earns. Basically it doesn't take any work on your part, it just sort of builds up your credit automatically. Now, I've never looked into it myself other than just reading things posted on windows (I am a compulsive reader), but it might be worth looking into.

[SpencerH]

I never use automatic debits. I like to know whats happening with my money and given that I can pay my bills online in seconds why bother with them.

[Dis]

I just got one from my credit union.

I pay in full every month. Though I hear that isn't good enough to raise your credit. You really need to buy a car and then a home to establish good credit. If you use credit card, you are supposed to avoid paying them off. For some reason it looks better to run some debt on your cards, then pay them off slower. But it's going to cost you more money that way.

[Spec]

Originally posted by Dis
I just got one from my credit union.

I pay in full every month. Though I hear that isn't good enough to raise your credit. You really need to buy a car and then a home to establish good credit. If you use credit card, you are supposed to avoid paying them off. For some reason it looks better to run some debt on your cards, then pay them off slower. But it's going to cost you more money that way.

That's not true.

On your credit report it automatically shows the highest your credit card has went to, and at what it is right now.
So if you pay it off everymonth, it will also show at how much it was before you paid.
The credit bureau updates itself every 2 months on the 30th of the month.

Spec.