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In my ever so humble opinion I feel that CC's are a bad thing and can mess up your financial situation IF not managed correctly. But if you can manage them, that is fine. Alot cannot

The main reason is that most of the young people these days will carry a balance and will not manage them correctly. If you do really wanna get one here are some rules I go by:

  1. Never charge more than you can afford right now in your bank account

  2. Never say "oh I'll just buy this $500 thing and I'll pay it off". You'll usually wont
  3. Don't get a high limit

  4. Only set a limit at something around $200 or so, then use it for small purchases($20-40)
  5. Pay off all balances everymonth and NEVER carry forward a balance.
  6. Don't pay anuual fees

  7. Get a card that is free

    Thats all I can think of right now.





    Originally Posted by Jennifer

    i'm gonna be 18 in exactly a week and i'm looking to get a credit card. i thought i would come online and do some research on each, only to find there's SO many choices. i'm confused! my brother isn't any help, either LOL
    can someone help me out and tell me just the basic, most important things to look for? any tips would be appreciated!

    p.s. DON'T start with the "stay away from credit cards!" thing because i'm really responsible with money (even my mom hasn't given me a hard time because she knows i won't go crazy).







 
thank you so much, everyone!

about the credit unions, maybe that's a bit too complicated for me. i see it compares to banks and from what people have said so far, banks probably the way to go, right?

i will definitely open up my own bank account, most likely at my mom's bank, which she's been apart of for YEARS, so it couldn't be all that bad (bank of new york).

THANK YOU ALL SO MUCH. you are SUCH a huge help!

 
Originally Posted by Tony(admin) [*]Don't get a high limit

[*]Only set a limit at something around $200 or so, then use it for small purchases($20-40)

oh, that was another question i forgot to ask! let's say they give me a limit of like, $500, but i think that's too much for me. would i be able to change it or does it HAVE to be $500?

thanks, tony!

 
okay, i've narrowed it down, if anyone can tell me which one looks the best!

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i'm thinking the last one is a no-no or i won't get it because platinum doesn't sound like a card for someone whose never had a card before LOL

 
Originally Posted by wongy74 Very few stores take American Express, so it may not be the best card to have. okay, back to square 1.
thank you
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Do all CC companies have it mandatory that you work? In the apps that I've gotten through the mail always ask to put your employer info . and i don't work right now and won't be for a long while.

 
I agree with Kim. If they give you credit, they want to know that you can pay them back. Generally speaking, someone with no income is unlikely to make timely payments, if any payment is made at all.

Originally Posted by Naturally Quite honestly ..yes ..they want to know you have INCOME and will be able to pay your bills. However, if you have another source of income ..you could try putting that down ..but not sure how they'd react to not having a job!
 
I'd go with Visa or Mastercard...they are accepted everywhere.

Just be careful! I was really good with money, then got a student CC when I turned 18 to have for college. For about a year, I paid every bill when I got it in full. Then I started eating out a bit more, buying clothes, etc. I went to college with a bunch of rich kids so it was easy to spend money because they were! Then the CC company upped my $500 limit to $1000 then $1500 then $3000 so I was able to charge more. I ended up graduating with $5000 in credit card debt which I'm now paying off...and the majority was for little things that I never even thought about! And those low APR's go up eventually so now I'm paying lots of interest! Just a friendly warning
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I'm fortunate enough that I don't have to work. I can get a job or do whatever I want, but right now I'm focusing on getting into shape and if I get a job, I'll be tired and wouldn't want to go to the gym, etc.

I had a CC with Citibank and Macy's when I was in college, and I didn't pay it and stuff and went to the credit bureau. My mom ended up paying it off for me.

I'm trying to build my credit back up. I've learned the error of my ways. lol. I would only spend a little bit a month and pay it off. I get my $ from my bf.

 
I was wondering when American Express was going to be brought up. It is true that some places don't take it, it is also true that you have to pay off your monthly balance each month (unless it has changed) That could be good or bad. I had one just out of school and it got out of control and couldn't make the balance payment at one point. If you are good with your money and set limits for yourself it could be ok. As for changing your credit limit to a smaller amount, I believe all you have to do is call customer service and put in a request for it. This is also good and bad, good because if you set a low limit you won't have to worry about having a huge debt with someone, bad because I had one like that and I didn't keep track of where I was and when I charged something I didn't realize that I would go over my limit. Instead of denying me and suffering the embarrassment, they processed me and charged me an over my limit charge. Be careful and read everything thouroughly.
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