Teach me about Credit Cards [Solved, Lock Please]

Dr. Frenchenstein

EggyToast wrote:

Very short grace periods (the time they send you a bill to when the bill is due)

Grace period is actually the time between when you make a purchase, and when they start charging interest on it. basically, the ability to use the credit card as cash.

Peccavi

Djeet wrote:

A lot of the cards suggested are only going to be granted to those with Excellent credit (700/720+) and I doubt someone who has never had revolving credit will have such a credit rating (though I'm not sure). May want to make sure you have any possibility of qualifying (check your scores) before applying as being denied credit will certainly work against you. Check out creditkarma or creditcardoutlaw for card options that might be granted to those of lesser credit rating.

Really? I was denied a couple cards, and didn't see any affect on my rating from that.

Septus

I believe if you apply for a couple in a short period of time, the ones you apply for later in time see that there are multiple credit requests and don't like that, and that makes them less likely to approve you.

The OP may not have this problem, but initially(after college when I'd skipped all the easy college offers) I was unable to get approved for the few cards that I received pre-approved letters for. I ended up getting a secured credit card which seems to have done the trick of improving my credit such that I could get a real one.

Pursuant to that, just how much of an effect would it have to close down a 3 year secured card and keep a 2 year non-secured credit card? The annual fee, and the entire payment system/customer service of the secured card, really sucks.

Dr. Frenchenstein

I wouldn't think a year of credit age would hurt much. I'd do it sooner rather than later though. your score should recover pretty quick i'd imagine.

republic of me

Enc wrote:

I have somehow gone most of my life without a credit card, mostly because I don't like debt as a thing. However, after speaking with several contacts in the mortgage industry I've been enlightened that If I am to get a loan for a house in a year or two I'll need to demonstrate more lines of credit than my usual bills and car. I'm looking at credit cards, and don't really know what to look for outside of a low interest rate.

H/A, what are your opinions on Credit Cards and where is the best place to get them through? If it is helpful, I live in a large, East Coast US city.

Look I seriously think rather than being "enlightened" by insiders with vested interests, that you should relay think whither or not you want to take on the responsibility of a credit card. You have lived your life debt free up until now and i recommend that you be a bit more creative in what you can do with your debt free cold hard genuine cash, find something tangible to invest in with good returns and save hard. No one in my family have ever had a mortgage or a credit card, none of us are in high powered positions and most of us are self employed not earning more than the standard industrial wage. You have lived frugally and keep going its frivolous expenditure and debt that has the world economics in the state they are.

I would recommend you have a debit card that is not set up to automatically go into overdraft if you have insufficient funds. Also if you are buying things online I would buy one of those 5 euro cards you put credit on. My brother has one.

Look people don't need to get into debt to have their own homes. You just need to make sure all your assets are working their hardest and make sure you be creative and entrepreneurial in all your exploits.

We own everything we have outright and none of it was to do with debts or bullshit credit ratings. Any one who isn't willing to buy into the bullshit peddled by the financial sector and doesn't see it as what normality should be can do the same. Your doing well, keep going its people like you that's keeping the whole thing afloat the rest is just passing around IOU slips

That said it is entirly up to you but im glad to see some people are still debt free

This is very funny and sums up my feelings on the situation: http://www.cracked.com/funny-4179-credit-cards/

Dr. Frenchenstein

republic of me wrote:

Enc wrote:

I have somehow gone most of my life without a credit card, mostly because I don't like debt as a thing. However, after speaking with several contacts in the mortgage industry I've been enlightened that If I am to get a loan for a house in a year or two I'll need to demonstrate more lines of credit than my usual bills and car. I'm looking at credit cards, and don't really know what to look for outside of a low interest rate.

H/A, what are your opinions on Credit Cards and where is the best place to get them through? If it is helpful, I live in a large, East Coast US city.

Look I seriously think rather than being "enlightened" by insiders with vested interests, that you should relay think whither or not you want to take on the responsibility of a credit card. You have lived your life debt free up until now and i recommend that you be a bit more creative in what you can do with your debt free cold hard genuine cash, find something tangible to invest in with good returns and save hard. No one in my family have ever had a mortgage or a credit card, none of us are in high powered positions and most of us are self employed not earning more than the standard industrial wage. You have lived frugally and keep going its frivolous expenditure and debt that has the world economics in the state they are.

I would recommend you have a debit card that is not set up to automatically go into overdraft if you have insufficient funds. Also if you are buying things online I would buy one of those 5 euro cards you put credit on. My brother has one.

Look people don't need to get into debt to have their own homes. You just need to make sure all your assets are working their hardest and make sure you be creative and entrepreneurial in all your exploits.

We own everything we have outright and none of it was to do wit debts or bullshit credit ratings. Any one who isn't willing to buy into the bullshit peddled by the financial sector and doesn't see it as what normality should be can do the same. Your doing well, keep going its people like you that's keeping the whole thing afloat the rest is just passing around IOU slips

That said it is entirly up to you but im glad to see some people are still debt free

This is very funny and sums up my feelings on the situation: http://www.cracked.com/funny-4179-credit-cards/

Having credit and having debt are two very different things.

Enc

My question has been solved and to ensure this doesn't become a preaching/arguing thread it might be a good idea to lock this one while it's on topic. Thanks to everyone who helped out!

republic of me

Yes, while you are correct it just takes one slip up to turn the former into the latter dr frenchenstein and it has happened to too many people the economy is to volatile to take such risks

republic of me

Enc wrote:

My question has been solved and to ensure this doesn't become a preaching/arguing thread it might be a good idea to lock this one while it's on topic. Thanks to everyone who helped out!

Ok I will be quiet glad you decided on what you want to do, and good luck in all future ventures

Enc

Not specifically @ you, Republic. I just don't want to indirectly cause people to argue on the internet!

AngelHedgie

republic of me wrote:

Yes, while you are correct it just takes one slip up to turn the former into the latter dr frenchenstein and it has happened to too many people the economy is to volatile to take such risks

Sorry, but that's bull, and it's bad advice. Credit is not inherently bad, the problem is mismanagement. There are a few key rules that you need to follow if you have a credit card. The first is that you need to note that the card is not "free money "and only use it when you can cover the charge. The second is that you pay the card off in full every month - period. If you can't do that, then no, you shouldn't have a card. But if you can, having a credit card is a good idea.