Comments on: More on credit cards and building credit http://wantnot.net/2007/01/24/more-on-credit-cards-and-building-credit/ Having it all with less. Wed, 08 Feb 2012 17:59:41 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Want Not » Here, have $250 http://wantnot.net/2007/01/24/more-on-credit-cards-and-building-credit/#comment-29961 Want Not » Here, have $250 Wed, 14 Mar 2007 17:13:54 +0000 http://wantnot.net/2007/01/24/more-on-credit-cards-and-building-credit/#comment-29961 [...] If you understand how credit scores work and you’re able to obey the Credit Card Commandments, this deal is for you. If not, walk away. [...] [...] If you understand how credit scores work and you’re able to obey the Credit Card Commandments, this deal is for you. If not, walk away. [...]

]]> By: fuzzy http://wantnot.net/2007/01/24/more-on-credit-cards-and-building-credit/#comment-17133 fuzzy Fri, 26 Jan 2007 04:03:47 +0000 http://wantnot.net/2007/01/24/more-on-credit-cards-and-building-credit/#comment-17133 Here's an alternate trick to establish credit: Just out of college, I had zero credit history and a paid-off car. I went to my bank and asked what I needed to do. They gave me a $1000 loan, which I used to immediately purchase a $1000 CD from them (which was the collateral on the loan, since I owned nothing of value and had zero credit). For a year, I paid the monthly payments for the loan. At the end of the year, the CD matured, I had saved $1000 plus interest (minus what I'd paid the bank in interest), and I had enough credit to buy a house. Here’s an alternate trick to establish credit:

Just out of college, I had zero credit history and a paid-off car. I went to my bank and asked what I needed to do. They gave me a $1000 loan, which I used to immediately purchase a $1000 CD from them (which was the collateral on the loan, since I owned nothing of value and had zero credit). For a year, I paid the monthly payments for the loan. At the end of the year, the CD matured, I had saved $1000 plus interest (minus what I’d paid the bank in interest), and I had enough credit to buy a house.

]]> By: Nancy http://wantnot.net/2007/01/24/more-on-credit-cards-and-building-credit/#comment-17037 Nancy Thu, 25 Jan 2007 15:19:38 +0000 http://wantnot.net/2007/01/24/more-on-credit-cards-and-building-credit/#comment-17037 To #*&$ with the credit talk...I'm a billion times more intersted in a seminar in how to teach your readers to suck up to you. You're obviously qualified to provide such. ;-) I'm just not feeling the love...I'm pretty! I'm smart! I don't have a shopping site though....[sobbing into keyboard] To #*&$ with the credit talk…I’m a billion times more intersted in a seminar in how to teach your readers to suck up to you. You’re obviously qualified to provide such. ;-)

I’m just not feeling the love…I’m pretty! I’m smart! I don’t have a shopping site though….[sobbing into keyboard]

]]> By: Laura http://wantnot.net/2007/01/24/more-on-credit-cards-and-building-credit/#comment-17030 Laura Thu, 25 Jan 2007 14:43:00 +0000 http://wantnot.net/2007/01/24/more-on-credit-cards-and-building-credit/#comment-17030 sheesh...so PRETTY!! it's obvious I have much homework to do. luckily you've done alot for me!! :) sheesh…so PRETTY!! it’s obvious I have much homework to do. luckily you’ve done alot for me!! :)

]]> By: alice http://wantnot.net/2007/01/24/more-on-credit-cards-and-building-credit/#comment-16920 alice Thu, 25 Jan 2007 04:38:56 +0000 http://wantnot.net/2007/01/24/more-on-credit-cards-and-building-credit/#comment-16920 The gas card idea is great -my little brother is facing the spectre of no credit history, and I've been a horrible boor about saying 'I told you so,' since I've been nagging him to get some kind of credit card for years. And I hear you on the crazy credit limits, Mir! The credit card folks were shocked when I asked them to put a limit on my available credit, and not ever automatically up it, because they almost *never* get requests like that. But I didn't want my available credit to keep skyrocketing. The gas card idea is great -my little brother is facing the spectre of no credit history, and I’ve been a horrible boor about saying ‘I told you so,’ since I’ve been nagging him to get some kind of credit card for years.

And I hear you on the crazy credit limits, Mir! The credit card folks were shocked when I asked them to put a limit on my available credit, and not ever automatically up it, because they almost *never* get requests like that. But I didn’t want my available credit to keep skyrocketing.

]]> By: dot http://wantnot.net/2007/01/24/more-on-credit-cards-and-building-credit/#comment-16919 dot Thu, 25 Jan 2007 04:25:29 +0000 http://wantnot.net/2007/01/24/more-on-credit-cards-and-building-credit/#comment-16919 I pay my credit cards off monthly, and i use the online bill payment i get from my bank. Checkfree and Yahoo (at least they used to, i havent researched) and most banks offer online bill payment, and many you can receive your bills online too. i love it. i think the idea of getting a credit card to use for gas is a great one. it's stuff you're going to buy anyway, just keep track of what you spend so you can always pay it off at the end of the month. I pay my credit cards off monthly, and i use the online bill payment i get from my bank. Checkfree and Yahoo (at least they used to, i havent researched) and most banks offer online bill payment, and many you can receive your bills online too. i love it.

i think the idea of getting a credit card to use for gas is a great one. it’s stuff you’re going to buy anyway, just keep track of what you spend so you can always pay it off at the end of the month.

]]> By: shannon http://wantnot.net/2007/01/24/more-on-credit-cards-and-building-credit/#comment-16899 shannon Thu, 25 Jan 2007 00:48:31 +0000 http://wantnot.net/2007/01/24/more-on-credit-cards-and-building-credit/#comment-16899 Here's a couple links to cards that may benefit you! http://www.mytravelcreditcards.com/?uv=frequent+flyer+miles+credit+cards http://www.credit-land.com/1253/1253_page_24141_445343.php?link=35367 (sorry if this gets double posted...the first didn't show and i've been known to close a page before submitting...) Here’s a couple links to cards that may benefit you!

http://www.mytravelcreditcards.com/?uv=frequent+flyer+miles+credit+cards

http://www.credit-land.com/1253/1253_page_24141_445343.php?link=35367

(sorry if this gets double posted…the first didn’t show and i’ve been known to close a page before submitting…)

]]> By: shannon http://wantnot.net/2007/01/24/more-on-credit-cards-and-building-credit/#comment-16896 shannon Thu, 25 Jan 2007 00:27:17 +0000 http://wantnot.net/2007/01/24/more-on-credit-cards-and-building-credit/#comment-16896 Laura--yes you can pay online with your debit card, but i found that...when you go to your (my!) bank's page and pay all my bills, the payment date is at least a week out. If i go to my credit card's page and enter the payment method (checking), I have 3 or 4, they are 1-4 days out, so keep those dates in mind! I also built credit through a car loan I paid off with a credit card...the loan was 12%, the credit card was whatever percent, i don't remember because i didn't care, BECAUSE, this was 14 years ago before they got wise and started charging fees for balance transfers. we paid off 12,000 in debt in a year by paying as much as we could each month on one card and transfering the balance to the other card every month. If you want to go the loan route, for those of you who already have credit, there are a ton of cards right now that have 0% interest for a year. I've got 2 right now =) and have 6 months to get my act together. I have always HATED debt, but kids, school, and finances have forced me into this, but it will be the first thing i take care of when i'm back at work. worst case scenario, i get another 0% card and pay the $75 to transfer for a year (gotta check that transfers are good on this deal too...not just new purchases), which would be cheaper than the interest adding up. I have a couple links for comparing cards i'll post...gotta find 'em =) Laura–yes you can pay online with your debit card, but i found that…when you go to your (my!) bank’s page and pay all my bills, the payment date is at least a week out. If i go to my credit card’s page and enter the payment method (checking), I have 3 or 4, they are 1-4 days out, so keep those dates in mind!
I also built credit through a car loan I paid off with a credit card…the loan was 12%, the credit card was whatever percent, i don’t remember because i didn’t care, BECAUSE, this was 14 years ago before they got wise and started charging fees for balance transfers. we paid off 12,000 in debt in a year by paying as much as we could each month on one card and transfering the balance to the other card every month. If you want to go the loan route, for those of you who already have credit, there are a ton of cards right now that have 0% interest for a year. I’ve got 2 right now =) and have 6 months to get my act together. I have always HATED debt, but kids, school, and finances have forced me into this, but it will be the first thing i take care of when i’m back at work. worst case scenario, i get another 0% card and pay the $75 to transfer for a year (gotta check that transfers are good on this deal too…not just new purchases), which would be cheaper than the interest adding up.
I have a couple links for comparing cards i’ll post…gotta find ‘em =)

]]> By: Mir http://wantnot.net/2007/01/24/more-on-credit-cards-and-building-credit/#comment-16886 Mir Wed, 24 Jan 2007 22:41:29 +0000 http://wantnot.net/2007/01/24/more-on-credit-cards-and-building-credit/#comment-16886 Laura: It depends on your credit card company and how you elect to pay, but the bottom line is money coming out of your bank account. The method (paper check, direct debit, whatever) is unimportant. Robbi: Another point in the Kiplinger's article (read the whole thing!) is that you should always have at least 30% of your total credit line available. So yes, carrying $900 on a $1000 limit is a problem. (On the other hand, my rating gets dinged slightly because---due to my flawless credit history---my credit card limits keep being raised, and when I apply for a mortgage or whatever, they'll see I have $30k of credit available which I could (to their mind) potentially use to get myself deeply into debt in a hurry. Laura: It depends on your credit card company and how you elect to pay, but the bottom line is money coming out of your bank account. The method (paper check, direct debit, whatever) is unimportant.

Robbi: Another point in the Kiplinger’s article (read the whole thing!) is that you should always have at least 30% of your total credit line available. So yes, carrying $900 on a $1000 limit is a problem. (On the other hand, my rating gets dinged slightly because—due to my flawless credit history—my credit card limits keep being raised, and when I apply for a mortgage or whatever, they’ll see I have $30k of credit available which I could (to their mind) potentially use to get myself deeply into debt in a hurry.

]]> By: Robbi http://wantnot.net/2007/01/24/more-on-credit-cards-and-building-credit/#comment-16874 Robbi Wed, 24 Jan 2007 21:04:38 +0000 http://wantnot.net/2007/01/24/more-on-credit-cards-and-building-credit/#comment-16874 One other point that I read about... part of your credit score is determined on your balance-to-credit limit-ratio. So, if you have a $1,000 limit on your CC and your balance is $0, that is GOOD. If you're balance on the same card is $900, that is NOT good. Just another tip :) One other point that I read about… part of your credit score is determined on your balance-to-credit limit-ratio. So, if you have a $1,000 limit on your CC and your balance is $0, that is GOOD. If you’re balance on the same card is $900, that is NOT good. Just another tip :)

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