Just got my first credit card

Discussion in 'Off-Topic Discussion' started by Skinny Will, Oct 6, 2009.

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  1. Oct 6, 2009 #1

    Skinny Will

    Skinny Will

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    well i just got my first credit card. I really only got it as a second means of overdraft protection from my cecking account, and so i can officially start my credit.
    I dont actually wanna USE the card because i know i will go way overboard with it. so there are 3 things im thinking of doing:
    Just stash away the card
    Cut up the card
    Or freeze it

    advice would be appreciated
     
  2. Oct 6, 2009 #2

    Mike

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    1. Use it responsibly.

    2. Microwave.

    3. Give it to Burns. (It will never survive.)

    4. Give it to me, I'll make sure nobody bothers it. :D
     
    Last edited: Oct 6, 2009
  3. Oct 6, 2009 #3

    vwracer14

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    Im interested to hear what your interest rate is.
     
  4. Oct 6, 2009 #4

    xcman18

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    Cant build credit if you dont use it.
     
  5. Oct 6, 2009 #5

    Skinny Will

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    ^^:lol:

    but i was told by a wells fargo representative that i dont even need to use the card to build my credit. so just having a credit account builds it up on its own.
    was i successfully bull shitted?
     
  6. Oct 6, 2009 #6

    Blownsvt

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    exactly. you have to carry a balance to build credit. My advice go order a turbo!
     
  7. Oct 6, 2009 #7

    Skinny Will

    Skinny Will

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    hahahaha
    i have a 1200 dollar limit, i think that will buy me headers and a bov :lol:
     
  8. Oct 6, 2009 #8

    vwracer14

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    ...
     
  9. Oct 6, 2009 #9

    Mike

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    I'm thinking about getting one just to charge small shit. Pay the balance off 100% every month so they can't make a dime off me. :D
     
  10. Oct 6, 2009 #10

    nhanson

    nhanson

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    thought if you pay in full every month was the best option to build credit?
     
  11. Oct 6, 2009 #11

    kevind

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    don't need credit if you pay with cash for everything :p
     
  12. Oct 6, 2009 #12

    Skinny Will

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    i really dont know
     
  13. Oct 6, 2009 #13

    nhanson

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    thats important
     
  14. Oct 6, 2009 #14

    Skinny Will

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    yeah thanks for bringing that to my attention, i'll call tomorrow and ask.
     
  15. Oct 6, 2009 #15

    nhanson

    nhanson

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    basically if you carry a balance whatever that percent is, is free money for them

    if you pay balance every month then no money for them and you get to use it for free (unless theres an annual fee) and earn good credit
     
  16. Oct 6, 2009 #16

    Mike

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    x2. Credit card companies WANT you to make minimum payments. Its how they make their money.

    Pay the balance every month and they lose. :D
     
  17. Oct 6, 2009 #17

    Blownsvt

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    nope. not as far as i know. I did that for a long time and never seemed to get anywhere. my understanding is for optimal credit building you and to carry a balance of something like 35% of your limit and keep that as a revolving balance.
     
  18. Oct 6, 2009 #18

    Blownsvt

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    they still make money as long as you use the card. most companies charge a 3% or so transaction fee to the business that accepts the card. so as an example on a 1.00 charege they would get 3 cents.
     
  19. Oct 6, 2009 #19

    BLUEOVAL

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    Use it for gas and pay it off every month.
     
  20. Oct 6, 2009 #20

    nhanson

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    this is true...forgot to add that