I just got approved for a credit card

[redhotswami]

It's going to be lyrics, "I live a hundred lifetimes in a day, but I die a little with every breath that I take" in a nice script on my right bicep.

that sounds awesome!!!!!

 

[Justin24]

Yes Credit Cards are Evil. I should know. I am currently trying to pay off my credit cards.

 

[onebloodonelife]

that sounds awesome!!!!!

Thanks!

 

[ntalwar]

Rather defeats the purpose, doesn't it? Usually, the reason a person charges is because they don't have enough money to buy the things they want. If you had enough money in one month to pay it off, you'd be better off just saving up and paying cash.

There are several other benefits including dispute resolution, car rental insurance, extended warranties, and cash back or frequent flier miles (on some cards). A debit card does not usually have these benefits and protections.

 

[ylimeU2]

I've had my credit card since I was 18. I got it through my bank when I opened a checking account when I went away to college. since then, I've only had one other card, a store card. I pay off my balances on both each month. I've never paid interest or have been late on payments. Not to say that I didn't go through a less than smart phase and applied for cards to get their freebie gifts, when companies were on campus. I've since closed those cards that I never activated.

Unless cards have an annual fee, closing them isn't a good idea. Depending on the credit line of each card, it can actually lower your credit rating. A big chunk of credit score is calculated on how much unused credit you have. So, if you have a $5000 credit line on a card you plan to cancel and you have a second card, also say with a $5000 credit limit, of which you have $3500 of debt on. Together you have $10000 in credit, but are only using $3500. If you cancel the first card, you only have a $5000 to $3500 ratio.

Of course, it isn't wise either to have too many open lines of credit you aren't using. As with anything in credit, it really is a matter of being smart about it. Getting a credit card, for a tattoo or whatever, is a good idea. You have to have credit in this world. As long as you don't go overboard with it, how you use it is up to each individual. I use my cards to get things I can absolutely pay off within two months. If I can't, I simply can't afford it and pass it by.

 

[ylimeU2]

Yes Credit Cards are Evil. I should know. I am currently trying to pay off my credit cards.

Credit cards are only evil if you don't use them wisely.

onebloodonelife, or anyone here who wants an intro of sorts to credit, check out Suze Orman's The Money Book for the Young, Fabulous, and Broke. My dad got me a copy when I got my first credit card and it really is packed full of useful and interesting stuff (including how to get out of credit card debt). Also, it has a section that explains how parents can get their teens/young adults on the right credit path before they are old enough to start establishing their own credit.

Really, really helpful book and reading it probably saved my ass from stupid mistakes.

 

[mysterious_jen]

And, I'll admit, the main reason I applied was to be sure I'll have money to get a tattoo over Christmas break

ohhh shit .......

credit cards BAD.

my first card was for some emegency money for a holiday. 9 grand later and a loan to repay it back ........


with myself.

working 3 jobs.

 

[Vincent Vega]

I know why I have limits on my cards.

But I'm way too stingy to ever spend more than I have.

 

[JanuaryStar]

I know why I have limits on my cards.

But I'm way too stingy to ever spend more than I have.

Same here Besides, if I DO spend something with my creditcard, it gets deducted from my account the next month, so I know what I have and I know what I'm spending. A creditcard can be one hell of a convenience though, for example when you're travelling abroad or something like that. Ever got stuck abroad because your car broke down? Ever had to visit a doctor abroad? These are some of the reasons why a creditcard can be very useful.

 

[U2Girl416]

Unless cards have an annual fee, closing them isn't a good idea. Depending on the credit line of each card, it can actually lower your credit rating. A big chunk of credit score is calculated on how much unused credit you have. So, if you have a $5000 credit line on a card you plan to cancel and you have a second card, also say with a $5000 credit limit, of which you have $3500 of debt on. Together you have $10000 in credit, but are only using $3500. If you cancel the first card, you only have a $5000 to $3500 ratio.

Of course, it isn't wise either to have too many open lines of credit you aren't using. As with anything in credit, it really is a matter of being smart about it. Getting a credit card, for a tattoo or whatever, is a good idea. You have to have credit in this world. As long as you don't go overboard with it, how you use it is up to each individual. I use my cards to get things I can absolutely pay off within two months. If I can't, I simply can't afford it and pass it by.

you're absolutely right about it potentially having an effect on your score. but I've had about 8-9 years since this time to rebuild my credit and my score is pretty high, so I'm happy with that.

 

[AnnRKeyintheUSA]

Credit is a game the man wants you to play and lose so he can make a lot of money. They aren't giving those things out to give you free airplane rides. They want to make money off you and if they weren't profiting from the majority of cardholders through fees and interest they would not stay in business.

 

[Liesje]

I know why I have limits on my cards.

Yep, but some cards change the limit. For Phil's card, we originally had a $2000 limit. When we got close to the limit (charged our 5-day honeymoon in Hawaii b/c we paid for a package deal from an agency), they increased the limit. So we don't really have any control over the limit. Now, our limit on the $2000 card is $6390. They want you to overspend so you have to make all those interest payments and keep using their card.


I also heard the same about not closing credit lines. That's why I opened a card to finance my computer, paid it off two weeks later, and didn't activate OR close the card. That's the only card I have in my name so I can easily keep track of the account.

 

[ylimeU2]

Overspending is a credit card company's dream come true as long as you keep making the minimum payment on time.

As for them increasing your credit line, if you worry about over spending, you can tell them not to do it, if you are worried you will overspend.

 

[Kiki]

And, I'll admit, the main reason I applied was to be sure I'll have money to get a tattoo over Christmas break

omg......I only saw the first two posts on this thread, yours and sicy's so I'm sure you've heard this quite a bit already, but take it from those of us who know-----BE CAREFUL with the credit.

We're just getting our credit cards paid off, granted my husband and I are 27, but when you see how they can be never ending.......omg just be careful! You'll be so much happier if you don't have all that debt looming over you.

on the tat though

 

[Vincent Vega]

Credit is a game the man wants you to play and lose so he can make a lot of money. They aren't giving those things out to give you free airplane rides. They want to make money off you and if they weren't profiting from the majority of cardholders through fees and interest they would not stay in business.

Yeah well, that's pretty much the explanation for every company.

That's tricky when they change the limit so easily. I've never thought of using the card to go into debt or to pay things off over time.
The banks I'm with are rather interested in me not overspending on my credit card, as they want my money on the account.

 

[joyfulgirl]

I've played with my credit over the years in terms of closing accounts, transferring debt to lower interest rate cards, calling companies and having them lower my credit limit, and one time in my foolish youth, having a high debt-to-income ratio, etc. In other words, I've done everything they say not to do because it will hurt your credit. None of it had any significant impact on my credit score at all. In fact, I have an excellent credit score and always have (I check it annually). All I can say is that I have never made a late payment on anything in my life (knock on wood). I think that's ultimately the most important thing.

 

[onebloodonelife]

Re: Re: I just got approved for a credit card

omg......I only saw the first two posts on this thread, yours and sicy's so I'm sure you've heard this quite a bit already, but take it from those of us who know-----BE CAREFUL with the credit.

We're just getting our credit cards paid off, granted my husband and I are 27, but when you see how they can be never ending.......omg just be careful! You'll be so much happier if you don't have all that debt looming over you.

on the tat though

I know, my reasoning is a bit hilarious, but I really was planning on getting one sometime, the tattoo was just the catalyst.

 

[martha]

See? It's tattoos that are evil.

 

[onebloodonelife]

See? It's tattoos that are evil.

Exactly. Don't get them, they'll mess with your mind.

 

[martha]

And your bank account. And your parents. And your wardrobe.

 

[onebloodonelife]

And your bank account. And your parents. And your wardrobe.

Yes, very true. Except for the parents part in my case, my dad took me for my first, and my mom agreed to it, they both have no issues, as long as I pay for them, and I suppose keep them fairly tame, not that I would get a big FUCK YOU on my forehead or anything, but yeah.

Tattoos FTW