Credit cards.

[C91BLX7]

I'm thinking about getting a credit card. I might have to move back in mom while I go back to school in the fall, so I can save my rent money and put it towards school. I plan to build me a space to live in the house.

I have a budget of 800 to do so. I think it would be smart, for me to get a credit card to purchase the materials, so I can get it done asap.

But I'm 20, little to no credit (car payment is all I have), can I get a card with limit high enough and a low interest rate? I've never had a credit card before so I'm not sure.

[Ravens_CB7]

But I'm 20, little to no credit (car payment is all I have), can I get a card with limit high enough and a low interest rate? I've never had a credit card before so I'm not sure.

No you won't be able to because of your credit history, they will all deny them to you and if you ever get lucky enough to get one somewhere because it would be your first credit card expect the interest to be really high like I.e 25% I'm about to turn 24 and still not able to get credit cars.....I'm building my credit though...

[Chan_Man]

My suggestion is don't do it. I fell in that trap once of charging stuff to to a credit card. Paying back the money plus interest will be double in what you owe. I suggest making a small purchase with a cc and pay it on time. This way you build up some credit and aren't in way over your head. Trust me I walked those shoes and I still owe 2500. What started out as 500a purchased turned into a nightmare.

[deevergote]

You can get a student credit card. The interest rate won't be low, but it shouldn't be as high as 25%. Especially if you've been on point with your car payments (and your car is in your own name, of course.)

Credit cards can be scary, though. If you can't make more than the minimum payments, you'll be paying more interest than anything.

I use a credit card for EVERYTHING, even bills. I pay it off every month, though. My reason for doing so is that a percentage of every dollar spent goes straight to my mortgage principal... which is cool. A few extra hundred bucks a year paid to my mortgage.

[Hopeless]

yea, just be extremely careful.

i made that mistake when i first got into college, and compiled a nice little debt.

the main thing with a credit card is to be smart. dont put more on it than what you can pay off in a month or 2 with what you have extra in your income.

like if you manage to make 5-600/month (about what i made working while in college) and your living expenses like food , car payment, insurance, and such run you 3-400, you dont want to put mroe than 2-300 on your credit card.

that way you never put yourself in a bad situation where your debt starts to become insurmountable.

i still have my credit card, but where im at now, i use it almost for gas exclusively so i can keep a balance on it, and for surprise expenses, and i pay it off every month or 2.

[deevergote]

My life kinda went to shit about 5 years ago. I was working like crazy (paying all expenses up front, like $200/wk in fuel for my thirsty GTP...) My two jobs were both behind in paying me by 2-3 months, and I relied solely on my rather high-interest credit card. I was also late paying by ONE DAY, and they jacked my interest rate up to 29%!!! I racked up almost $10,000 worth of charges in 2-3 months, as EVERYTHING was going on the card. Took me about a year to pay that off.
I transferred it all to a card that offered me a deal for no interest on a transferred balance for one year... so I did that and paid that shit off in a year!

Credit cards are good to a point, but when you rely on them as your only source of spending money, without knowing where the money to repay it is coming from... you can get yourself in some serious trouble. I have a number of friends with HORRIBLE credit, and they regret getting into that position.

[Straight Success]

Be careful. As a student on a very limited income, I rely on my CC for simple stuff like food and gas. I pay all my bills with cold hard cash. The little bit I do owe on my CC will be payed off this summer. That's the plan.

[remix405]

What's your credit score I'm 21 and got a 4k credit card from B of A 12% intrest I started at a department store with 1k limit it took me about 1 year before I applied at B of A and got approved you just got to be strong will and know what you can afford to pay I get ton of credit card and loan offers everyday in the mail, and I only got 4 credit cards I only owe money on 2 of them well under their limit just live withing your means and you will be fine.

[Ravens_CB7]

yeah ive barely got 2 things in credit, right now i have my fiancees ring that i got approved and $780 was the total cost with taxes but im getting 0 interest for 12 months and making $65 payments every month

[floored]

start with a small secured credit card. Thats how I did it and now i have an 11k limit @ 8%. i also have like a 3kand idk the % as i never use it, just an incase kind of thing

[C91BLX7]

start with a small secured credit card. Thats how I did it and now i have an 11k limit @ 8%. i also have like a 3kand idk the % as i never use it, just an incase kind of thing

Thats what I plan to do, I can pay it off by the end of the summer. Might not even use a credit card. Gotta crunch some numbers and see what I can afford.

[crazymikey]

I wish I never got my credit card.

[stewie]

my brother racked up 35k in debt from credit cards....hes fuckin lucky my parents paid it off for him...he was contemplating suicide cause the ammount he was able to pay off each month wouldnt even be enough to cover the interest on it..

for myself i started off with a 500$ limit at the age of 18...now im 25 and have a 25k limit wich honestly is stupid as fuck but at most i have ever had on it at one time is maybe 5k....but i usually pay it off at the end of each month, all i use it for now is gas...and i pay that off the next day online...strictly for the purpose of building good credit for when i go to buy a house and need a loan from the bank.

[Dr. Shuffles]

"Be careful" is right. Those companies don't make a profit by giving out money.

[C91BLX7]

I know lol. Can't have that "fuck it" mentality, cause it will "fuck you" when the bill comes.