Credit Card Advice

[Silverlsinva]

Alot of good advice here on this thread. But i did it a lil differently I went out and got a Kay jewelers card that had a 300 dollar limit and u had to put 20% down on whatever u bought. So i bought my mom a bday gift for around 120 and payed about 5 months till i payed it down and i had some credit after that.

[rachykells]

Originally Posted by Silverlsinva

Alot of good advice here on this thread. But i did it a lil differently I went out and got a Kay jewelers card that had a 300 dollar limit and u had to put 20% down on whatever u bought. So i bought my mom a bday gift for around 120 and payed about 5 months till i payed it down and i had some credit after that.

Just be careful with those store credit cards... sometimes they have ridiculous interest rates. When I worked at Victoria's Secret, I always felt kinda guilty pushing those cards because they have an 18%+ interest rate. And I have immaculate credit and that was the lowest they'd give me.

If you never carry a balance, it's not a big deal, and store credit cards can give you some great incentives, but the interest rates tend to be AWFUL.

[CC Performance]

As long as you pay the balance off each month and dont end up paying interest charges its a good way to build credit.. they can be very dangerous though... you can spend more than you want in a heartbeat thinking oh I'll just make payments and it will be paid off in 6 months... thats how the trouble starts... just make small purchases you know you can pay off each month

get one form the same bank as your car loan and signup for auto withdrawal as well for the better rate it brings.

[CamaroKid300]

I'll tell you something a credit card company representative told us in one of my business classes....

Supposedly companies love people who use their credit card alot (bringing in lots of transaction fees from retailers) and who then pay off the card in full every month.

This is just what the guy said, I don't know if its true for all.