is anyone here a credit card expert?

[DecoyOctopus]

ok well im 19 not too much credit history but i wanted to start building my credit. i financed a computer, camera, some jewlery etc. anyway those were like circuit city cards n stuff. now i wanted to get some wheels+tires for my car but i dont have the cash as of now, anyway im pretty good with managing my money i just dont know **** about credit. my freind was tellin me about a capitol one card...



anyone?

[RL...]

I'm no expert but use some common sense. I would get a card that has a low interest rate, apr, and possibly one that has a good introductory offer with it such as no interest for 90 days. And you prob want to stick with Visa, or mastercard, because I think those are the most widely accepted...O and don't get yourself in debt...

[Echonova]

ok well im 19 not too much credit history but i wanted to start building my credit. i financed a computer, camera, some jewlery etc. anyway those were like circuit city cards n stuff. now i wanted to get some wheels+tires for my car but i dont have the cash as of now, anyway im pretty good with managing my money i just dont know **** about credit. my freind was tellin me about a capitol one card...



anyone?

Capitol One is the worst thing you can do for your credit. Will they give you a card? Sure. Problem is they don't report your credit limit, without that number other credit agencies assume you are maxed out on the card and it will actually bring down your credit score. Hell, I'd do Direct Merchants before Capital One... and that's saying something.

[DecoyOctopus]

thanks guys...imma holla at them hoz at the bank tommoro i know this fine lil broad that works up there...maybe i can get some action and supe my credit score up a lil. ill keep stay away from capital one and ill make sure i get some low apr if thats possible cuz i hate the idea of paying extra for something

[Paree4g63]

watch that show on CNBC; On The Money.....
If watching it doesn't help you, send email/ask Carmen who is the spokesperson on that show. G/L

[chnco]

I am an expert, but I want to see you get in debt.

[JennB]

Capitol One is the worst thing you can do for your credit. Will they give you a card? Sure. Problem is they don't report your credit limit, without that number other credit agencies assume you are maxed out on the card and it will actually bring down your credit score. Hell, I'd do Direct Merchants before Capital One... and that's saying something.

Where did you hear this? I have a Capital One card, I've had it for over 10 years. I also have True Credit credit monitoring service through Transunion where I can see all three reports and scores any time I want. I literally just logged in, went to the line for my Capital One card and there was my exact limit reported by all three credit bureaus.



Edited to add: I did some research and found out that some people had this problem in the past but Capital One has changed their policy and now reports all limits. I have a file at home with credit reports from the past ten years, I'll look and see if mine was reported years ago. I have always received my report at least once a year and filed it away. I'm very, very credit conscious. I have cars, a house that I've had for 8 years, credit cards, student loans and I've worked in finance and accounting for 11 years. It's just what I do.

I'm not showing anyone the actual numbers, but I promise they are there.

[ILOVEKIDDRACING]

Where did you hear this? I have a Capital One card, I've had it for over 10 years. I also have True Credit credit monitoring service through Transunion where I can see all three reports and scores any time I want. I literally just logged in, went to the lie for my Capital One card and there was my exact limit reported by all three credit bureaus.

You got to love the misinformation "experts" throw around.

[JennB]

I was in a hurry this morning so now I'll elaborate on the original question. It sounds like you've already started building some credit. Do you know your score? Have you made any late payments on any of the lines of credit you've had in the past? Do you have multiple credit lines already open?

You should go to the websites for the major companies like Bank of America, Capitol One, Citibank, etc. and just browse through their offers. If you have a decent income and the things you have paid on in the past were paid on time and have a year or more history behind them, you should be able to pick out a card that suits your need, low APR, no annual fees and go for it. Don't try for the platinum card first thing, it's likely that won't happen. Look for a company with a good range of cards so if you aren't approved for the one you pick, they may offer you an alternative. For example. BoA offers everything from a platinum card down to a fully secured card. If you apply for one and aren't eligible, they will offer you something that you can get. They have gold, platinum, regular cards, partially secured and fully secured. They also review your account at least once per year and will "promote" you so to speak if you pay on time and your credit builds.

Other than paying on time and just being generally responsible, the best way to build credit is time. Get a card and hold onto it. Opening new accounts constantly will bring your score down.

[The_ CaneCorso]

Capitol One is the worst thing you can do for your credit. Will they give you a card? Sure. Problem is they don't report your credit limit, without that number other credit agencies assume you are maxed out on the card and it will actually bring down your credit score. Hell, I'd do Direct Merchants before Capital One... and that's saying something.

Ive heard this.

[Sammich]

get urself w/ a credit union...i'm about to get a card a/ 10.5% fixed interest rate

[JennB]

get urself w/ a credit union...i'm about to get a card a/ 10.5% fixed interest rate

I have two car loans with Georgia's Own (Georgia Telco) and the rates are great. I haven't used their credit cards though. But they are nice to work with.

[Sammich]

yea the lady is nothing but nice...i could basically get any limit i wanted..but..i went w/ $2k

[DecoyOctopus]

I was in a hurry this morning so now I'll elaborate on the original question. It sounds like you've already started building some credit. Do you know your score? Have you made any late payments on any of the lines of credit you've had in the past? Do you have multiple credit lines already open?

You should go to the websites for the major companies like Bank of America, Capitol One, Citibank, etc. and just browse through their offers. If you have a decent income and the things you have paid on in the past were paid on time and have a year or more history behind them, you should be able to pick out a card that suits your need, low APR, no annual fees and go for it. Don't try for the platinum card first thing, it's likely that won't happen. Look for a company with a good range of cards so if you aren't approved for the one you pick, they may offer you an alternative. For example. BoA offers everything from a platinum card down to a fully secured card. If you apply for one and aren't eligible, they will offer you something that you can get. They have gold, platinum, regular cards, partially secured and fully secured. They also review your account at least once per year and will "promote" you so to speak if you pay on time and your credit builds.

Other than paying on time and just being generally responsible, the best way to build credit is time. Get a card and hold onto it. Opening new accounts constantly will bring your score down.

yea i never made late payments, but i only bought stuff when they said it was like 12 months same as cash n stuff like that. i never paid a cent of interest on anything and my freind told me thats actually how you build it but if thats true then thats booty. i dont know my score. as far as credit lines i dont think i think i only got 2 circuit city card and shang company.

[mmmmpsi]

ok well im 19 not too much credit history but i wanted to start building my credit. i financed a computer, camera, some jewlery etc. anyway those were like circuit city cards n stuff. now i wanted to get some wheels+tires for my car but i dont have the cash as of now, anyway im pretty good with managing my money i just dont know **** about credit. my freind was tellin me about a capitol one card...



anyone?

By "expert" do you mean, how to use a credit card?? Cause that I'm very good at.. Give me your card for a day I'll show you what I mean.. hehehe

[The_ CaneCorso]

This is crazy.Yesterday my credit was 538......Today a payment tha was 60 days late fell off and went to paid as agreed..So it went to 650...Not bad 120 points overnight

[Echonova]

You got to love the misinformation "experts" throw around.

LOL. Re-read as$hole. Thinking, it's not your strong point huh?







Got to love guys that the only thing they're good at is being a glorified automatic transmission.

[Sammich]

This is crazy.Yesterday my credit was 538......Today a payment tha was 60 days late fell off and went to paid as agreed..So it went to 650...Not bad 120 points overnight

dang...i dont think mine ever fell below 600...last i checked i was at 660 or something like that