imported_kIeRaN

Hello, Currently I am thinking of getting a credit card I am 18 and am responsible when spending my money. I just want to know of the advantages of having a credit card and disadvantages and if you guys think its a good idea. I will be going to college next year and am wondering if i should get a credit card now, try my best to get good credit so it will make things easier if i need to take out a loan for school... Any tips/advice would be great.

Thanks
Kieran

Notorious

Start early and build a credit rating.

imported_Cablerat

Credit rating is all computer calculated and automated.

Buy everything on credit and pay it off at the end of the month. If not, atleast buy all your gas on credit..

Never max out your credit card, always keep it below 80% of total. Anything above 80% is a negative in the eyes of credit.

Always pay atleast double the minimum. Again a negative.

imported_Spiderman

I can honestly say there really aren't any advantages to having a credit card besides attempting to biuld a credit rating.
If you can manage your money well.
And have it set it your head that you can only use the card when you can easily pay it off the next day.
You'll be fine.

imported_Bruce Fee

be carfeul when you turn 19 and become a drunk.

it's a good idea to leave it at home at that point.

spending plastic is easy..

imported_BoOsTd

get a 500$ student visa... good way to start, but pay off the balance every month, and dont use it cuz you cant afford something.

I got my first card when I was 19, never missed a payment, I also had a few loans which i payed off including student loan ect... Im now 25 and moving into my own house this sunday because I have good credit for a morgage from the past 6 years. Most of my freinds cant even get approved for a 2 grand loan to buy a used car because they ****ed up their credit in college (beer, toys ect..) or my one buddy never got a card or any sort of credit like a phone bill small loan, and hes now having huge troubles getting even a small loan.

just be smart, use it as a medium to exchange money ( a tool ) not a bank account.

cibs

I have credit cards, i got my first one at 18... they do come in handy, just make sure you only use then when you really have to, buying things at the mall and then going home and paying it off online right away is something i'm a big fan of, it also comes in handy when you go into school and you really need money, i have never carried a balance until this year in school and even then i make a constant effort to keep it down as low as possible, but it does come in handy to have a good credit rating, but remember... your credit rating stays with you for along time, make sure you take care of it, even if you spend money (which the companies like) don't miss payments make AT LEAST the minimum payment even if you have to suffer somewhere else, and if at all possible pay way more than the min, or even the full amt..

imported_viper_2_4

yup, just like boostd said, use it as a convienent way to pay (easier than carrying cash) not as a loan service. Pay off your bills right away, and don't spend more than you actually have. A big advantage of credit cards over debit cards is they are more secure, from the users perspective. If someone gets your debit card number and sees your PIN, and they take your money, you have to go fight the bank to get your money back. As opposed to if someone steals your credit card and goes and buys stuff, then its the other way around, and definitly a lot easier, I know people who have had thier card/numbers stolen, and its not that big of an inconvienience to the card holder.

imported_kIeRaN

Alrite, I think I am responsible enough to handle one, thanks for all the great advice guys. I am going to look into this alot more

cibs

oh and the other bonus is with some cards you get like 1 month theft protection and other stupid little features like that for free, but it's nice to know u have stuff like that for free

imported_Danno

Dont use your card as "free money" If you don't have the money in the bank you cannot afford the purchase and therefor shouldnt buy it. That is the biggest mistake people make that get them in to trouble.

If you are carefull with it you will be fine. If you get to half of your limit stop using your card untill it is payed off.

BBProductions

i say don worry bout it, credit cards are no good, best to pay cash for everyhing...

you will and can build credit in others ways ie, insurance payments, telephone payments, keeping a positive bank account...

hell a credit card you can get n e time....

j_limitz

i got my 1st credit card when i was 17...mom co-signed on it...i was good with them until i started going nuts and applying for very many cards...and yes plastic is very easy to use...so be careful...i got into debt cuz of cards...so now i only have 2..ha ha

Surfofpink

I have like 5 credit cards with limits ranging from $1000 to $25000. I always pay them off in full the minute I get the bill. It's important to remember that you HAVE to pay for the items in full eventually. I mainly put big ticket items and plane tickets on them for the points. rack those babys up and get free stuff. I got a free TV just from the points on my "shoes" credit card!

imported_Airbusegsihb

Just keep in mind that if you have a lot of cards and want to get a mortage, they look at the amount of trouble you can get into with the cards even if you pay them off every month. For ex if you have five cards with the amount of credit around $25000 thats not the same as having 2 cards with a $10000 limit. The bank looks at the amount you are approved for. Better to have a small limit if you pay them off monthly. My cards are always being jacked up even without me asking. Just call them and ask them to lower the limit to a more acceptable size. I remember when my wife and I got approved for our first mortage, they said her limit was way too high even though she paid them all the time.

Good Luck with your decision....

GinoLicious

I say, use debit.

imported_Shazza

building good credit is important for any future loans u may want to take out...including when u wanna buy a car or home. i always use my credit cards...i have a system and the system works. 90% of the time i pay my credit cards in full and on time, but i also get cash back on one of them so, it pretty much evens out in the end.

if ure looking to get student loans...try to get osap...DO NOT get a loan from the bank or put ur tuition fees on ur credit card. the best bet if u dont want osap is to apply for a student line of credit at a bank...u will need a co-signer...interest rate is usually 1% above prime, which hovers around 4-5% i believe and u only have to pay off the interest each month...u dont have to start paying it off til u graduate.

imported_kIeRaN

oOoo, thanks Sharon good info

btw, whats your credit card number?

imported_Shazza

i swear u lil bleepin bleep...if u ask me that question again, i'll

imported_kIeRaN

ill go ya