Credit Cards
22-Feb-2005, 07:19 PM
#21
Senior Member
Join Date: Dec 2003
Posts: 23,881
when I didnt work for 9months I lived off credit...well I bought crap loads of records with them...its pretty much maxed out at the moment and they give me a call once and a while when I "forget" to pay them...then I throw em a few hund to keep em away for a while...I cut up that card a while back but knowing the number by heart doesnt help matters
I have another card that I pay off all the time and is only used for times in which I really need it (travelling, bar tabs, etc)
the student loan is whats killin me, dont get one of those ever lol...as it sits, I'm about 14grand in the hole...but that dont stop me from goin in trips, partying and all the fun things in life...I'm gonna have to slow down eventually and start payin more into these things or get a 20k line of credit and consolidiate those debts into 1 "low" monthly payment
I have another card that I pay off all the time and is only used for times in which I really need it (travelling, bar tabs, etc)
the student loan is whats killin me, dont get one of those ever lol...as it sits, I'm about 14grand in the hole...but that dont stop me from goin in trips, partying and all the fun things in life...I'm gonna have to slow down eventually and start payin more into these things or get a 20k line of credit and consolidiate those debts into 1 "low" monthly payment
22-Feb-2005, 07:22 PM
#22
Registered User
Join Date: Dec 2003
Location: MaRS...seriously
Posts: 2,731
hey matt, u sound like one of those commercials "consolidiate those debts into 1 "low" monthly payment"...haha, but he's right...if u can avoid getting a student loan, that would be best. try to pay it out of ur own pocket or ask ur parents to help u out.
22-Feb-2005, 08:57 PM
#25
Registered User
Join Date: Aug 2004
Location: Brampton
Posts: 499
Credit card now is gd...
But if u wait till u start School..
then they will come and offer u a student Visa or Master Card.. and give you tonnes of free stuff.. T-Shirts.. and **** like that.. just sign up for like 10 cards.. they will only send u one.. and u will get all the free stuff...
AND signing up for 10 cards does NOT mess up ur credit @ all...
Cause ur signing up with the same company so they will just throw away the duplicates
But if u wait till u start School..
then they will come and offer u a student Visa or Master Card.. and give you tonnes of free stuff.. T-Shirts.. and **** like that.. just sign up for like 10 cards.. they will only send u one.. and u will get all the free stuff...
AND signing up for 10 cards does NOT mess up ur credit @ all...
Cause ur signing up with the same company so they will just throw away the duplicates
22-Feb-2005, 11:37 PM
#29
Registered User
Join Date: Dec 2002
Location: GTA
Posts: 610
Originally posted by 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....
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....
i have 2 bro in-laws that are FA's (financial advisors) and they both say that it's not a good idea to have too many cards even if you pay they off on time and never carry a balance.
best is to have 2-3 MAX.
if you're gonna get one try to get something with some reward system, be it points or money (visa dividend is a good one)
22-Feb-2005, 11:41 PM
#30
Registered User
Join Date: Apr 2002
Posts: 1,506
Originally posted by iam_immigrant
i have 2 bro in-laws that are FA's (financial advisors) and they both say that it's not a good idea to have too many cards even if you pay they off on time and never carry a balance.
best is to have 2-3 MAX.
if you're gonna get one try to get something with some reward system, be it points or money (visa dividend is a good one)
i have 2 bro in-laws that are FA's (financial advisors) and they both say that it's not a good idea to have too many cards even if you pay they off on time and never carry a balance.
best is to have 2-3 MAX.
if you're gonna get one try to get something with some reward system, be it points or money (visa dividend is a good one)
If you have too many it looks bad as well. I heard on the radio that some guy had a million dollars in available credit. Dude had like 30 or more credit cards. Pretty crazy. I think the radio hosts were discussing whether he would be classified as a millionaire. I don't think so! lol 
23-Feb-2005, 10:05 AM
#34
Banned
Join Date: Feb 2004
Location: Oakville
Posts: 3,587
I think i may try to get my parents to co sign for me, nothing like making good credit early in life. ANd just to be able to go out with the gf ,pay for the tab on the card, and she will be like,
You have a credit card? LOL>. Gino's response.... Every gino needs one.
.
You have a credit card? LOL>. Gino's response.... Every gino needs one..
23-Feb-2005, 10:11 AM
#35
Registered User
Join Date: Feb 2005
Location: Durham Region
Posts: 2,548
i say don get it, credit can build up i other ways...
not easy to pay one off, intrest builds...
i say stay away, many that have them wouldn't go back...
why not just save... have budgets...
if you can't afford to buy, don't buy...
not easy to pay one off, intrest builds...
i say stay away, many that have them wouldn't go back...
why not just save... have budgets...
if you can't afford to buy, don't buy...
23-Feb-2005, 10:19 AM
#37
Registered User
Join Date: Feb 2005
Location: Durham Region
Posts: 2,548
Originally posted by GinoLicious
How else do you get credit rating?
How else do you get credit rating?
car payments...
cellular bills...
+ bank account balance...
- NOT BEING IN DEPT
read the storie above, most have cards and are maxed out... paying the minimal monthly payment doesn't give you credit... lol
most get them just to build credit, then they spend a little, thinking they will pay back, next thing you kkow they are maxxed out, and not thast easy to bring back down, esp for students lol
23-Feb-2005, 12:44 PM
#38
Registered User
Join Date: May 2004
Location: toronto
Posts: 211
hey Kieran, this is a small world cuz i think i know your dad
anyways, too many credit cards is a bad idea. having about 3 is ok..... all you really need is a visa, mastercard, and amex. that's it. too many will decrease your credit rating even though you are responsible in making your payments.
anyways, too many credit cards is a bad idea. having about 3 is ok..... all you really need is a visa, mastercard, and amex. that's it. too many will decrease your credit rating even though you are responsible in making your payments.
23-Feb-2005, 01:10 PM
#39
Registered User
Join Date: Jan 2005
Location: GTA
Posts: 1,868
My buddy turned 18 a couple of month's ago. He got a student visa for $500 limit. He said he's not gonna spend it on anything stupid and that he wont max it out. Now it's almost March and he maxed his card out, and has to pay it off, plus all the interest!!
Unless you have a full-time job i wouldn't recomend it.
Unless you have a full-time job i wouldn't recomend it.
23-Feb-2005, 01:13 PM
#40
Registered User
Join Date: Dec 2003
Location: MaRS...seriously
Posts: 2,731
Originally posted by GinoLicious
I think i may try to get my parents to co sign for me, nothing like making good credit early in life. ANd just to be able to go out with the gf ,pay for the tab on the card, and she will be like, You have a credit card? LOL>. Gino's response.... Every gino needs one..
I think i may try to get my parents to co sign for me, nothing like making good credit early in life. ANd just to be able to go out with the gf ,pay for the tab on the card, and she will be like,
You have a credit card? LOL>. Gino's response.... Every gino needs one..
