Credit cards

[Shran]

Anybody have a Capitol One card? I applied for one just now and was approved...7.9% APR baby! Fixed rate too I believe. Supposedly this one's for people with excellent credit, which I'm pretty sure I have. I've never missed payments on my loans or anything, and the last time I checked my credit score was like 750.

I've never really had a real credit card before. I've had an OfficeMax card for a couple years and I bought some computer stuff with it, but never really used it other than that. HSBC sucks anyway.

So I guess my question to those of you who have these...anything I should watch out for? I read the disclosure form over pretty well and I think it looks good, just curious about other people's experiences.

 

[Jspafford]

I have about 8 of them. All from different companies. I only carry a balance on one of them, which I pay off monthly.

Capitalone was my first credit card anyone would give me. The only gripe I have with them is they NEVER raise your credit line, and you cannot request it.

I've been with them for over 5 years and still have the $5,000 limit. All my other cards are over the $10,000 mark, and one has a $35,000K limit.

Good luck. I live by the motto if I can't pay it off with the money I have in the bank, I really don't need it.

 

[Shran]

Holy crap man, 35k? I couldn't imagine having that much credit... major kudos for not abusing that one! I know too many people who would.

I didn't really need to get a card, but it seems wise to have something for emergencies... my $2000 limit I was approved for will be fine for that.

 

[Jspafford]

Holy crap man, 35k? I couldn't imagine having that much credit... major kudos for not abusing that one! I know too many people who would.

I didn't really need to get a card, but it seems wise to have something for emergencies... my $2000 limit I was approved for will be fine for that.

35K was just on one card. Total if added together is something like 95K.

 

[LearjetMinako]

Good job. Its good to have a credit card, just don't fall in their little trap game. Never buy anything that you can not pay off. I follow this and never had to pay a cent of interest. My APR is either 7.4% or 7.9%, I know its a lot lower than when I first got one (24%). Just wish that NFCU would raise my $1K limit to either $2K or $2.5K. Maybe I'll switch to TFCU (my other local bank) and see what they offer. Just like to stay with NFCU since they were the first to even give me a credit card.

 

[kaskirov]

i get a letter trying to get me to get a capital one credit card like every month. i always throw them out. i have a visa from my bank, and i don't trust mail that doesn't come in my real name - Greg instead of Gregory- it just seems shady when its like that...

and that stupid trump guy keeps mailing me too! lol

 

[rboyer]

I have never owned a credit card or taken out a loan of any kind. I've seen people get into serious debt because they thought they could pay their multiple credit card bills. My parents even screwed themselves over with small cash loans before. Even if you're forced to live a lower class life for a couple of years to afford some of the things that you want then it's still well worth it because that interest which you would normally pay the credit card company is staying in your pocket. I'm not saying that it's a bad thing to borrow money as long as you're only borrowing an amount which you can actually afford to pay back.

 

[canyoncritter]

if your going to use it for truck parts in any way I say bad ideal to get one.

If you want one to build up your credit,and you can trust your self not to do stupid crap with it, not a bad ideal, just read it over before really good, then have someone you trust that has afew brains cells that anti-ish credit card(might catch something you didnt) to read it over, then read it over again yourself before you put your name on that dotted line.
And make sure its not one of those cards that charge you just for having the dam thing.

Myself I only have a visa with a 25k limit threw my bank(and have turned down a hand full of bigger ones) along with a platnium card. only time I use the credit card is if Im going to buy something rather large that I have the cash set aside to pay it off as soon as the bill/balance comes. Only reason I do that is to build my credit. Never know, I might get something terminal ones of these days...might as well go out in large debt and live it up right? lol

I have a freind that started off wiht a 500 dollar card maxed it, so they sent him a 2,000 dollar card, maxed it payed a 100 bucks of it, got sent anouther card for 10,000 maxed it got sent anouther card for 25k maxed it,now he plays the rob peter to pay paul credit card juggle.think hes up to about 35k in debt now.

 

[Psychopete]

I think mine's 12.9% fixed through my credit union.

I had barely any credit, started at 1K, they moved to 2K, and just this past month they bumped it up to 3K. IDK why because I typically keep it under 1K. I just put little shit on it and pay $100-200/mon to build credit. Most of it is from a denist bill when I had no insurance.

I owe 5K to Sallie Mae at 7% maxed out variable rate for student loans. (started at 3.5% - bastards!) So I am about 6K in debt, that's a lot to me, but I don't consider it "bad" debt. It's not a bunch of stuff that I cannot account for. Rest of everything I pay for in cash, I either have it, or I don't.

Once all of that is paid off, I might consider buying a home. Sick of renting, but I don't want to become a statistic, or not be able to afford to work on projects.

Pete

 

[MAKG]

The main thing to watch for is a common but not universal 30 day "grace period." That means if you pay it off every month (which you ABSOLUTELY should, no exceptions), you don't get charged the interest rate.

Which of course means that interest rate doesn't matter.

There is NO SUCH THING as a fixed rate credit card. They can change it to mean cutting off your left nut with 30 days notice.

There is nothing wrong with manageable debt. It's just that credit cards are not manageable by design. That's why you pay them off every single month.

That "building credit" line is marketing, and nothing more. It is BAD for your credit to have more credit limit than you can deal with.

Remember, credit cards make their money when you struggle. It's in their interest to make it hard -- but not impossible -- for you to stay afloat.

 

[Jspafford]

I ended up with so many because I was using the 0% interest for paying down bills.

 

[Shran]

I'm roughly $12,000 in debt. I've got a student loan that's about $6000 and I owe $6000 on my house. Seems like a lot at first but...all of my cars are paid off, and I've got $200 left to pay on my OfficeMax card.

My buddy's parents just got divorced. They had $400,000 worth of credit card, mortgage, and other loan debt. I can't believe they got that far in...I guess the mortgage part was only about 1/4 of the total

 

[baadboy11]

Credit cards are a good way to build credit, and are probably the main reason i was able to finance my first truck on my own. But be careful cause they are an even better way to destroy your credit and be very broke. As everyone said pay em off early and don't carry a balance...and find one with a rewards program for fun!!!

 

[85_Ranger4x4]

I don't have one, never really needed one.

Although I am planning to go on a road trip, and may finally get one to cover gas and expenses along the way rather than use my debit card.

My parents each have one from Cabela's, they had them for a couple years and got my brother and I each a muzzleloader (NEF Sidekick) for a grand total of $12 for Christmas, not the first time they have used their points either. I think I might get one from there.

 

[shizzy]

I filed bankruptcy a few months back and get one of those from capital one every other day.

Im waiting a few months then Im getting one, but leaving it in my desk drawer and only using it to charge a tank of gas once a month. Im only using it to restablish my credit.