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  #21  
Old 12-11-2012, 09:54 PM
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Beanie Beanie is offline
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On the subject of store credit cards, not all store cards are for use only in that store. I have a Target Visa which I used to use everywhere - they used to give double points at Target and single points everywhere else, and when you hit a certain number of points you got a 10% off an entire day of shopping at Target. I spend a lot of money at Target so 10% off was a big deal (and when I worked there I got my employee discount plus the 10% so it was like 18-19% off total!) BUT... they have changed it now to where you only get the 5% off at Target, and there's no longer any points (though they now have pharmacy rewards attached to the card,) soooo I only use it at Target now, and got my Chase Freedom to rack up the points on gas and such - since I of course would be buying it anyway and might as well get somethin' free for it!

My Old Navy card is also a Visa and can be used anywhere. Of course both ON and Target have their regular store card and the Visa is the step above that. But there are stores that are such-and-such Visa and you can use elsewhere, buuut I don't think many of them give stellar rewards for using them elsewhere anymore. (Of course the ON card gives you rewards when you use them at Piperlime and Banana Republic and their other brands.)
So depending on what you intend to use the card for most, it MIGHT possibly be worth it to get a store card. But probably not, since most of them limit their rewards to just that store now.
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  #22  
Old 12-12-2012, 12:07 AM
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Quote:
Originally Posted by -bogart- View Post
NO you dont , you open account with utilities and other companies and get credit that away. You pay your bills on time. You get a cell phone and pay it on time , all that build your credit. You do NOT have to have a Credit card to do any of that. I do not have a card and am currently improving my credit score monthly , by paying my bills on time and slowly decreasing my old debt.

Your bank can also loan you small amount that you pay back on time and it builds your score that away also.

you can live life without plastic.

if you HAVE to have plastic there are also prepaid cards that DO report to the big 3 credit agencies.
I live at home. Since it's my mother's house, the utilities are in her name, the mortgage is in her name, everything is her responsibility. Our car insurance is bundled together under her policy (since it was cheaper that way), I pay my portion but I pay it directly to her - she's legally responsible for paying the car insurance. I don't have a loan on my car, so the only thing left is my cell phone bill.

Like Cali said, a large part (30%) of your credit score is your debt-to-credit ratio - things like home mortgages, auto loans, and credit cards - money that someone has lent you that you're paying back. So if you don't have any of those things, you're not going to get a high credit score. Its easy to get a credit card with little to no credit but it's hard to get a home or auto loan with little to no credit - and if you do get one, the interest rates are going to be sky high. So why not get a credit card or two and build your score up?

I'm assuming you're talking about a personal loan when you say a loan from a bank? I looked into personal loans vs auto loans when I was buying my car, and they were disastrous. There is nothing used as collateral - they're basically borrowing you money based on merit and your credit worthiness, which requires a good credit score. The interest rates and fees are super high because they're taking a risk - it's not like an auto or home loan where they can seize your property when you don't make payments. I would never take out a personal loan and pay interest on money I didn't need in the first place just for the sake of rebuilding credit - I'd rather just pay off credit cards.

There are a few good prepaid cards out there, and I would say they're good for someone who either has bad credit (and therefore unable to get a regular card) and is trying to rebuild it, or someone who knows they're bad with money, or for parents who want to help their kids build credit and give them an "allowance".
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  #23  
Old 12-12-2012, 11:35 PM
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noludoru noludoru is offline
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Thank you, everyone! I appreciate the recommendations. It really helps - I wasn't sure where to start.

Quote:
Originally Posted by CaliTerp07 View Post
I would avoid store cards. They are generally only good at the store you get it from. Unless it's a visa/mastercard/amex/etc, you're pretty stuck.

Have you played around with mint.com? No matter what your credit card interface is, it will import the data and sort it for you.
I was looking at a store Visa, actually. . . I don't shop at any one place often enough to justify an "in store" card. And I will check out mint.com, thank you.

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Originally Posted by joce View Post
I won't get more that one card and thats capitol one. But if you have a secured card you may want to just move up with who you have or wait until you can qualify for all the bonuses. Many are not available until you have a certain credit rating or limit etc.
I've had them for a year now and have had an auto loan since July or August, and I've paid half of the car off already. I'm not worried about being able to get another card, my score should be somewhere around the national average.

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Originally Posted by joce View Post
You need a credit card to establish credit. Period.

If you ever want a car loan, to buy a home, pay for some crisis that does happen etc. you need it.
In response to the people here saying don't get a card, I really don't understand your attitude at all. I see what having good credit gets you - a house loan, a car loan, etc. You cannot buy a car without an established credit history or a cosigner - which is what I had to get. I've had clients who have good credit scores (750+) and 5+ years of credit history turned away for a loan simply because they haven't had one before. If you have no credit, what do you think the chances are for getting a loan in the first place - never mind the interest rate? Do you want a home someday? Will you have a cosigner with good credit when that time comes?

The difference in a great credit score and a terrible one on a $30,000 car can be from $700 to $7,000. I have had plenty of people who end up paying $3-6,000 in interest on relatively small loans.

Here is a super basic guide to taking care of your credit score: Get Rich Slowly

And this is worth a read for any of you, especially those who are against credit cards: Building Your Credit Score It goes over how to build your credit, why it's important, and the alternatives to credit cards. There is even a chart showing APR and total interest paid on a home loan and what you'll end up paying. (It's something worth reading for those of you who don't have credit cards - someday you'll probably want a house or a car.)
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