I'm trying to build up some credit and i heard paying ur credit card bill on time is a good way to build up your credit score. Can anyone suggest a certain credit card or credit card plan that would benefit me. I won't be making big purchases if that helps.|||DON'T DO IT!!!!!!! (Yes, I am screaming this right now! I know from experience.) I repeat: DO NOT GET A CREDIT CARD! That's the stupidest thing that you can do!
You're 18, I am 35. I wish that I could go back in time to when I was 18 and talk to myself and give myself advice.
So listen up, what I'm about to tell you is worth gold. This advice is worth just a little over $40,000.
If you don't have money for it, then don't get it.
Save up money for clothes, going out with friends, car, and college education.
You want a car, save up $5K to $7K and buy a 7 year old honda civic. It should last you for at least 5 years. You're 5K over 5 years would be $1000 a year. That would cost you $83/month. A lot better than a $250 / month car payment.
You want to go to college, get your parents to pay for it or pay as you go through. Go to a state school, they're cheaper. When you get out, 5 years later, no one will care what school you went to when you're looking for a job. They want to know what you can do.
Don't even try those rebate cards. The ones that give you 5% back or airline tickets or whatever. It's a serious hassle not worth the time. I tried that for about 4 years and it seemed that I spent a lot of time making sure that I didn't get an incorrect charge on my account, or making sure that I wasn't late, or fighting with the credit card company to give me the points or whatever. Its a hassle! Not worth it!
Shortly after I got out of college, I had $23K in student loan dept, $8K in car dept and about $14K in credit card dept. That dept was literally sucking the life out of me. It brought me down so much. I was having to work so much to pay that debt off. I felt like a slave and a slave I was. The Bible says that the borrower is slave to the lender. Welp that's what I was, a frikin slave. It took me 4 hard years to pay off that debt!
If I had only paid for things when I had the money, then instead of being at -$40,000 I would've been at $0. Instead of paying $750+ / month to pay on debt, I could've invested that money. 4 years later instead of just being out of debt, I would've had $30,000 saved up some where.
Yes, they say that you need to have credit to build credit. That's a myth. Go to http://www.daveramsey.com to see what he says about this crap.
Remember I said that this advice is worth a little over $40,000. Well that's the amount of unsecured debt that I had when I was in my late 20s. That's why this advice is worth over $40,000.
Almost done with the lecture. I HIGHLY recommend that you do either one of these: participate in a small group Bible study doing Dave Ramsey's course or a Crown course. These courses cost money $50 to $100. Not sure exactly how much. But very very very very worth it! (See links below) I have not done Dave's but I listen to him on the radio and on line. He's a solid guy. My wife and I did Crown. That was the financial turning point for us. 8 years after doing Crown we have absolutely no debt whatsoever! No credit card or car debt. No house debt. Plus we have a big chunk saved up for retirement. She's a stay at home mom, we save about $10,000 / year, we give away about $10,000 / year and I only make $74,000 / year. With God's help and your head on straight, it can be done!
One more thing, Freedom is an awesome feeling. Stay free, don't get into debt. I'm serious there sweetie, don't even dabble or toy with a credit card. You play with snakes, you'll get bitten. You play with fire, you'll get burned. You play with credit......|||Mastercard, visa,AM,|||Credit is controversial. I don't recommend it to anyone without a strong paycheck.|||prepaid card scores over credit cards especially if the owner has a not so perfect credit history.
The rejection is non existent in case of prepaid credit cards, there are no credit checks, no employment verification, and approval is guaranteed.
With a bit of dilligent shopping and comparision of various prepaid credit card offers, it is not difficult to find a prepaid card with no annual fees, no late payment fees, no repayments, and no penalties whatsoever. So, the ownership costs of a prepaid card can be negligible.
With prepaid cards it is very easy to promote financial discipline. Since you can only spend what you have, there is no overspending, and hence no debts.
Some prepaid cards do report their use to major credit bureaus and hence are a good instrument to rebuild credit history. Apply Online at: http://www.credit-card-gallery.com/PrePa鈥?/a>|||American Blue Express Credit Card: Apart from no annual fee feature of the American Blue Express it also gives cash returns on specific purchases. Users of the American Blue Express also enjoy protection against fraud for online credit card transactions. This card tries to right the various wrong notions about the American Express credit cards, one of which is that it is a credit card only for rich or those who have money to keep a credit card.
Getting this card will also give you access to various other cards from American Express. American Express targets people of different styles and tastes. There is an appropriate American Express card for everybody in the family. The company also wants to target a niche market for credit cards, especially women and the youth. With this aim in mind, the American Blue Express was created.
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