Hi, I am 18, live on my own and have a job and I want a credit card. The only problem is, I have no credit and have been refused by The bay, Canadian Tire, Mastercard and Capital one.
I use a pre paid mastercard when I have to purchase online or over the phone but that is annoying because I have to deposit money into it all the time. I am a little leary because I love to shop and I mainly want to buy really expensive jewelry, clothes, etc. that I can't afford to pay with in cash!
Are credit cards good? Do you think they are necessary? What are some good websites where I can apply for a credit card? My bank is CIBC and I am in Canada.
2006-08-16 17:00:57 · 30 answers · asked by catanomicsunset 1 in Business & Finance ➔ Credit
here you'll find a few comprehensive & FREE sites that explain it all quite nicely.
http://credit-cards.ebookorama.com
http://finance.ebookorama.com
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
if you get any luck please don't forget about me lol, hope it helped you!
2006-08-20 11:52:22 · answer #1 · answered by Anonymous · 1⤊ 0⤋
I think you should wait until you get in your late 20's at the earliest to get a credit card, especially since you just want to shop because when you get older and want more equitable things like a house you will be more responsible and know what credit and credit scores really mean.
I got a credit card when I was younger for the same reason and I'm still trying to get me credit straight. I didn't know that until I wanted a house and I was refused not because I didn't pay the bill but because I had slow or late payments. You can establish a good credit rating with you debit card purchases. Hope this helps you!
2006-08-17 00:12:48 · answer #2 · answered by Key-key 1 · 0⤊ 0⤋
In case you do not want to be a renter for the rest of your life, you will need a good credit history or a lot of cash to purchase a home. Since you want to spend a lot of money, but don't have a lot of money, you should have no more that two credit cards with limits no higher than about $400 apiece. Pay the bills in full every month because you may have been considered as having bad credit, and your interest rates will be high.
2006-08-17 00:54:22 · answer #3 · answered by endsjustmeans 3 · 0⤊ 0⤋
Hi there. I would say one credit card is good for emergencies or just to use 1/2 a month to start up your credit. Other than that I would STAY AWAY! I wanted a credit card when I was 18, then another came along, and after 13 credit cards....I now would give anything to go back and only ever have 1 or none. Good luck.
2006-08-17 00:08:57 · answer #4 · answered by chartat115 1 · 0⤊ 0⤋
My first credit card was from my bank, it was a student credit card, for college students. It had a $250 credit limit, which soon grew and grew and it is now over $5,000. I think if you get a credit card sooner and use it wisely, like it sounds like you will, it will help when you need credit in a few years like trying to get an apartment or buying a car. Having a credit history of 7 years, really helped my purchase a car when many people my age couldn't even think about it.
2006-08-17 00:08:41 · answer #5 · answered by Lady 5 · 0⤊ 0⤋
If you love to shop and buy expensive things, then DONT get a credit card!! You will end up in way over your head and mess up your credit rating for sure!! Keep a separate savings for the treats you want to buy, only have a credit card when you know you have the self-control to use it only in emergencies and can pay it off in a reasonable amount of time.
2006-08-17 00:09:37 · answer #6 · answered by ustech84 3 · 0⤊ 0⤋
Yes, a credit card is necessary to establish credit.. good credit too. Get a credit card that has a low credit limit.. It's easy to get a credit card like at JcPenneys or a gas card... Then after a year, you can get a visa or mastercard... Be good with your credit.. always pay on time and don't spend too much!
2006-08-17 00:07:12 · answer #7 · answered by just me000 4 · 0⤊ 0⤋
I'm 19, and I have a capitol one card. I only use it to buy items that are cheap so that I can immediately pay it off when my bill comes. I'm not the kind of girl who likes to be in debt. I want to be able to have good enough credit to buy my own car and home one day. Using a credit card in a wonderful way to earn a good credit score while we're young. The sooner we earn it, the better. However, you mentioned that you want to buy expensive jewelry with it. I feel at this age that this is not such a good idea. This is how we get into debt. I've watched my friends do it. As soon as they got their credit cards, they went and maxed them out. Now they have huge monthly payments, and can't necessarily afford to pay them off on a monthly basis. Instead of helping them earn good credit, they are earning horrible credit, which sucks when you get older. I've heard horror storied from older adults about how it took them forever to bring their credit score back up simply because they couldn't be responsible with their credit cards. My advice to you is that if you can get be accepted for a cedit card and want to use one, please please please use it responsibly. Charge up no more than maybe $50 a month and then pay it off as soon as the bill comes (unless you can't afford $50 a month, then go as low as you can afford, even if it's only $1). After you charge it up to whatever you know you can afford by the end of the month, put it away somewhere where you won't be tempted to use it while shopping. Put it in a drawer away from you wallet. This way you won't be able to accidently charge it up too high since you won't even have it with you. Your creditor will be pleased, and you should have no problems qualifying for a car and a home in the future. Don't ruin your financial future because you just had to have that $500 dimond necklace. Trust me, it's not worth it!
2006-08-17 00:23:30 · answer #8 · answered by Steph 1 · 0⤊ 0⤋
I'd recommend getting a credit card, and purchasing only 1 or 2 small items on it per month. Pay the statement in FULL each month. THis will do wonders to establishign a good credit rating for you. A good credit rating will help you later in life, with lower APR's on home or car loans.
2006-08-17 00:05:47 · answer #9 · answered by sthetx 4 · 0⤊ 0⤋
Let me just tell you from personal experience that having a credit card brings nothing but trouble. Once you start using it, the offers for all of the other cards come in and before you know it you are just overwhelmed by the monthly statements, minimum payments, and interest charges. Do yourself a favor and just wait. Down the road you may get one that is for emergency purposes only but, you really have to stick to that rule. Good luck to you.
2006-08-17 00:09:08 · answer #10 · answered by Anonymous · 0⤊ 0⤋
Most people have trouble with credit cards. Think about it honestly, if you can restrict your purchases so that you can pay off the full (yes, I mean full!) balance each month then go ahead.
If you want it so you can purchase things you can not afford, thus carrying a balance on it then no. If you need the item that badly get a loan from a bank.
2006-08-17 00:07:42 · answer #11 · answered by thatcanadiangirl2003 2 · 0⤊ 0⤋