I'm in my twenties and never had a credit card is this bad?

Question

I have a check card(basically a debit card). Does the world revolve around credit scores? Does anybody know how to get a credit card if your an unemployed college student?

Answer 1

I think it's good that you don't have a credit card. I don't have one either. It helps you to avoid credit-card debt if you don't have one.

However, in the future if you want to take out a loan for, say, a house, you might want to have some evidence that you are a good credit risk. You can establish credit with your cell-phone bill, I believe, but a credit card is another good way. If you want to do this, get a card that doesn't charge interest for a period of time, use the card for something simple and pay it off every month. That way you will be helping your credit but you won't be incurring credit-card debt.

There are many, many credit cards that would be happy to issue you one, even though you are a college student. Perhaps you should start by talking to your financial institution.

Answer 2

I would say you are doing great, credit cards are bad. You are spending money you don't have. It is good to have a credit rating though. Here is what you should do. Get a credit card. Buy something expensive on it, like a TV, then pay it off right away...like the next day. Do this a few times and you will have a good credit rating. Then get rid of the card. If you absolutely feel the need to have a card, only have one and keep the balance low...like 0. You will find that buying something on credit can cost you more than if you had just saved up the money to buy it. Remember, buying something on credit is spending money you don't have.

Answer 3

Only get a credit card if you can afford to pay the minimum payment, and can accept the interest that makes the money you owe much higher.

Get something that you normally buy and will pay off, immediately. Get a gas card. Check with your bank. A lot of times companies have student credit cards (read really low limits and really high interest). Secured credit cards help in terms of building your credit, you deposit a certain amount of money (usually there's a minimum) and that's your limit.

Just remember, no credit may be a pain in terms of what you can't gain access to (some rentals, car loans and anything else that requires credit) however, bad credit is much, much, much worse.

Answer 4

Not I. My spouse & I have neither ever had credit cards. We're 48 & 50 yo. If you can manage without one, you may want to also. I've known several people who went bankrupt via 'plastics'. However, many claim that they are essential if you need to borrow money for an emergency, as it is the credit history loan companies use to decide whether to loan you money, and perhaps at what rate. If you've no history of making payments on time, then you're considered a bad risk. Unfortunately, things like utility bills are not considered. Here is a link to an article that may help you decide what you'd like to do about it ...

Should I Have a Credit Card?
http://watchtower.org/library/g/1999/12/22/article_01.htm

This URL may soon become modified. The Advanced on-site Search engine will then find the new URl: http://watchtower.org/search/search_e.htm

Answer 5

It's not really not to bad if you're not planing to by a house or a car.
but it's really sooooo easy to have a credit card just do as I did ...I went to the bank that I have account in and I asked theme for a secured credit card that kind of credit you have to pay around $200 to $300 as a secure you can have them back as soon as you close that credit card after around 30 to 90 days you will receive a credit card offers from every where actually you'll be sick of getting a lot of those every day by mail ....and that going to happen ONLY IF YOU KEPT YOUR SECURED CREDIT UP THAT MEANS PAY ON TIME AND NEVER MISS A PAYMENT.

Answer 6

No...but you may want to get one to establish your credit. Get a card from a store, buy something and pay it off in full when the bill comes in!! Don't get caught in the trap of buying stuff you can't pay off by the end of the month. Many people your age are already in debt from stupid use of credit card. Stay smart!!

Answer 7

Definitely not bad, i would say very clever, dont go get credit cards just because everyone has it, if you dont know how to work with it, it can become a huge burden. I know its nice spending but think of the paying back. Rather save and pay cash.

Answer 8

there's nothing wrong with it. you might wanna think about getting a job before you apply for a credit card. they have special ones for students. just give your bank a call and ask them how you can start building your credit up

Answer 9

Any company will give an unemployed college student a credit card. I'm not joking. Try it.

Answer 10

not bad but if you want .get easy credit card details here.visit
http://www.freewebs.com/creditcard4all