How do credit cards work and what is needed get one.
2006-12-17 07:27:13 · 7 answers · asked by enrigayboy 2 in Business & Finance ➔ Credit
Credit cards are an open loan from someone so you can buy things with your line of credit. You have to pay them back, with interest since they are fronting the money.
You should be at least 18 to get one. And get only ONE. Good credit is the way to buy the car you need, house you'll want in the future, etc. The way to get good credit is to take the ONE credit card, buy something (start small - about $100) and pay off the credit card over 2-3 months.
(You'll pay a little interest, but it proves you can pay things off over time.) Then, don't buy anything for 6 months.... and then do it all over again. Buy a small item, pay it over a few months.. PAY it off and then put the credit card in your drawer, sealed in an envelope.
You'll have good credit it no time - AND you won't bury yourself in debt!
2006-12-17 07:35:37 · answer #1 · answered by Jen 2 · 0⤊ 0⤋
No relocating cash on your Capital One card would possibly not aid you simply but. You simply must pay up to you potentially can toward your Bank of America card each month and don't use it in any respect. Clip coupons, downgrade your cable or telephone mobilephone kit, devour mac and cheese a pair nights per week. You'll be amazed how a lot additional cash you'll must placed toward your bank card invoice. That's the excellent solution to pay it down. About the Avon account. It's time to speak on your mother. Tell her you want her to pay that off NOW it hurting your credit score mainly if they're calling you b/c she is past due paying. You too can name Avon and spot if you'll be taken off the account you may also want your mother's permission to try this but when you'll you must and quickly.
2016-09-03 15:47:15 · answer #2 · answered by ? 4 · 0⤊ 0⤋
In my opinion credit cards are designed to get you in debt>not really but it sure seems that way I have never had any credit cards they are helpful but it doest seem logical to me. It only makes sense to have a credit card or cards if your rich they would be for emergency use and novelty so you wouldn't have to carry cash everywhere you go. I heard Tiger woods has the black card no limit?
2006-12-17 07:41:16 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You apply...get a card and start spending in order to build credit. Based on how long it takes you to pay, if you don't pay, etc ...things like this always are factors in your credit reporting.
I waited so long to get one, myself, because I knew I may not have the will power to stop shopping. ADVICE: Know your limits.
And llok for cards like American Express Blue that may start you off with 0% or lower APR.
2006-12-17 07:35:42 · answer #4 · answered by Vida S 1 · 0⤊ 0⤋
like this. i lend you money and you pay me back that amount plus whatever interest i decide and that can change at any time. pay faithfully and i may lend more money, but will also keep enticing you to spend more. credit is like fire. a wonderful tool if tended to with vigilance, but a fearsome beast if it gets the upper hand.
2006-12-17 09:24:58 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Your better off not knowing, they only get you in trouble.
2006-12-19 15:28:52 · answer #6 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋
www,bankrate.com
will tell you all about it
2006-12-17 07:31:28 · answer #7 · answered by Yenny V 2 · 0⤊ 0⤋