Do you like credit cards?

Question

how old are you when your credit records start?

Answer 1

Your credit record starts when you start borrowing money or when you ask someone to check your credit for any reason. If you are smart, you will never allow either of these things to happen to you. Credit cards are one of the worst things you can have. Having 18 "platinum" cards just means you are good at spending more than you make. Even people who are responsible can have problems with credit cards for the following reasons:

(1) They can & WILL raise your rate anytime they damned well want (even if you are an on-time, long-term customer). They did this to my granny at the same time they raised the minimum pymts on all cards. She had never missed a pymt on any card her ENTIRE 75 YRS, but it nearly bankrupted her when they did that.

(2) You have a sudden change in income or expenses. (Miss work b/c of illness or pregnancy, layoff, etc.)

I have learned (the HARD way) that real fiscal responsibility means living on less than you make - NO MATTER WHAT, saving for emergencies & big purchases, having & sticking to a budget & investing for long-term needs (retirement, children's college). We will finally have our house paid for in a yr or two. We haven't borrowed since 2002, & we will NEVER borrow again. We are following Dave Ramsey's plan. He gets criticized a lot for being "too simple". Maybe I am not as sophisticated as the broke accountants who tell their clients to buy SUVs on CREDIT for the stupid tax deduction, but I'm not broke anymore. Go figure.

DEBT IS DUMB! MAY YOU LIVE LONG & (DEBT-)FREE!

Answer 2

Yes I do like credit cards, BUT, they are to be used to your benefit.
1. The GM card, for example, gives you 1% back to use to purchase or lease a GM vehicle. That is a nice perk if you do NOT cary a balance and pay them umpteen percent interest. I charge everything I can on the card and pay it in full each month. I have learned to control the usage so I'm only charging what I can afford.
2. Some card issuers, like Chase and Citi, offer low rates for balance transfers and "convenience checks." There is nothing wrong with having a loan at 1.99% as long as you can make the minimum monthly payment plus at least $5 every month on time.
3. Wise use of the credit card(s) will give you a high credit score. Just don't ever max-out the card.
4. If you ever have an emergency, which does not include buying pizzas with everything for 20 of your very best friends, you can use the card. If you get a flat tire or your car breaksdown, medical issue, or you just need to buy something on sale a week before payday, a credit card is invaluable.

Your credit history starts when you borrow some money and give them your social security number...

Answer 3

I am not telling you how old I am, but I tell you this that I hate them. I started using credit cards in my 30s and I am trying to get rid of the debts I owe because I had no one teach me the importance of using credit cards . I charged every small and big purchase. Now I am on a tight budget. So, I hate them and wish they all pack up.

Answer 4

Most times, your credit history starts around 18, although it could start as early as 16 if you're an emancipated teen. Me myself, I use credit cards, do I like them? I wouldn't say that I'm madly in love with them, but I use them as they should be used: as a tool, like when you use a pipe-wrench to fix a leaky pipe under your sink.

If used responsibly, it's a great way to start building a lengthy and solid history. The trick is to not get in over your head. A credit card should be used for emergency purposes, or if you're able to pay off small purchases when you have the cash on hand to pay for it. If you're not able to pay it on time, or at all, then it's not a good idea. The benefits like being able to rent a car, make hotel reservations, establish credit in general may not compare to the disadvantages of harassing calls of collectors when you don't pay on time, not to mention hurting your chances of being able to get bigger things like, buying a car, a house, or even applying for a job. Normally when you use a credit card, you have x amount of days before they start charging more money, or interest to what you already charged. That's called a grace period. After a certain date, you'll receive an itemized statement in the mail detailing what you charged, how much you owe, and how much additional money (finance charges) were added on. The key to using a credit card is to not to max it out, or charge it to the limit. That's where they'll get you. It's bad enough to borrow money that you can't pay all at once, but it's even worse when more money is added on every month for borrowing it in the first place!. Like I mentioned earlier, use the card for emergencies, charge only what you know that you can pay off every month. I'll even go as far to say that if you have the money to pay for something in cash and you use the card, put that cash that you would've used to buy it in a jar, cigar box, it doesn't matter, put it and use that money to pay the bill when the statement comes in. Another thing. Don't charge a lot to fast food. It's a common trap that me myself fall victim to from time to time. That Big Mac or Whopper or whatever your favorite burger is wouldn't taste so good when you're paying daily interest on it when you charge it. Keep that in mind. I would probably get one more and that's it. 1 in 7 Americans carry up to 10 credit cards, and the average American has 4. Me, myself I have 3 which I keep low balances and I pay off on-time, if not early every month.

Another thing is that you can report your monthly payments on practically everything that you pay every month. There's a website (click this link) http://www.prbc.com/consumers that you can enroll in a program, that verifies, reports historical payments, and also has a bill-pay service that reports the current and future payments. The beauty of this is that this shows what the traditional credit reports do not: an accurate payment history. You can have things like rent, utilities, day care, storage, insurance, phone, cell phone, anything that you pay a month that you receive a statement for. The information reported is compiled in what's call a Bill Payment Score, or BPS. Under the FCRA (Fair Credit Reporting Act) you can have this taken into consideration when lenders are reviewing your credit to give an accurate picture of what your credit is really like.

Answer 5

Someone once told me credit cards can be your best friend or worst enemy. And I believe that is true.

When used responsible CC's can help you through a pinch, and make payments alot easier as well as improving your credit score.

When used irresposibly they can put you in a hole may never climb out of, as well as severley damagin your credit score.

I have known people who have fallen into both categories. So bottem line is you really have to determine if you are responsible enough to handle them.

Oh, and I got my first CC at a baseball game( signed up for it there) when i was 18.

Answer 6

No shifting funds on your Capital One card won't practice you the thank you to easily yet. you basically could pay as much as you likely can in direction of your economic corporation of u.s. card each and each month and don't use it in any respect. Clip coupons, downgrade your cable or cellular telephone equipment, consume mac and cheese a pair nights a week. you would be shocked how lots extra funds you will could positioned in direction of your credit card bill. it incredibly is the terrific thank you to pay it down. concerning to the Avon account. it's time to chat on your mom. tell her you pick her to pay that off NOW it hurting your credit relatively in the event that they're calling you b/c she is late paying. you additionally can call Avon and spot in case you're able to be taken off the account you could choose your mom's permission to try this yet once you're you able to could and quickly.