im just getting started would it be better for me to get a checking acount, or a credit card where you get money on the card already and build up your credit, but have the bill.
2007-05-10 18:15:05 · 5 answers · asked by nail_tech18 2 in Business & Finance ➔ Personal Finance
You should get both. The checking account will be needed in order to get a credit card. If you are talking about getting a prepaid credit card they don't report this to the credit agencies. Ask your parents to be added to one of their cards. This way you can start building your credit. Credit can be a wonderful thing to have as long as you keep it good. Bad credit can haunt you for the rest of your life. You could also ask your parents to help you get a credit card in your name. Use it for small purchases say filling your car with gas ( I know that could be considered a large purchase with the price of gas these days.) When the bill comes in make sure you pay the complete balance.
2007-05-10 18:20:40 · answer #1 · answered by D and G Gifts Etc 6 · 0⤊ 0⤋
Take if from someone who has been there, don't get into credit card debt of any kind. There is no such thing as a good credit card. The promise of cash back is a joke. The cash they give you back is so small compared to the amount of interest that you are being charged every month. I I don't have any credit cards anymore and I am so glad to be out of that never ending cycle of paying a minimum payment and the balance never going down. I now live by the rule that if I don't have the cash to buy it then I don't really need it and if it's something I really want I save the money for it.
2007-05-11 01:30:43 · answer #2 · answered by Katherine A 1 · 0⤊ 0⤋
definetely checking acct first. That way you can learn to manage your budget first. take it from someone who owes on credit cards, they are something you should have only if you have excess money or excellent budgeting skills.
However, if you must have a credit card, work out for the monthly payment to be automatically deducted from your bank account so that you dont fall behind. you dont want to ruin your credit score so young. You probably havent had a chance to earn some serious money yet.
2007-05-11 01:21:04 · answer #3 · answered by mgarris2 2 · 0⤊ 0⤋
Checking account. Nothing is worse than the habit of spending money that you don't have.
2007-05-11 01:18:06 · answer #4 · answered by alwaysmoose 7 · 0⤊ 0⤋
i don't understand why it's an either/or choice.
2007-05-11 06:32:01 · answer #5 · answered by njyogibear 7 · 1⤊ 0⤋