I am 18 and I want to get a credit card to start building my credit. Im new to this whole finance thing, and i just wanna know if their are things i should know or watch out for...stuff like that. Im thinking of applying for a capital one card.
2007-10-07 02:57:01 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
um no......
get a debit card instead
18 you are asking for trouble unless you have one helluva of a good paying job.
2007-10-07 03:00:23 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The first thing is to get a card with a low intrest rate, normally one that is not a department store credit card. Also make sure there are no hidden fees, like a monthly fee to have the card. Second you when making your payment always pay more than your min. payment. They want to streach it out to get more money out of you. Third only use it if you really have to, don't over live your means. Fourth enjoy it, because building your credit is the best thing.
2007-10-07 03:18:13 · answer #2 · answered by Timmy A 1 · 0⤊ 0⤋
First thing is to always pay your bills on time. The due date is the last acceptable date for the creditor to HAVE the payment. don't wait till the last minute and hope the payment gets there on time.
Secondly, don't run up a credit card balance. Only charge what you can afford to pay in full every month. This will build you payment history and the credit card will automatically increase your limit every 6 months or year.
Third, don't loan your card to anyone. Don't co-sign or open and joint accounts with anyone (unless you are married to them)
2007-10-07 05:54:43 · answer #3 · answered by bdancer222 7 · 0⤊ 0⤋
Keep your credit limit low and don't get carried away with spending. It is borrowed money. Interest rates can be a killer with some credit card companies. Look for some with low interest rates and pay off as soon as possible. Protect your card number so that it doesn't fall into the wrong hands.
2007-10-07 03:05:11 · answer #4 · answered by Ham8888888888 3 · 0⤊ 0⤋
Capital One is a company that is known for really marketing to consumers with little or bad credit. They hook their customer and then really charge them high for late fees / interest rates go higher. they charge high fees for membership. 100 a year or so.
i saw a report that compared the cards and they were one of the worse ones cited.
2007-10-07 03:42:49 · answer #5 · answered by Mildred S 6 · 0⤊ 0⤋
Remember that there are membership and annual fees that you will have to pay for, and remember that INTEREST WILL KILL YOU.
If you're getting a card, BE ABSOLUTELY CERTAIN that you will be able to pay your FULL credit card bill every single month.
Otherwise, you're setting yourself up for a bad start with the credit bureau.
2007-10-07 03:06:26 · answer #6 · answered by ksolaris 3 · 1⤊ 0⤋
The First thing is the interest rate they will be charging you for purchases, and late payments or carry overs. Second what annual rate and fee's do they charge. Third and most important, DO YOU REALLY NEED THE CARD?
2007-10-07 03:00:51 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Check out http://www.ineedrates.com
2007-10-07 14:56:37 · answer #8 · answered by Anonymous · 0⤊ 0⤋