My first credit card

Dillon Novak

Dillon Novak

Well-known member
I have only been using a checking card, but time has come to build some credit.

Does anybody have any advice of which to go with?

My bank is wellsfargo if that is any help.

Low APR? Rewards? Skymiles?


this would be great, because i really have no idea which to go with.
 
Here's what you do...a bit of research. Go here: http://www.banking.state.ny.us/nyschome.htm

You'll find all kinds of cards and the associated rates. Find a good one and apply. Look for no annual fees and the lowest rates...rewards programs are good too. I'd also try to keep a low limit on the card ($2000.00 to $4000.00).

Once you get the card, use it like a CHARGE card... not a CREDIT card....meaning, only charge what you can pay-off completely. Don't ever carry a balance for at least the first year of using the card. This will help you to start building a credit rating.

Get a card & use it responsibly...don't over extend yourself.
 
NO. Don't listen to ZAZA. Be a real man and buy lots of stuff you can't afford. Preferably video cameras, lights, dollies, RED. The whole banking system is gonna go down anyway so get your free stuff while you can.








:)
 
Well, if it's your first credit card, chances are you only have a limit between $500-$1000...My advise is to only use it for gas...This is a great way to build credit, because you HAVE to buy gas, so you'd be spending the money anyway!

Just don't go crazy and buy things you don't have the money for...
 
yeehaanow said:
NO. Don't listen to ZAZA. Be a real man and buy lots of stuff you can't afford. Preferably video cameras, lights, dollies, RED. The whole banking system is gonna go down anyway so get your free stuff while you can.
:)
Click to expand...

Yeah... what was I thinking? Get out there and spend...max out those cards & then get more. If you do this right, you could singlehandedly fix the economy!

LMAO...:beer:
 
ZazaCast said:
Once you get the card, use it like a CHARGE card... not a CREDIT card....meaning, only charge what you can pay-off completely. Don't ever carry a balance for at least the first year of using the card. This will help you to start building a credit rating.

Get a card & use it responsibly...don't over extend yourself.
Click to expand...


haha, yeah i forgot to mention i only want it because i always have the money to buy things before i actually buy them, so i just want to find something with low apr and a good rewards limit.


but yeah....a red sounds nice too.:thumbsup:
 
ZazaCast said:
Don't ever carry a balance for at least the first year of using the card. This will help you to start building a credit rating.
Click to expand...

This isn't entirely true. Get a card and buy something. Don't go overboard, and don't buy something that you really don't have the money to pay off, but carry a balance for a few months. If you get a new card and pay the balance off every month from day 1, the credit company will never report your credit activity to the reporting companies. In other words, unless you carry a balance for a few months, there will be nothing - good or bad - on your credit report. And if it's your first credit card, that means that you will have no credit report and no credit rating.

So spend somewhere around $300 and pay it off $50 at a time. Again, be very careful in how much you spend the first time and make sure that you'll have that $50 a month to pay on the balance (smart failsafe: if you have that $300 in hand now, put it in a safe place and use it to pay your card). Once you've paid off that initial balance, you can do as ZazaCast suggests, which is wise, and buy only what you can pay off quickly.

The credit system is so bass-ackwards and broken in so many ways. You often have to have credit to get credit, but the only way to have credit is to get credit. And the reason they don't report if you don't carry a balance is that they aren't making any money off you, so they aren't going to do anything for you.

I'd also carry a balance for 2-3 months at least once a year (again, have the full amount in-hand and use that to pay a little each month) just to keep some reporting current. It doesn't have to be much, but as long as they get a little interest off you, you'll be able to build a credit rating.
 
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well, if you carry a small balance on it.... its good.
like 300$ or so..

and keep paying more than the minimums.

if you keep a balance on the card, it reflects positively on you, that youre paying more than the minumum. its weird, if they are making money off of you, they give you a higher credit rating.
 
I agree and disagree with Timmy (sorry bro). Sometimes having a balance can reflect well on you, but having a ZERO balance and always paying the card can also reflect well on you.

I have 2 credit cards in my name and had a 747 something rating, with only TWO CARDS!!!! But everything I charged, I paid off right away, everything. So, I think that made a big difference and I did this for years and years.
 
1. Declare yourself as a bank and then issue yourself all the cards you want.
2. Spend wildly (ie. Build a massive studio and fill it with gear, production personnel, writers, producers and then spend extravagently on dozens of productions)
3. When the bank looks like its in trouble, go down to the government for a bailout and wheel the billions back to the vault where you can dance around with glee!
4. Go back to step 1 and repeat as often as necessary. (Remember, the bigger you are the more reluctant the system will be to let you fail!)
 
Wait until all the Fed legislation gets settled. They're monkeying with the rules.

In the meantime, AmEx. Pretty much forces you to only buy what you can afford (not really, but the Flex rate is sucky.)
 
Both C2V and Tim are right. The trick to build the fastest credit is this:

1. Don't spend more than 50% of what your limit is. This means that if you have a limit of $500, $250 should be the max you ever spend on it.

2. Don't Pay the minimum, but don't pay it off either. Pay 25 - 50% of the balance each month.

3. Every time they will give you a credit increase, TAKE IT! Doesn't mean you have to spend it, but they look at debt to income ratio and credit limits available. Believe me, besides video, I sell cars for a living...

4. Don't be late, ever! A couple of days late is not going to hurt your credit score, but it will keep your CC company from giving you higher limits.

5. Spend wisely. Don't get in over your head.

Good luck. If you are a student, Wells Fargo has a good student Visa since you're already a member with them.

And if you get a high enough limit to get a bunch of camera gear, make sure you can afford to do it first. Toys are fun, but can cost you severely. It's okay to be frugal!

And SAVE MONEY! Put a little bit each month into a savings account. A ROTH IRA would be a great thing to start when you're young too. You'll be older before you know it and wish you had started a long time ago.
 
You don't need to carry a balance on a credit card to have good credit scores. Paying your bill in full each month is the best way to keep your finances in shape and build your credit at the same time.

You also want to make sure you have a savings and checking account.

Best of all is piggybacking on someone else's good credit... get your name added to a parents account (one with a good FICO score) and that will be reflected on you.
 
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