Discover also has a lot of 5-20% cash back rewards when you order online which is nice.
Which credit card would you get? Need help
- Thread starter dereknel015
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I dont use it a lot of places (only to get gas and food sometimes) but i havent found a place that doesnt take it. The rewards arent great, i get a little cash back on gas but i havent even tried to redeem it yet bc its not much
No CC, it is a myth perpetuated by big green. Installment loans such as a vehicle or home are better. This is how a credit card can harm you.
Example: Mortgage lender reviewing 1st time home buyer loan application.
Applicant: xx,xxx income, zero loans, excellent re-payment history, has had credit card for 2 years with $0 balance and never accumulated more than a $500 balance with a $2,500 credit limit.
Lender: First Time home buyer makes national average income, has zero balance on credit card, with $2,500 at his disposal. Applicant will more than likely need furniture for new home. Unless he has an additional savings outside of down payment and closing cost, he will more than likely use credit card to furnish home, potentially maxing it out. LOAN DENIED. Straight from Dave Ramsey's book "Financial Peace".
Example: Mortgage lender reviewing 1st time home buyer loan application.
Applicant: xx,xxx income, zero loans, excellent re-payment history, has had credit card for 2 years with $0 balance and never accumulated more than a $500 balance with a $2,500 credit limit.
Lender: First Time home buyer makes national average income, has zero balance on credit card, with $2,500 at his disposal. Applicant will more than likely need furniture for new home. Unless he has an additional savings outside of down payment and closing cost, he will more than likely use credit card to furnish home, potentially maxing it out. LOAN DENIED. Straight from Dave Ramsey's book "Financial Peace".
I dont use credit cards... never making that mistake again. Go get yourself a visa backed gas credit card. Just buy gas with it and yes, pay it off every month. Your credit score is based on your ability to borrow and repay, so every month works fine. If you want to get fancy, everytime you are ready to make a larger purchase (ex TVS, Whipple, KB, 60" LED TV with cash) use your card and then pay it in full at the end of the month...
Overall, BE CAREFUL! The average US credit card holder has 10k in credit card debt... its expensive...
Overall, BE CAREFUL! The average US credit card holder has 10k in credit card debt... its expensive...
I missed this part in Ramsey's book, but he is an awesome example to use. Read Total Money Makeover and attend Financial Peace University... Not to be cliche but totally changed my life...
Discover is taken at most, but far from all, same with Amex. I have yet to find a place that says no to Visa.
That is a horrible example and leaves out a ton of information in regards to home buying, credit and finance in general.
First show me a potential home buyer that has never purchased anything on credit and only has 1 credit card.
Second does home buyer have the 20% down to purchase a home or did he just wake up one day with his one credit card and decide to buy a house?
Third what is xx,xxx income? $10,000 per year or $99,999 per year?
I'll stop there.
OP Discover card is a great starting out credit card. I've been a Discover member since 1999. They are conservative with their limits, but everyone has to start somewhere.
Correct answer is no credit card but if you must, a secure credit union card which gives you a set credit limit amount against a specific amount you lend the credit union (cash)
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Actually this is the truth. I have no reason to lie. I was taught at a very young age the value of a dollar. And what it takes to earn a dollar working every summer and selling produce at the age of 8 years old getting up at 3 am going with my grandfather to the market. I might not have much compared to some but unlike some people what I do have I own.
Once you go black....
Any Visa, MasterCard , Amex or Discover card will help. Should be the easiest to get and establish. Buying a car, house (mortgage) or financing a loan with no credit will most likely require a large down payment. But this route will be the best indication of your responsibility to pay over time.
See if you can find a credit card with the lowest interest rate. Carry a balance to show responsibility to pay on time. Always be sure the balance on your card never exceeds your cash on hand to pay in full.
See if you can find a credit card with the lowest interest rate. Carry a balance to show responsibility to pay on time. Always be sure the balance on your card never exceeds your cash on hand to pay in full.
THIS!
I'm sick of hearing people say "OMG credit cards are the devil!!!!11" Credit cards are no more dangerous than guns. Give one to an idiot, and they will hurt themselves. I've had credit cards for over 10 years now, paid a grand total of maybe $50 in interest(was a day late 2-3 times), yet pocketed like 3K in bonus and rewards.
You realize you're not charged interest if you don't carry a balance month to month, don't you?
I've never been charged interest. However, I have flown first class to Europe, Tokyo and several times to Hawaii based off my credit card rewards. Credit is a tool. Anyone that tells you credit is the devil is probably just irresponsible themselves. Self control is the word.
I think Sam's Club refuses MC or Visa, one of the two. Places that don't accept Discover and AMEX aren't all that uncommon.
x65,000. As soon as my cards are paid off next year they will all be cut in half except one for an absolute emergency. If I can't buy it cash I'm not buying. CC's are the devil when you have a Wife and kids EVEN if you make good $. Write that shit down, take a picture, carve it in stone; that's the truth.
No it's not. It's a lack of self control, and a lack of financial planning. SVTP wants to blame the killers, not the guns, yet when it comes to debt, you want to blame the card not the user? :nonono:
Go through a $25k+ medical emergency that's not covered and tell me that again Kevin; especially when it's your kid and there is NO choice. After you just spent your nest egg on a new home for those kids and Wife. Don't ****ing tell me it was my fault and lack of self control.
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Credit wasn't created for self control. Nobody is saying not to get one either. People are just warning him. You don't need a credit card to build credit.
Well that situation is going to **** up anyone, but yet again, credit cards are not to blame. If anything, they helped save you.
In the old days you could just become an AU to a family member or someone you trust that has great credit history and have that report on yours which would establish credit. A lot of the CCs caught on and either dont report AU status and dont take it into consideration when reviewing your file. I would say go to some selector sites and plug in your info to see if any pre approvals pop up. Stay away from rebuilders such as First Premier and Credit One Bank.
Also, to maximize FICOs, you want to keep your utilization between 5 to 8% of total available credit month to month. Higher Limits beget Higher Limits as well.
Also, to maximize FICOs, you want to keep your utilization between 5 to 8% of total available credit month to month. Higher Limits beget Higher Limits as well.
15 months 0% interest hell yeah
that to
I use mine as a interest free loan.
I booked a vegas trip the other day since it was online this month was 5% cash back.
. Booked through shop. Discover and they had Expedia 5%
So 10% cash back... On 1000$
I'll take it
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