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Avoid credit cards until you’re older and start getting offers in the mail preapproved. If you’re going to college they send them to college students. When you get an offer read the terms and conditions or have someone help you understand it. If you still want one after you see how screwed you can get with it, then use it sparingly. Your credit rating is based on how much credit you have available (max minus balance) and how many times you have ever been late paying any bill whatsoever.
If you’re sure you want to start using credit cards so soon:
( :
A lot of card companies have student cards, Chase is one that’s popular. Call and ask for the application department or go to the website for each company for more info. (IF you don’t start getting offers soon. Usually they start coming in right after high school.)
Read the details carefully before you apply. Maybe look over them with a parent or somebody who is familiar with credit cards.
With any card, read the cardmember agreement they send you. I know it’s a lot to go over, but that way you know how it all works and can call the company with any questions! You want to make sure your credit stays good from this first card on, and the way to do that is make sure you know the card policies…..and pay all your bills on time!
You may want to try to avoid using credit cards unless it’s necessary! A debit card linked to a checking account may be a better option right now….
There isn’t one. You don’t need a credit card just out of high school. Wait until you’ve spent some time in college, or working with a steady income.
Better yet, open a checking account and use your debit card with the credit card logo for all transactions. That’s the only thing that will keep you out of trouble.
None! Credit cards exist to deceive you into willingly selling yourself into servitude through debt. Never, ever, ever pay for anything with a credit card unless it’s an absolute emergency.
My first credit card was with cap one. I got the student credit card which had a pretty low rate considering I had NO credit. They also started me off with a small high credit and I would make small purchases, pay it off in full the next month and they would raise my limit after a few months.
I don’t think getting a ccd is a bad thing at all. It will help you build your credit so you can qualify for better rates on auto loans and credit cards in the future. Just be responsible about it. You only get one shot with your credit so make sure you pay back what you borrow and the banks will be good to you. GOODLUCK!!!!
Ok, here’s the deal. I agree with everybody’s answers. This is why. Unless you really “know the game” when it comes to credit cards, then I would stay away from them. If you really want to build credit, the right way to do it would be with a secured card. Although you would have to put up your own money for a deposit to establish credit, at least you get it back sometime later on, and by putting up your own money, it will make you more reponsible with the account since your own money’s at stake. I posted several links to some secured card companies that should help you.
How I built my credit when I got out of High School was I got a signature loan. Something like $500 is fine. I put the money in the bank and paid the loan back from that. It isn’t as tempting as a cc that will have a higher interest rate. Plus it gives you credit history which is what your looking for. Take 6-12 months to pay it back.
#1 by Richard H on May 27, 2008 - 1:44 am
Quote
A secured one. Requires you to actually have the money in the bank to buy things.
Beyond that, if you can avoid credit cards, do so. They will cause you more headache then they are worth.
#2 by tshnobodysfool on May 27, 2008 - 11:44 pm
Quote
Avoid credit cards until you’re older and start getting offers in the mail preapproved. If you’re going to college they send them to college students. When you get an offer read the terms and conditions or have someone help you understand it. If you still want one after you see how screwed you can get with it, then use it sparingly. Your credit rating is based on how much credit you have available (max minus balance) and how many times you have ever been late paying any bill whatsoever.
#3 by CMR2 on May 30, 2008 - 3:36 pm
Quote
If you’re sure you want to start using credit cards so soon:
( :
A lot of card companies have student cards, Chase is one that’s popular. Call and ask for the application department or go to the website for each company for more info. (IF you don’t start getting offers soon. Usually they start coming in right after high school.)
Read the details carefully before you apply. Maybe look over them with a parent or somebody who is familiar with credit cards.
With any card, read the cardmember agreement they send you. I know it’s a lot to go over, but that way you know how it all works and can call the company with any questions! You want to make sure your credit stays good from this first card on, and the way to do that is make sure you know the card policies…..and pay all your bills on time!
You may want to try to avoid using credit cards unless it’s necessary! A debit card linked to a checking account may be a better option right now….
Good luck!
#4 by Bree on June 2, 2008 - 12:37 am
Quote
There isn’t one. You don’t need a credit card just out of high school. Wait until you’ve spent some time in college, or working with a steady income.
Better yet, open a checking account and use your debit card with the credit card logo for all transactions. That’s the only thing that will keep you out of trouble.
#5 by gatordawg99 on June 2, 2008 - 5:32 am
Quote
None! Credit cards exist to deceive you into willingly selling yourself into servitude through debt. Never, ever, ever pay for anything with a credit card unless it’s an absolute emergency.
#6 by Kat on June 2, 2008 - 10:28 pm
Quote
My first credit card was with cap one. I got the student credit card which had a pretty low rate considering I had NO credit. They also started me off with a small high credit and I would make small purchases, pay it off in full the next month and they would raise my limit after a few months.
I don’t think getting a ccd is a bad thing at all. It will help you build your credit so you can qualify for better rates on auto loans and credit cards in the future. Just be responsible about it. You only get one shot with your credit so make sure you pay back what you borrow and the banks will be good to you. GOODLUCK!!!!
#7 by Abcd on June 4, 2008 - 11:11 am
Quote
get a student credit card check out here they have all major credit cards and you are able to compare them all side by side on rate, fees and rewards.
#8 by $m¤¤v¥ £¤¢¤ on June 7, 2008 - 1:52 pm
Quote
Ok, here’s the deal. I agree with everybody’s answers. This is why. Unless you really “know the game” when it comes to credit cards, then I would stay away from them. If you really want to build credit, the right way to do it would be with a secured card. Although you would have to put up your own money for a deposit to establish credit, at least you get it back sometime later on, and by putting up your own money, it will make you more reponsible with the account since your own money’s at stake. I posted several links to some secured card companies that should help you.
#9 by Paul M on June 8, 2008 - 6:18 am
Quote
How I built my credit when I got out of High School was I got a signature loan. Something like $500 is fine. I put the money in the bank and paid the loan back from that. It isn’t as tempting as a cc that will have a higher interest rate. Plus it gives you credit history which is what your looking for. Take 6-12 months to pay it back.