What credit card to get? - Snowmobile Forum: Your #1 Snowmobile Forum

ethan31 · 08-16-2007, 10:14 AM

Well, i turn 18 on monday, and i want to start building some kind of credit, i thought getting a card would be alright way to build some. I want something with a limit $500 or less. I wont use it much just for gas or other small things (would like to keep my balance under $100) for each month.

Whats a good card you all recomend? Or is it even a good way to build credit?
Thanks-

PolarisINDY500 · 08-16-2007, 10:16 AM

best bet would be to go through your bank. all my credit cards are through my bank, except my BP which is for gas.

shawnyD · 08-16-2007, 12:29 PM

you cant get a credit card unless you have credit. you cant get credit unless u have a credit card. see how that works. you just turned 18, i turned 18 in march, i just got my first credit card last week. it will be a few months before you get some plastic money.

this is how i got credit. i went to my bank, said," i just turned 18 and would like to start building credit, what would you recomend" they started me off with a loan for 500 bucks. i was paying 11% interest but i payed it off in 3 statements so that way i could build some credit. now that i have credit, i got a credit card. its only got a 1000 limit, and the interest rate is 14% fixed. but now i can buy my gas with it every week and build some credit so when i get out of college, which i took out another loan for, i can actually get a decent house, car, or maybe a new sled.

you could also get a secured credit card through your bank. That means you deposit 300 bucks into a separate account and your credit limit is 300 bucks. It works just like a normal credit card, except if you dont pay your bill and it is equal to the credit limit, they take your deposit. This is the best way to go if you have money lying around. interest rates are around 8% for these with a annual fee of 30-100 bucks, which is nothing. the credit you will build will mean you pay a lot less when you grow older and decide to buy something.

PolarisINDY500 · 08-16-2007, 01:47 PM

^ that may have worked for you...but i strongly discourage you to take a loan out for a credit card. there are other alternatives.

there are ways to get credit, if you dont already have some.

first, if your car is in your parents name, have them transfer the title to you, or have them also switch the insurance to you (if you can afford it of course).

the other thing to do is get your cell phone under your name as well, if it isnt already.

so basically anything that you have to pay, make sure its in your name. even if your parents pay your cell phone bill, have them transfer it to you, for example.

since you said you're 18, and if your planning on going to college, credit card companies give credit cards away like hot cakes to college kids. pretty much once or twice a month they were in the student commons area asking you to sign up, and receive a free t-shirt.

ethan31 · 08-16-2007, 04:09 PM

Ok thanks for the info.

I want to get like a 1000$ loan, but do you think the bank would even do that?

**smallengineguy** · 08-16-2007, 08:02 PM

I started out with a loan, then got the card after I paid the loan off.

shawnyD · 08-16-2007, 08:04 PM

Quote:

Originally Posted by PolarisINDY500

^ that may have worked for you...but i strongly discourage you to take a loan out for a credit card. there are other alternatives.

I can take this two ways. do you think I got a credit card by taking out a loan to pay for it(or something along those lines).

what i meant to say, if it was unclear earlier, was i got a loan, which built my credit. i needed money, to fix my truck, so a loan was a good choice at the time.

most kids i know get loans from their banks to start off their credit. they just get an auto loan to buy thier first real car that isn't a beater. if you get the loan, definitely have someone co-sign with you. if you have co-signer with good credit, you can get a loan for 10 grand no problem

and for the whole credit card offers for college kids. I get those offers every week and they dont offer me free t-shirts....

Vintage Bill · 08-16-2007, 09:49 PM

If you can't pay with cash you don't need a credit card try a checking acount first thats all these card compnys want to get your ass in debt where you are paying them for all or life ........ get a check card

ethan31 · 08-17-2007, 05:29 AM

I can pay in cash, i have 2 bank accounts.

I want to build credit, i will probly just take out a small loan for now.

tamacat · 08-17-2007, 11:27 AM

For just starting off.If you do get a small loan for $500 or even $1000.Make the required payment each month till its paid off. They want to see consistancy in your payments to make sure they can trust that you'll pay the bill on time. The quick payoffs are the way to go down the road once you have established good credit. But you build NO credit that way.In the beginning, consistancy is key.

To answer your question. The card with the least APR.
They all suck..... Debt sucks

jagermiester · 08-17-2007, 12:14 PM

The way I did it, years ago of course, was to take out a loan that I didn't need. I put the money I borrowed to the side and used it to pay the loan. It cost me the interest but it was a start.

Formula_Canuk · 08-17-2007, 06:25 PM

When I was 18 I went into my bank said I wanted a credit card. They saw I had a decent amounting my savings and gave me one with a $1500 limit. The only credit I had built was with a cellphone. Another thing, are you a student? If you are many banks offer lower interest rate cards.