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Clueless
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Discussion Starter #1
I figured I would update the first post in the thread to let everyone know what I did and found out.

I was able to build credit. When I started my score was around 568 and currently it is above 700. The first line of credit I was approved for was through a furniture store. It was a low limit. I paid it on time and eventually paid the line of credit off early. After that I got a secured credit card through Capital One with a very low limit. While I had the card it was always paid multiple times during the billing cycle. I closed out the account with them due to receiving offers and being denied through them. The card had an annual fee so I didn't see keeping it to use it once in a while.

While using my Capital One card I was also approved for an instore credit card. The limit was pretty low as well. This is the only card that I am not paying off in its entirety every month. I could if I wanted to but choose not to. Since that was the only credit card I had left I applied for a Discover card. They approved me with a decent limit. I have been using it responsibly since then.

Now for what I learned. If I don't have a mortgage account on my credit the score will be low. Don't really understand why owing tens or hundreds of thousands of dollars would give anyone a better score but thats how it works. Even though in the past two years 4 out of my 6 hard inquiries were approved for credit they still show up and count against me. Using more than 15% of my available credit is also effecting my credit score. So soon I will fix that to where I am not using more than 15%.
 

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turned 30...

seriously, before you get yourself in debt, look into this guy. He will save you a whole heck of a lot of money and trouble. I wish I had someone like him when I was 24. http://www.daveramsey.com/
 

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Go into debt, stay in debt, but pay it on time. People will fall all over themselves to give you more access to debt.
 

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You do not know how lucky you are not to have debt. Why in the world do you want to take on credit card debt when you still have not paid off your medical debt?
 

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Clueless
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Discussion Starter #6
Malum Prohibitum said:
You do not know how lucky you are not to have debt.
I only have medical debt because I went to a hospital with the stomach flu, was really dehydrated. They didn't do anything for me, so I don't feel like paying them. :roll: If I had a credit card I could use it to pay the medical debt. :D
 

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streetriots said:
Malum Prohibitum said:
You do not know how lucky you are not to have debt.
I only have medical debt because I went to a hospital with the stomach flu, was really dehydrated. They didn't do anything for me, so I don't feel like paying them. :roll: If I had a credit card I could use it to pay the medical debt. :D
:?
 

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My advice is to steer as clear of credit cards as you possibly can. Who thinks borrowing money at high rates of interest is a good idea?
 

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Might not be that he wants to accumulate debt... but using a card and paying it off religiously every month helps you build up a good credit history... which translates into helping you get nice things later on (like cars, houses, etc).

That's what I did at first; used my first card just to buy gas and paid it every month. Now all the credit types seem to love me.
 

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Clueless
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Discussion Starter #11
Malum Prohibitum said:
streetriots said:
I went to a hospital. . . I don't feel like paying them.
I hope that is a joke.
Did you skip over the part where they did nothing? Same thing happened with my sister, she went to the same hospital, they did nothing. So she went to another one and they gave her an IV.
 

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gtg947h said:
Might not be that he wants to accumulate debt... but using a card and paying it off religiously every month helps you build up a good credit history... which translates into helping you get nice things later on (like cars, houses, etc).

That's what I did at first; used my first card just to buy gas and paid it every month. Now all the credit types seem to love me.
When it comes time for him to by those things at a certain age they will love him anyways. Credit score doesn't determine if they will give you credit but at what rate.
 

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Oh, car debt, that's a fantastic tool to building wealth too! :?

If you didn't want to pay the hospital bill, you shouldn't have gone. Plenty of people have had their guts come out both ends in mexico and done with pepto and a ceiling fan.

You're at one of those forks in life's road.
 

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gtg947h said:
Might not be that he wants to accumulate debt... but using a card and paying it off religiously every month helps you build up a good credit history... which translates into helping you get nice things later on (like cars, houses, etc).

That's what I did at first; used my first card just to buy gas and paid it every month. Now all the credit types seem to love me.
Which helps him get more debt. Great. :roll:

A man who has a debt he cannot or will not pay makes you think he wants credit cards as part of some ingenious scheme to make himself somehow financially better off?

Riiiiight. That's it.

I will not post any more on this thread, because my views are this - if you have debt you cannot pay now, then getting a credit card is about as prudent as keeping your booger finger on the bang switch when you are not "intending" to shoot.

You may take that advice or leave it, as you wish.
 

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streetriots said:
Malum Prohibitum said:
if you have debt you cannot pay now
I can pay it now. But do you pay for services that you do not recieve?
Take it to court otherwise it is your debt. If you do not contest it you are implying that you argee to the services.
 
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