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Originally Posted by Evil Milkman
I don't have a credit card at the moment, but I'm thinking about getting one very soon so I can start building some good credit. I've read over the recently added credit rating thread in Tilted Finance and it finally occurred to me that I should probably get on that soon. What is a good card to get that has the greatest benefits and low/no yearly fees?
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This brings up a good point and I am going to have to contradict the sentiments of some posters here. You shouldn't throw out, tear up, or otherwise destroy your credit cards. Credit cards aren't evil. You just need to get your
use or abuse of those cards under control.
To answer your question: Check out
www.bankrate.com for some useful information about what credit card is right for you. Since this is your first card, you might have trouble getting one, or at least one with good benefits. You might consider getting one through your bank or your university if you are at school. Use it for six months or so, paying off in full every month, then you should be more ready to qualify for a better card with incentives.
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What is a good company (on the internet or not) to start a mutual fund account or get started with stock trading? Any there any particular companies that are reputable and well-established? (i.e. TD Waterhouse?) What's the best course of action that I should take with a checking account of under $1,000?
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Check into ScottTrade and Ameritrade. Both have pretty low trading fees (Scott is $7, Ameritrade is $10.95 if memory serves). I also think that both have pretty low account minimums, something like $1000.
On your checking account, make sure that you are not paying a monthly fee for checking. If you are currently, ask them to remove it. You might be surprised that they sometimes will. If not, change banks. Check into credit unions where you work or go to school. They often offer no-fee checking accounts with an account balance of $25 or $50.
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I'm going to a community college currently and planning to transfer to a four year university next fall. As far as student loans go, is there a really good information or loan agency website that has all the info I would need to make a good decision on who to get a loan from? Any other tips insofar as college loans from anyone here at the TFP is also appreciated.
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Take as little in loans as you possibly can. I knew a lot of people back in college who would max out their student loans and buy plasma TVs or new bikes. That money is not free. It will have to be paid back one way or another. You should be able to qualify for federally subsidized student loans. Talk with the financial aid office at the University you will be attending before you even get there. They'll be able to set you on the right path.
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Eventually I might open up a CD at ING Direct too, but right now I don't have the money.
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INGDirect offers no minimum CDs. So if you are saving that paycheck deduction money over the long-term, you might consider slipping into a CD at a higher rate right now. ING also offers mutual funds with low fees if you want to put some of your money in the market before you get a brokerage account.
The big thing here is that you are WAY ahead of the game. At 20 most of your contemporaries are worried more about where the money for the weekend's pizza and beer is going to come from. You should be praised for thinking ahead and planning for your future.