Quote:
|
Originally Posted by Randerolf
PLEASE - NoSoup is THE MAN when it comes to advice on credit and lending. Take a look at the great resource that he's made for folks like you and me. |
Thanks
Perhaps I'm a bit late chiming in, but hopefully it'll help someone out...
Although I have no personal issues with Capital One, I can't really recommend them, unless perhaps you have very, very established credit and they are offering you an incredible deal.
My Reason? Capital One is the only national card that I've seen that doesn't report your high credit limit. Ever. Unfortunately, what this means is that the credit reporting agencies will always score you as if you were maxed out on the card, regardless of what your actual balance to limit ratio is.
Either way, congrats on getting an early start - obtaining and building your credit ASAP is probably one of the easiest investments you'll make, and could potentially save you tens, if not hundreds of thousands of dollars over the course of your lifetime....
Quote:
|
Originally Posted by Jason762
Went to my bank today and put in my name for a credit card. The lady says they'll send me more papers in 30 days because they need more information.
Theoretically: Do I actually have to USE it to get credit history, or is simply having one good enough?
|
That may not be good news. Depending on how your financial institution works, it is very possible you may be denied for the card. However, you would likely still get approved for a secured card. For more information, feel free to follow the link above.
As far as your question is concerned, you do need to actually use it - however, you don't necessarily need to carry a balance. However, a word of caution: Even if you are paying off your card in full every month, don't go over 50% (preferably 30%) of your limit.
If you have any more questions, let me know!