What credit cards to apply for? - Tilted Forum Project Discussion Community

alec · 12-03-2005, 12:20 PM

I know that this forum has lots of 'what credit cards do you suggest I apply for' threads, but I felt like they did not address my situation. So I wanted to ask you guys for advice!

I am 22 years old and opened up my first credit card in July with my bank (Wachovia). It's been very good -- I got what I felt was a great interest rate plus a pretty high limit ($1000). I have paid all of my statements on time. I have also had numerous bills in my own name (cell phone, cable, electricity, etc.) and always paid on time. However, I am still unsure of how my credit is (but I assume it is fairly low). I do fairly well in terms of salary and have lived in the same place for the past year, though I am about to move into a new townhouse.

I am looking to get a second credit card. I recently applied to get an American Express Blue card online, but did not have sufficient credit to get it. I travel frequently (plane, train) so a rewards program would be nice. But I know I am not in the position to be picky. So my question is what would people recommend in terms of credit cards, given my history. Thanks in advance!

xepherys · 12-08-2005, 09:09 AM

Well, honestly I would recommend none. I'm sure that's been said before, but it's true. One of the best ways to accrue REAL wealth is to never be in debt. If you don't already have the money, there's no reason to be spending it. If you'll have the money to pay off the bill a month from now... wait for a month and THEN buy the item.

Honestly, I DO have a credit card... it's my last one. As soon as it's paid off, it's gone. I have a debit/check card so that I can transact money quickly. That's more than enough.

Cimarron29414 · 12-08-2005, 02:33 PM

None.

Your $1000 credit card will help you in the case of emergencies. Besides that, any "rewards" by the credit card companies are scams to get you into debt. I GUARANTEE you can buy the "reward" for less than it will cost you in late payments and interest payments over time.

Cash is King, baby. Do what xepherys said and avoid using credit. You are in such a great position right now, young with no debt. Why screw yourself? If you don't have the patience to wait that extra month to save up for something...well, that just proves the fact that you are getting credit for all the wrong reasons.

Your credit score is a simple calculation of how much debt you have out there and whether you pay your bills on time. One credit card paid on time for years will allow you to have a fine score. One car payment paid on time for years will also help. Now, when you go to get a mortgage, they are going to look at your credit score AND your income/debt ratio. That has NOTHING to do with credit score, it's just another factor and determining your risk as a mortgagee.

Did I mention, don't get another card?

/credit card and car payment free for 4 years. 793 credit rating.

12-03-2005, 12:20 PM	#1 (permalink)
alec Insane Location: Washington DC	What credit cards to apply for? I know that this forum has lots of 'what credit cards do you suggest I apply for' threads, but I felt like they did not address my situation. So I wanted to ask you guys for advice! I am 22 years old and opened up my first credit card in July with my bank (Wachovia). It's been very good -- I got what I felt was a great interest rate plus a pretty high limit ($1000). I have paid all of my statements on time. I have also had numerous bills in my own name (cell phone, cable, electricity, etc.) and always paid on time. However, I am still unsure of how my credit is (but I assume it is fairly low). I do fairly well in terms of salary and have lived in the same place for the past year, though I am about to move into a new townhouse. I am looking to get a second credit card. I recently applied to get an American Express Blue card online, but did not have sufficient credit to get it. I travel frequently (plane, train) so a rewards program would be nice. But I know I am not in the position to be picky. So my question is what would people recommend in terms of credit cards, given my history. Thanks in advance!

12-08-2005, 02:33 PM	#3 (permalink)
Cimarron29414 Still Free Location: comfortably perched at the top of the bell curve!	None. Your $1000 credit card will help you in the case of emergencies. Besides that, any "rewards" by the credit card companies are scams to get you into debt. I GUARANTEE you can buy the "reward" for less than it will cost you in late payments and interest payments over time. Cash is King, baby. Do what xepherys said and avoid using credit. You are in such a great position right now, young with no debt. Why screw yourself? If you don't have the patience to wait that extra month to save up for something...well, that just proves the fact that you are getting credit for all the wrong reasons. Your credit score is a simple calculation of how much debt you have out there and whether you pay your bills on time. One credit card paid on time for years will allow you to have a fine score. One car payment paid on time for years will also help. Now, when you go to get a mortgage, they are going to look at your credit score AND your income/debt ratio. That has NOTHING to do with credit score, it's just another factor and determining your risk as a mortgagee. Did I mention, don't get another card? /credit card and car payment free for 4 years. 793 credit rating. __________________ Gives a man a halo, does mead. "Here lies The_Jazz: Killed by an ambitious, sparkly, pink butterfly."

12-08-2005, 09:09 AM	#2 (permalink)
xepherys <3 TFP Location: 17TLH2445607250	Well, honestly I would recommend none. I'm sure that's been said before, but it's true. One of the best ways to accrue REAL wealth is to never be in debt. If you don't already have the money, there's no reason to be spending it. If you'll have the money to pay off the bill a month from now... wait for a month and THEN buy the item. Honestly, I DO have a credit card... it's my last one. As soon as it's paid off, it's gone. I have a debit/check card so that I can transact money quickly. That's more than enough.