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  #1  
Old 10-23-2010, 11:23 PM
Ranger01 Ranger01 is offline
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Default Need Credit Card Help

Alright so i just turned 18 a month ago and am looking to build my credit. I am thinking about a credit card through my bank (PNC) i plan on just using it for gas, i am pretty getting with my spending and i trust myself with this. I am unsure what good interest rates are and what not. How exactly does this work? If i spent 200.00 on it and i paid it at the end of the month will that help my credit? Or do i have to spend 200.00 and then pay some and let it roll over and let them charge me interest?

I am going through my bank because i think it will be the easiest because they can see how my checking account has been since i was 16. I have all their info i posted below and i applied for it and they will get back to me within 2 days.

Can i cancel whenever i want?

Thanks everyone. All advice is appreciated

Well here is the link to the info on the card
https://content.pncmc.com/live/pnc/w...a_Platinum.pdf
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  #2  
Old 10-23-2010, 11:48 PM
Coleosis Coleosis is offline
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Default Re: Need Credit Card Help

I dont trust credit cards...If I were you I wouldnt get one. There are other ways to build credit.
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  #3  
Old 10-23-2010, 11:53 PM
Ranger01 Ranger01 is offline
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Default Re: Need Credit Card Help

What else do you suggest?
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  #4  
Old 10-23-2010, 11:56 PM
staggerlee staggerlee is offline
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Default Re: Need Credit Card Help

Its much safer to buy some type of jewerly or clothing store and not use a credit card.
They have so many gimmicks, and don't have to follow the same rules that a bank would for a loan.

I don't even use banks.
A credit union is your vest bet.
Buy a neckless for your girl friend, or a ring or something.
They carry their own credit and tell them that you are trying to start your credit off right.
Thats the way I started, I bought my mother a mothers ring and made timely payments.
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Old 10-23-2010, 11:58 PM
Ranger01 Ranger01 is offline
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Default Re: Need Credit Card Help

I really don't want to go out of my way to build my credit, thanks for your advice. I will look into credit unions
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  #6  
Old 10-24-2010, 12:08 AM
buggman buggman is offline
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Default Re: Need Credit Card Help

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  #7  
Old 10-24-2010, 12:09 AM
staggerlee staggerlee is offline
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Default Re: Need Credit Card Help

Quote:
Originally Posted by Ranger01 View Post
I really don't want to go out of my way to build my credit, thanks for your advice. I will look into credit unions
Even if the credit union quotes a higher rate to say, buy a truck.
Ask what will you have paid at the end of the loan.
I bet even at the higer interest rate you will have paid less at the end of your loan.

The credit union does not compound your interest, and a bank does.
Like GMAC.
I saved 2K over the life of the loan at the higher rate of the credit union.
I only keep Discover Card for emergencies only.
They are such an uncntrolled outfit.
They can charge whatever interest they want, change the rates,
and that is why they are bringing such attention today.
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  #8  
Old 10-24-2010, 12:12 AM
Coleosis Coleosis is offline
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Default Re: Need Credit Card Help

Quote:
Originally Posted by Ranger01 View Post
What else do you suggest?
◦A secured loan uses either money in an existing account, or ownership of property (such as a car) as collateral. You might want to consider getting a secured loan from a credit union instead of a bank, as the former is usually more willing to look beyond just your credit score. If you have trouble getting this kind of loan, try to get a co-signer who has a high credit score to vouch for you.
◦A peer-to-peer loan is offered by an individual investor, rather than a bank or credit union. You go to a lending site, where investors "bid" on the loan, competing to give you the lowest interest rate. Note that some lending sites don't report to all three credit bureaus, and some have a credit score minimum. If you have trouble getting this kind of loan, try to get a co-signer who has a high credit score to vouch for you.
◦Get a federal student loan if you're a student. This kind of loan, however, will not benefit your credit score until you start repaying it.
◦If someone you trust is getting a loan, you can ask to co-sign with them so that your credit will be linked with theirs. But only do this if you're confident the person will pay the loan off diligently; any irresponsibility on their part will negatively affect your credit score for the life of the loan.


•Pay your bills on time, especially utilities. These type of bills [electric, phone, gas and cable] are often reported to credit bureaus

Use retailer programs for modestly large purchases like furniture. For example, you may buy a television on the “$40/Month Payment Plan”. Gas station cards may work as well. These programs can be easier to qualify for and they certainly help you build credit. Be sure that the retailer will report your loan to the major credit reporting companies.
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  #9  
Old 10-24-2010, 12:34 AM
Ranger01 Ranger01 is offline
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Default Re: Need Credit Card Help

Quote:
Originally Posted by buggman View Post
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Quote:
Originally Posted by staggerlee View Post
Even if the credit union quotes a higher rate to say, buy a truck.
Ask what will you have paid at the end of the loan.
I bet even at the higer interest rate you will have paid less at the end of your loan.

The credit union does not compound your interest, and a bank does.
Like GMAC.
I saved 2K over the life of the loan at the higher rate of the credit union.
I only keep Discover Card for emergencies only.
They are such an uncntrolled outfit.
They can charge whatever interest they want, change the rates,
and that is why they are bringing such attention today.
I will look into this thank you very much

Quote:
Originally Posted by Coleosis View Post
◦A secured loan uses either money in an existing account, or ownership of property (such as a car) as collateral. You might want to consider getting a secured loan from a credit union instead of a bank, as the former is usually more willing to look beyond just your credit score. If you have trouble getting this kind of loan, try to get a co-signer who has a high credit score to vouch for you.
◦A peer-to-peer loan is offered by an individual investor, rather than a bank or credit union. You go to a lending site, where investors "bid" on the loan, competing to give you the lowest interest rate. Note that some lending sites don't report to all three credit bureaus, and some have a credit score minimum. If you have trouble getting this kind of loan, try to get a co-signer who has a high credit score to vouch for you.
◦Get a federal student loan if you're a student. This kind of loan, however, will not benefit your credit score until you start repaying it.
◦If someone you trust is getting a loan, you can ask to co-sign with them so that your credit will be linked with theirs. But only do this if you're confident the person will pay the loan off diligently; any irresponsibility on their part will negatively affect your credit score for the life of the loan.


•Pay your bills on time, especially utilities. These type of bills [electric, phone, gas and cable] are often reported to credit bureaus

Use retailer programs for modestly large purchases like furniture. For example, you may buy a television on the “$40/Month Payment Plan”. Gas station cards may work as well. These programs can be easier to qualify for and they certainly help you build credit. Be sure that the retailer will report your loan to the major credit reporting companies.
Thanks a lot!
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  #10  
Old 10-24-2010, 03:31 AM
dvrich dvrich is offline
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Default Re: Need Credit Card Help

I know you can't possibly qualify for a platinum card but getting a standard visa or mastercard is a great idea. You don't have to carry a balance to build your credit....just pay your monthly bill in full every month and that is how you do it. You can also take out small signature loans and pay them off.
You will definately get a higher interest rate because of your lack of credit but if you pay the monthly bill in full that won't matter.
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  #11  
Old 10-24-2010, 03:48 AM
Coleosis Coleosis is offline
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Default Re: Need Credit Card Help

I dont like CC's because if you mess up ONCE and do more damage than 6 months of being good with it. They are crooks with their interest rates and shady loose boundaries.

I knew a girl that worked for the call center that dealt with credit cards through chase bank. She said they are more likely to give people a break that are always late than people who pay their bill on time and only mess up once or twice. Because they arent making any money off the person who is always on time, and they are in the business of making money.
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  #12  
Old 10-24-2010, 05:04 AM
Ranger Sport Ranger Sport is offline
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Default Re: Need Credit Card Help

Banks are pickier on their credit card holders.

If you have no credit, you can start with a store card but ALWAYS make your payment before the due date. Once you get a solid history going, it'll be easier to switch to a bank "proprietary" credit card with a reduced interest rate (the ones they don't advertize to the general public).

A R1 rate is easy to keep, as long as you make your minimum payment within 30 days of the due date (some companies won't say it, but they'll accept 5-20 days after without penalties, but shhh).

What you need to be careful about, is filling too many forms for stuff you aren't sure to get. Every refusal means your score decreases. If you have too many refusals, a company that gives out credit more freely might turn you down based on those refusals.
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  #13  
Old 10-24-2010, 06:02 AM
dvrich dvrich is offline
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Default Re: Need Credit Card Help

Quote:
Originally Posted by Coleosis View Post
I dont like CC's because if you mess up ONCE and do more damage than 6 months of being good with it. They are crooks with their interest rates and shady loose boundaries.

I knew a girl that worked for the call center that dealt with credit cards through chase bank. She said they are more likely to give people a break that are always late than people who pay their bill on time and only mess up once or twice. Because they arent making any money off the person who is always on time, and they are in the business of making money.

The girl you knew in the call room is completely incorrect......... the CC companies charge merchants 3% for every purchase done with a CC, plus if the prime rate is 1% and they charge 9% they are quite profittable (double dipping in my opinion).
If car dealers make 5% profit on a sale, that is considered EXCELLENT. Then the people who go to financial planners to get their interest rates dropped still make the CC comps money....less but still profittable considering the "in the cellar" prime rates. The real chumps who ruin it for everyone are the ones who live beyond their means and file bankruptsy......that cuts into profits, but visa and mastercard have that all figured in. Then if these companies receive bailout money, these companies are riding high.
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Last edited by dvrich; 10-24-2010 at 06:11 AM.
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  #14  
Old 10-24-2010, 07:58 AM
edgerider2002 edgerider2002 is offline
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Default Re: Need Credit Card Help

Just make payments on time and don't carry a balance. I myself have four cards. Started off as a visa card thru my bank which is a credit union. After that I opened one thru macys on a big purchase. After the macys card I got a macys visa card. After that I got another when I bought my tires thru 4wheel parts from who ever they are with. I only use my cards on like dinner and big purchases and always pay them on time
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  #15  
Old 10-24-2010, 07:59 AM
edgerider2002 edgerider2002 is offline
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Default Re: Need Credit Card Help

Oh ya, my macys visa recently turned into American express
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