Are Credit Cards Good for Teens and College Students?

[bugsycline]

1. credit cards don't take advantage of you. you spend money on stuff you don't need and you don't read the disclosure.

2. paying off by end of month is good

3. credit is not money in your pocket. that money belongs to the card company

4. a good credit history does not grant you a good rate, rates are determined by the Federal Reserve wich sets the price for wich credit is sold, as well as your ability to negotiate with the card company.

ps.... I work for a MAJOR CREDIT COMPANY

[raindrop10155]

hey i def. showed this vid to my friends lol , do you know any credit cards with good perks?

[boomingbiz]

Hey, There are a lot of different cards out there...I've heard that Discover has some sneaky schemes, so I will never get a Discover card. Look for what the interest rates are and what the advantages are. Capital One has a lot of options for cards (airline rewards, cash back, etc)...so check out them!

[boomingbiz]

Be careful when you get a "No-Interest for 90 days" (or whatever the time period is) Offer. If you do not pay off the balance in full in the given time period, you will be charged interest from DAY ONE, not starting once the time period is up.

[boomingbiz]

OK, first of all I would like to say that I'm not a financial planner...everything I say is my opinion. But, if you're looking ot build your credit (if you want to buy a house, etc in the future), you def. have to get a credit card. Even if you just charge your gas each month and pay it off all the way except for a dollar or two. This will build your credit and you'll only be paying pennies in interest. The only card I've heard bad things about is Discover.

[lionheartc]

Is it best to go with A credit union rather A bank? I saved up 2,000 and want to establish credit. I can't get A loan with my credit union because I don't meet the income standards. So i'm guessing I will have A problem getting A credit card.

How should I go about this if I saved up 2,000

to work on credit if I can't get A loan or credit card?

So technically

[boomingbiz]

The company you chose will decide how your limit to start with. The first credit card I had was a $200 limit and went up quickly once I proved I could pay it off.

To have the best credit you should have a couple different kinds of credit (credit card(s), loan (auto, student), etc.). I can't say how long it should take to get good credit because it depends on your past credit if you have any. I have a friend who declaired bancruptcy 4 years ago and now has a 650+ score...it just depends.

[lionheartc]

what is the limit A person should get if they don't have credit?

How long should I have A credit card to make good credit?

[oldroot07]

Good Eric but next time look at the camera not the computer but good advice ok