Your first credit card...

  • Posted by a hidden member.
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    Aug 07, 2010 11:01 PM GMT
    When did you get your first credit card? I've never had one and I am surprised by how many people have one (or more). My bank sent me one when I turned 18, but I threw it away. For most of my online purchases I can simply use one of my debit cards. In an exceptional case I use my dad's credit card.

    So I was wondering, do you have one (or more)? For how long and for what purposes?
  • calibro

    Posts: 8888

    Aug 08, 2010 1:04 AM GMT
    you want a credit card. as young as possible. in order to build a good credit history, you must have one. the problem arises when you abuse your card--- not when you have one.

    i started with a capital one visa at 20 to build up my rating and then got an amex when i was 23 (my credit limit jumped several thousand dollars because i took really good care with my visa).
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    Aug 08, 2010 1:08 AM GMT
    19
  • Riahtherockst...

    Posts: 107

    Aug 08, 2010 1:08 AM GMT
    Yeah, I'm getting one next week and I'm 19. My friend has two and she's had one since she was a junior in high school.

    The trick to credit cards is to always charge just what you can afford to pay off monthly. As long as you pay it off your credit will be fine.
  • barriehomeboy

    Posts: 2475

    Aug 08, 2010 1:29 AM GMT
    Calibro said it best, but it's just a tool to establish a credit rating, not a gift from God. Charge some stuff on it, then pay it off immediately.
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    Aug 08, 2010 1:48 AM GMT
    American Express.... Member since 1981.

    You need one or two cards to build credit. Pay them off every month if you can or hold balances that are low relative to the total amount of credit extended you. Without building good credit you will have a difficult time buying a home. You also can't rent a car (after 25) without a credit card.
  • Posted by a hidden member.
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    Aug 08, 2010 1:59 AM GMT
    My parents were obsessed with establishing good credit history to my name as early as possible, so I had a student Visa card as soon as I was legally able to do so. Or at least signed the papers that were put in front of me.
  • calibro

    Posts: 8888

    Aug 08, 2010 2:04 AM GMT
    Ciarsolo saidMy parents were obsessed with establishing good credit history to my name as early as possible, so I had a student Visa card as soon as I was legally able to do so. Or at least signed the papers that were put in front of me.


    my plastics are as platinum as regina george's hair.
  • Posted by a hidden member.
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    Aug 08, 2010 2:06 AM GMT
    I got my first one when I was 18, it was a Chase card, and it was followed by 11 others. Don't be stupid when you're young. It's so easy to get into debt.
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    Aug 08, 2010 2:07 AM GMT
    calibro said
    Ciarsolo saidMy parents were obsessed with establishing good credit history to my name as early as possible, so I had a student Visa card as soon as I was legally able to do so. Or at least signed the papers that were put in front of me.


    my plastics are as platinum as regina george's hair.


    That's so fetch.
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    Aug 08, 2010 2:09 AM GMT
    collegekid2004 said
    calibro said
    Ciarsolo saidMy parents were obsessed with establishing good credit history to my name as early as possible, so I had a student Visa card as soon as I was legally able to do so. Or at least signed the papers that were put in front of me.


    my plastics are as platinum as regina george's hair.


    That's so fetch.


    Fetch could happen. But don't tell Calibro. He's been saying things behind your back.

    By the way you're really cute.
  • Posted by a hidden member.
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    Aug 08, 2010 2:15 AM GMT
    Ciarsolo said
    collegekid2004 said
    calibro said
    Ciarsolo saidMy parents were obsessed with establishing good credit history to my name as early as possible, so I had a student Visa card as soon as I was legally able to do so. Or at least signed the papers that were put in front of me.


    my plastics are as platinum as regina george's hair.


    That's so fetch.


    Fetch could happen. But don't tell Calibro. He's been saying things behind your back.

    By the way you're really cute.


    What's he been saying?! I'll cut a bitch! icon_eek.gif And who's really cute?!!?
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    Aug 08, 2010 2:17 AM GMT
    collegekid2004 said

    What's he been saying?! I'll cut a bitch! icon_eek.gif And who's really cute?!!?


    You silly! But you already knew that right? So then, you agree with me, you think you're really cute.

    icon_neutral.gif ok!

    If that's what you think icon_wink.gif
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    Aug 08, 2010 2:19 AM GMT
    Ciarsolo said
    collegekid2004 said

    What's he been saying?! I'll cut a bitch! icon_eek.gif And who's really cute?!!?


    You silly! But you already knew that right? So then, you agree with me, you think you're really cute.

    icon_neutral.gif ok!

    If that's what you think icon_wink.gif


    That's a really cute skirt, I hear it was your mom's in the 80's...Vintage, so cute!
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    Aug 08, 2010 2:20 AM GMT
    Monir saidWhen did you get your first credit card? I've never had one and I am surprised by how many people have one (or more). My bank sent me one when I turned 18, but I threw it away. For most of my online purchases I can simply use one of my debit cards. In an exceptional case I use my dad's credit card.

    So I was wondering, do you have one (or more)? For how long and for what purposes?


    I got my first credit card when I was a Freshman in college. I would suggest you get a credit card to build up some credit. Although I dont suggest using it unless you pay the balance off every month, as you dont want to be paying the banks interest. By having an excellent credit history it will help you when you want to get a loan for an automobile or a mortgage on a house.
  • nfgsd

    Posts: 24

    Aug 08, 2010 2:33 AM GMT
    I got mine when I was 18, a capital one. It started with a 500$ limit and 5 years later, its only at about $1500 I believe. Capital one doesn't really give many increases, and they usually have a higher interest rate, but I really wanted to establish my credit history.

    I think it's important to start at a young age and use it responsibly. I know some people who are 20, 21 who don't have any credit history and when they want to buy a car they don't have any history, which gives them a higher interest rate.

    I now have excellent credit, a few credit cards, and a mortgage, which I probably wouldn't have been able to get any of those things if I never got my first one
  • Posted by a hidden member.
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    Aug 08, 2010 2:38 AM GMT
    I applied a student credit card at my bank when I was 19 with a $1000 credit limit. Lucky me icon_biggrin.gif Still using the same card.
  • Posted by a hidden member.
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    Aug 08, 2010 2:51 AM GMT
    Monir, you may want to check with your bank, anyway, on that card you tossed out: Unless you closed the account linked to that credit card they sent you, the account is most likely still open and linked to your credit score.
  • Posted by a hidden member.
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    Aug 08, 2010 2:56 AM GMT
    BRIX saidMonir, you may want to check with your bank, anyway, on that card you tossed out: Unless you closed the account linked to that credit card they sent you, the account is most likely still open and linked to your credit score.


    Its not a bad thing if the account is still open, in fact it will help him get credit for things such as mortgages, business loans or car loans. If you dont have any credit built up it will be harder to get credit for the things I just mentioned.
  • calibro

    Posts: 8888

    Aug 08, 2010 3:12 AM GMT
    collegekid2004 said
    Ciarsolo said
    collegekid2004 said

    What's he been saying?! I'll cut a bitch! icon_eek.gif And who's really cute?!!?


    You silly! But you already knew that right? So then, you agree with me, you think you're really cute.

    icon_neutral.gif ok!

    If that's what you think icon_wink.gif


    That's a really cute skirt, I hear it was your mom's in the 80's...Vintage, so cute!


    i don't need to worry about credit cards because my dad invented toaster streudels
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    Aug 08, 2010 3:15 AM GMT
    kyleray saidI applied a student credit card at my bank when I was 19 with a $1000 credit limit. Lucky me icon_biggrin.gif Still using the same card.


    Same here...started at 18 and still have the same card (limit is, er, 20 times the starting amount).
  • Posted by a hidden member.
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    Aug 08, 2010 3:17 AM GMT
    19 and VERY smart about it.
  • Posted by a hidden member.
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    Aug 08, 2010 3:28 AM GMT
    I got my first credit card when I was 16 or 17, which I got on my own. (Or I possibly forged my parents' signatures, if I needed to.) I taught myself how to manage money, and I'm still not great at it. My pretty score is pretty good, though.
  • cmom19

    Posts: 33

    Aug 08, 2010 3:34 AM GMT
    Umm I think I had a joint one when I was 14. The trick is to build credit by only buying what you can actually afford. It's essential to build a credit history early to get the loans that most people need later on for cars and houses. I think my parents just wanted to teach me to budget.
  • Posted by a hidden member.
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    Aug 08, 2010 3:48 AM GMT
    I have a Visa. It was used for mostly University purchases. I always made sure to pay it off. The limit was only $500.

    When I graduated and worked in the High-Tech Industry, I upgraded to the Gold Travel card! I fly Air Canada for business trips and accumulated points! My limit is $13,000 and I almost freaked out at it. But, I told them I would call for any large purchases over $300 and if there were consecutive purchases of $300, they would freeze it and contact me. AS of right now, it's been a year and a half since I received it, and I can get a round trip to the Philippines (around $1800).

    I love CC with a bonus icon_biggrin.gif