Hey Kiddo, Grow Up!! Building Credit For Your Future

[b i o n i c]

so im trying to become all adult like, taking stock of the present, making up for past mistakes, looking forward…. one of those things is to get my ‘financials’ in order. i’ve been on my own for about 6 years and never had a credit card. i’ve always only spent what i had and didn’t spend if i didn’t have money. ive taken loans but always stayed away from plastic. till now… and i’m ready to make my first payment on it….

… how can I use my credit card to build credit? Do I have to wait till the due date to make payments? Can I pay off the card immediately as I make purchases? How do I make it count?

Also I’ve heard that another way to hook up the credit is to take out personal loans, as large as I can get approved for, put the money in savings and pay off the loan with that money in a timely manner. Anyone heard of this? Apparently everytime I pay off a loan with the same loan money I got, my credit will go up and I’ll be able to take larger and larger loans… hopefully build it up to buy property with.

Any other ideas? Anyone know about the credit card thing I was asking about?

[Rock]

so im trying to become all adult like, taking stock of the present, making up for past mistakes, looking forward…. one of those things is to get my ‘financials’ in order. i’ve been on my own for about 6 years and never had a credit card. i’ve always only spent what i had and didn’t spend if i didn’t have money. ive taken loans but always stayed away from plastic. till now… and i’m ready to make my first payment on it….

… how can I use my credit card to build credit? Do I have to wait till the due date to make payments? Can I pay off the card immediately as I make purchases? How do I make it count?

Also I’ve heard that another way to hook up the credit is to take out personal loans, as large as I can get approved for, put the money in savings and pay off the loan with that money in a timely manner. Anyone heard of this? Apparently everytime I pay off a loan with the same loan money I got, my credit will go up and I’ll be able to take larger and larger loans… hopefully build it up to buy property with.

Any other ideas? Anyone know about the credit card thing I was asking about?
make a purchase with your card. and pay it all off when you get the bill. That should help you with your credit.

the loan thing sounds too weird.

I've heard gas cards can help as well. Same with best buy credit cards, NTB credit cards..things of that sort. As long as you make ALL of your payments on time.

[b i o n i c]

but what about making payments early?


the loan thing doesnt sound like it could be of any harm, i just dont know about it actually helping my credit. sounds weird?

[Teh]

When you're paying with a credit card, don't put just anything on it. Don't buy your shopping every week with it, for example, because in the time it'll take you to pay off one weeks shopping you'll be 12 months down the line, know what i'm sayin?

[b i o n i c]

i thought id put my daily expenses on there (i dont buy many unneccessary things), put the same amount of money into savings as i spend on the credit card as i go along, then pay it off completely (zero balance) every month. is that a bad thing?


i know its not a lot, but i owe $200 right now on it. the payment's not due till 9/23. i have the money now, should i just pay it or should i wait till 9/23 to pay. will it not help my credit if i pay the card off as i spend? sorry if im not making sense

[Rock]

i thought id put my daily expenses on there (i dont buy many unneccessary things), put the same amount of money into savings as i spend on the credit card as i go along, then pay it off completely (zero balance) every month. is that a bad thing?


i know its not a lot, but i owe $200 right now on it. the payment's not due till 9/23. i have the money now, should i just pay it or should i wait till 9/23 to pay. will it not help my credit if i pay the card off as i spend? sorry if im not making sense
nothing wrong with paying it off completely. i think it may actually be better that way.
just pay it off now.

[chrisd]

walk down the street and have a shave with your credit card, that usually get's a lot of laughs

[b i o n i c]

there i made a payment....

this brooklyn fella (http://www.mikecaracciolo.com/movies/CreditCards.wmv) cracks me up

[Bitchamachacha]

Hey, since you're so gung-ho about paying off credit cards, you can go ahead and pay off mine too, while you're at it. K. Thanks.

[jabumbo]

last year when i went to get a cell phone, i apparently had no credit to my name either, so i had to pay this huge deposit just to get it. i just got that deposit back which is nice cause the finds are starting to dry up and so i can use the deposit to take care of my phone bill for the next 6 months...


i am hoping that since all of my utilities now are under my name instead of the roommates, that i will start to get a little bit of credit.


none of it makes any sense to me though