DrBanneker
Space is the Place
It's a basic check on your overall credit score typically, not a "hard" pull on your credit report. Hard pulls show up on your credit report and they lower your score since they imply you have credit issues.
Brehs, what credit cards do y'all recommend for folks building credit/in school?
- Thread starter satam55
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It's a basic check on your overall credit score typically, not a "hard" pull on your credit report. Hard pulls show up on your credit report and they lower your score since they imply you have credit issues.
I wish you nikkas would've told me earlier that if you Julez certain details on your application, you can get approved without providing proof. I just applied again for Discover IT Student card & this time I Julez'd about Scholarship/FA money I'm getting, and got approved.
I just received my student Discover IT Student card in the mail. Thank you all.
That’s the exact reason I’m thinking bout getting a credit card
Strictly for car maintenance,good move or nah ?
CarCareOne is the first one I had. Highly recommendedThat’s the exact reason I’m thinking bout getting a credit card
Blackout
just your usual nerdy brotha
Emergency money.This obsession with increasing your credit score.. so you can borrow MORE money and owe somebody MORE money and make that person MORE money (interest rate) it's.. odd to say the least. Especially when it's so ingrained culturally that nobody stops to think: is it actually smart for me to owe someone money.. wouldn't it be smarter to make sure I cake up so I can buy what I want or at least I can make a decent downpayment on what I want?
Can someone explain why the first go-to answers are 'do this and that to get your credit score up!' instead of 'DO NOT get a credit card. If you don't have the money, don't buy things, work, save up and then buy it'?
Free game, we as black people have to build so this is at least how I do it:
-I do not use credit cards and have no outstanding loans.
-I do not buy things I don't have the money for TWICE (this rule is super powerful and avoids a lot of regrets)
I for instance want to buy a car and a house now. I don't have the money for buying this house, but I'm saving to buy a car cash (2nd hand). I was told that the smartest thing tax-wise to do was get a loan, but I'm making sure I actually have the money in the bank when I take the loan (because again tax wise it's smarter). If it wasn't, I'd buy it cash.
The house: I'm not sure yet how to handle this. But honestly, besides a house, I would never want to use credit. Do more people handle money like this or do y'all use credit for cars, house, interior of the house etc.?
Sometimes you end up low on money and use credit to hold until you acquire more money.
Basically making sure a low money problem is just temporary and minimal.
That’s the exact reason I’m thinking bout getting a credit card
A Credit Card is definitely worth having just in case of emergencies. Car Maintenance can fall under emergency, so it makes sense to get a credit card for car maintenance.
What you just said LITERALLY makes no sense. Paying in cash doesn't cost you more money. Y'all do realize when you use credit cards you do have to pay them back, right? OPM doesn't mean free money.
you and I both go shopping at a grocery store and our total amounts equal $100 each.
you pay $100 cash for your purchase.
I swipe my 6 percent cash back credit card (that I pay in full each month) to complete my purchase.
you end up out of $100 while I end up out of $94.
who paid more for their purchase?
One other thing you are overlooking is large purchases. If you want a car/house, it is cheaper to save all of your money and pay cash on the spot, but usually not feasible. More than half of Americans end up taking out a loan of some sort and the interest rates on your loans are partially determined by your credit scores.
I used to be anti-credit card as well because everyone says they are the devil. I have yet to need a good credit score in my life, but that doesn't stop me from improving on it for when I am ready to settle down
Rigby.
The #1 Rated Mixtape of all Time
bout to hit this up
I'm gonna revisit this post now that I'm a little smarter about credit. The first part stands, only spend what you have available. I paid for everything with my debit card for just about the past 7 years. It's a little bit of a different feeling when they take their money then and there or within the next 3 days. On top of that, I only kept enough for bills and a few day to day expenses in my checking account. Any time I needed to refill it I had to make sure I had enough transfers left on my savings (I was on the edge a few times) and make sure I left enough in the savings as a just in case. Download you bank's app and check it often, you'll hit the 5 stages of grief every time you spend something you know you shouldn't have when you see that balance shrink. I don't know about y'all, but I like seeing that number increase every month.
As far as having a savings account, it won't help your credit score. It might make it easier to deal with your bank when you want to get a loan, but otherwise it adds nothing to your credit file. What seemed to be helping me was having an open student loan. Even though I didn't have to make payments at the time, it was boosting my Average Age of Accounts and my Age of Oldest Account, both I think are like 10% of your score. After I got a job I started paying it down with an extra 500 bucks to the principal. I had the ability to knock it all the way out but I decided to hang on to keep the payment history coming.
A technique I've read about people using is taking out a small personal loan, 12 or 24 month term, putting that money in an account that you will only use for this loan, and just pay the shyt off. Just think of he interest you pay as an investment in building your score. That's how I'm treating this car loan. At least that's what I'm telling myself
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I would say do not have a credit card while in college. It’s too easy to incur debt, while you already have student loans to fend with.
The easiest route for building credit is to be added to an existing account of someone else as an authorized user. This way your score goes up granted they have great credit to begin with. Once you graduate and have money then you can qualify for card with good terms in your own name.
The easiest route for building credit is to be added to an existing account of someone else as an authorized user. This way your score goes up granted they have great credit to begin with. Once you graduate and have money then you can qualify for card with good terms in your own name.