Board 8 > I don't have a credit card but I want to make one.

(+) Yeah! (+)

Where do I start?

I need to start building credit, but I've always been under the impression that banks will try to screw you over with some kinda fine print or whatever. Or that I should be looking around for great deals (rates?) before opening a card.

Are certain banks better than others? What are the main things I should be asking about when I go into a bank?

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XS2 is the only good Xenosaga game - Lady Ashe

I'm of the "never use credit because bad debt is bad" philosophy. Still workin' out for me!

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So looking for a debit card? I just got one at the bank closest to my house, I put very little thought into it, working out so far, they don't charge for it or anything.

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You don't really need a credit card to build credit though. Unless you absolutely need a card I wouldn't get one just for that purpose.

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I have a debit card.

Don't you usually need some sort of credit to buy a car or house or to get loans?

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XS2 is the only good Xenosaga game - Lady Ashe

I've used the Amazon.com Visa card for the last 4 years and I've been happy with it. The rate isn't good but the rate only matters if you don't pay the full balance every month, which you always should no matter what card you have.

You shouldn't avoid credit because you're afraid of debt. Credit won't put you in debt, it just lets you put yourself in debt if you're stupid. Simple solution: don't be stupid.

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From: Weakupedia | #005
I have a debit card.

Don't you usually need some sort of credit to buy a car or house or to get loans?

Manual Underwriting on a house.


And what sort of loans are you talking about?

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Not necessarily. If you have enough cash on hand, you don't need a good credit rating for that.

Maybe for loans, but loans are a bad idea anyway!

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My debit card doubles as a mastercard, but it always takes the money from my account no bills. Also, if you're getting one at a bank isn't it always a debit card? Credit cards being the ones that send you bills?

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Maybe for loans, but loans are a bad idea anyway!

Must be nice to be able to pay for a car/house/college out of pocket!

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From: Dauntless Hunter | #006
Simple solution: don't be stupid.

Unfortunately, the majority of Americans are stupid.

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Loans would probably be for law school.

And yeah, I don't plan on ever spending more than I have.

If credit cards are really so useless, why does the majority of Americans use them?

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XS2 is the only good Xenosaga game - Lady Ashe

Because credit cards do a great job of advertising and making people think they need them.

From: The Mana Sword | #010
Maybe for loans, but loans are a bad idea anyway!

Must be nice to be able to pay for a car/house/college out of pocket!

Gotta start saving early and often!

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Are you a student? Many banks will give you a student credit card with no annual fee. What you wanna look for is annual/start-up fees, and make sure it's $0. You can also find some offers of 0% intro APR for a few months, those are good to charge up and pay off before the intro APR ends.

If you can't find any good intro APRs, look for an APR below 22%. You should be able to find an offer like that even with little or no credit.

Building credit is great, despite what a lot of people in this topic may say. It allows you to get things you need when you can't completely afford it. Car loans are a great example of this; With good credit you can get a 0% car loan for years, letting you pay it off without a dime of interest!

As stated before, however, you do have to be prudent with your spending. If you don't trust yourself to be disciplined you will be sorry.

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