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  1. Senior Member
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    #1

    Speak to me about

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    Credit cards!

    I am currently a student with no debt and, honestly, thanks to the grants I've been able to get I'm not really struggling that badly for money right now as I live pretty frugally and am good at saving my money. However, I am very conscious of the fact that I have no credit history, at all. In the next few years when circumstances allow DB and I plan to move in together, we want to eventually buy our own home, and I know having a good credit score is important for that.

    I would like to be able to build up a good credit history and I have read that getting a credit card is a good way to do that, obviously dependent on making your repayments. I wouldn't for see any problems with that since I'm very responsible with my money. So I was just wondering what you ladies and gents thought about credit cards? Would you recommend I get one and why/why not? Any tips on going about getting one?

    Also, I'm from the UK so our credit card companies will be different, but I'm sure the advice will be pretty similar.

    TIA

    "You are platinum in a world gone grey."
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    #2
    Get one from your bank (or a bank-good one) rather than a third party company.

  3. Senior Member
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    #3
    Quote Originally Posted by Trollbie View Post
    Get one from your bank (or a bank-good one) rather than a third party company.
    Thanks, I was leaning towards one from my own bank since they have a good deal and it would keep all my banking in one place.

    "You are platinum in a world gone grey."
  4. Formerly BooBoo_Bear
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    #4
    I got in a lot of credit card trouble when I was 20 because I was a pushover and let my son's dad use me.

    I'm now at the point that I think my credit union should grant me a high risk card to help me build my credit. Its a great way to do it, as long as you're smart.

    My plan is to use the card once or twice a month to buy gas or groceries, and immediately withdraw the cash from my checking account so that when I get my bill, I'll just have ro redeposit it before paying. I know my regular bank that I have checking through has auto payment on their cards, but I'm not sure about my credit union.

    Definitely try to find a card with no annual fee. That means a lot, but not all, cards with awesome sounding perks will be eliminated. Unless you fly like crazy and would seriously benefit from air milage, it's not typically worth it.

    And avoid signing up for department store credit cards. In the US atleast, they're offered at every check out, but they carry such a high APR. And having too many credit cards can hurt your credit as well!
  5. Senior Member
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    #5
    Quote Originally Posted by SugaInMyPockets View Post
    I got in a lot of credit card trouble when I was 20 because I was a pushover and let my son's dad use me.

    I'm now at the point that I think my credit union should grant me a high risk card to help me build my credit. Its a great way to do it, as long as you're smart.

    My plan is to use the card once or twice a month to buy gas or groceries, and immediately withdraw the cash from my checking account so that when I get my bill, I'll just have ro redeposit it before paying. I know my regular bank that I have checking through has auto payment on their cards, but I'm not sure about my credit union.

    Definitely try to find a card with no annual fee. That means a lot, but not all, cards with awesome sounding perks will be eliminated. Unless you fly like crazy and would seriously benefit from air milage, it's not typically worth it.

    And avoid signing up for department store credit cards. In the US atleast, they're offered at every check out, but they carry such a high APR. And having too many credit cards can hurt your credit as well!
    Thank you! I too plan on only using it for a few small things and paying it off in full every month, and I'd definitely only have one. I'll keep in mind the perks thing and make sure I find one without an annual fee. Thanks!

    "You are platinum in a world gone grey."
  6. Justice Beaver: The Crime Fighting Beaver
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    #6
    I got my first credit card on my own through a store (Kohls) and then another one through my bank. The one from my bank has a really low credit line, but that helps my debt to credit ratio. I ALWAYS make sure I can pay the card off with one payment before I purchase anything.

  7. Sometimes the best gifts come in the smallest packages.
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    #7
    A great option is that most banks will offer a student credit card, with a limit under $500. Or sometimes you can get a secured card, where you put a deposit on it. Like a $300 deposit gets you a $300 credit card. If that makes sense?

    Just be forewarned. I thought the same thing when I got my credit card for the first time, Id pay it off every month, blah blah. Well, shit happens and that credit card can sometimes be a little more tempting than we thought it would. So just be sure to stick to your plan.



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    #8
    Absolutely get one. And decide now that *no matter what*, you will never, ever, ever carry a balance, no matter what.

    Find one that has no annual fee. You should never ever pay an annual fee for a card. Since you aren't going to carry a balance, ever, interest rates don't matter. If you can, find a card that offers some kind of rewards. Unless you travel a ton, your best bet is probably one that offers cash back on all purchases.
    Science always wins over bullshit. ~Dick Rutkowski
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    #9
    I recommend get a credit card through a credit union if you able to do so. From what I understand the interest rates tend to be lower when going through the credit union. See if you can get a fairly low limit. I think getting and managing a limit of $1000 is a good way to learn how to use credit wisely. Check to see if the card they offer comes with a rewards program. Reward points can come in handy for things like hotel stays and travel in general.

    I tend to shy away from store credit cards but sometimes they make sense. For example the home improvement stores usually have a store card that can come in handy when trying to setup or improve your housing. It is not a necessity but it can help build your credit history. I would probably recommend that over a store card for say a clothing store because there is more a temptation to go overboard with those cards.
  10. MilitarySOS Jewel
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    #10
    I'd recommend a student card through your bank. They usually have lower limits such as $1000 or $500. However, speaking from experience, if you can, ask for the lowest limit. Credit cards have a way of building up debt quickly despite a plan to pay them off. Unexpected bills, gas, etc.
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