9 Comments »

peggy s said:
The credit card company won't know you're planning to leave the country! Even if they did know, they can't stop you, unless they first sue you and get a court order saying you can't leave. But it is highly unlikely that any judge would grant such an order for a credit card debt.
Yes, they could sue you in court for the debt. They would have to serve you with the court papers before they could have a trial.
# 24 December 2009 at 8:29 am

muchioooooooo said:
if you dont use it and there is no balance then you do not have to pay nothing unless the card has an annual fee.
# 24 December 2009 at 9:25 am

Acrow said:
Well, let me be the first to tell you that a credit card can be a "safety net" in the event that you're in a crunch in between paychecks, and especially renting cars. Granted, you can use your debit card, but you better have the money on it, becuase credit and debit cards work completely different in that respect. But even if you just make small payments that you pay off in full every month, it's another way to build credit, which you can't build alone just by paying off loans. Credit and the scoring system is designed to where you should show that you can handle different types of credit both installment(car,furniture,appliance,personal signature, and mortgages) and revolving (credit cards and line of credit). An example of a balanced mixture of credit is 3 credit cards (2 major and one department store card) and either one paid or currently paying installment account.
Now while it is a good thing to have a credit card in the event of emergencies that may come about that could potentially wipe out your checking account if you use that, it's important to know the true meaning of needs vs. wants. Credit cards are not bad, it's the judgement of some people that use them. They easily confuse the 2 and that's where the problems arise. As long as you keep your priorities straight, and use credit like it's supposed to be used, then you should be ok.
A credit card you should look for, ideally is one without an annual fee and a low or 0 introductory interest rate. But my advice is to keep the balance no more than 30% of your total available credit to minimize the interest anyway.
Chase, Bank of America, and Citi all offer fairly good cards
I hope this answer helps out,
Good luck!
# 25 December 2009 at 12:12 am

Tamborine said:
Congrats, on your cleaning up your debt and your credit score. What you want to do is compare credit cards and the good news is there are many internet sites that will allow you to.
Check http://www.creditland.com, http://www.bankrate.com, http://www.credit.com On these sites you can look and compare the credit cards that have no annual fee and a low APR. Also if you belong to a credit union, they have excellent rates. You may also consider doing a search for LOW credit card rates in search engines. USA Today does a comprehensive list every year.
I hope this helps you out.
Good Luck
# 25 December 2009 at 6:50 am

Bryce said:
Stop applying for the cards, you will only be denied. You will have to start building your credit rating with secured credit. Make sure the banks report to the credit bureaus, otherwise it does no good.
Go to the bank you do business with, ask them if they have a secured credit card, if they do open a new account with $300 - $500 tell them you want a secured credit card against that account. Use the card for small purchases like gas or food and pay the card off entirely each month on time.
Also you can take your savings account and save until you have $1,000. Tell your banker you want to take a installment loan out against the savings account. Take the money you receive and put it in your checking account to repay the loan. Pay it off in 12 months. Lenders like to see a mixture of credit, revolving, installments, personal loans.
After a few months you can try for an unsecured card again. Retail store cards and gas cards are normally easier to get.
It takes 24 months of consistent on time payments to build a good credit rating.
# 25 December 2009 at 11:24 am

azkoolchik said:
Definitely NOT Bank of America.
They recently upped peoples APR without any explanation or reason; it was all over the news. Try a company that's a little less shady. There are plenty of horror stories of what this company has done to their consumers.
# 26 December 2009 at 2:56 pm

markphrey said:
Yes, for budgeting purposes, it's better to track by topic (clothing, food, etc) rather than by account (credit card, checking).
However, some people may consider "credit card payments" as a separate debt category, applying only the interest, fees, and penalties to this budget line. So if you bought $1000 of shoes, didn't pay it, and now oew $20 in late fees and $150 in interest on that amount, you could assign the $1000 to the clothing budget lines, and $170 to the credit card payment budget line. People who owe a large amount of credit card debt and can only make the minimum payment would also use this budget line.
So if you don't have outstanding debt or fees on your credit card, feel free to delete this line. Your budget should fit YOU and your life.
# 26 December 2009 at 8:02 pm

Tay said:
there are a couple of ways you could start building credit, you could get a small personal loan which you might need a cosigner or the best way will be getting a credit cards, you could get a credit card and use it for your every day expenses but make sure you pay in full at the end of the month that way it will show pay in full everytime the credit card company reports to the credit beuros. At the begining you will only be approved for the lower end credit cards but once you build credit in about 6-9 months you should be able to apply for a better card with better benefits such as free miles or cash back. Check out http://www.fastcreditcardapprovals.com and go under bad or no credit section and you will find a few choices. But if you are a student apply of a student credit card these cards have no annual fees and low rates.
# 27 December 2009 at 12:35 am

JerseyJeff84 said:
The sure-fire way of NEVER being turned down for a major credit card would be to apply for secured credit card. Basically what type of card this is, is that you give them money up front (say you ask for a $500 limit), and everytime you use that card, the money will already be in your account with that card and it will just come out. This secures to both the credit card company and to yourself that the money will always be in there, therefore there will never be any over-ages, late fees, and the the like and will guarantee you a strong credit building account. I hope that my answer has helped you.
# 27 December 2009 at 4:17 pm

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