Credit Card Advice

[blah]

Ok my brothers sister, and parents all want me to start out my credit. So im looking into getting a credit card, they want me to be able to have good enough credit so i could start buying propety by the time i graduate.

i was looking at this card.

http://www66.americanexpress.com/cards/Fmacfservlet?csi=0/22/b/7/0113682530/011123017552/22/n&from=7

[T-Bird]

I would go for the Blue Card my dad has one and I just got approved for one about 4 days ago it's a good card for students.
I have a BP Visa and a normal Platinum Visa through my bank already they really can build up your credit if you do it carefuly.

[Toronto]

best idea to get good credit is to buy gas once a month, and it is even better if it is a points card :D

but in canada debit cards I find much more common and better to use :D

[pimrusis]

There are a few things you can do.
1. Pay a cell phone bill or something like this in your name.
2. Get a gas credit card, from one of those companies and use it instead of cash. But keep a 0.00 balance.
3. If your parents have good credit, have them put you on their credit card. They don't even have to give you the card, just have them put your name on it.
4. Get a debit card which can also act as a credit card.

One common myth is that keeping a credit balance doesn't help your credit score, and paying it off every month (so you dont get charged interest) doesn't hurt it.

I pay (with my parents money) a cell phone bill and have a gas credit card in my name, I am a student like yourself and my credit score is 769 - which is very high. It would be higher, but my credit history is short since I am so young.

Try this website - http://moneycentral.msn.com/content/CollegeandFamily/Moneyinyour20s/P73746.asp

[Chaos in 1983!]

2. Get a gas credit card, from one of those companies and use it instead of cash. But keep a 0.00 balance.

do you now how bad this actually is for your credit? it doesnt look good when you have a cc and you arent using it.
you should use about 10%-20% of your cards balance in use, for good credit.

I think what he means is that he'll use the CC always, and he won't use cash, while keeping the balance of the CC at 0 with the cash...comprende?

[ikon2003]

I'm a debit card user, and i'm pretty satisfied with it, though i can see the uses of a credit card. no first hand info, but the most common pearl of wisdom that i've heard is:

pay it all at once.

don't let that interest kill you.

[5vz-fe]

Get something that do cash rebate.

[nthfinity]

i couldnt get approved for any credit card for a long while.... and i finally found out i had some form of identity theft from my former step-mom. it took my dad's co-signing on a car loan for me to start getting credit. now i dont have almost any dad without credit card offers in the mail... i only have one to keep myself in the black :)

[nthfinity]

Why do you need credit to buy a property? Can't you just walk into a bank and get a housing loan for the house?

a very good question

a credit score allows one to barrow a debt against income. a low credit score, or no credit score means that a loan cannot/will not be given. a high credit score means the penalty for the debt is lower... eg, a lower interest rate against the debt. things like car loans, credit cards, monthly bills all add to making a credit history to make a credit score.

i hope thats not to confusing... but im not an expert either :)

[nthfinity]

^^^^
banks give home/land loans mostly.... and largely become known as mortgage lenders. american express, visa, mastercards all aid in helping establish a credit score.

and of course, for people who get in over their heads, there are debt consolidation loans too... where the debt lender loans the amount to pay off every credit card you have, and you pay a lower monthly payment to that lender then what the credit cards would take...

for cars, banks usually lend for used cars, while auto-affiliated companies.. EG GM has GMAC finance, and Ford has Ford Credit.... they do in house loans and incentives for new vehicles. and the same basically applies with motorcycles etc.

[Rgun]

Weird, I check my accounts online regularly and as a student had a visa to build credit with a limit of $500. I read the website provided above with info on getting a better credit rating. I then go back to my account to pay some bills and my credit limit had been raised by $1000 :D . Interesting coincidence.

[Anonymous]

A few tidbits. . .

Don't have too many Credit Cards. That is harmful too.

Try to keep older credit cards, ones in good standings. Good to have extensive Credit History.

If you are getting a lot of "Pre-approved" invitations, call the company that is sending them and tell them to stop. It "dings" your credit scores.