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credit cards?

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dextercf:
this makes my mind boggle.
How do this work?

TopJimmyCooks:
Why do you want a credit card?  If its for ease of buying, use a bank debit card on a small separate checking account.  If you really want a loan, you can borrow via a home equity line on your free and clear house and you will get a much better rate.  Your on-lot car payment probably won't get reported to the credit bureaus as a transaction unless you default.  A HELOC or an annual fee credit card, or a few promptly paid store credit cards will do more for your score than the small personal loans. 

A word of caution on the HELOC: I really only like them to use to improve the house that's the collateral for the line.  i.e. you borrow $5000, fix up the house, it's worth $10K more on resale, etc, so its easy to pay back if you have to move.  don't get a lien on your house just for a car or a pinball machine. 

I recommend Dave Ramsey's book total money makeover.  Some of it is a little over the top (taking a night job delivering pizzas, letting your credt score go to zero) but overall its great and his program helped me get out of debt and start saving. 

Donkbaca:
Credit cards are WAY better than debit cards, in my opinion.  First of all, credit cards give you points. Second of all the fraud protection is way more convenient on a credit card.  If a credit card gets hacked, they usually will just send you a new card and its no big deal, if a debit card gets hacked, your bank account gets frozen until they sort it all out.  I never use my debit card, credit card is the way to go.


SNAAKE:

--- Quote from: danny_galaga on September 27, 2011, 07:42:56 am ---
The fact that you are debt free goes against you for a credit card. They want useless people who can just manage to scrape together the interest  ;D


--- End quote ---

 :laugh2:

you need at least one CC for fraud protection and stuff. keep a debit card for emergency but dont use it unless you have to. I dont trust ANYONE with debt cards.

RayB:
Dawayne, there is no logical reason to be loyal to a bank. Apply for a card where they offer you the best interest rate.  What they care most about isn't your credit score but how much you make. Call and apply over the phone.

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