Credit Tips: Trying to Establish Credit

Posted On: March 1, 2005

Author: precious
Joined: 15 Feb 2005
Posts: 1
Posted: Tue Feb 15, 2005 4:33 pm
Post subject: Credit Card Experience

Hello all,
I been surfing this site all morning and decided to post my experience in search of a suggestion.
Early last year I paid off all debts. There were only 2 equalling no more than 700.00 so by mid year I got a secured credit card for 300.00 and paid it off every month, trying to be responsible, beating the credit card interest rate, and hopefully building up credit. It was October and I was in Macy’s and a store clerk had pissed me off so I went to another department to ring up my purchases and complain. While listening to me complain a clerk had me fill out a complaint form and sign up for credit at the same time. About 3 weeks later I get a Macy’s Visa in the mail. I call up and find out I have a credit limit of 6000 wow and interest rate on the Visa is 15% and 20% on the Macy’s. Of course mom said to give it back, but I have never had a credit card before, so I kept it. Then I lost it on January 22 in Las Vegas. I reported it stolen and nothing was charged on it. They said another one would be out in 5-7 days. I waited and nothing came, so I called again and was told it takes 3 weeks, and Visa was busy. Hate to say it but there customer service sucks, how can Visa be busy???So I called yesterday and they said it was mailed on January 22. I never got it and it was never activated, so they are cancelling the one they sent and will send another one. For some reason, I think they are stalling and I am ready to go somewhere else and get a different credit card. I do not understand what balance transfers mean. How do they work, when do I use them, how can I get the most out of it? Where can I get a beginners lesson on credit cards. This forum is great cause I am learning about how ruthless the credit card companys are. But I want to learn how to keep ahead of the game and since I am in the beginning of establishing credit, I want to research the right credit cards. Any suggestion or articles that may be of help?

talk to me
I talk back

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Author: consumercity
Joined: 10 Nov 2004
Posts: 79
Location: Cincinnati, OH
Posted: Tue Feb 15, 2005 5:44 pm

The main site that hosts this forum can give you all kinds of useful info on credit cards and I know you will find answers there.

Go to: http://www.cardratings.com/

Consumer City.org

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Author: Board Monitor
Board Monitor/ Administrator
Joined: 05 May 2003
Posts: 568
Posted: Wed Feb 16, 2005 10:37 am

Thanks for the plug consumercity! How are things going with your site(s)?

Best Regards,
Curtis Arnold
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH
501-301-8474 FX

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Author: fire3000
Joined: 16 Feb 2005
Posts: 9
Posted: Wed Feb 16, 2005 10:43 am
Post subject: Credit Card experience

You are new to the credit card game. Try to pay your balances in full every month, apply to several card issuers until you own 2 or 3 cards, maintain a perfect credit record, and do not lose them. After a year or two you will begin to receive balance transfer offers and credit line increases from your existing cards and other lenders. After 20 years you may have a credit report over 30 pages long like me with over 20 active cards, over $300,000 total credit available, and getting frequent super low rate balance tranfer offers (I invest this money and make a bundle every year). Good luck in the game of credit.

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Author: consumercity
Joined: 10 Nov 2004
Posts: 79
Location: Cincinnati, OH
Posted: Wed Feb 16, 2005 4:08 pm

Board Monitor wrote:
Thanks for the plug consumercity! How are things going with your site(s)?

Things could be better with my sites. I’m having trouble getting traffic because I can’t afford advertising. Thank you for asking. I hope things are going good for you and for your sites.

Consumer City.org

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Author: Nathan
Joined: 09 Apr 2004
Posts: 42
Location: Arizona
Posted: Wed Feb 16, 2005 5:54 pm

fire3000:

While we’re all very impressed by your credit prowess (AHEM!), your response is not constructive.

Since you are so credit wise, please teach us, as we are here to learn.

There are no stupid questions — only stupid answers.

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Credit Tips: Trying to Establish Credit

Posted On:

Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Thu Jan 13, 2005 2:39 pm
Post subject: build credit

dcp
Date: 6/5/2000 5:07 pm CDT

my background is different, I want to build my credit; however, everything we own is in our family name. I do not even have telephone number under my name. On the otherside, I do not have any problem paying any of my bills. I did not even have record until two years ago when I incured medical bill. I have paid off this bill now. Is there any way to built my credit, also I have about $1000.00 to $1500.00 in expense every month.

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Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Thu Jan 13, 2005 2:39 pm

Eugene Skorodinsky
Date: 6/5/2000 11:25 pm CDT

The best answer I know to building credit from scratch is a secured credit card. Just make sure the issuer reports to credit bureaus regularly. I think most secured card issuers require a utility bill as proof of address. Try to find one that doesn’t (expect higher fees since it’s higher risk), or change one bill to your name (the one that doesn’t charge you for closing and reopening an account). Oh, and a checking account would not hurt. In about 6 months of using secured card responsibly creditors will look for you, not the other way around.

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Credit Tips: Trying to Establish Credit

Posted On:

Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Thu Jan 13, 2005 2:00 pm
Post subject: no credit history

cardless
Date: 6/23/2000 11:47 am CDT

What is the best (cheapest) option for someone without a credit history - as opposed to a bad one?
Considering my only ‘vice’ is not getting into debt, I’d hate to have to pay for the privilege of getting a secured card, or even a regular one. I don’t care if the credit limit starts at $100! I just need to start somewhere.

Let’s say I obtained a card with a co-applicant with a good credit history, and this would show up on my credit report after a while.
1) Would this be judged any differently than having a card all by myself?
2) If so, would it still increase my chances of getting a card on my own?
3) After a certain period, might the credit card company be willing to ‘remove’ the co-applicant from the account?

Thanks for any and all replies!

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Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Thu Jan 13, 2005 2:01 pm

Board Monitor
Date: 6/23/2000 4:14 pm CDT

Dear Cardless,

Generally speaking, most issuers will extend an unsecured card to individuals that are lacking a credit history, though don’t expect a large credit line. Also, don’t expect to obtain a favorable interest rate. You are definitely in a better situation, though, than someone who has a poor credit history. If you happen to be a student, check out our “Student Credit” section. If you don’t have any luck getting an unsecured card, a secured card is not a bad alternative. Secured cards don’t actually cost any more than
an unsecured card because your deposit is refundable and you can even earn interest on your deposit. Morevoer, many secured cards will allow you to obtain an unsecured card after 6 months to one year of responsible card usage. For our ratings of secured
cards, please see our “Poor Credit” page.

The co-applicant idea is not a bad one…especially if you would like to obtain a higher credit line/more favorable card terms. This
would also help you “build your credit history/rating”.

Hope this helps!

Regards,
Jackie Hughes
Baord Monitor
CardRatings.org

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Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Thu Jan 13, 2005 2:01 pm

MCS CREDIT SERVICES BBB LISTED
Date: 7/22/2000 6:07 pm CDT

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WE WILL GET YOU A CREDIT SCORE OF 500 OR MORE AND ESTABLISH YOUR CREDIT OUR E-MAIL ADDRESS IS VISA_INTERNATIONAL@HOTMAIL.COM
CALL US LEAVE YOUR FULL NAME & PHONE NUMBER.
LOW APR RATES OF 0.0% TO 12.9%

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