Online Credit Repair Secrets
So many questions???
Hello everybody. I would just like to start off by saying that this is series of questions (not just one) that have to deal with credit, and credit cards. Right now I’m in the process of getting my first ever credit card being that her in a few months (possibly) I’m planning on moving out and starting my own life and everything. I’m taking online classes for PC Repair, which here in 2 more months I should be done with, that’s one reason why I’m planning this and there’s also other reason as well. My question’s are that I’m asking about credit are as fallow. #1: I’ve already asked this question a few days ago being that I was some what curious on the answer I might get, and I’m still leant on it being that I believe there are ways of doing it without the use of credit, but once again I’ll ask. Do you absolutely need credit for everything? I mean do you actually need credit to rent apartment, or can you in some way pay in cash at all? I know it makes you look better if you do have some from of credit, but still I believe there are ways. #2: So far I’ve been doing some research on finding the right credit card for me being that I’ve never had one in my life, but I’m only 22 years old so I can’t really say much lol. But anyways if what I found out is that what I should do is find a card that the standard APR is will enough for me, and possibly get one that has no Annual fee at all. So far I’m now to 2 cards that I like, but each one differs; there both Bank of America credit cards being that I’m a customer with them, I have both a checking/savings account so that’s all good there. Links to each of the cards: Platinum Plus Visa Credit Card http://www.bankofamerica.com/creditcards/?context_id=marketing_detail&offer_id=ECOMM0908API00400800122011EN000&requestTimeout=120 Secured Visa Credit Card http://www.bankofamerica.com/creditcards/index.cfm?context_id=marketing_detail&offer_id=ECOMM090XFEQ00400800121983EN001 Now the questions that I have for these are as fallow. #1 of 2: With each one of the cards that you look at, which one should I go for being the best possible outcome in the long run? #2 of 2: With the APR, which I’m clueless with, how does that work out? I mean by this is that with each card it give me a different APR. The Platinum Plus Visa Credit Card tells me this: Prime Plus 2.99% variable APR for Platinum Plus (Prime Plus 12.99% APR for Preferred), and the Secured Visa Credit Card tells me this: Prime Plus 10.99% Variable APR; now what is the deal with all of that? How dose this work out? Ohh and finally one more question (last one I promise) is with the monthly payments. Now knowing that there are going to be people who already have credit, and know how things work out on this I just like to know how payments would work out over time? I mean by this is that when you go out and buy something (say a video game), how do you make the payments on such a thing with the minimum payment, and the full payment? What would the payments be on each? Ok everyone that’s all I would like to know for the time being, more then likely I’ll be back with more questions but in tell then this shall do. Thanks :)
Public Comments
- wow. okay, i have some experience in this. first of all.. GET A CREDIT CARD. you DO need credit for EVERYTHING. GOOD credit. and the only way to develop good credit is to get credit. you cannot get a decent apartment without a good credit history. until you get a good credit history, landlords will most likely require that your parents act as your guarantor or co-sign on the lease. to do this they must make enough money to cover their bills, and YOUR bills if you cannot come up with monthly rent payments, and they have to have very good credit themselves. if you want to be on your own, you don't want to necessarily need to rely on your parents for this. what you should do is open one credit card, make small purchases with it, then pay them off on time and in full at the end of each month. do not buy something you cannot afford and think you can pay minimum payments on. trust me, when you're trying to establish some sort of credit, just buy what you can afford with cash by using your credit card instead, then pay off the credit card at the end of the month. this will establish that you do not overspend and that you are trustworthy. after some time, you can make a bigger purchase and pay it off little by little - but always pay off MORE than the monthly minimum and ALWAYS make sure you do not max your card out and that you only spend 25% of what your limit is. Credit card companies like to see a good buffer from what you spend and what your limit is. Establishing good credit early on is so important. If you screw up now it'll be with you for about 7 years, and it will be hard to get an apartment, a car, and eventually to buy a house. Some companies even do credit checks on their employees when considering them for certain positions. Regarding APR, and which card to choose... Call each credit card company, have a list of your questions handy, and fill them out as they are answered. Watch out for tricky language and do not be afraid to ask someone to clear up something you do not understand. You really need to straight to the source on this one and make a decision based on what's best for you. Generally, you want to get something without an annual fee and the one that charges you the least interest when you do not pay in full. Remember, if you DO pay in full each month, you don't have to worry about it! Oh, and do not get an American Express if you're trying to establish credit. Long story, but essentially Amex does not report what your credit limit is, only how much you spend each month, and because of this, it appears to lenders that you are maxing out your card each month, and it doesn't look good. Good Luck!
