how do credit cards work?

my advise is you need to build your credit, many thing in life now revolve around your credit rating including insaurance, potential jobs, and when you want to purchase a house or car. I started out when I was your age with store CCs. recently I bought about $6000 at the Maytag store a fridge, washer, dryer water, softener and I got 24 months same as cash which ment as long as I didnt miss a payment and payed it off within the 24 month time I got charged no interest(I actually paid it off in 12 months) the interest savings was over $1000, I did this when I bought a bunch of furniture and a $2500 TV from Best Buy...also you want a higher limit because your credit rating is based on your total limit on all your cards versus what you owe and you could cancel a card you dont use any more and your issac score will go down

[lincpimp]

I find the humor in credit. I am 28, own ALL of my cars and my house, outright. I have NO credit. If someone wanted to lend money to somebody, it would be me, cause I can pay it back, no questions asked.

So I look like a person who could get credit anywhere? Wrong. I cannot get any credit. So it is a good idea to get a bunch of credit card, with high limits. The "rub" is that you have to be smart with them. Never buy something you can't pay for, ever. Pay you cards off every month, or pay a larger part off every month. It takes the average person 42 years to pay off credit card debt if they pay the minimum every month.

If you are smart you can have a bunch off cards, and never really have any debt. I am sure that there are many books that can tell you what to do better than I can.

I will say that my wife has mediocre credit, and she has owed alot in the past. However her credit score is still better than mine, and that is handy if I wanted a home eq loan, or something similar,

It is all BS if you ask me, and I do all I can to get around it. Can you say "fraud"!??!!??!

Originally Posted by lincpimp

I find the humor in credit. I am 28, own ALL of my cars and my house, outright. I have NO credit. If someone wanted to lend money to somebody, it would be me, cause I can pay it back, no questions asked.

So I look like a person who could get credit anywhere? Wrong. I cannot get any credit. So it is a good idea to get a bunch of credit card, with high limits. The "rub" is that you have to be smart with them. Never buy something you can't pay for, ever. Pay you cards off every month, or pay a larger part off every month. It takes the average person 42 years to pay off credit card debt if they pay the minimum every month.

If you are smart you can have a bunch off cards, and never really have any debt. I am sure that there are many books that can tell you what to do better than I can.

I will say that my wife has mediocre credit, and she has owed alot in the past. However her credit score is still better than mine, and that is handy if I wanted a home eq loan, or something similar,

It is all BS if you ask me, and I do all I can to get around it. Can you say "fraud"!??!!??!

I think you just need to prune your money trees....lol.....Hows the orchard doing?

[lincpimp]

Originally Posted by azjc

I think you just need to prune your money trees....lol.....Hows the orchard doing?

HAHA, I love cash, and will never buy something that I can't buy outright. My recent motor sales have helped the r/c fund. Although I had to divert some of it to modding my street bike. I will have to start a thread on that here...