credit cards

>>1096106
they're all the same for building credit

Just pay it off in time and don't max it out/use too much of it because that supposedly is worse for your credit

when it says 0% APR until 11/2016, what do i do after that? do i just say "hey i dont want to use this card anymore" and get a different one? or will they give me another deal to keep it going or what

>>1096132
Apr doesn't matter just pay it off within 21 days

wait...is APR what you pay if you're late?

if you dont pay it on time i mean

>>1096132
Ccs come with a grace period where they dont charge interest each month as long as you pay in full. So there is no reason to stop using it when the apr is high as long as you aren't carrying a balance over many months

You do not sound like you're going to make it senpai. Just cut it up or cancel it or whatever, just get out of it. Fuck a credit score you don't sound competent enough to not get in trouble.

>>1096106
Just make small purchases. Treat it like your debit card.you're a fucking idiot for waiting until you're 26 to have your first card, but at least you didn't get fucked over by debt at a young age (I'm 22 and 4k debt right now. Not bad, it'll be paid off by may)

Just make sure to plan. Dont buy anything with it that you can't pay off before the next billing period.

Tip for you too, if your cut off date is the 22nd, you can make a big purchase on thr 23rd, and it won't be due for the next month, but the month after.

I pay for everything with a credit card. There's really only one correct way to use them, which is to use them to pay for things, then pay off the entire balance every month.

I should probably get one that rewards me with cash back instead of amazon credit, but holy shit it's nice being able to get something from amazon without paying for it on the rare occasions I actually need something from amazon.

Don't get a credit card Op, you don't need one.

>>1096199
21 with ~15k debt here

>>1096538
Don't listen to this pleb. APR is absolutely useless unless you regularly miss your billing period. Pay everything off before the end of the month and you could get a 50% APR and it would make no difference.

>>1096573
This.

Also, this >>1096538 is bad advice unless you have established a credit history though some other method such as a regular car payment

>>1096581
The fuck do I need a credit score for.

>>1096581
>get a credit card so you can build a good credit score to get -wait for it- A BIGGER CREDIT CARD!
Yeah fuck off mastercard shill

Hey /biz/, I'm a 26 year old and the only credit I've ever held is through a credit card I got when I was 21. I just did an equifax report and apparently my FICO is 790, which apparently is excellent credit.

Any reason the bank turned down my request to increase my credit limit from 3500 to 10,000?

>>1096926

The bank probably analysed your income and realised you would 't be able to afford that.

>>1096590

basically to take out any substantial loan. they won't give you one if you don't dance the dance.

>>1096591

You get lower interest rates on car/house loans. Plus some jobs check your credit scores to see how reliable you are.

Fucko

just get one with rewards (like a 1% return on your purchase) and pay it back quickly whenever you use it

mostly safer than carrying cash, only downside is they are tracking what you buy

>>1096591
I want to rent for the rest of my life: the post

>>1097072
Just set up autopay on some small recurring payment like a utility bill to generate a history of reliably paying your birr every month without racking up debt.

>>1097083
>I want to rent for the rest of my life: the post
Taking on debt to be able to live in a house without renting is a classic example of the prisoner's dilemma. If nobody did it everyone (in that situation) would be better off, but since some people do, everyone has to.

>>1097442
My man

>>1097083
>I want everyone to bid up housing prices with easy credit of 9x yearly income so that more of everyone's capital has to be sunk into housing than is really necessary: the post

>>1096132
Just max it out while it's 0 percent intrest, then get a new card and repete

>people do this

>>1096581
You don't really need credit either.

>>1097069
>>1097068
You can have those things without good credit.

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>>1096106
Dealing like a credit card is like dealing with satan himself

the bigger the deal the harder he will fuck you sideways, so make small stupid purchases like groceries once a month or even just a tank of gas and pay it off immediately

if you don't pay immediately you could get hit with an XBOX HUEGE interest rate that could last for up to a year (trigger rates, i know, total BS)

keep your spending small and you'll be just fine

>>1096149
>>1096152
Like some others mentioned, you don't pay APR if you pay your bill in full and on time every month. If you don't do that, then you pay APR.

>>1096132
This is an interest free promotional period. Say you buy something for $1000 dollars today. You make the minimum payment of $25 a month but accrue no interest during that time.
So come December they start charging interest again on your remaining balance which would be $775, after making the 9 minimum payments. If at that time you decide to make a payment of $775 and pay off the debt, you'll pay no interest. If you don't, youll start paying the APR.
Obviously it's better if you can pay it off in full.

>>1096926
The FICO score is kinda bullshit. Your 790 isn't worth as much as my 790 because I've had multiple accounts going back 12 years with no delinquencies.
I don't really get it but the fact you couldn't get a 10k limit proves FICO score isn't everything.
But yeah your income is probably too low.

>>1098051
Credit cards are a bad idea man.

To start, people spend more on purchases when paying with a credit card. That alone is reason enough to forego them.

But also if you have some unexpected expense or lost stream of income then you're putting yourself in serious jeopardy of not making the interest-free cutoff and, potentially, piling up debt.

>>1096926
Income is a factor, you want to make 75-100k to get approved for a limit like that.

>>1097486

I'm one of those people.

Bought my house using Balance Transfers to checking accounts on 0% APR years ago. Also used to order the coins from the mint and cash them in before they stopped taking CC payments to rack up bonus points/miles.

The system is ripe for gaming if you just do some research, but most people don't. Couldn't get a traditional loan to start my business either, but 18 month 0% APR did the trick.

Let me preface this by saying I have very little experience with money and am naïve.
What is the point of a credit card? Don't you pay off what you spent monthly? If so why not just use a debit card and pay with money you actually have instead of risking not being able to pay it off later?

>>1098086
>Bought my house using Balance Transfers to checking accounts on 0% APR years ago.

I once discussed this with some "Professional Property Investors", but they were shilling some real estate courses.

Can you give more details on this? How many credit cards, balance transfers, how did you build up your credit score, etc.? I'm genuinely interested if this is possible to pull off.

>>1098086
>Bought my house using Balance Transfers to checking accounts on 0% APR years ago.
Wait so what happened when the rate increased after <x> months?

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>>1098096
Generally more fraud protection associated with credit. I use debit for almost everything but you shouldn't use a debit card for online purchases. Depends on the bank issuing the debit card though, they might have comparable refund programs if you get scammed

>>1098101

Nothing, because I always transferred that balance to another 0% card. In the post i quoted "get a new card and repeat"

I've never paid interest on it but it's mostly paid off now.

But if you don't do that, then yea, the interest will fuck you in the ass.

>>1098098

This was a cheap property ($40k, lots of land but an old house out in the woods + a family wanting to sell because it was their parents house and they had no interest in it). I spread it over three cards + existing cash I already had.

I'm 25 and had my first credit card at 18, not a single late payment ever on my history, no collections, etc. Only used credit cards to build up my history - have never had an auto loan, personal loan, student/college loan, etc.

It's certainly possible to pull off. Your only limit is how much CL you can get on the card + your ability to repay.

But if you look around in the country, you can sometimes find properties for $10k or so. Not in great condition but it's a place to live with only taxes to worry about; no rent.

Right now I'm closing on a sale. Three properties. The guy is moving to Florida. Houses are pretty shit condition. Two of them are side-by-side lots and the other one is in a different (but nearby) area. It's currently rented out for $500 a month and I'm keeping it that way; the side-by-side lots are vacant.

I'm going to demolish one of the side-by-side houses because it's beyond repair and I'm thinking about developing a commercial business on the land. Undecided yet, but combining those two lots will give me around 3 acres of land to work with.

All of this is costing me $21k cash and an old Ford truck I have $1500 in after negotiation. So $22500.

it can be done, but if you want to give it a go, i suggest something simple first. under 10-12k. maybe a plot of land, some old house, etc. get creative and go out in the countryside.

imo, everyone should have a house locked up that they aren't renting. it's just good for your future

>>1098096
The point of a credit card is to spend money you don't have, and pay someone for the privelige.

>>1098098
My grandfather did it in the 90s.

Section 8 houses in Columbus Ohio so hit was like 40k at most.

He recently died and now we have to wait till the section 8 is up for the yearly renewel to sell these houses

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>yes goy, build credit so you can get a loan for pic related

>>1098680
>putting yourself in debt for 30 years to buy stapled together chipboard and a coat of paint
Good goys indeed.

>>1096590
Nowadays they make it hard for you to do a lot of things without having credit.

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I got my first credit card a year ago. Starting with a $500 limit. Now they just increased me to $5000.

I just now applied for 3 new cards on the same day and was approved.

>Chase freedom: $3500
>AMEX Blue: $2000
>Discover it: $1500
>Navy fed: $5000

Score is 740. When or how long should I wait until I add more cards? I always pay off in full every month and carry no balance no matter what, I am just using the cards build credit score up and increase my credit line.

how do i build credit? I work at walmart as maintenance and make $10/hr or $1200/mo and all expenses i have are $375/mo total. I have $1000 in savings if that matters

>>1098942
No they don't. You can get an appartment and a car without credit. You can even get a loan.