justan0therjess
Rat Royalty
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| 06/25/2008 1:08 PM |
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I have been trying to find ways to build up credit so that when I graduate next year I wont be up &*$! creek, not even being able to rent an apartment without my parents, etc. I have a credit card in my name. No one seems to be able to tell me what exactly will help me get credit that I can manageably do. I live off $150 a month after rent and all that, so that usually goes to food and the little bit of fun I try to have, so its hard for me to do something that would cost money up front or things like that. Any ideas?
Also, I'm on 2 of my parents gas cards, one of their credit cards, is this helping me at all? |
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SuzieRedhead
Terrier Terror
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| 06/25/2008 1:13 PM |
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Make sure you pay all your bills on time. That's really all you can do for now until you get out in the working world.
I had CRAPPY credit. I had one of my cards cut up in front of me at Wal-Mart.... that's how bad it was.... I had student loans in default... unpaid medical bills from being uninsured.......my credit was a mess....
After my Mom passed away (she passed away in 1999), in 2002, I had the opportunity to buy my house. My Mom didn't have much, and didn't leave me much, but it was enough for me to pay off my outstanding bills (which my mortgage company required) and I got a mortgage. It was at a higher interest rate and I had to pay points, but I knew if I could keep timely payments, it would build my credit. And it did.
I've refinanced my mortgage, which was at 7.5% down to 5.875% fixed (so low cuz I had good credit)... I've applied for a credit card for Raymour and Flanigan, and got a $13,000 credit line (which is totally obscene... I've asked them to reduce it to $5,000)....
Just keep paying stuff on time. Your credit will be built up before you know it!!
Good luck,
Sue |
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Sue Carello, Scotia, NY (near Albany)
Ratbone Rescues Fostermom, Northeast State Coordinator and Applications Coordinator and Fundraising Co-Chair
www.ratbonerescues.com
Who do YOU GoodSearch/GoodShop for? Click on the icon below and type in RATBONE RESCUES!
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justan0therjess
Rat Royalty
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| 06/25/2008 1:21 PM |
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| which is better, to pay off my credit card bill if I can or to pay more than minimum payments each time? |
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SuzieRedhead
Terrier Terror
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| 06/25/2008 1:28 PM |
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It depends. How much do you owe? Can you afford to pay it off? Don't cut yourself short.
I have a lot of credit card debt. I pay the minimum payment + more. It doesn't hurt ya to do that. I've paid off a card when I re-financed my mortgage, at one point, but it's built back up.
My advice - if you can't afford it, don't buy it (gotta follow my own advice!!). Don't use your credit card unless it's extremely necessary. Credit card debt can cripple you if it's not controlled...
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Sue Carello, Scotia, NY (near Albany)
Ratbone Rescues Fostermom, Northeast State Coordinator and Applications Coordinator and Fundraising Co-Chair
www.ratbonerescues.com
Who do YOU GoodSearch/GoodShop for? Click on the icon below and type in RATBONE RESCUES!
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justan0therjess
Rat Royalty
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| 06/25/2008 1:35 PM |
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| I never put more than $50 on it, I don't keep it in my wallet, so that I can't use it when I really really need that purse or whatever i'm craving at that moment lol, but i've heard that it doesn't do anything for your credit if you pay it off every month. I put Joleighs emergency vet visit on it but my parents said they would pay for that, so i'm definately paying that much off for the next bill I get in.. |
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tiggarat
Rat-A-Tat-Tat
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| 06/25/2008 1:39 PM |
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pay your bills on time...if you're late once in a great while it won't be a big deal, but if you make a habit of it, it lowers your credit rating.
when I needed to buy a new car a few months ago, I was pleasantly surprised at my credit rating...I didn't need to get anyone to co-sign like I did with my previous car. 
I have a credit card, but it is for emergencies only...nice to know it's there, but it wouldn't be of much use when I really need it if it's already maxed out. Like Sue said, if you can't afford it, don't buy it. |
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Lisabeth
furbabies: Lucy and Molly (1 1/2 yr old decker ratties), and Rosie (3 yr old dobie)
Buddy - gone but never forgotten.
"I don't think he has any idea he's a dog, really. Of course, he thinks he has a rather odd figure for a man" - Dodie Smith |
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Dinks Mom
Terrier Terror
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| 06/25/2008 1:40 PM |
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Since you're starting out it's better to pay the minumum or more on the card and not pay it off too soon b/c the companies want to see consistancy. The companies want to see you charging and paying. It's when you're in debt up to your ears that paying the minumum isn't getting you anywhere. What you do is charge a few things here and there and pay on the cards for several months and then pay it off but be smart and not charge it up to where it will take you forever to pay it off that's where people get in trouble.
And being on your parents credit cards isn't helping you, it's helping them. |
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~Susy~
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k_dmom33
Terrier Terror
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| 06/25/2008 2:15 PM |
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| susy is right about they want to see consistancy. That is exactly how you build up your credit. My husband and I went thru this a while ago. We are getting there now!! |
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~~Teresa~~ |
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Lucy's Colleen
Bratty Ratty
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| 06/25/2008 2:31 PM |
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| I have been working on forming my credit as well the past few years. It has gone very well, near 800. I just make sure that there is some balance each month, and that I pay it every month on time. |
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Colleen
Flickr account:
http://www.flickr.com/photos/7797281@N05/ |
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justan0therjess
Rat Royalty
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| 06/25/2008 3:21 PM |
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| Okay, yeah I kind of figured they wont realy give me too much if i'm just charging a small amount and paying it off at the end of the month.. Being on my parents credit cards, i don't think that helps them too much, only creates a bigger bill for them. although when my mom comes visit she does use my cards instead of hers so my dad thinks I'm spending the money, not her. |
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Dinks Mom
Terrier Terror
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| 06/25/2008 3:30 PM |
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Posted By justan0therjess on 06/25/2008 3:21 PM
Okay, yeah I kind of figured they wont realy give me too much if i'm just charging a small amount and paying it off at the end of the month.. Being on my parents credit cards, i don't think that helps them too much, only creates a bigger bill for them. although when my mom comes visit she does use my cards instead of hers so my dad thinks I'm spending the money, not her.
I just meant that since the cards are in their names, it's helping their credit score not yours.
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~Susy~
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justan0therjess
Rat Royalty
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| 06/25/2008 3:38 PM |
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| I was being funny =) I'm very thankful for them. I'm the first person in my family to go to college right out of highschool, my mom went when I was about 8 or 9 years old, but other than that, none of my aunts or uncles or anyone on my dads side of the family have gone. Their rule is as long as I'm in school or working during the summer, they'll pay the bills. The credit card was my idea, so itll be my only bill besides food. Its nearly impossible to live off $150 a month with food, but gas isn't too much, when I drive down to my parents is when I use their card, other than that a tank can last me 3 weeks, every where else I need is close by. I try not to fuss about not having money to them, because all in all they prob spend $2000 or better a month on me, not including tuition & books. |
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Dinks Mom
Terrier Terror
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| 06/25/2008 3:47 PM |
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You sound like you have great parents and you have a good head on your shoulders. I'm sure they're very proud of you. They're taking care of you and you'll have to take care of them one day. |
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~Susy~
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justan0therjess
Rat Royalty
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| 06/25/2008 4:14 PM |
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| yeah haha, thats our agreement too.. I have a sister but they don't really get along so I'm to be "in charge" of them when they get "too old to hold it" as my dad says. |
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treble02
Pack Leader
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| 06/25/2008 8:07 PM |
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| I have heard that you should keep like a 30% balance on your cards....paying them off doesnt help as much...but neither does keeping a HIGH balance....make the payments ON TIME every month for sure...but again, i have heard somethign about 30%......not positive I have been working myself out of debt since I was 18 and was able to buy a condo last summer with my boyfriend (I am 27) |
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~ Mary, Trixi and Toa's Mommy
Ratbone Rescues Foster Mommy
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