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  1. #26
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    Click here to enlarge Originally Posted by Sledgehammer Click here to enlarge
    You're just about all wrong I work in the credit field and the smartest thing you can do as a student is not build credit. You have no income, no method to repay so why get a credit card? This is the trap students fall into and unless you took no student loans in your name which is rare for a pre-med student. Then you have credit with student loans in deferment that will build credit on its own for you without repayment.

    Credit is easily and quickly established whenever you're ready. Now is not the best time to get a Credit Card
    not saying youre wrong by any means but don't you think having a card where you pay for stuff that you normally pay cash for a few times a month is helpful for establishing a credit history? a-la gas card that gets paid off every month? you're paying for it regardless, why not use credit if paid in full every month? I'm not saying he should go on a shopping spree to modbargains or something and carry the debt, but rather use the credit to his advantage for things he will purchase regardless of having a card for it or not.

  2. #27
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    Click here to enlarge Originally Posted by Sticky Click here to enlarge
    9-10 cards? I have 2... damn. Why so many cards?
    different banks.

    as mentioned by benzy89 stated, an inactive card or closed account doesn't do $#@! for you. I'm at the point where now I get banks/credit cards offering me much lower rates with much higher limits than others because they WANT my business.

  3. #28
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    Click here to enlarge Originally Posted by seth@eurocharged.com Click here to enlarge
    different banks.

    as mentioned by benzy89 stated, an inactive card or closed account doesn't do $#@! for you. I'm at the point where now I get banks/credit cards offering me much lower rates with much higher limits than others because they WANT my business.
    Interesting I thought your credit score was punished for too many open credit card accounts.

  4. #29
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    Click here to enlarge Originally Posted by seth@eurocharged.com Click here to enlarge
    not saying youre wrong by any means but don't you think having a card where you pay for stuff that you normally pay cash for a few times a month is helpful for establishing a credit history? a-la gas card that gets paid off every month? you're paying for it regardless, why not use credit if paid in full every month? I'm not saying he should go on a shopping spree to modbargains or something and carry the debt, but rather use the credit to his advantage for things he will purchase regardless of having a card for it or not.
    No I'm not wrong...

    Getting a gas card which may have a $250 limit, $500 if he is lucky does nothing. Its a pebble dropped in a lake. However if he insists on building credit then he should call Mommy or Daddy, then have him listed as an Authorized user on their cards. Say 2 accounts

    Why?

    Because Mommy & Daddy we would assume have very good credit. Adding him as a user gets the accounts history reported in his credit. He gets an instant history with accounts in long standing.

    Credit is history people... Its your displayed ability to no only payoff debt but manage it over time. Getting a $250 gas card does nothing and has NO HISTORY. Seriously people with no income dont need credit for anything. Just my professional and personal opinion
    We stay swingin...
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  5. #30
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    cool thanks for the tidbit of info.

  6. #31
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    Click here to enlarge Originally Posted by Sticky Click here to enlarge
    Interesting I thought your credit score was punished for too many open credit card accounts.
    if they carry a high balance yes I could see that.

    ideally I'd like to consolidate down to 3-4 that are joints with my wife anyway but to my knowledge having the cards open, used and in good standing has been beneficial.

  7. #32
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    Click here to enlarge Originally Posted by Sledgehammer Click here to enlarge
    No I'm not wrong...

    Getting a gas card which may have a $250 limit, $500 if he is lucky does nothing. Its a pebble dropped in a lake. However if he insists on building credit then he should call Mommy or Daddy, then have him listed as an Authorized user on their cards. Say 2 accounts

    Why?

    Because Mommy & Daddy we would assume have very good credit. Adding him as a user gets the accounts history reported in his credit. He gets an instant history with accounts in long standing.

    Credit is history people... Its your displayed ability to no only payoff debt but manage it over time. Getting a $250 gas card does nothing and has NO HISTORY. Seriously people with no income dont need credit for anything. Just my professional and personal opinion
    makes sense.

    question for you. I have almost never closed an account. I followed what I said above about transfering balance etc, but never actually closed once paid off. my score is high, plenty high, but I was under the impression that credit/debt ratio plays a larger part in the score...?

    basically, not including a mortgage, i could basically buy a house on my available credit alone, because i have so many open, but my debt is minimal, very very minimal.

    if i were to close all thos old CC's would my score jump or dive?

  8. #33
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    Click here to enlarge Originally Posted by LostMarine Click here to enlarge
    makes sense.

    question for you. I have almost never closed an account. I followed what I said above about transfering balance etc, but never actually closed once paid off. my score is high, plenty high, but I was under the impression that credit/debt ratio plays a larger part in the score...?

    basically, not including a mortgage, i could basically buy a house on my available credit alone, because i have so many open, but my debt is minimal, very very minimal.

    if i were to close all thos old CC's would my score jump or dive?
    Yes and No...

    Part of your credit score is available revolving credit so closing a revolving line would lessen the available credit vs the outstanding balances. That by default should lower your FICO score... However if you have say $100K in available credit and owe $1000 and then close down $25K in limits. You should benefit as your potential revolving credit and Bankruptcy risk is reduced so they in effect negate each other. Meaning your score should see minimal to no change. Thats the generic answer, other variables like age of the accounts closed and remaining open, age of your overall credit, payment history on the remaining open accounts and history on the closed accounts come in to play. Along with geographics, age and so on.
    We stay swingin...
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  9. #34
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    Click here to enlarge Originally Posted by Sticky Click here to enlarge
    Interesting I thought your credit score was punished for too many open credit card accounts.
    It can be punished in terms of potential BK risk scoring and if your field of employment is listed on the credit report. Then scoring based on historic incomes for the field play out in behind the scenes math. It has limited to no effect in the case of the latter info But it can hurt someone's FICO depending on the available limits vs income. Someone making $50k annually and has $250K in rev non mtg lines would get wacked very very hard.
    We stay swingin...
    Click here to enlarge

  10. #35
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    I started building my credit as soon as I got my first checking account. I just financed things I was about to pay cash for.

  11. #36
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    great info in here, I'm in the same place as the OP. same age/full time student/ premed Lol.
    Click here to enlarge

  12. #37
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    Ive been working mine for 6 years now...managed a score of 801 last year...never made a late payment ever.

    My oldest card was an AMEX, but they dicked me when i was on vacation and had a brain fart and paid 16hrs late...immediatley removed my 7% fixed interest and bonkrd me at 23% variable. Called and complained, said there was nothing they could do. So they got dropped.

    I rarely got any perks out of them, if any at all. Citibank however seems to love me and keeps throwing me 0% deals left and right and all sorts of cash back stuff...

  13. #38
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    Click here to enlarge Originally Posted by Itsbrokeagain Click here to enlarge
    Ive been working mine for 6 years now...managed a score of 801 last year...never made a late payment ever.

    My oldest card was an AMEX, but they dicked me when i was on vacation and had a brain fart and paid 16hrs late...immediatley removed my 7% fixed interest and bonkrd me at 23% variable. Called and complained, said there was nothing they could do. So they got dropped.

    I rarely got any perks out of them, if any at all. Citibank however seems to love me and keeps throwing me 0% deals left and right and all sorts of cash back stuff...
    Trick of the day...

    If you pay a CC late and its a one time occurence and they up your rate. (Which is rare, there's usually some other mitigating factor) Call your State Banking Dept and file a complaint, they will almost immediately advise you to contact the state the card issuer is located in. Once you contact that State they WILL start an investigation, CC companies do not like getting calls and letters from the state. It only takes ONE complaint to get their attention, you can almost guarantee that they will either go back to the original rate or worst case scenario a new rate thats lower than the jacked up rate but higher than your old rate. Thats how you play hard ball with CC companies... Granted one shouldnt be late but just in case!
    We stay swingin...
    Click here to enlarge

  14. #39
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    Click here to enlarge Originally Posted by Sledgehammer Click here to enlarge
    Trick of the day...

    If you pay a CC late and its a one time occurence and they up your rate. (Which is rare, there's usually some other mitigating factor) Call your State Banking Dept and file a complaint, they will almost immediately advise you to contact the state the card issuer is located in. Once you contact that State they WILL start an investigation, CC companies do not like getting calls and letters from the state. It only takes ONE complaint to get their attention, you can almost guarantee that they will either go back to the original rate or worst case scenario a new rate thats lower than the jacked up rate but higher than your old rate. Thats how you play hard ball with CC companies... Granted one shouldnt be late but just in case!


    Hm good to know for next time. So far everyone on the other end at Citibank has been super helpful and answered all my questions/complaints, Amex was trying To speak to several people who spoke very poor english...

  15. #40
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    Amazon store card! Just thought of it!

    No interest for 6 months either, purchases of 150+.




  16. #41
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    Click here to enlarge Originally Posted by E90SoFlo Click here to enlarge
    Amazon store card! Just thought of it!

    No interest for 6 months either, purchases of 150+.
    Interesting, but what's the limit on that?

  17. #42
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    Click here to enlarge Originally Posted by Sticky Click here to enlarge
    Interesting, but what's the limit on that?
    Im not sure, probably $400? Im sure you can get it raised if you have good credit.

    its like a instore card, for amazon.

    24.5 interest rate though. If you don't meet the "no interest" for 6 months deal. But $150 isn't much.




  18. #43
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    Click here to enlarge Originally Posted by E90SoFlo Click here to enlarge
    Im not sure, probably $400? Im sure you can get it raised if you have good credit.

    its like a instore card, for amazon.

    24.5 interest rate though. If you don't meet the "no interest" for 6 months deal. But $150 isn't much.
    Free money for 6 months, I guess I could buy something just to pay off.

  19. #44
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    Best thing to do is take a small part of that $5k and put it into a secured credit card with your bank. Buy gas with it, maybe groceries, and pay it off every month. Don't get a regular credit card until you get a job; and even then you need to pay it off every month unless it's for an emergency. I have one card I use for day to day usage (I get points and stuff), but I pay it off each month. And I have one sitting with no balance or yearly fee for emergencies should they arise and I can't get at my savings account.

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