goign to open checkings tomm? also try to get a loan

[Chet Mo and the Camaro]

well i got my first check today a whoping 700 dollars woohoo, not really to much since i just got 4g last weel for selling some...land!! well i am going to open a checkings acount, i also want to see about getting a loan, when should i try to get one from the bank(to build credit) maybe like 400 bucks or something, should i wait a while or what, and if i do get a loan should i spend it and just pay the 50-75 bucks however much it is on time to build up my credit, if thats the case i could by my bird some toys!!! and just pay the small monthly fees!! or i could get it hang on to it and pay the notes!! but my question is how long should i wait to try to get a loan?

[3.4 slow to go]

how about getting a loan when you actually need it?

want to build credit? get a credit union card, and use it sparingly, paying it off each month.

[vanbibber]

if your going to get a loan go bigger than 400 go like $1000.

or just get a credit union card like nate said.

[camaro_speedemon]

Loans don't do **** for building your credit, they help, but nothing like a Credit card will. If you want to build credit, get a credit card with a $500 limit. Keep a small balance on it, like $10-15 and and make payments on it every month.

[whiteshark]

Originally posted by camaro_speedemon:
Loans don't do **** for building your credit, they help, but nothing like a Credit card will. If you want to build credit, get a credit card with a $500 limit. Keep a small balance on it, like $10-15 and and make payments on it every month.

you're better off paying it off every month than keeping a balance, but don't spend anywhere near your credit limit, one of the things they check is how much of your credit you use.

[shenanigans]

get a card with a big balance put everything on it. And pay it off every month.

[96firebird311]

I have heard you should maintain a balance on your credit card. Pay a little every month.... however, I have been paying mine off completely within a day or two for years now.... and I have SMOKIN credit. [img]smile.gif[/img]

[ThatsMeGC]

I got my first credit card when I crashed into the wall and had to pay for the repairs...it was a 14.9% rate on it.. after a while of that plus my car loan making my payments every month, I got a offer in the mail for a zero percent interest rate card so I took that and dumped my car loan and other credit card to it. Now I get zero percent offers in the mail almost every day I just signed up and got a new card the other day and I moved everything off the old card to the new one (before the zero percent ran out on the old one). Now I have a card with a $5000 dollar limit and zero percent on purchases and balence transers till feb. 2007.

[BLLDOGG]

an aspect some people dont realize is that how long you have an account with someone also affects your credit. the longer the better with paying on time. when you have some credit cards you want to get ride of, get ride of the newest ones. also, just transfering your debt from place to place doesnt help your credit. it can even hurt it

[Th3 RiCk]

Maintaining higher balances on major credit cards, Visa or Mastercards, raises your credit score. The key word is maintaining not over-drawing.

Also, I highly doubt you will get a loan of any amount having no credit at all. You would need some major collateral to back the loan and the bank would still consider it risky and rape you with interest rates.

[3.4 slow to go]

that's why you check out a credit union first

[Big Tymer]

creit score goes up if u leave a ballance..... doesnt matter how much.. just leave at least like 10 bux at the end of the month that creates interest....... paying it off each month doesnt hurt, but it doesnt help...

[camaro_speedemon]

Originally posted by Th3 RiCk:
Maintaining higher balances on major credit cards, Visa or Mastercards, raises your credit score. The key word is maintaining not over-drawing.

Also, I highly doubt you will get a loan of any amount having no credit at all. You would need some major collateral to back the loan and the bank would still consider it risky and rape you with interest rates.

Maintaining a high balance won't help as much as a lower balance. You want to have a nice cushion between your balance and your limit, atleast 50%.

[WSU77]

I am 27 years old, my first cards were a couple of store credit cards I got when I was 18 that I used I think 3 times total.

The first major credit card I got was when I was 24, it was jan of 2002. I have NEVER carried a balance on it. When I went to get preapproved for my house (January 2004), my mortgage officer said my credit was excellent. I saw my scores they averaged 780.

As far as using the card during that 2 year period I mentioned I had a limit of 2500 then went to 3500. My bill averaged 200/month, so its not like I was using the card a whole lot. I do know using close to your limit, whether you pay it off or not can negatively affect you.

I am not a believer of leaving balances on cards to help build credit. You will pay interest for no reason at all.

[shenanigans]

Originally posted by WSU77:
I am 27 years old, my first cards were a couple of store credit cards I got when I was 18 that I used I think 3 times total.

The first major credit card I got was when I was 24, it was jan of 2002. I have NEVER carried a balance on it. When I went to get preapproved for my house (January 2004), my mortgage officer said my credit was excellent. I saw my scores they averaged 780.

As far as using the card during that 2 year period I mentioned I had a limit of 2500 then went to 3500. My bill averaged 200/month, so its not like I was using the card a whole lot. I do know using close to your limit, whether you pay it off or not can negatively affect you.

I am not a believer of leaving balances on cards to help build credit. You will pay interest for no reason at all.

I am 23... my credit scores averaged 810.

3 cards (had 2 more but canceled)

1 has higher balance 2 others I keep ok balances on.


I have only paid interest once ever on my cards... that was a mail error since then switced to online banking.