Credit Card Question

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JamesH

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Jun 25, 2006
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I know you guys love being jackasses, however I'd like some serious advice for just a second. I'm young, and I want to start building credit. Sounds like a formula for destruction but I'm good at managing my money (I fucking run my own 'small business' on the intraweb so I have to be at least somewhat decent at money management). Where can I get solid info about personal and preferably small business credit cards that isn't full of affiliate links and bullshit and shows me the hard facts. I'd also like to learn as much as possible about how credit cards work in general (I think I know the basics).

And to make this fun, tell any stories about how you fucked up with credit cards and went into bankruptcy then read an ebook to make millions on the interwebbies and are now rich.
 


Credit-Boards is good, especially if you're just starting out.
FatWallet Finance forums are great.

My advice?

Become an Authorized User on a card with a higher line and let it age.
 
Thanks guys, I'll be sure to read up on this. What card(s) do you use and what do you think about them?
 
Sweet. I still don't understand the point of credit cards though. Why spend money you don't have? Just digging a hole for yourself in my opinion, just get a loan or something. And then a lot of people have the money to spend, but still have a credit card. Why pay interest when you can just have a debit card? Am I missing something here?
 
oziman said:
Become an Authorized User on a card with a higher line and let it age.
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FICO changed their system so doing this is virtually useless now for your credit.

Really, all you need to do to build good credit is get a card, make a purchase or two on it every month, pay it off as soon as you get your statement and you're good.
 
hookshot said:
FICO changed their system so doing this is virtually useless now for your credit.

Really, all you need to do to build good credit is get a card, make a purchase or two on it every month, pay it off as soon as you get your statement and you're good.
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Exactly.
 
hookshot said:
FICO changed their system so doing this is virtually useless now for your credit.

Really, all you need to do to build good credit is get a card, make a purchase or two on it every month, pay it off as soon as you get your statement and you're good.
Click to expand...

true, but it still works if you are added as a cosigner. sure, it adds the responsibility of the actual debt, so don't do it if you don't 110% trust the other person. look for a card that has at least 10k limit, no more than 30% usage at any time, and is at least 3 years old. this is gold and is still the fastest way to a high score.
 
I would check out the american express business plum card with 2% cash back. They will want to see proof that your company exists like a business bank statement if they approve you.
 
JamesH said:
Sweet. I still don't understand the point of credit cards though. Why spend money you don't have? Just digging a hole for yourself in my opinion, just get a loan or something. And then a lot of people have the money to spend, but still have a credit card. Why pay interest when you can just have a debit card? Am I missing something here?
Click to expand...

Just get a loan? What do you you think you're doing when you use a credit card?

It's not about having the cash to pay for business expenses, it's about leverage. You also have things such as cash back, airline miles, and other perks that help reduce your costs.

Plus, if you ever decide to declare yourself a super affiliate you can flash your amex black on your blog and watch your sheeple wet themselves with envy.
 
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