<p>Just wondering, do y'all think that it is a good idea to have a credit card for your fresh year?</p>
<p>It's good to have because it builds credit. I didn't know about them until I asked a bank teller about one last week. They charge a ton of interest, but if you pay it off right away you'll be fine.</p>
<p>I'm going to use mine for gas just so I can get some credit built up. This way I will have a good rating when I go to buy a house upon graduation and finding a job.</p>
<p>I've had one since I was 13, no need to get rid of it for college.</p>
<p>I thought you had to be 18 to have a credit card? Are your parents cosigners or something?</p>
<p>For most banking transactions, yes, the parents have to co-sign when they are under 18. Before I was 18 I had a bank account but it was a joint account where my mother was listed as the "customer".</p>
<p>However, most 16-17 year olds with drivers licenses can sign a check by themselves and get it cashed/deposited without a problem.</p>
<p>I haven't heard of under 18 credit cards in a while. I remember Visa Buxx as being a card where parents could deposit money into an account or something (I don't recall exactly how it worked, but I read about it back in the day) so maybe that's the kind of card jPod has.</p>
<p>Of course, it could also be a bank card from a joint account if it's been around that long. When I converted to my own account at age 18, I got a card that can be used as a MasterCard. It is convenient and works anywhere, but it won't build any credit as the money is automatically taken out of the bank account it is tied with.</p>
<p>Joint accounts for minors can probably have these cards. I know a guy who got checks at age 16 when he had a joint account.</p>
<p>I got my first credit card when I was 15 -Capital One Visa, credit limit of $500, parents had to co-sign. But after a year of me paying my bill off every month in full, I started recieving pre-approved credit card applications in the mail where my parent's weren't asked to co-sign. It asked for "household annual income" - and well, I lived in the same house as my parents. Anyway, I had real credit cards before I turned 18. I also don't recall my parents having to sign anything when I opened up my first banking account at age 14. I know my dad was there, because he had to drive me.. I don't remember much though. I just thought it was so cool that I had a checkbook. Anyway.. enough of me rambling.. it's good to establish good credit early on. So get credit cards & be responsible.</p>
<p>Of course, being the Crimson Alchemist, you could just turn any creditors coming after you into bombs, right? ;)</p>
<p>I got a capital one visa when i was 16 as well. your parents just have to co sign but the card is completely in your name. when you turn 18 they aren't associated with it anymore.</p>
<p>I just got my first a few months ago from HSBC. The credit limit is 300 cuz my parents aren't associated :(</p>
<p>I haven't heard of under 18 credit cards in a while. I remember Visa Buxx as being a card where parents could deposit money into an account or something (I don't recall exactly how it worked, but I read about it back in the day) so maybe that's the kind of card jPod has.</p>
<p>Citi-bank Mastercard actually. Yeah, I think my parents had to sign something, but it's in my name. It has like a $5,000 (?) limit on it.</p>
<p>Visabuxx is not a credit card, it does not build your credit nor does it act like a credit card.</p>
<p>And yes you can relatively easily get a credit card while under 18 by having an adult (typically parent) co-sign on the card.</p>
<p>you need to get credit,I have 3 cards and have been denied for acedemic lprivate loans due to inadequete credit history.</p>
<p>so i havent spent enogh.</p>
<p>"so i havent spent enogh."</p>
<p>The amount you spend is irrelevant--it's how long you've had the cards that does. If you've only have the cards for two years or less, then there isn't a great deal of information out there on you for creditors to make a decision about your creditworthiness.</p>
<p>UB-Vinny77
Having numerous Credit cards hurts your credit score, and so does applying for them. Id stop what your doing, as long as your name is on that student loan, your building credit. Go to annualcreditreport.com I think it is, its the government one, and see what yours is. If its good, just hold the cards and keep on with the loan. If its not so good, lay low and keep up as much as you can with your loan.</p>
<p>my credit score is 645</p>
<p>after apply for these loans my crdit score went down some. maybe like 10 pts.</p>
<p>Is it ok to cancel credit cards and then get a new one.</p>
<p>BUt will taking a private loan which is credit based hurt my credit.</p>
<p>is 3 cards really that much?</p>
<p>i know people with alot more.</p>
<p>I have 3 years of established credit, consisting of 9 credit cards, 3 student loans, a car lease...and my scores are 715+</p>
<p>Skooliscool: I dont believe that, sorry. </p>
<p>UB-Vinny: You asked:Is it ok to cancel credit cards and then get a new one. First off, I dont know. I don't see how that can help, It's almost like your beating the system, a system in which makes oddles of money screwing people over, they don't care if your in poverty, you owe them money. Have you herd of people being rewarded by cheating a system? Id stay away form that. 99.9% says yes, it hurts. They know every credit card you applyed for, got, what you spent, how often. They know you upside down.
2. BUt will taking a private loan which is credit based hurt my credit.
Not at all. Just pay your dues on time. If you get behind then its hurting. They'll only let you take out so much, if they say no, treat it as a faild applacation for a credit card-just lay off for a bit.</p>
<p>On the privite loans questions, call your loan officer at your bank.</p>
<p>Oh 3 cards is ok. NO MORE, Id stay with 1 debit card (non-credit), and 1-2 cards, 3 is kinda alot, especially for a college kid, but idc if best buy will give you $20 off your bill, no more applying, no more cards.</p>
<p>I'm 23, got my first credit card when i was 16... I still have that one plus another visa that I got about 6 months ago.. i also have a student loan and a car loan, and my credit score is 760. (the last time i checked it was 6 months ago when i was applying for my credit card, maybe it's changed since then.)</p>
<p>what are the keyfactors i getting the score UP. Ive only had my card for about 1.6 years so far.</p>
<p>I can get my credit reports anytime I want from this privacy guardservice I have on my chase card.</p>
<p>Credit Xpert Credit Score-----Rating----Credit Bureau----Credit Report Date
Highest score ---------------- 670 ----TransUnion----- 2006/05/31
Middle score ---------------- 666 ---Experian---------2006/05/31
Lowest score-----------------659 ----Equifax --------2006/05/31</p>
<p>Making FULL payments ontime, no balances, dont have 2342 cards, dont apply everyware. Google it, and be smart about your spending habits.</p>