I can't get a credit card

  1. i have been getting warnings from my mother since about 1 year before my birthday about not accepting credit cards. lucky for her no one will give me one, my boyfriend says i cant get one because i have too many creditors checking my credit. is this true? what ever happpend to just giving students credit cards to ruin their lives. i turned 18 in june2002 and the only approvals i get are from secured companies, where i can set my own limit. gut if i had the money i wouldnt need a credit card. can anyone offer any advice? or an explanation
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  2. 41 Comments

  3. by   OBNURSEHEATHER
    Do you have a job?

    As someone that is digging her way out of credit card debt, I cannot address your question with a shred of seriousness or without much sarcasm and flaming, so I'll check out now.....

    Heather
  4. by   delirium
    I find it hard to believe that you are seeking a credit card with which to ruin your apparently untarnished credit record.

    I am STILL trying to climb out of cc debt and a bankruptcy I filed several years back. The bankruptcy I had good reason to file, the cc debt is just me exercising poor judgment and spending too much time at the mall or big pimpin' with my friends.

    If you want to build credit, I'd suggest getting a secured credit card or going through your financial institution for a credit card. Based on your payment record, you will then be able to get unsecured cards with higher limits, all based on your ability to pay (i.e. annual income) and your debt to income ratio.

    I'd also encourage you to evaluate interest rates and how much money you're actually spending for an item when you charge it rather than if you pay cash.
  5. by   Lausana
    HUH? I ditto the above, unfortunately I had someone willing to give me a credit card at 18 and it took forever to pay the stupid thing off. They are too easy for spending when you're a student not working full time. I KNOW.

    Get a debit card from you checking account at your bank, you can use it as a credit card for convenience but won't end up with the debt. Count yourself lucky that you can't get them right now.
  6. by   babynursewannab
    Um... the bane of my existence right now is cc debt. It started when I was 18 with my first credit card. I have not been debt free in 12 years. It's not that I was stupid, it's just really easy to charge those little necessities or emergencies and they add up a he** of a lot faster than one realizes.

    Hon, go as looooooong as you can without one. But, that's just my opinion.
  7. by   ShandyLynnRN
    I ditto all the above posts! I luckily didnt get into great debt with cc's, but I racked up enough. I got out from under them, and LUCKY for me, I can't get any cards now due to my credit. Well, I DO get those "pre-approved" things, with really high interest and monthly/yearly charges. Nah, I don't think I'll go for those. I have lived now for 6 years without credit cards, and I have done fine! Don't do it! You can get by without them!
  8. by   Stargazer
    Originally posted by Miss JKm
    if i had the money i wouldnt need a credit card.
    That is PRECISELY the wrong way to think about credit. If you don't already have at least most of the purchase price of an item, you shouldn't be buying it, period.

    Think of credit as a temporary loan only for major purchases like a house or car, or big-ticket household items like a kitchen appliance, a couch or a computer. Remember that if you're shelling out double-digit interest over 6 months, you can almost double the original purchase price.

    Let's say you want to buy a $250 leather coat and pay it off over 6 months with your Visa at 13.9% interest. That coat will end up costing you about $450 by the time you're done. Would you have bought the coat originally for $450? Probably not.

    Until you have at least $300 that you can afford to put towards a deposit on a secured card, you really shouldn't have one.

    There's a lot of great online resources to learning about credit basics. 2 I highly recommend: MSN's MoneyCentral (read this article for a reality check) and The Motley Fool.
  9. by   katscan
    DON'T GO THERE!!! AS a mother of 2 college age students-one 23 and 21 who have totally ruined their credit I know what I'm talking about. Get a secured credit card and use it for awhile. It takes real discipline-as all of us want more than we can actually afford. Filing bankruptcy is TERRIBLE, and you are ruined for many years for college spending immaturity. Get a secured credit card and use it for major things-no food, bars, cds.movies, etc. It's too easy- it 's the slippery slope to major depression later when you have no credit and really nothing to show for it. Get used to living on a budget and pay cash for all those "fun " things that are intangible. When you can't get a car loan or a house mortgage, there will be very little you can do . Trust me.
  10. by   EmeraldNYL
    I have had a credit card since I was 18 and I try really hard to pay off my balance in full every month. I charge things like books at the beginning of the semester, which I don't have the cash to pay for because I didn't get my loan reimbursement yet. But by the time the bill comes I almost always have the money to pay off my debt. Even if you can't pay off your balance in full every month, you should always make more than the minimum payment-- I suggest AT LEAST half of your balance. Otherwise, the interest will eat you alive and you will be in debt for the rest of your life. Do your research and try to get the lowest interest rate that you can. One credit card is a valuable thing to have because it can help you out in emergencies as well as help you build a credit history-- this way you can get a loan for a car or house later on. So, get a credit card, but try to get one with low interest, and don't buy things you can't afford!!
  11. by   sunnygirl272
    Originally posted by Stargazer
    That is PRECISELY the wrong way to think about credit. If you don't already have at least most of the purchase price of an item, you shouldn't be buying it, period.

    Think of credit as a temporary loan only for major purchases like a house or car, or big-ticket household items like a kitchen appliance, a couch or a computer. Remember that if you're shelling out double-digit interest over 6 months, you can almost double the original purchase price.

    Let's say you want to buy a $250 leather coat and pay it off over 6 months with your Visa at 13.9% interest. That coat will end up costing you about $450 by the time you're done. Would you have bought the coat originally for $450? Probably not.

    Until you have at least $300 that you can afford to put towards a deposit on a secured card, you really shouldn't have one.

    There's a lot of great online resources to learning about credit basics. 2 I highly recommend: MSN's MoneyCentral (read this article for a reality check) and The Motley Fool.

    gawd...stargazer does it again.....

    seriously...why on earth d'ya wanna ruin your credit? i, too, am diggin myself out..about a yr or a little less to go, and i will be debt free..but bbay..i hav ebusted my ass to get that way...thank goodness for Genus
  12. by   essarge
    I agree with Emerald. I have ONE credit card that I use for things that I REALLY need such as books etc. I do occasionally use it for gas also. I pay it off in full as soon as I have the money. I have not had to pay any interest on any of it yet and it has built my credit up very well. Take heed though...it is really easy to say "I really need this" when you don't!
  13. by   KC CHICK
    Why are you wanting a credit card in the first place?
    In another thread you said that you only work 15hrs a week. You also said that you're "not very busy".
    I suggest picking up extra hours or getting another job to pay for wants and needs rather than sinking into financial debt.

    Anne
    Last edit by KC CHICK on Jan 29, '03
  14. by   Stargazer
    Thanks, sunny! (Actually, the math is wrong in my example, but I'm too lazy to go back and correct it--and it wouldn't change the point I was making, anyway. )

    I agree with Nikki and essarge that starting out cautiously with 1 card is a good way to establish credit. My point is that for someone who A)doesn't seem to have a good basic understanding of how credit works and how it should be used (I sure didn't, at 18!) and B)doesn't have enough money in savings ($300 is the usual amount) to put towards a security deposit, is someone who needs to educate herself about credit and put some $$ aside before getting that piece of plastic.

    Miss JKm, I hope you are taking everyone's advice in the spirit it's being offered. Many of us have made silly, stupid and certainly expensive credit errors when we were younger. Benefit from the wisdom of our mistakes and don't get into a crippling financial mess when you're just starting out.

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