FindArena > Find Arena > Funding

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  #1 ()
taurfibra : I received my Amazon Store Card in the mail today after being approved last week. I have a $600 limit on it--almost what I make every month! :-/

Anyway, I learned about the *right* way to use a credit card when I was 16-ish and have been looking into cards since I was 18. I only wanted ONE card, I decided, and I wanted to make sure I picked the right one. Much to my surprise, I was approved for the card.

My primary concern is establishing whatever credit I can before October-November when I begin applying for apartments. I'm 19, after all, and don't have much in the way of credit.

My score is 685 (Transunion and Equifax--no score from Experian yet), and that's based, from what I can tell, entirely on my $5k in student loans that I haven't defaulted on that I've had for 2 years. This August, I'll be borrowing another $5k, for a total of $10k for my undergrad degree as this is my last year and I'll graduate when I'm 20.

So, just how much should I spend each month? Right now, after paying my bills, I've only got $300-800/mo discretionary income, so the less I can put on the card, the more comfortable I'd be. As much as I trust myself financially, the last thing I want to do is wind up in CC debt. I figure I'll definitely put my cellphone bill on my card, since that's consistent every month ($35). How low can I go--with respect to how much I spend--while still improving my credit score?

Any other words of advice?
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  #2 ()
vobviliaEveli : Take that card and cut it in to tinny pieces, you don't need it!.
You'd be better off getting money from a loan shark.
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  #3 ()
SedEvedomum : DONT! That card will not boost your credit
Enough to do anything, actually it will probably ruin your credit! Credit
Cards are the worst thing especially for girls lol they will screw you.
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  #4 ()
chistazgf : Using a card wisely can help your credit score. Charge just a little bit every month, and always pay the entire balance. But if you find yourself tempted to spend more than you can afford, CUT IT UP! It sounds like you already have a decent credit score for your age, so I don't think using a credit card is necessary to gain credit.
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  #5 ()
vvvtttjjjccc : Most financial companies view any type of credit as a liability. If you have a card with a credit limit of 600 and owe 0 they treat it as if you owe the full amount anyway because you could rack it up at any time. Credit is pointless and it will only make you a slave to monthly payments. If you want something save for it.

As long as you are paying your current bills on time (no missed or late payments) you will do just fine that is what matters most to them. They want to see that you are reliable. Good luck and listen to the people that tell you to cut up your cards. We know from experience!

Edit: having a credit card for emergencies only can be a life saver. (50% off at the gap does not count as an emergency! :P ) we have one card with a low limit just in case. If you do use it try to pay off your balance in full every month. Don't get more than one card ever. That's just asking for trouble and remember applying for credit WILL lower your credit score.
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  #6 ()
IllexRitkit : if it doesnt exist....why is there money being spent to cut
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  #7 ()
engigMeme : Why do you keep posting this lie? They still exist. They just changed their name. That may have fooled you, but the rest of us are on to it.
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  #8 ()
WhakBanocoamn : Maybe it's the spinoff groups
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  #9 ()
ipermMaria : Because it merely changed it's name.
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  #10 ()
Varvef : If it doesn't exist in some form or another, there would be no need for a vote and no need for you to ask the question.
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