In Response To The Last Entry
Od isn’t letting me edit my entries yet AGAIN. It just joined a new circle, and I seem to remember the last time this happened I had done that as well. Anyway I wanted to answer some noters here.
The whole point for the credit card isn’t to build up credit for us. I want one so we can BUY things that we need without having to wait. Getting a credit card just to put 5 or 20 bucks on it, doesn’t help. I have good credit. We have been using our debit card as a credit card for years, and it does the same thing. I don’t mean to sound bitchy, but no one has helped me yet. I wanna know how it works, not what to do with it.
My credit card has a fixed interest rate. My credit limit is low but that’s how I chose. Basically you can just put your charges on it and most of the time you are required to make like a 25 or 50 montly payment. The interest rate is applied each month. So basically thy charge you so much per month to have the money loaned from them. If you are good about paying your payment each month its a good
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The interest rate is based on your credit score, they usually run at about 20%… around 14-16% or so if you have good credit. You might also want to look into a line of credit if your bank offers it, they tend to have lower interest rates, ours are around 14%. Signature loans might also be lower too, ours are around 18%.
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Sorry : ) Debit cards build credit? I’ve been using mine forever too, but I didn’t know they build credit at all.
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Debit cards don’t build credit. The easiest cards to get are store cards, but they have the highest interest rates and fees if you don’t pay on time. See if you can get a line of credit attached to your debit card. That *will* build credit, and as a bonus, it will work as overdraft protection on your checking account.
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hmm, I dont think debit builds credt. I would double check on that. Never heard of it before. So what kind of info are you looking for? IMO I only buy what I can pay off at the end of the month or withen 2 months. It really will cost you if you only pay the minimum, so always pay atleast 3X your minimum. If you NEED something like a new tranny, then only put thhat on, nothing else.
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…dont start using it for take out, or target, etc. That adds up so fast, cause you don’t see it coming out of your acount. Travess and I have excellant credit. our rates are about 12%
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i wish i could help ya, girly, but i don’t have a credit card either. i heard once from my brother-in-law’s friend’s aunt (i know, i know) who works for a bank, that when you select ‘credit’ (on one of those swipey machines for credit or debit cards) instead of ‘debit’ that it builds your credit rating because the way the purchase is handled is slightly different. but i’m really not sure.
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ryn: tanks mama =P your entry: oops my bad..I suggested the prepaid. Well…if you have good credit, then you can shop around for lower interest rates, but I heard ING is good, although I don’t know from personal experience
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oh and I recommend the line of credit too..I have that through my credit union
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