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Frugalistas Frugalistas

We were finally approved for a credit card but I am hesitant.

Posted by on Jan. 9, 2013 at 1:31 PM
  • 16 Replies

It is through our bank, it has a $39 yearly fee and we have to put $100 down.  Not ideal but considering all the time it took to pay off DH's loans, plus the fact I am on disability this is the best intro to credit we are going to get, I think.

We only want it to build credit.  We would like a house someday.  Also for emergencies, I think its good to have.

We didn't say yes to the card yet because of the fees.  is this a good idea to get this card? Are there better offers out there for my dh who is almost done paying off deliquent loans and myself who is on disability so its not considered income.



by on Jan. 9, 2013 at 1:31 PM
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Replies (1-10):
angevil53
by on Jan. 9, 2013 at 1:34 PM
You should call capital one or see if there's one through your bank. Also there is a new debit card that reports to credit bureaus. I can't remember what it's called but suze orman backs it up.
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matreshka
by Platinum Member on Jan. 9, 2013 at 1:35 PM

Is the new debit card the american express through walmart?  I'll look up the suze orman one.  I was really p.o'd because I paid off my old car on time and they didn't report it.

Quoting angevil53:

You should call capital one or see if there's one through your bank. Also there is a new debit card that reports to credit bureaus. I can't remember what it's called but suze orman backs it up.


LexRi0709
by on Jan. 9, 2013 at 1:48 PM
The suze orman one charges $3/mth for it and it takes over 6 mths of consistant on time payments of things before it reports to your credit. I had it and ended up not using it because it was a pain in the butt. I would have to transfer funds from my bank acct to the suze acct (which took 3 days to transfer because suze puts a hold on the money). For me I ended up not using the acct.

From what I have found from talking to debt counselors and my bank is that the best option for those who've had blemished credit (like my dh and myself) is to make on time or early payments of everything and to do a secured credit card, generally with your bank to avoid the yearly fees.
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mybratsmom
by Silver Member on Jan. 9, 2013 at 1:59 PM
Don't go American Express!!! Horrible working with them should you be late or miss a payment.
I would look into getting a secured credit card with a very low rate. Check credit unions. Basically, you put money into an account, and that's all your credit is good for. So $100 would be perfect, especially of you have a bad personal history with finances. Just buy gas, go home, pay it off. Small things. We did this for my husband. We budgeted for gas, paid for it on a credit card, came home, and did online bill pay to that card for the amount we just purchased. But, I'd recommend learning how to live within your means, too. Credit cards can get you into trouble, and the plan to build credit could backfire horribly. Look into good budgeting programs, and ways to stay out of debt. I personally like Dave Ramsey's Financial Peace. Just remember - you have to do what works for you.
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sucker4myloves
by on Jan. 9, 2013 at 2:05 PM

This.

Quoting mybratsmom:

Don't go American Express!!! Horrible working with them should you be late or miss a payment.
I would look into getting a secured credit card with a very low rate. Check credit unions. Basically, you put money into an account, and that's all your credit is good for. So $100 would be perfect, especially of you have a bad personal history with finances. Just buy gas, go home, pay it off. Small things. We did this for my husband. We budgeted for gas, paid for it on a credit card, came home, and did online bill pay to that card for the amount we just purchased. But, I'd recommend learning how to live within your means, too. Credit cards can get you into trouble, and the plan to build credit could backfire horribly. Look into good budgeting programs, and ways to stay out of debt. I personally like Dave Ramsey's Financial Peace. Just remember - you have to do what works for you.


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angevil53
by on Jan. 9, 2013 at 2:08 PM
I have no idea. I just saw her talking about it on tv and thought finally a way for people to not go overboard with a credit card AND get a bit of a credit boost. I have a credit card that i keep for emergencies and i pay it regularly.


Quoting matreshka:

Is the new debit card the american express through walmart?  I'll look up the suze orman one.  I was really p.o'd because I paid off my old car on time and they didn't report it.

Quoting angevil53:

You should call capital one or see if there's one through your bank. Also there is a new debit card that reports to credit bureaus. I can't remember what it's called but suze orman backs it up.



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matreshka
by Platinum Member on Jan. 9, 2013 at 3:07 PM

We totally live with in our means.  I personally don't believe in credit cards and my school was financed through grants, my own work, and scholarships.  When I married DH I married his school loans too.  That is our only problem, that and we both never had credit cards.

I only want to do this to build credit to get a mortgage sometime in the future.

Quoting mybratsmom:

Don't go American Express!!! Horrible working with them should you be late or miss a payment.
I would look into getting a secured credit card with a very low rate. Check credit unions. Basically, you put money into an account, and that's all your credit is good for. So $100 would be perfect, especially of you have a bad personal history with finances. Just buy gas, go home, pay it off. Small things. We did this for my husband. We budgeted for gas, paid for it on a credit card, came home, and did online bill pay to that card for the amount we just purchased. But, I'd recommend learning how to live within your means, too. Credit cards can get you into trouble, and the plan to build credit could backfire horribly. Look into good budgeting programs, and ways to stay out of debt. I personally like Dave Ramsey's Financial Peace. Just remember - you have to do what works for you.


lillucky8
by Jen on Jan. 9, 2013 at 3:23 PM
Would the debit/credit thru target be a good option? Ud get a discount and build at the same time
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dsmills8668
by on Jan. 9, 2013 at 4:30 PM
read Dave ramseys money makeover.im reading it now and won't be getting a cc ever.
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AiW
by Bronze Member on Jan. 9, 2013 at 5:59 PM
If you have enough credit to get a credit card, I wouldn't pay an annual fee. As someone mentioned, you could get a store card to a store you frequent, and after every purchase, go to customer service and pay off the bill right then. Its almost like paying with cash, just building credit at the same time.
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