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Mom Confessions Mom Confessions

store credit card?

Posted by Anonymous   + Show Post
Somehow, I've managed to still have no credit at 24. I guess it's better to have no credit than bad credit. I want to build it up but don't want to take out a loan from my bank. The idea of a loan makes me all panicky. So what about a store credit card? Like Target? Does anyone have one? What are the interest rates? Is it a horrible idea? I really want to start building my credit.
Posted by Anonymous on Jul. 7, 2013 at 9:06 AM
Replies (31-40):
LNLMommy
by Silver Member on Jul. 7, 2013 at 9:36 AM
Having no credit is worse than bad credit actually. Look into getting a secured credit card or a low interest credit card.
nancym3
by Silver Member on Jul. 7, 2013 at 9:37 AM
A sma loan through your bank would be better than a credit card.
Anonymous
by Anonymous - Original Poster on Jul. 7, 2013 at 9:37 AM
we have none of those banks around here. We mostly have credit unions and local banks.

Quoting Anonymous:

Get a pre-paid "secured" credit card with a $300-500 limit. Go through a reputable bank: Chase, Capital One and Citi are good for this. Pay it off monthly. Do this with 3-4 cards and your credit will be golden if you ever go to buy a house.

(To get the best rates you'd want 4 trade lines with good histories open for at least the last 12-24 months).
Anonymous
by Anonymous 10 on Jul. 7, 2013 at 9:37 AM
Do you mean like a pre paid card?
What about a regular cc? They probably won't give you more than a couple hundred dollar available credit anyway.


Quoting Anonymous:

It is a credit union. I asked them about a credit card that you can put your money on. Like you put $300 on it, and can't go past $300. You make payments on it every month and it builds your credit. They said they don't have that type of card (I heard of it through a credit seminar thing I went to)



Quoting 3xangel:

Really? There's a bank that doesn't issue credit cards? I would honestly switch to another bank or credit union and apply for a credit card from there.





Quoting Anonymous:

I asked my bank about that and they said they don't do that and they never heard of it. :S They do line of credit on your checking but you have to have a certain credit score.







Quoting 3xangel:

I would just get a $500 credit card from my bank, buy gas, and pay it off every month

x2monstersx
by on Jul. 7, 2013 at 9:37 AM

Unfortunately, it is true.  As long as your balance isn't too high and obviously not afforadable to you. 


Quoting Anonymous:


That's because she's speaking nonsense. Ignore her. 

Quoting Anonymous:

That makes the opposite of sense to me.

Quoting Anonymous:

Whatever you do do NOT pay it off monthly. Leave a balance, a small one is fine, but you build credit by showing that you can responsibly carry debt. Even if it is $10, carry a balance.





Jessy613
by Diamond Member on Jul. 7, 2013 at 9:38 AM

This is a great idea.

Quoting 3xangel:

I would just get a $500 credit card from my bank, buy gas, and pay it off every month


LNLMommy
by Silver Member on Jul. 7, 2013 at 9:40 AM
Actually, when buying my home, the mortgage broker had the same advice. When you are trying to establish credit, you don't want to close or pay off all balances. The point is to keep it low and show banks that you can responsibly pay on time each month. Installment loans are way better than revolving debt but I don't think the OP is trying to buy a house or car

Quoting Anonymous:


That's because she's speaking nonsense. Ignore her. 


Quoting Anonymous:

That makes the opposite of sense to me.



Quoting Anonymous:

Whatever you do do NOT pay it off monthly. Leave a balance, a small one is fine, but you build credit by showing that you can responsibly carry debt. Even if it is $10, carry a balance.




Anonymous
by Anonymous 10 on Jul. 7, 2013 at 9:42 AM
This. Dh and i have very good credit and built it up very fast. Unfortunately we have not always been good about keeping the balance low.


Quoting x2monstersx:

Unfortunately, it is true.  As long as your balance isn't too high and obviously not afforadable to you. 



Quoting Anonymous:


That's because she's speaking nonsense. Ignore her. 


Quoting Anonymous:

That makes the opposite of sense to me.



Quoting Anonymous:

Whatever you do do NOT pay it off monthly. Leave a balance, a small one is fine, but you build credit by showing that you can responsibly carry debt. Even if it is $10, carry a balance.








Anonymous
by Anonymous 4 on Jul. 7, 2013 at 9:43 AM
You can apply online.


Quoting Anonymous:

we have none of those banks around here. We mostly have credit unions and local banks.



Quoting Anonymous:

Get a pre-paid "secured" credit card with a $300-500 limit. Go through a reputable bank: Chase, Capital One and Citi are good for this. Pay it off monthly. Do this with 3-4 cards and your credit will be golden if you ever go to buy a house.


(To get the best rates you'd want 4 trade lines with good histories open for at least the last 12-24 months).

justpeachy71904
by peachy on Jul. 7, 2013 at 9:43 AM
Put 300 on a bank credit card for a year. If you have no credit target kohls etc won't touch you
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