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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 (51-56):
LilliesValley
by Ruby Member on Jul. 7, 2013 at 10:11 AM

 Almost every bank offers one. You put $500 down on it up front and then can charge on that. It builds up credit and imo it's a little safer than a regular cc because you know you can't go out of control. But every bank I've banked at has offered one. I'd just ask where ever you do your banking at. Maybe do that for a year, and if everything in your life has continued normally then get a regular cc. It's really easy to say I'm going to pay it off each month and then something happens (because something ALWAYS happens) and then you let the amount roll over. So I think this is a good way to make sure you can actually pay it off each month and will pay it off each month.


Quoting Anonymous:

what banks offer secure credit cards? That's where you put X amount on it of your own money and make payments right?

Quoting LilliesValley:

Don't get a store card the interest rates are usually higher and the perks aren't as good. Just get a regular credit card. Or another option that does build up credit is a secure credit card. Just make sure to pay it off each month, don't spend money you know you don't have.


 

Anonymous
by Anonymous on Jul. 7, 2013 at 10:33 AM
You don't need the bank to be local. Go online to their websites and you can fill out the credit cards applications and do it all online and via the mail.


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).

teri4lance
by Platinum Member on Jul. 7, 2013 at 10:35 AM
You are better off with the loan.
Posted on CafeMom Mobile
Dolcepsle
by Platinum Member on Jul. 7, 2013 at 10:38 AM
Get a credit card through visa master or whatever. Doesn't have to be your bank. A store credit cards is unnecessary and fairly useless. Get something you can use in an emergency need be.
Dolcepsle
by Platinum Member on Jul. 7, 2013 at 10:40 AM
That's a secured line of credit


Quoting LilliesValley:

 Almost every bank offers one. You put $500 down on it up front and then can charge on that. It builds up credit and imo it's a little safer than a regular cc because you know you can't go out of control. But every bank I've banked at has offered one. I'd just ask where ever you do your banking at. Maybe do that for a year, and if everything in your life has continued normally then get a regular cc. It's really easy to say I'm going to pay it off each month and then something happens (because something ALWAYS happens) and then you let the amount roll over. So I think this is a good way to make sure you can actually pay it off each month and will pay it off each month.




Quoting Anonymous:

what banks offer secure credit cards? That's where you put X amount on it of your own money and make payments right?


Quoting LilliesValley:


Don't get a store card the interest rates are usually higher and the perks aren't as good. Just get a regular credit card. Or another option that does build up credit is a secure credit card. Just make sure to pay it off each month, don't spend money you know you don't have.




 


momofne
by Gold Member on Jul. 7, 2013 at 10:42 AM

This

Quoting 3xangel:

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


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