Reccommend a good starting credit card + credit advice

[TBag]

Hey guys, I had a few questions about improving my credit rating.

I'm looking to get my first credit card. I don't plan to use it much except to display my ability to be responsible since so much [censored] rides on your credit score lately (apartment leases, some jobs, etc). What are your favorite cards? I would want a cash-back deal, but I'm very open to any other suggestions.

As for my othe question, I moved out of my little hometown of Ridgecrest to go to college up in the little town of Davis. I opened an account with a bigger bank up north since there was no way to access my old bank (it was a local bank). Anyways, would it be bad to withdraw all my funds and close the account or should I leave a few hundred and just let it sit for awhile? For what it's worth I had the old account since I was very young and I've had my new account for about a year now.

[Exsubmariner]

Here's what you do (what I did)

Go to the bank and get a $500 loan. Do not spend the money. Tell them you want it so you can buy a bike to get around campus and some school supplies. It should go through provided your are cool with the guy who interviews you. Pay the loan back in full after making 3 payments. You now have a good credit score. Apply (through the same bank, if possible) for a credit card. Get something with a $500 limit. Now, take all your buddies out to eat or drinking once a week. You pay with your card and make them give you their cash. Be careful of guys who don't like to pay. You may loose a little bit of money here, but it'll be worth it, trust me. Take their cash and put it in your checking account. Save it til the credit card bill comes and write a check in full for the bill. AVOID PAYING ANY INTEREST IF YOU CAN. Rinse, repeat for about 6 billing cycles. You now have good credit and the sky is the limit. I once had more credit than I had yearly income. Do not mix high credit limits with gambling.

As for the account, I would leave $100 in it. You never know when you may need bank services back in your home town.

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[Warik]

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Here's what you do (what I did)

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Sound advice. Don't know about the loan thing because I never did that.

What I did was I signed up for a Visa and had my dad co-sign. Every conceivable normal purchase I'd make throughout the month (from a video game all the way down a pack of bubble gum) I'd put on my credit card. Paid in full at the end of every month. Few months later I applied for an American Express of all things and got approved.

After 5 or 6 years I have never paid a penny of interest and last time I checked my score it was in the high 700s.

It's easy to build good credit. It's hard to fix it after screwing it up. Just don't do anything stupid and you're gold.

[Corey]

Look for "student" cards from one of your banks.

I got one when I was 18 with no conceivable income with a $500 credit limit. In five years, the credit limit has increased 20x and is now a "regular" card.

[Maulik]

citibank has a student card that has cash back.

apply for the non- student card w/ 5% on gas, food, etc 1% on everything else. if you get denied get the student card i doubt they decline anyone w/o history.

[Mars357]

Credit cards are dumb....don't get one.

[daveymck]

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Credit cards are dumb....don't get one.

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THis is the best advice I got credit cards at 18 when you are young and bad at money management you find yourself at 32 still with a lot of credit card debt a few consolidation loans thrown in.

If you get them you have to be ultra diciplined cos once out of control it is very hard to put it right.

[TBag]

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Here's what you do (what I did)

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Thanks for the advice. I think I'll apply for a cash back credit card with my local bank. I'm not too sure about the 500 dollar loan, since I keep a lot of my bankroll in my savings account, which would result in the interviewer giving me a stern "wtf".

Thanks a lot for the responses, they're appreciated. I read an article in Consumer Reports and after seeing all the things that rely on your credit score, it seemed to be a great idea to get started sooner rather than later.

[augie00]

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[ QUOTE ]
Credit cards are dumb....don't get one.

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THis is the best advice I got credit cards at 18 when you are young and bad at money management you find yourself at 32 still with a lot of credit card debt a few consolidation loans thrown in.

If you get them you have to be ultra diciplined cos once out of control it is very hard to put it right.

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Or you could just get a credit card, and not suck at spending money.

[handsome]

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Credit cards are dumb....don't get one.

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Worst advice ever. Get the Citicard, use it as often as you can for the cashback, pay off the full balance every month and request a credit line increase every once in a while.