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Person who doesn't update the user title
Join Date: Jan 2001
Posts: 12,486
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Quote:
My parents had incredibly bad credit for many years, and have only rebuilt it in the past 5 years to where it's actually good now. Here are some things that they couldn't do (and what you can't really do either) w/o a CC: --Rent a car (b/c most places demand a CC to secure a deposit...and even with a MC or Visa logo on a debit card, many places will either not accept it if it's just a debit card, or their card readers may be unable to properly read the card). --Rent a hotel room (same thing). --Shop easily online. (What a lot of banks fail to mention is that even though your debit card may be a Visa or MC debit card, they don't always work as well as a Visa or MC credit card does...for whatever reason, the cards don't always read properly.) --Actually get a MC or Visa debit card. (Most banks actually check your credit now before they'll issue a debit card with either logo. If your credit sucks, you'll only be able to get a plain ol' debit card.) Quote:
Why on earth would a mortgage company want to give you a loan for $200,000 if you have no credit history? Why would a bank want to give a car loan for $15,000 if you have nothing that shows you've paid back anything in the past? That's why you start small. JCPenney will give anyone a CC...that was the first card I ever got. I'm sure you have plenty of folks on campus trying to get you to sign up for a CC. Go ahead...sign up for one. It won't be the best...it'll probably be like 18% interest, and will probably only have a credit limit of $500. Use it sparingly, wait a year, then ask for a lower interest rate, or get a new CC. |
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