Anyone in credit card debt?

man getting a credit card is one of the worst things ive ever done, I owe $4000 right now and I have no job lol, I gotta get one soon. I should be going to damn school right now but I cant until I pay this damn thing off

No. I have one but I use it wisely.

Nope. I use my credit card responsibly so no debt here. Great credit score too. megagene

Is there any trick to help build a good credit score through paying off your credit card bill a certain way? That may sound odd but I thought I read something online that said you can't just pay off whatever you spent every month. You have to leave a small balance or something...? Idk. Any of that sound logical? :P

Never had a credit card and I never plan on getting one either, it's one of the easiest ways to get into debt. The only card I use is my debit card.

Like most Americans, I do have debt and certainly live above my means.

But I manage my money pretty well. Always pay bills on time and rotate enough cash to complete loans/payments in a reasonable time. There's nothing wrong with taking out loans or credit for personal purchases, the issue with some people, is paying the minimum balanace with high interest rates. So theoretically, they are not paying the load off and just the interest keeping them forever in debt.

I took out $2000 to paint my car last month and already have less than 1/2 of it paid off.

How did you get a $4000 credit card without a job?

My limit is $1000 and I have 2...

But to answe the question, I was about $950 behind in May, and I worked my ass off to pay it off. I learned my lesson.

No, I win.

Never had a credit card and I never plan on getting one either, it's one of the easiest ways to get into debt. The only card I use is my debit card.

KnightSkull

No credit is no better than "bad credit"

You need to build credit if you ever plan to ever finance a new home or car. When I was 18, I got a low balance credit card ($500) and made all my purchases on it. But rather than use my Debit card, I transfered money from my checking account to credit card. Essentially using my credit card as a debit card. Of course this require will power to never go above the amount you have in checking and to rotate payments so it shows up on statements.

Just have a debit card, of course I'm still in high school, so I don't have to pay any bills.

No credit card but Ive maxed out my £2500 overdraft.

No, but then again I stick to my debit card.

Bad move, dude.

I have about 20k in credit over my three cards and only about 1200 in debt.

[QUOTE="KnightSkull"]

Never had a credit card and I never plan on getting one either, it's one of the easiest ways to get into debt. The only card I use is my debit card.

Blue-Sky

No credit is no better than "bad credit"

You need to build credit if you ever plan to ever finance a new home or car. When I was 18, I got a low balance credit card ($500) and made all my purchases on it. But rather than use my Debit card, I transfered money from my checking account to credit card. Essentially using my credit card as a debit card. Of course this require will power to never go above the amount you have in checking and to rotate payments so it shows up on statements.

Who said I have no credit? I said I've never had a credit card, I have taken out a loan before and paid it back in full missing no payments.

Is there any trick to help build a good credit score through paying off your credit card bill a certain way? That may sound odd but I thought I read something online that said you can't just pay off whatever you spent every month. You have to leave a small balance or something...? Idk. Any of that sound logical? :P

binpink

No, what you don't want to do is cancel your credit card accounts. That will negatively affect your credit score. Maxing out all of your credit cards also negatively affects your score. So long as you have less debt to credit, your credit score will gradually improve.

Yeah, I owe about 1k....not that big of a deal.

Who said I have no credit? I said I've never had a credit card, I have taken out a loan before and paid it back in full missing no payments.

KnightSkull

How long was the loan?

only $400, I'm not sure if that's considered dept when I have a few thousand in the bank and I make payments of atleast $50

only $400, I'm not sure if that's considered dept when I have a few thousand in the bank and I make payments of atleast $50

Meat_Wad_Fan

If you have more credit available than you have debt, you're okay.

Nope. The interest rates on those things will kill you. Pay that debt off first.

only $400, I'm not sure if that's considered dept when I have a few thousand in the bank and I make payments of atleast $50

Meat_Wad_Fan

[QUOTE="KnightSkull"]

Who said I have no credit? I said I've never had a credit card, I have taken out a loan before and paid it back in full missing no payments.

airshocker

How long was the loan?

1 took me 6 months to pay off and another I had 18 months to pay off but I was able to pay it off sooner.

No, what you don't want to do is cancel your credit card accounts. That will negatively affect your credit score. Maxing out all of your credit cards also negatively affects your score. So long as you have less debt to credit, your credit score will gradually improve.

airshocker

Even one with no outstanding balance? And you're stuck with the same credit card forever? (This is hypothetical, btw, I have no credit card. But thought of either bf or I getting one to build credit.)

Good luck with paying that all off, this would be why I'm not getting a credit card seems like it is easier to get in debt with these things, so I'll try getting a debit card instead whenever I can get money to open an account for one even then I'll try to be careful with that since my sister gone into the negatives before too.

Even one with no outstanding balance? And you're stuck with the same credit card forever? (This is hypothetical, btw, I have no credit card. But thought of either bf or I getting one to build credit.)

binpink

So long as it doesn't charge you a finance fee every month, there's no reason to cancel it. The company will gradually give you more and more credit and it'll show that you're responsible.

I've made sure not to get one.

I'll probably end up getting one once I'm done with school though.

No, but then again I stick to my debit card.

Serraph105

Same, but I need to start using my credit card more often. I need to build a good credit score (19 years old lol)

1 took me 6 months to pay off and another I had 18 months to pay off but I was able to pay it off sooner.

KnightSkull

If I were you I'd get a credit card and start improving your credit. Just to give you some perspective, I have about a 770 credit score and my bank was hesitant to preapprove me for a mortgage. Just some food for thought.

I've made sure not to get one.

I'll probably end up getting one once I'm done with school though.

Optical_Order

Better get on that, dude. It's very hard to get by in this world without credit.

Good luck with paying that all off, this would be why I'm not getting a credit card seems like it is easier to get in debt with these things, so I'll try getting a debit card instead whenever I can get money to open an account for one even then I'll try to be careful with that since my sister gone into the negatives before too.

-Vulpix-

You need a credit card to build credit, man. They're nothing to be afraid of.

[QUOTE="Optical_Order"]

I've made sure not to get one.

I'll probably end up getting one once I'm done with school though.

airshocker

Better get on that, dude. It's very hard to get by in this world without credit.

I'm under 21 still so I've got some time before I test temptation :P

Nah, only debt I ever carried was student loans and a gargantuan tax screwup I made a while back. I was totally debt free for a few years until I discovered how adversely that affects my credit score and therefore my home mortgage prospects. Now I have two cards that I use for most purchases and anytime either of them goes above 10% of the limit, I pay it down below that and generally carry about a 5% balance.xaos

Nope, and i really don't want to either.

I'm under 21 still so I've got some time before I test temptation :P

Optical_Order

I had a credit card when I was 18. :P There's nothing wrong with applying for one and letting it rot in your wallet.

[QUOTE="Serraph105"]

No, but then again I stick to my debit card.

ScottMescudi

Same, but I need to start using my credit card more often. I need to build a good credit score (19 years old lol)

[QUOTE="Serraph105"]

No, but then again I stick to my debit card.

Same, but I need to start using my credit card more often. I need to build a good credit score (19 years old lol)

Nope. Don't even use my credit card even though I make a good amount of money and only have to support my dog, (and to an extent my GF) I wouldn't want to use it, there must be some name for phobia of credit cards.

Nope... if you really have to go into debt get a mortgage or a loan, markop2003

[QUOTE="markop2003"]Nope... if you really have to go into debt get a mortgage or a loan, xaos

Never had a credit card and I never plan on getting one either, it's one of the easiest ways to get into debt. The only card I use is my debit card.

KnightSkull

Good luck building up good credit then.