any credit gurus? - NJFBOA - Home of New Jersey's Camaros and Firebirds

qwikz28 · 10-21-2006, 04:55 PM

well guys, i'm really tapping farther into my savings then i would like to with my heads/cam swap parts gathering, so i decided to get a credit card. right now i only have my commerce debit card and my kawasaki loan for my 4 wheeler. i'd like to get a low interest credit card. my credit is pretty damn decent from my dad putting stuff in my name (the saturn, cell phones, mortgage, etc.) and if i can find something with lower interest then my kawasaki loan then i will eventually pay off the loan with the credit card. is there anything i should look for in a credit card? i'm aware of looking for APR interest rates and yearly fees, but is there any other hidden crap i should know? any particular companies i should use? thanks guys

jacob

Savage_Messiah · 10-21-2006, 04:58 PM

they're ****ing evil.

Tsar · 10-21-2006, 05:06 PM

annual fees...

i got a citibank card with 9.99 % apr. well 0% for now but then it will switch to 9. pretty sweet

deadtrend1 · 10-21-2006, 05:10 PM

I wanna hold on as long as I can without having a major credit card. I got a best buy card with a high limit and its like a loaded weapon to screw myself. Not to mention the comp USA card, and for some reason I have a target store card ......... i dunno.

I have been looking into major cards a bit since i get 10+ offers a week in the mail, but usually all them have annual fees and stuff.

qwikz28 · 10-21-2006, 05:11 PM

Quote:

Originally Posted by Savage_Messiah

they're ****ing evil.

well right now the apr on the 4 wheeler is 5.99%... in 14 months, it increases to 18% which is out of control. im just looking for something to help me buy a few parts here and there for now, and then transfer my loan payments onto next year.

Knipps · 10-21-2006, 05:21 PM

i know both my parents like capital one.
i personally don't have one, but they have that and one from AAA
probably all i can give ya, don't know too much

Tsar · 10-21-2006, 05:24 PM

why do people think credit cards are evil? well i guess if you cant handle the responsibility then yea they're. But they help you build credit (unless u suck at life) which in later in life will help you alot.

JL8Jeff · 10-21-2006, 05:32 PM

You should never leave any balance on a credit card. Pay it off each month. I've never left a balance on my credit cards. It just takes some planning to know when you've got stuff put on it and make sure you save to pay it off. You can go to the Capital One website and they give used car loans for around 8.5% but they are at least a 30 month term.

qwikz28 · 10-21-2006, 05:40 PM

Quote:

Originally Posted by JL8Jeff

You should never leave any balance on a credit card. Pay it off each month. I've never left a balance on my credit cards. It just takes some planning to know when you've got stuff put on it and make sure you save to pay it off. You can go to the Capital One website and they give used car loans for around 8.5% but they are at least a 30 month term.

bahhhh your no fun!

NJSPEEDER · 10-21-2006, 06:21 PM

if you pay off the balance each month it does less to help your credit score than carrying a balance from month to month.

credit scores are based on your income class and how your debt is managed. making reasonable payment(above the minimum required) and not maxing out a credit card will help sustain your already strong score.
one big mistake people make is picking a card based on the limit. this can be a huge negative on your credit score since it is instant debt, too much available debt will start knocking down your score.
no one person should ever carry more than 2 credit cards, and only one would need to have a large limit(keep the limit below 10k).
the other card could be used as a points card like the GM card or airline cards. use it for routine purchases to sustain a storng credit rating and either pay it off monthly or pay all but $5 jsut to show some carried balance. this card should be maintained at a lower balance, liek a $2000 max so that it can be kept in yoru wallet for common expenses or emergency use.

the biggest thing to watch out for is the credit card companies trying to be slick and encourage you to spend by randonly increasing your limits. when you are approved for a card, call right away and tell them that you will not authorize any limit increases that you do not specifically request.

Little G · 10-22-2006, 08:42 AM

A few cards to look at for 0% and balance transfers:

AmEx Blue Cards have 0% on purchases and transfers with no balance transfer fees. They also have rather generous limits.

Another one to look at is HSBC. They have the same deal as AmEx but with not so generous credit limits.

Yet another is Citi who is offering 0% on purchases, but I'm not sure about the balance transfer fees.

All three have superior customer service, especially AmEx. Steer clear of Capital One, Providian, and Chase.

Advice: Don't get sucked into the 0% on purchases thing. Get your card, buy what you need to buy, then pay it off. Don't wait till the end of the promo period, because whether it's 6, 12, or 18 months it comes up quickly. 0% cards got me into over $13K in debt that I've only recently been able to pay down. Good Luck.

g

qwikz28 · 10-22-2006, 11:01 AM

Quote:

Originally Posted by Little G

A few cards to look at for 0% and balance transfers:

AmEx Blue Cards have 0% on purchases and transfers with no balance transfer fees. They also have rather generous limits.

Another one to look at is HSBC. They have the same deal as AmEx but with not so generous credit limits.

Yet another is Citi who is offering 0% on purchases, but I'm not sure about the balance transfer fees.

All three have superior customer service, especially AmEx. Steer clear of Capital One, Providian, and Chase.

Advice: Don't get sucked into the 0% on purchases thing. Get your card, buy what you need to buy, then pay it off. Don't wait till the end of the promo period, because whether it's 6, 12, or 18 months it comes up quickly. 0% cards got me into over $13K in debt that I've only recently been able to pay down. Good Luck.

g

thanks craig... i applied for the citi card you mentioned. hopefully that will get my credit good enough by this time next year for me to get a card i can transfer my payments to with lower interest. i'm gonna be paying as i get the money so its not like im getting the card so i can defer all my purchases till next year. or maybe i will

jacob

NJSPEEDER · 10-22-2006, 01:31 PM

AmEx is the worst card to have if you are trying to support or improve your credit score. their reporting practices are horrible.

BonzoHansen · 10-22-2006, 03:50 PM

Quote:

Originally Posted by NJSPEEDER

AmEx is the worst card to have if you are trying to support or improve your credit score. their reporting practices are horrible.

On the other hand, Amex is the best card for fighting for its cardholders, so if you think you might you will have a problem with the business or something, pay with Amex.

ShitOnWheels · 10-22-2006, 04:50 PM

AmEx has annual fees, when you can get much better cards for no fee.

I've never had a problem with Capital One or Discover. Only 2 companies I've used tho.

Little G · 10-22-2006, 04:58 PM

No annual fees on Blue cards.

g

BonzoHansen · 10-22-2006, 05:54 PM

I have no fee on my AMEX.

ShitOnWheels · 10-22-2006, 06:39 PM

Everytime I've looked at AmEx or gotten an offer, it's always had a fee. And I have really good credit, so it's not because of that.

Tsar · 10-22-2006, 06:41 PM

ive gotten amex offers with no fee, i believe. but i still turned them down cuz i have enough credit limit if i wanted to buy something.

qwikz28 · 10-22-2006, 07:41 PM

amex requires someone to have great credit though. and stores hate amex cause they charge stores the most per purchase.

not to mention amex isnt accepted as widely as the others

foff667 · 10-23-2006, 01:56 PM

my wife has a chase 6.9% no annual fees and its a fixed rate.