weslmt
New Member
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Joined: 06 May 2008
Location: Tennessee
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| Building Credit. |
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Today I went to sprint to get the account in my name instead of my dads.
They wanted $150  to transfer the account, I told them sorry and have a nice day.
Is there any other way I can build credit without getting a credit card?
Thx
WES
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Thu May 08, 2008 11:25 pm |
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weslmt
New Member
Cash: $ 1.55
Posts: 7
Joined: 06 May 2008
Location: Tennessee
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Correct me if im wrong but I did a little research and saw that the secured cards have higher interest rates.
Seeing that I dont buy many things and pay the bills I have on time, would it be worth just getting a regular one?
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Fri May 09, 2008 2:11 am |
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pf101
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Interest rates don't matter if you don't carry a balance. Just get a no-fee card.
If you have no credit a secured card may be your only option.
Are you sure that the transfer fee is because of your credit? It's typical to have to pay a cancellation fee to close one account and open another.
Personal Finance 101
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Fri May 09, 2008 2:43 am |
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weslmt
New Member
Cash: $ 1.55
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Joined: 06 May 2008
Location: Tennessee
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Yea i think thats what was going on. The lady at the sprint store didnt seem to know what was going on so ill try a different store and see.
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Fri May 09, 2008 3:13 am |
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pf101
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Either way, you'd be smart to get a credit card and start building your credit score.
Personal Finance 101
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Fri May 09, 2008 3:37 am |
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bijan814
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| Re: Building Credit. |
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Believe it or not, building good credit starts with paying your telephone bill and utilities on time. Never skip a month. It is fairly easy to get low credit line department store credit cards. Say you keep your purchases under $100 or so but pay the account on time and in full before the next purchase (this is a good way to establish good credit) Never over draw your bank account (Visa/Master cash card) Do not use more than 3 credit cards. Try to get a small loan from your credit union where you work. Pay it off on time or ahead and use the account for reference for a larger purchase like a major household appliance or tv . All this will help you to establish credit .Next biggie would be a car
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Sun Jun 08, 2008 2:28 am |
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shaneroof
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Location: washington dc
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| shaneroof |
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Are you sure that the transfer fee is because of your credit?
It's typical to have to pay a cancellation fee to
close one account and open another.
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Fri Jul 18, 2008 1:45 pm |
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efflandt
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Location: Elgin, IL USA
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Many cell phone plans have a contract for a period of time in order to get a free phone or discount on the phone. So it is quite possible that the $150 is an early termination fee. For example at Verizon you can get a new free phone or discount every 2 years.
Have you checked how long ago he last got a phone and/or whether he is under a contract. Or have you simply checked what it would cost to get your own phone.
I have a company cell phone. So for a personal cell phone which I just occasionally use, I have a pre-paid t-mobile. $100 buys 1000 nationwide minutes that last a year (no monthly fee). That does not include the price of the phone which includes 60 minutes.
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Sun Jul 20, 2008 12:19 am |
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billaaa777
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This is easy. You really need to build you credit score up as quickly as possible. I not going to go into the ways it is going to benefit you for the rest of your life, but it will.
The first thing you do is get a credit card. Any credit card. Don’t start applying for too MANY that will hurt your credit score. Every time you credit is checked it is a notch against you. Don’t ask me why, that’s the way the credit companies do it.
To get your first credit card read the advertisements for one’s that say NOBODY is turned down. If you can not find one of those look for ones where you have to put up a deposit to use it. Maybe they might want you to put up $100 for a $100 worth of credit. That is OK. Jump at it and get your first card.
Then use it every month and make sure you don’t go over your credit limit. And it is critical you pay your bills on time. After 3 or 4 months your mail box will be full of PRE APPROVED credit card offers from real companies offering you REAL credit. Then you can tell the first company to shove it and give you your money back.
Just that easy to start building you credit, 1 2 3 GO!
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Fri Sep 05, 2008 6:12 pm |
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Adria.John
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If you're unable to pay your bills, you certainly can't fix your credit. Real credit score repair will have to wait until your financial crisis has been solved and you have enough money to cover your expenses, plus some extra to begin paying down your debts.
Also, you can ask your bank or credit union about a secured credit card. You can make a deposit to your account and have a credit limit in the amount of your deposit. The bank takes little risk and you build credit slowly
Loan Expert!
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Sat Sep 04, 2010 6:24 am |
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jlevitt
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| Debt will take your freedom |
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Please be careful in your motivations to "build your credit." As several others have mentioned here, your credit score is a reflection of your ability to borrow and pay back. I like to say that it's an "I love debt" score.
Debt has been marketed so widely and aggressively, that society has bought into this notion that we "need" credit. We've been led to believe that debt is the only way to purchase... and we need to purchase more NOW.
You will be much better off to save money and pay for things. There is no magic system to building wealth.
I'm not saying to intentionally do things to damage your credit, but don't go into debt for the purpose of building a silly score that tell others how much you like debt. Pay your utilities and rent on-time, don't overdraft your bank account and do similarly smart, common sense things with your money.
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Tue Sep 07, 2010 2:24 am |
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Adria.John
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| Re: Debt will take your freedom |
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quote:
Originally posted by jlevitt
Please be careful in your motivations to "build your credit." As several others have mentioned here, your credit score is a reflection of your ability to borrow and pay back. I like to say that it's an "I love debt" score.
Debt has been marketed so widely and aggressively, that society has bought into this notion that we "need" credit. We've been led to believe that debt is the only way to purchase... and we need to purchase more NOW.
You will be much better off to save money and pay for things. There is no magic system to building wealth.
I'm not saying to intentionally do things to damage your credit, but don't go into debt for the purpose of building a silly score that tell others how much you like debt. Pay your utilities and rent on-time, don't overdraft your bank account and do similarly smart, common sense things with your money.
Well, in my opinion management of money is important. I know taking debts always is not a good idea but if you have regular source of income and you mange your funds well, then taking debts can solve your many matters.
Loan Expert!
Last edited by Adria.John on Wed Sep 15, 2010 11:28 am; edited 1 time in total |
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Wed Sep 08, 2010 12:05 pm |
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jlevitt
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| Re: Debt will take your freedom |
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quote:
Originally posted by Adria.John
Well, in my opinion management of money is important. I know taking debts always is not a good idea but if you have regular source of income and you mange your funds well, ten taking debts can solve your many matters.
I have to respectfully, but strongly disagree. Debt is not an answer to solve problems. The definition of debt is money you do not have. If you're spending money you do not have, even with a steady income source, you fail to secure yourself against several risks. One of the major risks is that income source being reduced or eliminated. Another risk is becoming committed to payments which take away your freedom to use that money in other ways.
By going into debt, you become a victim to your circumstances. If you save and pay cash, you control your life. There are better ways to face issues than with debt.
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Wed Sep 08, 2010 3:05 pm |
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mukeshkkashyap
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nice comments carry on guys
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Thu Sep 09, 2010 7:31 am |
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Adria.John
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quote:
Originally posted by jlevitt
quote:
Originally posted by Adria.John
Well, in my opinion management of money is important. I know taking debts always is not a good idea but if you have regular source of income and you mange your funds well, ten taking debts can solve your many matters.
I have to respectfully, but strongly disagree. Debt is not an answer to solve problems. The definition of debt is money you do not have. If you're spending money you do not have, even with a steady income source, you fail to secure yourself against several risks. One of the major risks is that income source being reduced or eliminated. Another risk is becoming committed to payments which take away your freedom to use that money in other ways.
By going into debt, you become a victim to your circumstances. If you save and pay cash, you control your life. There are better ways to face issues than with debt.
Well, i think you are mistaken here,
I stressed on money management here more than taking debts. Resource to repay loans are equally important aspect as taking loans.
Loan Expert!
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Wed Sep 15, 2010 11:45 am |
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