57 ms·

Not if you can't get credit cards at all (because of zero credit rating).

by 4ad 7y ago

astura 7y ago
You just have to get a shitty secured card for a few months. This Amazon card is an example of a secured card.
- asdff 7y ago
  Those require some cash that might not be so easy to free up for some people. When I was building my credit I had to put up $300 for my bank's secured card, and couldn't get that back until I fully closed that account which was reflected on my credit score of course (my bank did not transition secured cards to 'real' cards like some do). Most middle class and up people don't have to do this song and dance. Parents can add you as an authorized user on one of their cards, and you could build up a great score and a fat credit limit just in time for you to max it out during spring break in college.
  - vonmoltke 7y ago
    If you don't have the free cash to place a deposit on a secured credit card, you probably shouldn't be getting a credit card in the first place.
    - maccard 7y ago
      Why not? A credit card with a small limit is potentially a 60 day interest free emergency loan. For example, your car breaks down and you need $500 to repair it, but you don't have $500 in cash. Assuming you can't borrow from friends/fsnily/work, your options are lines of credit, and I don't know of anywhere other than a payday loan that I can get that sort of amount of money. Meanwhile $500 would fit on most credit limits, you get between 30 and 60 days of interest free payments depending on timing, and the interest rate is substantially lower than a short term loan if you do ever so slightly overrun,_and_ your credit isn't tanked if you can't afford the large end payments. Seems like a win win to ne.
      - JetSpiegel 7y ago
        > For example, your car breaks down and you need $500 to repair it, but you don't have $500 in cash. But you need to pay $300 for this line of credit! What's the point then?
    - asdff 7y ago
      Something like 4 in 10 americans can't come up with $400 without selling something or going into debt, and a credit card is something everyone should have as it's more secure than debit and interest free if you don't spend more than you have and pay it off right away.

Not if you can't get credit cards at all (because of zero credit rating).

by 4ad 7y ago

Not if you can't get credit cards at all (because of zero credit rating).

astura 7y ago

You just have to get a shitty secured card for a few months. This Amazon card is an example of a secured card.

asdff 7y ago
Those require some cash that might not be so easy to free up for some people. When I was building my credit I had to put up $300 for my bank's secured card, and couldn't get that back until I fully closed that account which was reflected on my credit score of course (my bank did not transition secured cards to 'real' cards like some do). Most middle class and up people don't have to do this song and dance. Parents can add you as an authorized user on one of their cards, and you could build up a great score and a fat credit limit just in time for you to max it out during spring break in college.
- vonmoltke 7y ago
  If you don't have the free cash to place a deposit on a secured credit card, you probably shouldn't be getting a credit card in the first place.
  - maccard 7y ago
    Why not? A credit card with a small limit is potentially a 60 day interest free emergency loan. For example, your car breaks down and you need $500 to repair it, but you don't have $500 in cash. Assuming you can't borrow from friends/fsnily/work, your options are lines of credit, and I don't know of anywhere other than a payday loan that I can get that sort of amount of money. Meanwhile $500 would fit on most credit limits, you get between 30 and 60 days of interest free payments depending on timing, and the interest rate is substantially lower than a short term loan if you do ever so slightly overrun,_and_ your credit isn't tanked if you can't afford the large end payments. Seems like a win win to ne.
    - JetSpiegel 7y ago
      > For example, your car breaks down and you need $500 to repair it, but you don't have $500 in cash. But you need to pay $300 for this line of credit! What's the point then?
  - asdff 7y ago
    Something like 4 in 10 americans can't come up with $400 without selling something or going into debt, and a credit card is something everyone should have as it's more secure than debit and interest free if you don't spend more than you have and pay it off right away.