Credit Card FAQs

I have never had a credit card before and I want one. What are some common things I should watch out for? Are there any offers that look good but actually cost you but don’t help in the long term?

How can I build and maintain a perfect credit score?


Submitted by: Think.

I’m looking to get a credit card here soon to start building credit and was wanting to know how much someone that has no credit history whatsoever is looking to get in credit limit. I know it depends on bank and what not but what is an average for someone in my position?


Submitted by: Raul

I’m 19 and I’ve been using my debit card for about a year now. I applied to get a credit card from my bank (Washington Mutual) but they didn’t approve it. Where else should I apply for my first credit card. Everytime I apply for other cards like macy’s and Kohl’s they don’t approve it either. What can I do? Thanx in advance
I do have a job and my monthly income is about 2000


Submitted by: Walter M.

I want to get a Credit Card to improve my credit. I make about 14,000 a year, I’m a student. What are the things i should consider and realize? I know you need to pay your balance off eventually but it’s always better to pay it off every month, thats what i plan on doing. What card would you recommend, and how should I get it?


Submitted by: Lucifer

I am 19 years old, a college student, I have a full time job, and so far the only thing on my credit history is 1 year’s worth of on-time payments for my vehicle. None late. I’m not interesting in applying for a card because I need it, I am applying because I’d like to add something else to my credit report to show a good payment history as well. Nothing too over-the-top, preferably with a predictable interest rate; that’s what I’m looking for. Any advice?


Submitted by: Curtis B

What should I look for when applying for a credit card account? Im mostly going to use it for big time emergencies when im low on cash or something. I dont want it to be high in interest rates and things like that, definitley don’t want to be in credit card debt.
oh by the way i live in Michigan… if that matters? lol


Submitted by: Steve S

I am 18 years old and I have just started working, so I don’t have a credit history.So how can I get my First Credit Card


Submitted by: Mya m

I’m 25, have good credit anyways from loans, and financing purchases, but haven’t hard a card yet.


Submitted by: always_avoid_alliteration

I would like the credit card to approve a few thousand dollars or at least one thousand so I can buy a laptop.


Submitted by: Slayer XY

Need to get a credit card so i can finally build my damn credit! Never had one before so need advice on which banks has the best customer service, interests, and no fees. Im tryin to stay away from Wells Fargo and Bank of America cause i heard they have bad rates and service. Please Help!


Submitted by: vandaluz03

I am 20 years old and I have been trying to get a credit card with no luck. I even tried those citi cards that are advertised to college students and I was still turned down. I don’t know what to do. I have no loans, I don’t owe anyone money and I never have, my bank account never gets overdrawn, I have had a steady job for over a year where I get paid a good amount, and I still have no luck. I have heard that the more you apply and are turned down, the lower your credit score goes without you even having credit. What can I do?


Submitted by: Leora R

I got my first credit card when I was 26. It had a limit of $500. It was laughable.
When I was young, in my early 20s, it was a time of very fluid pocket money. I lived with my parents, didn’t pay rent, and didn’t have a lot of bills. So I had a lot of pocket money. Of course, I was limited to buying things in my price range….if I went out to eat, it was usually Chinese. If I bought a car, it was used, you know the drill. I didn’t have credit when I was young, but I had pocket cash….mostly because I didn’t have bills to pay, not because I was rich.
What was it like for you?


Submitted by: TONY S

I know first look would be to pay off car loan at 7% interest, but my credit card is maxed out - and credit report says that hurts it becuase its balance is more then 50%.. so whats your advice?


Submitted by: Sydney B

This question pertains to my sister actually who is 30 and has never had a credit card. She recently graduated with a BA so she is no longer a student and she is currently unemployed so there is no employer. She does have access to finances i.e. my parents, disability checks (she’s deaf) etc. Would she be able to get a credit card here in Canada even if a small limit? Im currently 21, a student with no job but I have a gold Visa and a Mastercard, totalling almost 20k in credit limit so I dont see why its so hard for her to get one. Any tips?


Submitted by: Vampie

I have a regional gasoline card but no other credit besides the above.


Submitted by: colorado.dreamer

I have a couple too many credit cards and I’m having difficulty keeping on top of the bills for them. If I want to cancel a couple of them do I need to have the balance paid off first or can I cancel them and then continue making payments until they’re paid off? Thanks in advance for any help you can offer.


Submitted by: Cujo

To purchase a song on itunes with a gift card, do we have to enter our credit card number to sign up first?
It asks me to sign up with apple then when i enter in a username and password it says enter your credit card number. why is it asking this? im redeeming my free gifts.. not paying for it.


Submitted by: happypenguindude

I keep applying for a credit card to build a credit history, but keep getting denied for not having any history, WHAT SHOULD I DO!? WHERE/WHEN CAN I GET ONE?
I’m 20 BTW.


Submitted by: bgand1man

I have about $9,000 in credit card debt (reduced from $16,000 just a year ago). I’m buying a house for the first time, is there some way to get $9,000 back from my lender to pay off that debt so I only have the mortgage payment every month? This would knock out the out of control interest rates on the credit cards and save us money in the long term. I’m getting a 15yr note.


Submitted by: numismatic

I am really new to the whole credit card scene. So could anyone help me out?


Submitted by: Papercut

Someone fraudulently made a charge against my credit card. The bank said nothing can be done until it posts to my account one month from now. The merchant said I should file a police report and the merchant will provide police with the details of the transaction.


Submitted by: appleby

My limit was $750, and I spent about $735 in the past two months that I have not paid off. I thought I had money coming to me but it never got to me. I’ll be able to pay off the card in about 2 weeks so that it’s down to about $350, and all the way off in a month. My credit score now is around 681 according to the thing my credit card company sends me in the mail (some program that is said to help build credit. What will it be in about 2 months, once my bill is paid off?


Submitted by: Lucky 13th

I’m 28 and everyone is telling me now that I should get a credit card to build a credit history. I’ve never had one before..I only use a debit card. I was told to just use it for small things like buying gas to be safe. I’m not looking to make major purchases. I have a full time job. Is the Clear by AMEX any good? Should I get one through my bank?


Submitted by: rosered_13

Ive found one, its got 19.3% apr and no annual fee… Does this sound right for a first credit card? I have absolutley no credit and just need to build it up really…


Submitted by: whstennis04

I’m looking to see how a company like First Data or Mastercard makes money. I read that JPMorganChase decided to move away from First Data to process their cards.

Can someone explain how First Data makes money (not via Western Union)?

Am I to understand that they process the credit card or debit payment? So if they process payments for a particular bank or credit card company, they make a fee for every transaction? What is that fee normally?

Is this in addition to the fees Mastercard or Visa makes as well?

It seems to me that credit card usage will keep increasing, even in rough economic times, and that the companies that will benefit would be companies like First Data and Mastercard. Can someone chime in on that? Thanks in advance!


Submitted by: JB

I am a newly eightteen year old and my mom has been building my credit history for the last two years, so i have phenomial credit history.
I am looking for a credit card that has a good rewards program for me.
I looked into the american eagle card but it seems like it takes a lot to get rewards.

Any ideas?


Submitted by: Kelly M

For the first time, I forgot to pay my credit card bill. Is going to have a bad effect on my credit score even if it only happened once?


Submitted by: poopooli

Believe it or not the interest on my auto loan is higher than my credit card. (~12% for auto loan compared to ~10% on credit card). I owe approximately $5000 on each. Common sense would say to pay on the higher interest first. However, are there other factors I should consider such as how often the interest is compounded?
Both interest rates are fixed. Sorry forgot to add that.


Submitted by: Honest Q 4 Honest A

I have 2 credit cards that I’m trying to get paid off. Card A has a balance of about 700 and an interest rate of about 9%. Card B has a balance of around 1700 and a REDICULOUS interest rate of 28%. Which card should I focus on paying off first? Card A has the smaller balance, but the I’m really getting ripped off with the interest on Card B.


Submitted by: bparks115

He only makes a little income. Can he get a credit card that will allow him to earn miles?


Submitted by: a280baby

I’m looking to get a great credit card with low interest. I’ve never had a credit card before, but it’s good to have at least one so anybody have any advice?


Submitted by: The1andOnly

I am only 18 years old and I am looking to get my first credit card. Where can I go to get one?


Submitted by: Tyler

Do prepaid cards report to credit agencies? We have applied to two bad credit credit cards and have been denied because of no history so we were thinking prepaid would be the way to go. Do you all have suggestions for a prepaid card that reports montly to the 3 credit bureaus?


Submitted by: johnwhetzell

I’m 24 and just bought a new car. I don’t really have credit and was being turned down by credit card companies for lack of credit. So my question is once I begin establishing credit, will I get any credit card offers?

I don’t want or need 3 or 4 credit cards, just 1 main card.


Submitted by: Slim

My 15 year old daughter applied for a first premier credit card online, and was accepted. This made me very upset because the card is in my name. I called the next day to cancel and the woman said to call back tomorrow because the application is in the middle of prossesing so she can’t do anything yet. Has anyone had any experience with this company? If so, did you have any problems canceling without any fees? I have read nothing but BAD about this bank so I am very worried.


Submitted by: pete

Is Capital One a good place to get your first credit card or New Millennium Bank.
New Millennium Bank Offers me a master card and a visa with a credit limit of 10,000 - 5,000 for visa and 5,000 for master card. Capital One one the other hand does not tell me my credit limit untill after I apply but it guaranties at least $300 minimum.
I have a card from sony financial my limit with them is 600 but i could only but sony stuff or sound system stores that accept it so i realy dont cout that one. Or should I?


Submitted by: sami

I recently started an LLC and would like to start establishing my business credit. What are some good first credit cards to get that will help me establish my business credit? Most I’ve seen want my personal credit as a co-signer for my business, but I would prefer to stay away from that. I mean, what was the point of forming an LLC if my personal credit was going to be taken into account for everything, right?


Submitted by: #1 Steelers fan

My daughter just turned 18 and is interested in getting a credit card. Which company is the best for someone who has no credit card history. With the recent credit crunch, it appears that more and more credit card companies and banks are getting tougher with applications.


Submitted by: kosmoistheman

I currently have no credit and I need a way to rebuild my credit. My bank won’t give me a credit card because of my lack of history. How does one go about starting a history, or getting a first credit card so I can start building credit? I am 22, full-time employed (my year anniversary will be 7/27/07) living in a rented condo.


Submitted by: bar_merch

Hello there, I have a question regarding managing my credit score. Here’s the deal. Last time I checked my score was something of 615, I checked it to get a loan which I got it. The score I got was because of the fact that I was almost maxing out my credit card limit. I have 3 cc, I recently totally paid off the one with about $3500 which was not reported to the scoring bureau yet, but I still have about $3500 on the other 2. Other 2 comes with no interest/no payment option until sometime in future. I have been thinking of buying a new TV set, which would cost about $2500, but I am seriously thinking about paying off credit cards first and buy the TV with saved money, not with credit card. Since I will not be checking back my score any time soon, for a loan, etc, I was thinking of buying TV with recently paid off cc then pay off the balance on all 3. In time, I will bring down the balance to below 25% of my limit, thus increase my score, but what do you think I should do now?


Submitted by: choulhong

Im looking for the best credit card. Im new to credit and never had a credit card before and im 23.

I want a really good credit card that wont get me into troble. I need a credit card so i can pay bills when i move out at the end of Jan.

I want a low interest and a 0% apr for 12 months if possible

Any advice?
OH AND NO ANNUAL FEES


Submitted by: Holly R

Can you can first/last month rent for an apartment with a credit card?


Submitted by: BoSox2525

I am very responsible with how I spend money, so please don’t lecture me on how credit cards are so dangerous. I’ve waited til I felt financially secure enough to get one.

I just want one so I can work on establishing credit. I want to make one or two monthly purchases and pay them off so I can have some credit. I just want to know what kind of card should I look into getting.

I know I want a card with low-intrest rates(who doesn’t) and no annual fees. I am also a college student. If you can give me any information on a card you think I should look into, please let me know. thanks a bunch.


Submitted by: cyndaylou

I’m 18 just graduated from high school, and I would like to apply for a credit card, i have absolutely no credit at all. Where do I go or who do i talk to to apply for a credit card? Any tips on what would be a good first credit card?


Submitted by: reff

I just got my first credit card and I want to establish good credit in a fairly short amount of time. I don’t really want to dig myself into a hole but will paying my credit bill in full every month give me a good credit score? Is there a certain way I can pay it the first few months to help build it to its full potential?


Submitted by: Stephanie

I know it pops up sometimes when you are buying something on Amazon, however I started filling it out and my computer froze so when I tried again it wouldn’t give me the apply now and save $30 off your first purchase offer. It still won’t let me no matter what I pretend to buy. Is there another way to apply for this credit card and still receive the $30 credit?


Submitted by: jnk686

I’m a college student and would like to get a credit card (for building up my credit for my future). I have a savings account, and have some money in it. I am also a full time student. I also do not have a job. What is the best and safest way to get my first credit card where I will be approved?
*my bank does not supply credit cards.


Submitted by: Idealist Dreamer Realist

I have a credit card that is over my credit limit but is still open or I have a card that is below the limit but has been closed by the creditor.
What is the best card to pay off first, asuming that the interest rates are the same. I’m leaning towards the open account that is over limit.
Which one would show most favorably on my credit file?
I don’t USE credit cards, only cash, so lectures about not using the cards is not needed. I made a mistake now I’m paying for it. Iw ill glady pay off my debts instead of taking the cowards way out and declare bankrupty.

No over limit fees, all of those are waived.
Likewise I am already paying well over the minimum payments on each one, but am thinking that I would knock one of the cards down to the mimimum payment and double up payments on the card that is not closed, but it over limit.

Sounds as if I’m heading in the right track.

thanks


Submitted by: kjkropp

I got my first credit card a couple years ago via Bank of America, and my current credit limit is $9000. Since I don’t have any experience with credit cards in the past, I’m wondering if this is good or not? Is there anyway I can increase this limit? What do most credit card limits start at?


Submitted by: Michelle W

I have years of excellent on-time rental history, however I have no credit because I’ve never been in debt (always pay bills on time) go figure. I was wondering which credit cards I could apply for, for the first time. Wal-Mart Credit card rejected me because I have no credit, and I’m just looking for something small so I can put things on the card and pay them off quickly to establish some sort of credit. Any suggestions?


Submitted by: flori0009

Since I am being charged more for the portion of my credit bill from a cash advance, when I make a payment I would like to allocate my payments to pay off the higher interest portion of my credit card balance first. Is that possible.


Submitted by: Dan E

I made my first purchase a few days ago, and, currently my minimum payment (due at the beginning of July) is $0. Does this mean that I won’t be billed for this purchase until next month? Also, if I do pay some money this month (even though the minimum is zero), will that still go toward my credit card balance?


Submitted by: Atheists Love Puppies Too

It is at the back of the credit card or any cards that you first get. It affixes the credit card to the cardboard that comes in the envelope from the bank.


Submitted by: him53lf

I got my first credit card a little over a month ago, and am very anxious to start building my credit score up.
I have already made my first payment, on time and in full, and my next statement should be arriving within a few days.
I have heard that you have a 3-payment-cycle grace period, in which your payment habits do not affect your credit. Is this true? Or does your credit start being affected as soon as you make your first payment?


Submitted by: darkw1ng00

I’ve never had a credit card because my mom has always told me that they just cause problems. But now that I’m looking for a house, there is NO way I can get away with having no credit in my history. How can I get my first credit card?
I actually tried applying for a Capital One card a few months ago. They denied my application because I had no credit whatsoever, but how am I supposed to gain credit if I’m not accepted?


Submitted by: sarah lane

I just applied for my first credit card ever yesterday, and I am hoping to get a credit limit of at least $1,500. I have no credit history whatsoever, I don’t have to make a house payment, no dependents, and I make $12.10 an hour working 35-40 hours a week. Would all those factors contribute to a higher or lower credit limit, and do you think I’d be eligible for the $1,500 limit?


Submitted by: Screaming Llama

I just got my green card, my social and my ID…I am jobless, how can I start having credit cards?DO they always require me to work? I am married, will that count?What company would give me my first credit card?


Submitted by: Ami

My parents credit is ruined so having my name on their cards would only hurt my credit. I do have a checking account at my bank, haven’t bounced anything, etc. What should I do to get my first credit card?


Submitted by: eason.bryce

Hey everyone–

I am needing to apply for my first credit card soon to start building some credit. What are some things that I should know about and consider when I am doing this? I am planning on making payments as soon as possible. Where can I find a credit card with an interest rate that won’t get me out of too much money? Is there a certain place I can go to apply for a credit card WITHOUT going through a mail service? These things would be great to know. Thanks!


Submitted by: seagoer71

I have been to all the stores (sears, JC Penny, etc) I have also tried applying with my bank and capital one. I can not get approved anywhere. Please, I want to start building my credit and I am only looking to be approved for a small amount. If anyone knows a good first card, please let me know!!
I am 18. I have a checking account with a debit card. But a debit card doesnt raise your credit. I have already tried stores.


Submitted by: amanda

I am 19 and I want to get my first credit card and possibly a second. Would it affect my credit score by getting 1 or 2?


Submitted by: ? ?

If they have no credit scores yet, how do banks determine to give a student there first credit card?


Submitted by: Love

I have three credit cards with roughly $6,000 combined balanced between them and I’m thinking of paying the one that has the less debt first (which also has the lowest interest rate) and then pay my other two slowly.

What I mean is, I’m trying to make more, bigger payments to the credit card that has the least balance in order to get rid of it first.

Should I concentrate on the credit cards that have the highest interests, or should I knock out the one with the lowest interests first?


Submitted by: Good L

i’m in college and looking to establish credit and use my card for everyday buying if needed, and what are about the best providers to go through?


Submitted by: Brandon, Brandon F

I’m 25, have good credit anyways from loans, and financing purchases, but haven’t hard a card yet.


Submitted by: always_avoid_alliteration

I have about $9,000 in credit card debt (reduced from $16,000 just a year ago). I’m buying a house for the first time, is there some way to get $9,000 back from my lender to pay off that debt so I only have the mortgage payment every month? This would knock out the out of control interest rates on the credit cards and save us money in the long term. I’m getting a 15yr note.


Submitted by: numismatic

Do prepaid cards report to credit agencies? We have applied to two bad credit credit cards and have been denied because of no history so we were thinking prepaid would be the way to go. Do you all have suggestions for a prepaid card that reports montly to the 3 credit bureaus?


Submitted by: johnwhetzell

I am 20 years old and I have been trying to get a credit card with no luck. I even tried those citi cards that are advertised to college students and I was still turned down. I don’t know what to do. I have no loans, I don’t owe anyone money and I never have, my bank account never gets overdrawn, I have had a steady job for over a year where I get paid a good amount, and I still have no luck. I have heard that the more you apply and are turned down, the lower your credit score goes without you even having credit. What can I do?


Submitted by: Leora R