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  #1  
Old 11-20-2012, 04:54 PM
allycatz allycatz is offline
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Default very first credit card

i am looking into getting my very first credit card! exciting and scary. any suggestions? thanks
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  #2  
Old 11-21-2012, 01:14 AM
Fredy Atwater Fredy Atwater is offline
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Default Re: very first credit card

Hi Allycatz :

I don't like to post here on this page and your post caught my attention.

Please read this carefully.

.

OK

Lets start

1- Buy yourself an accounting notebook you really love and use one page only to record all your income and your list of expenses.That book should last you at least 4 years. Do this stuff every month of your life.
2- Don't use checks , instead schedule all your payments through your pay bills bank service.
3- Pay for all your expenses in cash and keep only one credit card for use when you exceed your budget which shouldn't be so often. Don't use your debit card at all in that way you will avoid any chance of creating an overdraft fee.

This next part is the most important one.

4- Calculate how much you spend per day, then multiply that figure by 7 days of the week, then multiply your weekly expense by 5 weeks of the month.
5- You will notice that only 4 times of the year the fifth week of the month has 7 days but in the remaining 8 months the fifth week doesn't have 7 days.
6- In the months that the fifth week doesn't have 7 days you are going to add the days of the first week of the next month in order for the fifth week to have 7 days and you will save one week of money.
8- Save money monthly. Make it a goal to have at least $1000 in cash . Take a year to do it. Try to keep that balance. That money will back you up when your'e short of money.
9-Eat more often at home and be more time at home. The more we go out the more we spend.
10- I give my wife $140 monthly for her personal expenses. I don't pay myself.

You don't need to write down your expenses to the penny in your accounting notebook.

Just make a thorough list of all your expenses and pay them automatically.
Budget your day,week and month and stay within that budget. No need to document that to the penny. Just document the weeks and the amount.

You are going to withdraw money one week at the time.

At the end of the day set aside all your coins and let them accumulate.

With time you'll love doing this stuff. I love it.

Did you find my suggestions helpful ?

If you still have any questions after you put to practice my technique please let me know. I'd be more than happy to help you.

I don't pay any attention to my monthly statement because I do all the work on the first days of the month that I have all my payments scheduled by going online.

If you start paying with a credit card instead of cash you will soon be in trouble. Use your credit card as a back up not as your main source of payments. If you are not sure you will have the money to pay the card next month don't use it. Remember, that is plastic money but very real debt with an ultrahigh interest that can drive you scared.

If you know your limits you'll be alright. If you are afraid to use the card its a good sign. If you start justifying its frequent use you're in trouble.




Welcome to our forum

Fredy Atwater
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  #3  
Old 11-26-2012, 01:13 PM
thelastsubject thelastsubject is offline
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Default Re: very first credit card

Quote:
Originally Posted by allycatz View Post
i am looking into getting my very first credit card! exciting and scary. any suggestions? thanks
Awesome. Be careful. You may need a joint applicant to get approval on your very first one. Otherwise a bank may offer some type of starter card. Whatever you do, do not fall into the pit of ANY department store cards. Get a MasterCard or Visa from a local bank that does NOT have an annual limit and no rate higher than 30%. You should be able to obtain a low limit card or you will need a co signer with credit history established. Let me know if you have any other questions.
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  #4  
Old 11-27-2012, 07:18 PM
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thesimplemoneyblog thesimplemoneyblog is offline
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Default Re: very first credit card

There are lots of good cards available (Chase Freedom card can be good for cash rewards). Try going to Bankrate.com to evaluate different credit card offers depending on your needs and if you want cash rewards or mileage from major airlines.
Pay the credit card in full EVERY month, so you don't carry a balance. Otherwise, the interest that most of the cards charge will far surpass any reward/benefit you would have otherwise received.

Last edited by thesimplemoneyblog; 11-27-2012 at 07:19 PM. Reason: Fixing the hyperlink to shorten the name.
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  #5  
Old 11-29-2012, 01:46 AM
Fredy Atwater Fredy Atwater is offline
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Default Re: very first credit card

Hi thesimplemoneyblog :

I use the Bankrate.com financial calculator quite often. I find it very useful.
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  #6  
Old 11-30-2012, 03:12 AM
mkenneth mkenneth is offline
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Default Re: very first credit card

There are lots of good credit card available go for one of it.
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  #7  
Old 11-30-2012, 06:52 PM
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thesimplemoneyblog thesimplemoneyblog is offline
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Default Re: very first credit card

Be careful when using credit, and carefully consider your ability to afford what you purchase, as it is too easy to get trapped by spending too much since access to credit can be very easy, but it most assuredly is not cheap.

Use a program like Quicken, Mint.com, Yodlee.com, etc. to get a good idea of what you really can afford each month, and then pay the card in full at the end of the month. The hardest thing about having a credit card is learning the discipline to not overextend yourself.
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  #8  
Old 12-20-2012, 02:18 AM
whimsical whimsical is offline
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Default Re: very first credit card

Always keep your receipts and check your statements to see if they correspond.
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  #9  
Old 01-02-2013, 11:26 AM
Thoram Thoram is offline
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Default Re: very first credit card

I think anyone looking to get his very first credit card, need to be very careful while using it. As a lot of unnecessary transactions might caught you in some trouble as concern to it's repayment. So, you need to use it, just in case of fast need and rarely. And try to pay off the debt as soon as you can before charging any interest on it.
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  #10  
Old 03-08-2013, 06:04 PM
nimbus nimbus is offline
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Default Re: very first credit card

Congratulations! Make sure you don't go overboard on your spending. Credit cards could help you build your history but if used incorrectly they could damage your profile. Always remember you are in control of the spending and the repayment. I am sure there is plenty of help here.
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  #11  
Old 03-20-2013, 04:02 PM
geospamer geospamer is offline
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Default Re: very first credit card

can anyone help me to register paypal?
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  #12  
Old 07-21-2013, 11:17 AM
tony gray tony gray is offline
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Default Re: very first credit card

Awesome and congratulation I am also applying for a cerdit card but I am afraid I wont get one but still trying hard....wish me luck.
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  #13  
Old 08-27-2013, 11:39 PM
kerstinemeyer kerstinemeyer is offline
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Default Re: very first credit card

Ask advice from the bank near you. Study their services and make a wise choice.
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  #14  
Old 09-10-2013, 01:34 PM
Jeremy123 Jeremy123 is offline
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Default Re: very first credit card

Don’t worry that a secured credit card will hurt your chances at getting other credit cards – there’s nothing on your credit report to indicate you have a secured credit card.

Jeremy
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  #15  
Old 02-07-2014, 07:45 AM
kunaal_s kunaal_s is offline
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Default Re: very first credit card

First credit cards are always special...
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