well just got a new credit card today

[Fat0eknee]

seems how these things are always so tempting with no interest and everything else ...i just want to buy that supercharger - that little devil whispering into your ear saying ...buy it b u y i t. somebody please tell me different because im already into the negative money as it is lol

[rwhite65]

NOOOOOOO, dont do it. I received a card like that this summer. Sure it was tempting to buy the AFR heads, but I hate the feeling of debt over my head. Sure my car is not as fast as I want it to be, but it is faster then it was a year ago. I figure baby steps is better then none at all.
Ryan

[Rev]

Be very careful. It's so easy to get sucked into that deadly increasing debt vortex. After that initial low APR, the interest will be 20-21%. Making the minimum payments will just suck you in further until you can't even make that. Please don't ask how I know all that, LOL.

Rev

[Fat0eknee]

maybe ill just buy something small ..i like the baby steps idea - its a completely bone stock 02 gt with just flowmasters welded in

maybe a short shifter and some 3.73's or 3.89's... and yeah its a bad feeling being in debt because ive just been working with student credit cards and i still have about -1600 left to go on those ...but now they let me have a big boy card with the american express logo

[fiveohpatrol]

don't do it, because you will never stop if you do. Unfortunately I've made some big car purchases in teh past with my CC (while in college) and it took me forever to pay them off. Now it feels really nice to be able to pay cash, and not make a monthly payment on car parts!

If you feel the absolute need to use it, then get something that you KNOW you can pay off in 2-3months, not what you THINK you could pay off before the 0% interest gets thrown out the window and they start hitting you with 25%

[Ty'97Cobra]

carry a zero balance if at all possible... if you cant pay for it, dont buy it...

on the other hand, i own some bank stocks, so spend away and increase their bottom line...

[Phillyfanfrombirth]

Credit card minimum payments will be up this month as the effects of the BK laws take effect...

So don't count on those ultra cheap rates, I think the law has card companies charging at least 1% of principle per month. So, if you aren't paying any interest, a balance of 5k will cost you $50 a month, minimum. More than that when the interest comes due.

[bjack]

The best thing you can do is pull out the scissors and clip that new card into tiny little pieces, otherwise you may fall hard into the temptation trap. Actually taking the "little steps" a few hundred here and few hundred there can be overwhelming as well. Ask yourself "why do the credit companies/banks make it so easy for a young person to get a credit card?" Answer: research shows that most will max it out and incurr debt that will take years to pay off, sometime at high interest rates. Just fall behind and see what happens, your rate will soar.....it's usually written on the back of the agreement form in small print! I personnaly know a young guy who maxed out a couple credit cards to build his dream car, it turned out really nice and fast, but the collection agency was faster. He ended up having to sell his car at a considerable loss in order to pay off the debt. Use caution!!

[Fat0eknee]

i broke down and ordered a few parts ...i just had to

magnaflow exhaust ...upr off road x, steeda tri-ax and 3.90:1 gears
anyways i got a pretty good deal on the exhaust and the x pipe
~~ $360 for both so i figured why not

i'll have it paid off before the interest hits ..i swear

[bjack]

Nothing wrong with that, sounds like you have the right attitude about the payment process. Just follow through with that displine and you'll be in good shape! It becomes harder when you spring for the high $ items.....very tempting. The credit card can be a useful tool or it can destroy your financial future, all depends on how its used. Good luck, hope it works out well for you.

[HoodStrype]

Ahh... my kind of topic- I used to sell mortgages and my father-in-law owns the place. I can tell ya anything about credit. Check this out... free advice from the industry:
Mind you this is for everyone, whether your credit limit is $300 or $10,000
Keep 2/3 of your credit limit at all times. Don't pay it off month to month unless you put another 2/3 of that limit on there. NEVER make a late payment! This shows the banks that you use your credit and pay on it. Your credit score (or lack there of) will go through the roof in less than 6 months. I've done it myself and watched others do it. After you do that for a while, you can go get that loan for the new mustang GT and brand new house when you can AFFORD them.

As for my old credit card- I got sucked into it. They gave me a $5000 credit limit and I took them up on it. Then the APR went to 26%. I have to tell you that it is not worth it. Keep a balance that you can afford month to month and you'll be fine. Figure it up online with a mortgage calculator at 21% interest and see what you can afford my man. $360 ain't bad at all, just make sure you calculate the interest now. If you have a credit limit that will allow you to buy a supercharger, that's pretty high for starting out. I wouldn't recommend 2/3 of that right out of school. Go get a Sears card or something.

PS: If you go over 2/3 and keep it there your credit score will drop. I did that a couple of years ago with the $5000, and my score dropped like 100 pts.

Peace

[Fat0eknee]

i have a pretty good internship going and i make more than most at my age so i can handle it... + i have no interest for 6 months so im fine

i should dip into the 13's with this setup if i drive it right
i think next ill go for udp's and a tuner

[HoodStrype]

Yeah, you sound like my baby sister. She just turned 20 in September. She was graduated out of high school early and she finishes her 4 year Bachelor's degree in Finance this semester or next... I wish I hadn't partied so much now! Oh well, I make good money now, even though it took me til I was 25 to graduate with the same degree in MIS... good luck!

[84LX89GT]

Learning to use a credit card is a MUST if you want to be able to finance anything and build credit to use to buy a house/car or any other expense. It's a necessary evil.
I didn't believe in using credit cards until i was 21 years old. i wouldn't get approved for anything and buying a house was out of the question.

I started paying for most of my bills with my credit card and payed the card off before interest accumulated. Also i did buy a few things with a credit card (cars) so that way i didn't have to get comprehensive insurance and the interest payment was less than the extra insurance.

You have to have willpower to not max out your card and get in trouble. I've had a few months of using all my extra money on credit payments (not because i had to, but because i wanted to get rid of interest payments) and i've had them payed off for a few months totally.
I've seen my FICO (credit) score go from 600's now up to over 700's for the last year, now at 749.
-the benefit now: i bought my cobra with 5% interest rate, which is awesome for a used car and I could easily get approved for a mortgage at a good interest rate. Bad credit/no credit will kill you when you need to have it. I've heard that having no credit is worse than bad credit.
-sorry for the rambling, i'm on pain meds right now

[MY_92_DONKEY]

Don't listen to these guys. Buy as much as you can and enjoy the car as much as you can. Tomorrow is never guarenteed!

[Fat0eknee]

installed that short shifter ...it feels nice :-D