well just got a new credit card today

[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