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  1. #31
    ♥ Moderator ♥ Zombiegirl's Avatar
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    Default Re: Can anyone explain how a Credit Card works?

    Do they have an Ashley close to you?? They are always advertising 2 years or more interest free!!
    W I S H ♥ L I S T
    Loving my collection!

  2. #32
    ♥'s RM Jess's Avatar
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    Default Re: Can anyone explain how a Credit Card works?

    Yeah - we've look at Ashley...but we went to Sofa Mart today! We found a few sets we really like. Sofa Mart has up to a year of no interest...plus they had great sales!

  3. #33
    Official Bagista
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    Default Re: Can anyone explain how a Credit Card works?

    Quote Originally Posted by JessLR View Post
    OK - would purchasing furniture for a new apartment be a good thing to put on a CC?

    Also, does anyone know of CCs that don't charge interest for the 1st year??
    You can go to Compare Mortgage Rates | CD Rates | Credit Cards Home Equity Loans Mortgages Best Rate Calculator Bankrate.com to compare credit cards and pretty much anything else you would need.

    When I was first in college, my ex and I didn't have much $$ to buy furniture for our apartment. We went to a great second-hand store and got some high quality furniture that originally cost a ton of $$ for really cheap. We got a sectional couch that reclined on both corners and had a pullout bed in the middle, an entertainment center, and some bar stools for the counter in our small kitchen for like $500 total. I prefer new furniture now, though - but at the time it is what worked for us.

  4. #34
    Official Bagista
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    Default Re: Can anyone explain how a Credit Card works?

    Here is a blog by a guy that is a FICO (credit score) expert. The second reader question is about having old credit cards and what you should do - close them or keep them open - to keep your credit score high. If you open a card, and have a zero balance, keep it open. Closing it brings down your available credit and part of your score is your debt to credit limit ratio. YOu want that as small as possible.

    For instance, you have 10,000 in available credit on two cards - one with a 4,000 limit and one with a 6,000 limit. You have 1,000 debt on the $6,000 card and zero on the $4,000 card. You have a 10% debt to credit limit ratio. You decide to close the $4,000 card. Now, you have an approximate 17% debt to credit limit ratio - which is viewed as riskier by your creditors. So, your credit score would decrease.

    Here is the link: On The Money: Contributor Blog: How to Come Back From Bankruptcy - On the Money - Credit, Debt & Bills - CNBC.com

  5. #35
    Moderator and Blogger boysRsmelly's Avatar
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    Default Re: Can anyone explain how a Credit Card works?

    Jess - Just be careful with some of those no interest financing plans that furniture stores offer. If you don't pay the whole thing before the promotional period is over, then they will tack on the interest amount for the entire year or two years or whatever that you weren't paying interest on. Usually they word the advertisement like "No payment and no interest until [insert month and date here]". Note the use of the word until.

  6. #36
    The Bag Star daniellelynn's Avatar
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    Default Re: Can anyone explain how a Credit Card works?

    ^^^ Definitely be careful of that. I didn't understand it, until I got a payment after my no interest had ended, and they added on about 500$ !! I wasn't happy at all.

    But, thats why you have to make sure you understand what you are getting into! :)

  7. #37
    Official Bagista
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    Default Re: Can anyone explain how a Credit Card works?

    I would rather open a 0% introductory APR Visa/MasterCard than to do in-store financing.

    Usually, the 0% for a year means no charges for the year, then after the year is up, they start accruing interest on the balance.

    Like Danielle said, make sure you know what you are getting in to - and it wouldn't hurt for your mom or dad to look over whatever you decide to do before you commit.

  8. #38
    LVphiliac Gerri in Japan's Avatar
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    Default Re: Can anyone explain how a Credit Card works?

    Quote Originally Posted by BagDiva View Post
    If you want to simply build your credit? Go to Penny's or Sears, get their store CC, buy a set of sheets or something under $100, pay off that balance, cut up the card, close the account, you're on the credit register at about a 750 point rating, which is pretty awesome.
    just a question, i've heard that closing off an account makes your credit history bad? coz I had my husband cut off his card and just pay for it via checks, and someone said it was wrong move.

  9. #39
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    Default Re: Can anyone explain how a Credit Card works?

    Quote Originally Posted by Gerri in Japan View Post
    just a question, i've heard that closing off an account makes your credit history bad? coz I had my husband cut off his card and just pay for it via checks, and someone said it was wrong move.
    I had a link in one of my previous posts to a blog by John Ulzheimer, who is a credit-score expert. Also, an explanation of how closing an account affects your score because it changes your debt to credit limit ratio...

    This is for US, in japan it might differ, I am not sure.

  10. #40
    RM Ticked Off!
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    Default Re: Can anyone explain how a Credit Card works?

    hey ladies, i used to spend a LOT of time over at a credit forum... i learned a lot from it.

    CreditBoards.com - Credit Help, Credit Repair Tips, News, Forums

    i would highly recommend it, but in general, here are some tips from a recovering credit-a-holic:

    (1) NEVER be late on payments - this will adversely hurt your credit score, depending on just how late it is
    (2) same as (1) above, but if you let overdue fees sit for too long (even say, at the doctor's office), it will go to a collections agency which hurts your score even more
    (3) in response to just simply "opening a Sears / dept. store card and paying it off" i somewhat agree except that without much credit history, you won't jump up to a 750. you may be in the high 600s (680+ to low 700s)
    (4) installment loans, such as car payments, are also good for building credit scores
    (5) carrying high balances will drop your credit score
    (6) so will opening up too many new accounts at once, or applying for a lot of credit in a short period of time

    and lastly... filing for bankruptcy may be the worst thing you can do to your credit. in any case, don't be like me when i was 18 and shove the credit card bills under the bed hoping they'd magically disappear.



    i really relate to Becky Bloomwood in the Shopaholic series...

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