Credit Cards & Paying for initial expenses before $disburse Forum

[kalvano]

Most of the schools I've looked at overbudget, though.

[MrKappus]

That's entirely wrong. You can have good credit without having a credit card.

Though at under 21, it's more difficult.

Yeah, you can have a car payment, a mortgage, or other secured debt obligation. But I have never met a person w/ any those things who doesn't own a credit card. I did not say a credit card was req'd. I said if OP didn't have one, he/she probably didn't have "pretty good credit." You have to read closely.

[kalvano]

I did not say a credit card was req'd. I said if OP didn't have one, he/she probably didn't have "pretty good credit." You have to read closely.

O rly?

If you "don't own a credit card," then I have bad news for you...it means you don't have "pretty good credit."

Definitive statements coming back to ass-bite on a holiday weekend.

[MrKappus]

Definitive statements coming back to ass-bite on a holiday weekend.

Not having a card means you don't have other things that build credit means you don't have pretty good credit. Are you illiterate?

[kalvano]

Are you illiterate?

Are you really sure you want to question my literacy?

I did not say a credit card was req'd. I said if OP didn't have one, he/she probably didn't have "pretty good credit." You have to read closely.

If you "don't own a credit card," then I have bad news for you...it means you don't have "pretty good credit."

Also, a credit card is not required for good credit. I've seen probably a good 1500-2000 credit reports, and surprise, lots of young people with no credit cards have good credit.

[MrKappus]

I've seen at least 650,000 credits reports and have never seen good credit without the person having a credit card.

HEY! I can make unsubstantiated statements on the interwebz too! Cool.

[kalvano]

I've seen at least 650,000 credits reports and have never seen good credit without the person having a credit card.

HEY! I can make unsubstantiated statements on the interwebz too! Cool.

I sold cars for years. I've seen a bunch of credit reports.

Also, before you run around calling people "illiterate", you probably learn the difference between qualified and definitive statements.

[MrKappus]

I've seen at least 650,000 credits reports and have never seen good credit without the person having a credit card.

HEY! I can make unsubstantiated statements on the interwebz too! Cool.

I sold cars for years. I've seen a bunch of credit reports.

You illiterate dolt.

I was a professional credit report acquisition analyst for 40 years.

[eandy]

I've seen at least 650,000 credits reports and have never seen good credit without the person having a credit card.

HEY! I can make unsubstantiated statements on the interwebz too! Cool.

I sold cars for years. I've seen a bunch of credit reports.

You illiterate dolt.

I was a professional credit report acquisition analyst for 40 years.

You're really old. You must have a lot of credit cards.

[kalvano]

I've seen at least 650,000 credits reports and have never seen good credit without the person having a credit card.

HEY! I can make unsubstantiated statements on the interwebz too! Cool.

I sold cars for years. I've seen a bunch of credit reports.

You illiterate dolt.

I was a professional credit report acquisition analyst for 40 years.

Like you said -

HEY! I can make unsubstantiated statements on the interwebz too! Cool.

[SamSeaborn2016]

As a consumer lender for 6 years I've seen plenty of people who have strong credit without having credit cards or in-store financing. Yes, by and large most people have some type of credit card but it is not a prerequisite for other types of loans. Student loans and co-signed vehicle loans also allow people to build strong credit scores without relying on revolving credit.

[MrKappus]

Like you said -

HEY! I can make unsubstantiated statements on the interwebz too! Cool.

Hmm...sarcasm recognition fail on your part. In all seriousness, what did those credit card-less youths' credit reports have on them that made their credit "good"?

[kalvano]

Like you said -

HEY! I can make unsubstantiated statements on the interwebz too! Cool.

Hmm...sarcasm recognition fail on your part. In all seriousness, what did those credit card-less youths' credit reports have on them that made their credit "good"?

Co-signer on a previous vehicle, student loans, anything like that. One guy already had a paid-off car loan at 20.

A credit card is helpful, but not necessary.

People don't start with bad credit and work their way to good. They start out a ghost and go from there.


Edit - what the other guy said.

[Geist13]

Most of the schools I've looked at overbudget, though.

Agreed. Although, my school only budgets 12,300. I wouldn't be excited to stretch that into a 13th month. I could if I had to. However, that would require downgrading my Johnnie Walker from blue label to gold label.

[kalvano]

However, that would require downgrading my Johnnie Walker from blue label to gold label.

Unacceptable. Demand more living expenses.


Seriously, though, $12,300? Where is that, the middle of backwoods Kentucky?

[Geist13]

Seriously, though, $12,300? Where is that, the middle of backwoods Kentucky?

Minneapolis! I've lived on less though.

[SamSeaborn2016]

I'm taking the worst case scenario for budgeting. I'm assuming I will need to use the money all year and I will possibly try to stash some away each term. That way, I can avoid borrowing as much subseqent years or have a a cusion to cover me between 3L and eventual employment.

Back to living like a poor student but oh well, I'd rather do that for 3 years than live large for 3 and then live like a student for 30.

[eandy]

UGA gives us about 14,000. It's just enough if you stretch it for 12 months provided you don't have to pay two rents during the summer.

[WhatTheLawSchool]

If you "don't own a credit card," then I have bad news for you...it means you don't have "pretty good credit." You're an idiot, and probably not ready to be an adult. Hit up your parents (as I'm sure you've done before) or get a job flippin' le burgers (you're familiar w/ one of those options).

I'm not an idiot, at least my parents say I'm not. Yeah dude, I've seen my credit, I know that I have good credit. I have a car loan, and I don't own a credit card. Not really sure how your inaccurate generalization is enough to determine that I'm "an idiot" and that there's no way I could have worked hard enough to always have enough cash on hand to pay for everything. Wow, not going into debt, I must be a complete moron!

[TheTopBloke]

What I really need is for someone to give me a hug and tell me that everything is going to be alright.

Ok, so I don't own a credit card. I really don't have cash on hand for moving across country to my school, paying deposit on new place, and all other initial expenses. I've also seen that the government loans can take up to a month after school starts to come in. How the heck do I take care of all of those expenses? Can I really get a credit card to cover the thousands it will cost me? I have pretty good credit, but I just don't know where to go to get a good card, etc. Advice?

I don't know.

Yes, you can.

There's no such thing as a good credit card. All credit cards are evil.

Advice: Don't be a fool. You don't need a credit card. Figure it out another way.

[lawduder]

There's no such thing as a good credit card. All credit cards are evil.

Advice: Don't be a fool. You don't need a credit card. Figure it out another way.

While a credit card isn't the only way to build credit, it is a good way to start. Credit cards can provide some benefits as well. For example, some purchases do not allow for check card or cash payments. When I went to pre-order an iPhone 4, the only way I was able to make the payment was with a credit card. Common use of credit cards can also get you free things like fly miles. I love getting plane tickets for a fraction of the cost or in some instances absolutely free. It's not the credit card that is evil, rather the person who doesn't know how to use the credit card. Obviously buying things you can't afford in the first place is a bad idea, but that's not really the credit card companies problem.

TLDR: get a credit card, use it often and pay it off (in full) every month