credit, how does it work Options

[Toyoca]

I just got an amex credit card. im new to having my own credit card. always went through my parents card (but it had my name on it w/e that means). i just got it cause i wanted to start building my credit. i dont completely know what that entails but i got one anyway lol. i basically just figured to get a car or house in the future i need credit so ppl will approve me. so is credit just using your card and paying bills on time? and if you do, you get a good credit score? is that basically it.

btw i got credit $2000. that sounds like a large amount to me given that i dont have that much a month lol. esp since i dont work right now. but sounds good to me lol. i just found it interesting cause my friends all started out with around 500 and i clearly didnt lol.

[Supersprynt]

That doesnt make much sense. Responsibility is shown by making prompt payments, not the amount. I did some reading and the amount (as long as its the minimum) means less than the punctuality of your payment. Making payments on time counts more than how much. Paying it off full every month wont hurt your credit, costs less in the long run (interest makes things more expensive).

Have savings & or checking account. This helps towards credit. Also any loans you've taken out will count towards your score. Owning things like house, car also helps your credit score.

Keep the amount of credit cards to a minimum. The more you have, the worse it looks.

This post has been edited by Supersprynt: Oct 4, 2006 - 3:38 PM

[saleeka]

Making payments on time counts more than how much.

Ohh so very true