Do I need a ccard?

[lil_earthmomma]

Today is my 25th birthday, and I suddenly thought, "Hey, I've survived 25 years of life without a ccard. College, jobs, travelling, everything."

Why do I need a ccard? Do you really need one? Should I get one?

[Purple*Lotus]

Nope. You do not need one.

[Denvergirlie]

I like having one, but I do not need it.

[dogmom327]

Have you established credit in other ways? Personally I think it's something you should have but use responsibly. Unfortunately your future potential to use credit responsibly is based on having credit now and using it responsibly.

My sister ran into this. She always paid her bills and didn't want a credit card but was then in a position that she had to take out a loan for a car (long story). She made a wise choice, low payment, etc. but could not get approved for a loan. She would have been okay if she'd had one or two credit cards that had a charge or two a month that was always paid off.

I'd recommend getting a credit card, having one bill (such as a cell phone or cable bill) charged to it each month and pay it off. Unless you will always be in a position to pay cash for large purchases (car, house, etc.), it's important to establish and use credit well. You don't have to carry a balance. Unfortunately a mortgage company isn't likely to take your word that you will pay them if you have nothing backing that up on your credit report.

[IncaMama]

yup, i agree with dogmom...it's important to establish your credit history (especially now with banks tightening their belts), as long as you can avoid racking up debt.

[pumpkin]

Aside from helping establish credit, it is extremely useful in an emergency. I really think everyone 16+ should have one card.

The most common scenario is that your car breaks down in the middle of the night. You need a tow truck. I just don't believe its a good idea to ever carry enough cash that you could pay for the tow in cash. That means you need a credit card.
Yes, you can get by without one, but why make life more difficult?

So get a card, make at least one purchase a month and pay it off in full.
Just because you have a card doesn't mean you ever have to fall into the trap of making payments and wasting money on interest.

[kirstenb]

Originally Posted by dogmom327

Have you established credit in other ways? Personally I think it's something you should have but use responsibly. Unfortunately your future potential to use credit responsibly is based on having credit now and using it responsibly.

This is what I was going to say.

[Hebaume39]

The only other reason, besides credit history, I can think of to have a credit card is ordering online. If someone snitches your card number its easy to get the charges dropped. Debit card is really hard. Pay pal establishes credit too so that might be something.
Addie

[grniys]

If you don't have any credit history then yes, you need one. Otherwise you will have an awful time ever buying a home or financing a car. I do suggest everyone have one, even if you only use it for one tank of gas a month and immediately pay it off.

[excitedtobeamom]

I wouldn't.

[Merilin]

I am almost 30, I do not have a cc, I do not even have a credit history. I am fine. I live. I do not like the system of having to lend money, just so that I can prove, that I am worth lending money too. It just does not make sense to me.

However, credit checks are becoming more and more common: even your boss might make one, or your landlord, or if you would like to buy a house, a car, sign up for a cellphone, even insurances seem to do credit checks.

I have tried getting a ccard multiple ways, but for some reason, I seem very untrustworthy, although I have never accumulated any dept, always pay on time, have savings and a regular income. All this does is worth nothing, and is not prove enough, that I can deal responsible with money. *sigh*

[dogmom327]

Having good credit can also save you money on things like insurance. For example, we saved about $125 a year on our renters insurance because we have good credit. Our insurance company recently started taking it into account.

[hollyvangogh]

Short answer: No.

Long answer: http://www.daveramsey.com/etc/cms/cr...q&a_7041.htmlc

[TiredX2]

I guess you need to ask yourself, "Why would I get a credit card?" and "Why would I not get a credit card?"

Why wouldn't you? Personally, for *me* (in my life) credit cards are good. I don't have to carry cash, I get rewards, and when I needed a mortgage or a car loan my established credit history made the process practically painless. I got my first credit card at 18 and, 14 years later, have never paid a fee or any interest. I have recieved benifits at no discernable cost.

[mommaknowsbest]

Originally Posted by pumpkin

Aside from helping establish credit, it is extremely useful in an emergency. I really think everyone 16+ should have one card.

The most common scenario is that your car breaks down in the middle of the night. You need a tow truck. I just don't believe its a good idea to ever carry enough cash that you could pay for the tow in cash. That means you need a credit card.
Yes, you can get by without one, but why make life more difficult?

So get a card, make at least one purchase a month and pay it off in full.
Just because you have a card doesn't mean you ever have to fall into the trap of making payments and wasting money on interest.

I would think a debit card would do in a sitution like this.

IME-a medical emergency,followed by another and another.....would be good reason to have one.

EXcept,that one little card can become a huge monster that haunts every corner of your life.

We bought our home,payed off our two ccs,and cut them up.

THEN,tried to get a hotel room,that was needed to house our family for an out of town hospital trip.....and the hotel wouldn't take our debit card.

One family member came to our rescue that time,but the real possibility of that happening again, is there.

My head is firmly in the sand on this one....no help...just food for thought.

[pumpkin]

See, I would never, ever, under any circumstances carry a debit card. I've got a big flag on my bank account saying they are not allowed to send me one. (they kept trying over and over)

In my observation, the real danger is in debit cards, not credit cards. Its just too easy for someone to clean out your account if the debit card is stolen. A friend of mine had this happen. His money was eventually returned by the bank, but he had absolutely nothing for about a week. He couldn't pay rent, buy gas, buy food. His friends chipped in and loaned him cash, but it was a major hassle for him.

There also seems to be someone on here just about daily talking about how they miscalculated and overdrafted their bank account. That only happens with a debit card. With a credit card I have fewer transactions hitting my bank account and I have a warning before I pay the bill. That way if i did screw up and over-spend, I have time to transfer money from savings, figure something out, whatever, so that my account never goes under and I never pay any fees.

[llamalluv]

Originally Posted by Merilin

I am almost 30, I do not have a cc, I do not even have a credit history. I am fine. I live. I do not like the system of having to lend money, just so that I can prove, that I am worth lending money too. It just does not make sense to me.

However, credit checks are becoming more and more common: even your boss might make one, or your landlord, or if you would like to buy a house, a car, sign up for a cellphone, even insurances seem to do credit checks.

I have tried getting a ccard multiple ways, but for some reason, I seem very untrustworthy, although I have never accumulated any dept, always pay on time, have savings and a regular income. All this does is worth nothing, and is not prove enough, that I can deal responsible with money. *sigh*

However, in almost all of the above mentioned circumstances, they are looking for NEGATIVE credit history - not just a FICO score. I have never heard of anyone being denied a job because a back ground check pulled up the fact that the applicant had no credit cards. I have refused to hire someone based on a ship load of derogatory credit remarks (lates, defaults, etc)

[Merilin]

Originally Posted by llamalluv

However, in almost all of the above mentioned circumstances, they are looking for NEGATIVE credit history - not just a FICO score. I have never heard of anyone being denied a job because a back ground check pulled up the fact that the applicant had no credit cards. I have refused to hire someone based on a ship load of derogatory credit remarks (lates, defaults, etc)

I have not yet been denied a position either, as I never needed a credit check for any of my positions so far. I only know they are done for jobs.

Cellphone contracts, car insurance, real estate agents etc however did not approve of me having no credit, it was interpretated as if I had bad credit, so most of these things are running via my dh.

[WeasleyMum]

Originally Posted by TiredX2

I guess you need to ask yourself, "Why would I get a credit card?" and "Why would I not get a credit card?"

Why wouldn't you? Personally, for *me* (in my life) credit cards are good. I don't have to carry cash, I get rewards, and when I needed a mortgage or a car loan my established credit history made the process practically painless. I got my first credit card at 18 and, 14 years later, have never paid a fee or any interest. I have recieved benifits at no discernable cost.

Your credit card company hates you.

[mommaknowsbest]

Originally Posted by WeasleyMum

Your credit card company hates you.

OMGsh!!! That is both true and sad!

That was exactly us-almost the same amount of time,even. Then, once we started to use the ccs(2) for medical bills,andmore medical bills....and got behind on payments... they took HUGE revenge on us.

Hate ya' one day,luv ya' the next!