Banking/Money question..

Discussion in 'General Discussion' started by Omega Supreme V, Sep 28, 2008.

  1. Omega Supreme V

    Omega Supreme V I protect those I care 4

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    okay, so two years ago, I was 18 and wanted a credit card, I had a job, and had a decent enough allowance that I could pay off the amount that I would've spent. I knew how to manage my money {Passed with flying colors in my Financial Arts course [four or so classes dealing with just financing]} and wanted to build my credit.

    parents said no that I'd be irresponsible like a majority of other idiot teens there because they thought they know me better {which is a lie} so I never got one, instead, got a debit account and messed it up because of misc fees that I had to cover with the bank and some other things that came up at an inopportune time that I should've been able to cover, but didn't...don't quote me on that, it's been a while and I'm probably remembering wrong.

    anyhow, I was released from my job {not fired, didn't quit} and parents held back..and had to pay bills that I really had no money to pay for them...now, I know if I would've had a credit card, while easily charging it, I could've had enough time that I could've covered the expenses at the end of the month with my then odd-job business and look better...but that didn't happen...

    whether my parents were right or I was, that's besides the point, I just like telling a back-story


    anyhow, presently, I'm doing odd jobs again and another thing, but all my money goes to my parents account so I don't really have the money, but I have around $300 in hand and was considering opening another bank account {closed my other account, no savings, no checking} and was wondering if any of you kind gentlemen and wonderful women could advise on what bank would be good for me to get started again...also, seeing as how this goes, I was wondering what's a good credit company for a person in my situation as I want to build my credit so I don't have to go through this crap again..my dad has given me this allowcard thing, which is sort of like a green card in which you load the money onto the card and it's just there, {it gets rid of the interest and banking...so they basically downgraded me..} so, another question, if I get a credit card, could I pay with that?

    if that doesn't make sense, well, I don't expect it too, my mind's thinking of three other things and well, that's just how I spit out my thoughts...which is why I don't talk that much haha


    I also have a secret little stash that I'm going to place in a CD {don't think I can put it in a mutual fund, don't think it's enough} but I don't know how much is in there, I never look, just throw in a random amount for that..



    *sigh* I'm in a mess aren't I?
     
  2. Bryan

    Bryan ΜΟΛΩΝ ΛΑΒΕ

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    Sounds like your parents knew you better after all.

    IMAGINE THAT.

    ...also, if you had an "allowance," which is weird in and of itself since you were in college, and that allowance is sufficient to pay off your card, why would you want the card? Just to build credit?
     
  3. Foster

    Foster Super Mod

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    You should look for a credit union in your area. They'll be much better to you than a bank for interest rates, both for loans and savings. And their fees and policies and more beneficial to members. Here's a start.
     
  4. Omega Supreme V

    Omega Supreme V I protect those I care 4

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    right, it wasn't for the fact that before they got involved, I had saved up more than $800 dollars on just saving here and there on my own, not counting what I got paid for...oh, put it in a bank that gives you 1/3 of 1% interest...

    and my parents don't know me that much whatsoever..honestly...they only know the part that I show them...hell, they thought I was buying drugs..

    the allowance was because they felt bad of me doing everything around the house and wanted to make up for it...wasn't much, but I didn't buy anything for myself that much...some food and things here and there for my folks when they didn't realize they were getting low on things, paid for lunch and out time while I was with my friends {bowling, movies, clubbing, basically}, etc.

    and basically, yeah, I know it's a pretty rediculous idea, me wanting to build credit, but you can't do much if you have either lousy or no credit history whatsoever. so even though I'm young-ish, I'd still like to get a start..is that so wrong?
     
  5. Omega Supreme V

    Omega Supreme V I protect those I care 4

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    hah, figures...the top credit union there, I use to work for them...I knew i should've went with them instead of Wachovia...blah

    and just a quick question, but can a bank give you a credit card? or, can you use a debit card to build your credit? always wondered about that...
     
  6. Gears

    Gears buh-buh-body ya Veteran

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    Yeah, if you have a couple grand in your savings, they will be more inclined to offer you a real credit card. Got my first credit card that way at BofA.
    Nope, since a debit card isn't tied to credit and paying back money you owe.
     
  7. Omega Supreme V

    Omega Supreme V I protect those I care 4

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    damn, I don't have a couple grand...I put some into a CD, some help paying for some bills and the other saved up, but it wouldn't add up to that much...


    and I figured, didn't seem logical to me
     
  8. Methos

    Methos ...Hail Megatron

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    That must be a California thing. When I opened a account with Regions with $200 they issued me a Vista card.
     
  9. Jux

    Jux Please, call me Steve. Veteran

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    You're 20 years old but all of your money goes to your parent's bank account?

    The moment you hit 18, you became eligible to enter into legally binding agreements on your own accord, including credit cards. You don't need your parents permission for shit. Take control of your life and do what you feel is best.
     
  10. Omega Supreme V

    Omega Supreme V I protect those I care 4

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    I help pay their bills and some other things..just trying to help them the little bit I can..

    and thanks Foster, Methos & Cataclizm...though, not really telling me much...but thanks anyhow
     
  11. llamatron

    llamatron Shut up, Nigel. TFW2005 Supporter

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    Dude you're 20? Get your own account and have all your payments go into that. Pay your parents board/rent/bills etc out of that account. You can get a credit card through your bank too. You can set everything up online so you can swap money around between them at your leisure.

    Protip: If you're 18 then you're an adult and you don't need your parents permission to do anything.
     
  12. cbff

    cbff Destroyer of Botcon

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    I got a credit card through my Credit Union about a year after I opened the account. It's only got a $1000 limit (was $500, but I bumped it up to go to Botcon last year). The best part being a somewhat low interest rate (14%) and the ability to pay it off in person.

    I definitely advise going with a Credit Union and getting a Credit Card through them. Stick with a small limit like $200-500 so you don't go shop crazy, but have a little room to work with if you need something.

    I also advise buying everything you normally buy with the credit card (pay off the balance each month and treat it like a deposit into checking). In some cases, there are limits on how many purchases a month you can make with a debit card (my case is 12, then its $1 per purchase after that). Most importantly though, it builds your credit score, especially if you pay off the full amount.

    Something else I learned is that if you do leave a balance on your card, try to get it below half it's limit. So if the limit is $500, keep the balance below $250. This gives you a temporary boost in your credit score which helps if you attempt to secure a loan for a car or other things.
     
  13. jourdo

    jourdo TFW2005 Supporter

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    Totally good advice here. You need to get your finances separate from the parents.

    Unless things are different in the US, credit cards are easy to get. I get offers all the freaking time in the mail (none I would actually get, but I'm "preapproved" for something at least every other week it seems).

    Talk to your bank/credit union/whatever, and get somehting with a low limit to start off with. If you show yourself responsible, slowly but surely your limit will rise. My first credit card started out at $500 (got it on my year off between high school and university) and when I cancelled it had been bumped up to $5000. I would avoid the high limits as I know too many people who get into mega debt with the "free money" at their fingertips.
     
  14. Foster

    Foster Super Mod

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    My card through the credit union I belong to is 9.90%. I definitely recommend opening your own accounts and lines of credit. You can continue to contribute to your parents' acounts if you like but build credit history on your own as well.
     
  15. Boardwise

    Boardwise is scary - Sig Killer - M Super Mod

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    I said wow.
     
  16. Foster

    Foster Super Mod

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    Yeah, it's not a bad rate, for a credit card. It's twice as high as my auto loan. Luckily, I pay it off every month unless I make a major purchase, like our honeymoon cruise.
     

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