Credit Cards

[ADqtPiMel]

I think it's ridiculous to say there's no reason to have a credit card. Just because people misuse them all the time doesn't make them horrible.

My parents opened a credit card in my name when I was young and used it to pay bills, and then paid it off in full every month without fail. They gave me the physical card when I turned 18 and took over paying for everything myself. So as a young adult, I had a nice long established credit history. I still pay off the card in full (almost) every month and I have outstanding credit scores.

Obviously this wouldn't work for everyone -- I've always been really responsible. My parents did this same procedure for both of my younger siblings and it worked well for the middle sister and me. The youngest has required more parental oversight in her finances.

[amanda6035]

Originally Posted by ADqtPiMel

My parents opened a credit card in my name...

You do realize that this is identity theft, right?

[ADqtPiMel]

Originally Posted by amanda6035

You do realize that this is identity theft, right?

You're insane. It was a card joined with their account, and I took it over when I turned 18.

[KSUViolet06]

Originally Posted by amanda6035

You do realize that this is identity theft, right?

No. Totally different.

Your parents weren't on your accounts when you weren't old enough to have them on your own?

[MysticCat]

Originally Posted by knight_shadow

FYP, for clarity's sake

Thx.

[psusue]

Originally Posted by knight_shadow

That's the gas station, not the card. If you pay at the pump, gas stations will sometimes preauthorize a set amount that will get cleared up when they submit their receipts for processing.

You can get around this by going inside and paying up front.

Thank you so much for this. I'd always wondered why it did this (my car can't even take more than 10 gallons of gas at a time, so the $75 hold is absurd for me) but now I'll do that instead. Debit it (with my pin) or go inside. Thanks!

[aephi alum]

I have skimmed through this thread. My $0.02:

Get a credit card the day you turn 18. I got an Amex green card right after I turned 18 (they didn't have Optima or Blue or whatever back then - where did I leave my walker? lol) and immediately charged $2K for a computer - no problem. I paid it off in full when the bill arrived. Instant good credit record.

If you don't like annual fees (and who does?) get an Optima card, or a Visa or Mastercard. Charge a thing or three and pay in full. Instant good credit record.

If you are looking to finance a car or get a mortgage, don't have too much outstanding credit. Pay off cards you don't use and then cancel them. They'll still show up on your credit report, but they'll show as cancelled.

[knight_shadow]

Originally Posted by aephi alum

I have skimmed through this thread. My $0.02:

Get a credit card the day you turn 18. I got an Amex green card right after I turned 18 (they didn't have Optima or Blue or whatever back then - where did I leave my walker? lol) and immediately charged $2K for a computer - no problem. I paid it off in full when the bill arrived. Instant good credit record.

If you don't like annual fees (and who does?) get an Optima card, or a Visa or Mastercard. Charge a thing or three and pay in full. Instant good credit record.

If you are looking to finance a car or get a mortgage, don't have too much outstanding credit. Pay off cards you don't use and then cancel them. They'll still show up on your credit report, but they'll show as cancelled.

Agreed with everything, except the bold, as the length of time your credit accounts have been open is one thing that helps determine your score,

[amanda6035]

Originally Posted by KSUViolet06

No. Totally different.

Your parents weren't on your accounts when you weren't old enough to have them on your own?

No, it's not totally different. Parents getting credit cards on behalf of their child, with or without his/her consent is identity theft.

I didn't have a CREDIT card until I was 19 years old and in the military (and I got it on my own). When I was 16, in high school, and working a part time job, I had a checking account with an ATM only card. My mother's name was on that checking account because I was a minor. There was no "credit" involved at all.

[SOPi_Jawbreaker]

Originally Posted by amanda6035

Parents getting credit cards on behalf of their child, with or without his/her consent is identity theft.

This happened to a former co-worker's husband. He was John Jr and his dad was John Sr. A credit card company sent an application for Jr to Sr's house by mistake. The mom and dad filled out the application and got a credit card in their son's name and then maxed out the credit card buying new furniture and going on a lavish vacation. When the son found out, he didn't want to press charges against his parents and he ended up paying off the charges over the next several months (because his parents couldn't afford to pay it). My co-worker was not happy about her husband having to pay for what his parents had done. She referred to his parents as the outlaws instead the in-laws. She also said if she has kids, she would not name her kid John III because it makes it identity theft by family even easier.