A Detailer's Worst Enemy

J

Joshua312

New member
I finally got a credit card :nervous2:



Went to the credit union where I have my car loan at...Got a $1,500 max Visa.

Mind you I'm only 18 so I dont need some huge max, although $1,500 isnt the best for me either. lol



So now I have easier access to making purchases online....don't have to go to my mom or brother to give me their credit card numbers.



I just need to stay away from purchases that are large....cuz once my tax return comes back Im getting my new hood and bumper and then getting them painted...But Im itchin for some new rims...So....I need to just save the credit card for detailing stuff and just save for the rims. Don't want to go into debt my first month :) haha
 
Personally, I think you should cut the CC up and request a check card. Just my opinion, but a CC at your age may not be the best thing.
 
Be careful.





Credit Cards can be very good tools to build your credit:



- Get one for gas only and pay it in full each month

- Use this one for general uses but try to pay it in full or more than your minimum balance each month

- Lateness on a payment kills you





I currently have a check card (use the most) and 2 credit cards (Visa and MC). I try to not use the CC's a lot as I have racked them up a bit throughout my college career and need to get my debt lower.





Like I said...be careful...it's not free money :).
 
I think that you should keep the credit card, but it's best to learn some financial discipline now. If you want to use the CC to facilitate making a purchase, then be prepared to pay off the balance of the credit card when the statement comes.



That way, you can enjoy the convenience of the CC, learn how to handle your finances, and at the same time begin to build your credit rating by using the card in a sensible manner.



If you don't think that you can come up with the money to pay for a purchase promptly, then that's a good reason to postpone the purchase until you can.



IMHO, if you handle your credit card in this fashion, you will be a lot happier in the long run.
 
Thanks for the advise guys. I know it's not free money...but it does help when I need a cash advance and I dont have to wait till my next check after I get done paying my car payment. I pay $165 a month for my car loan and $165 for car insurance a month. It sucks when 2 weeks in a row my checks go for these payments and then Im stuck waiting for my next check. Having a car loan really has taught me to be disciplined with my spending and to budget. In the past 3 months my mom loaned me about $1,800 for either school books or car products I pourchased....in a mere 2 months I was able to pay her back in full. I plan on using this credit card mainly for 1. Gas like Sean said and 2. Online purchases which I plan to have money to pay for the bill already



I use to spend money like crazy when I bartended at a bar, now that I make a little bit less I use my money more wisely and I cant wait to build up my credit more. Even though I complain now about paying my car payment every month and wishing I just stuck with my firebird...I think of how it will eventually benefit me :) (Also cant wait till my car insurance lowers next fall :( )
 
I am not trying to sound all "know it all/holier than thou," but it sounds to me like you can't afford your car or detail purchases at this point in your life.



Then again, I don't charge/finance anything--cars included.
 
Man, cut that CC UP! If I had things to do over again I'd have NEVER gotten mine. It's just SOO easy to get in debt with those!
 
Yeah...That is quite the remark to post I guess.



However your wrong in your assumption....My mom helped me out because I took a week off from work during my Thanksgiving break to go down to Mississippi to help with Hurrican relief...and second during the Christmas season I tend to buy people presents so she helped me out with my payments for the time being. For being at 18 years old...working 35 hours a week..and making around $1,500 a month. I think Im doing pretty good and being responsible? Im not trying to sound snobby but I work hard for my money and yes I can afford my car payments, insurance, and everything else I buy...I have never gotten anything handed to me. Ive been working since I was 15 while all my friends recieved brand new Eclipses and Dodge Ram's.
 
Joshua312 said:
Yeah...That is quite the remark to post I guess.



However your wrong in your assumption....My mom helped me out because I took a week off from work during my Thanksgiving break to go down to Mississippi to help with Hurrican relief...and second during the Christmas season I tend to buy people presents so she helped me out with my payments for the time being. For being at 18 years old...working 35 hours a week..and making around $1,500 a month. I think Im doing pretty good and being responsible? Im not trying to sound snobby but I work hard for my money and yes I can afford my car payments, insurance, and everything else I buy...I have never gotten anything handed to me. Ive been working since I was 15 while all my friends recieved brand new Eclipses and Dodge Ram's.
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Calm down there tiger. You made the comment about how..."it does help when I need a cash advance and I dont have to wait till my next check after I get done paying my car payment. " I don't care if you piss away every dime you make, which why I tried to word my post cautiously. And who said anything about something being handed to you? Knock the chip off your shoulder and simmer down, I was just trying help.



Get the card, charge your detail purchases that you have borrowing money to make, buy the rims, take a cash advance when you are between checks, and have a merry time doing it. Makes no difference to me. Perhaps that better advice.
 
Im not even going to bother. I dont believe I would have been approved for my car loan or my credit card if I wasnt able to afford it. No Im not going to charge rims to it, no Im not going to spend money like it's free...If you missed my post up there ^ I said I was going to use it for gas and online purchases. Im sorry you took it the way that Im going to piss away my money, but Im not, nor do I right now.
 
Joshua312 said:
Im not even going to bother. I dont believe I would have been approved for my car loan or my credit card if I wasnt able to afford it. No Im not going to charge rims to it, no Im not going to spend money like it's free...If you missed my post up there ^ I said I was going to use it for gas and online purchases. Im sorry you took it the way that Im going to piss away my money, but Im not, nor do I right now.
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I'll disagree with the "I was approved, I must be able to afford it," but that is really a difference of financial philosophy. Actually this entire conversation is about financial philosophy, I believe there is no need for CC's and you are thrilled to have your first. It's no big deal really (to me anyway), just a difference of opinion.



Enjoy your card.
 
I think over all the hype of my cash advance with credit cards....I think I am using the wrong term. I just need to use the credit card for gas sometimes between my checks when I need that money for something else at the time. So we're talking $20 tops and detailing purchases maybe 4 times a year. ebcivic Im not trying to get into an argument with you, I respect you...and your detailing work. I love looking at your posts and what you have to offer to his forum. I guess I just take it personal when people start going after me and my finances because of past situations. It gets real tiring being the only one who has to actually work for what they want when all my friends got everything handed to them.



A prime example, one of my friends has everything handed to him...got a brand new truck on his 16th brithday...never paid for gas...insurance..cell phone bill - he's in college right now and has a credit card - he's in debt, my friend who i use to work with got a credit card...she had over $7000 in credit card debt from her shopping sprees. Ive seen the dumb things people do with credit cards. I'll be sure to post pictures of my car in about 2 months...By then I should have my hood...front air dam...and hopefully new rims on my car and painted :) Thanks for all the advise and help everyone



---I just got the approved so must be able to afford it from my experience at the credit union...my loan advisor needed to make sure I made enough money after all my bills to afford to make the payments. I dont know if this is any different from when people just sign up for them when it comes in the mail...it just seemed like he took the extra effort to make sure I have a decent income before sending my application on for approval. We dont all need to have the same opinions..that would just make us boring :hifive:
 
Joshua312 said:
I think over all the hype of my cash advance with credit cards....I think I am using the wrong term. I just need to use the credit card for gas sometimes between my checks when I need that money for something else at the time. So we're talking $20 tops and detailing purchases maybe 4 times a year. ebcivic Im not trying to get into an argument with you, I respect you...and your detailing work. I love looking at your posts and what you have to offer to his forum. I guess I just take it personal when people start going after me and my finances because of past situations. It gets real tiring being the only one who has to actually work for what they want when all my friends got everything handed to them.
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As someone who came from a lower class socioeconomic background, I can certainly empathize. I have seen a few friends of mine handed "luxury" items only to trash them within weeks.
 
Yeah, my post was not meant to sound derrogatory in any way, It's just that, if it wasn't for that darn CC I wouldn't be in the mess I'm in now! And I'd absolutely hate to see someone go through the same thing. Don't get me wrong, they may have thier place, but I'd only use mine for an emergency hospital bill, or something very life or death important.
 
ebpcivicsi said:
... I don't charge/finance anything--cars included.
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Same here, and I'd say you and I are a dying breed. Heh heh, I remember when I finally *had* to get a cc- initially just for travel, couldn't rent a car without one.



But I *have* used my home equity line of credit and/or a "margin account" when the rates were below my rate of return. It's all about managing the money properly so the net effect is positive. I want my money to *earn* money, not *cost* it ;) and cash flow can, well, ebb and flow because things *do* come up.



So I can see how using a cc can make for good money management if it's used correctly. That means not incurring charges, and *that* usually means no cash advances (which often start accumulating interest charges that very day, gotta read the fine print). And it *always* means paying the card off in full every month.



Hey, why pay cash for gas and other staples if you can use the cc and basically get to put off the payment until the next month? I use my debit card for groceries because it's quick and easy, but Accumulatorette points out that I'm just giving the grocery store my money three weeks earlier than she does (when she puts it on a cc). And some cc give you the little "cash back" benefits, which is like a little discount on every purchase.



Joshua312- I'm perfectly willing to give you the benefit of the doubt. Sounds like you've seen what can happen if people don't keep their heads screwed on right.



But note that the credit union issued you the card for one *real* reason: they think they can make money off you. Heh heh, cc companies don't *want* my business because they won't get any interest off me; they want the business of people who will owe them money. They must think that you're gonna rack up some balances that they can charge interest on, after all, that's how they plan to earn their money. They just don't think you'll default before they get their money's worth out of you :D So prove the credit union (and the nay-sayers here too!) wrong and pay that card off every month. And have a long talk with yourself if you ever catch yourself justifying why you might carry just a *little* balance, just this *one* time ;)
 
Accumulator said:
Same here, and I'd say you and I are a dying breed. Heh heh, I remember when I finally *had* to get a cc- initially just for travel, couldn't rent a car without one.



But I *have* used my home equity line of credit and/or a "margin account" when the rates were below my rate of return. It's all about managing the money properly so the net effect is positive. I want my money to *earn* money, not *cost* it ;) and cash flow can, well, ebb and flow because things *do* come up.
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I have a question for you. :) If you were making around 10-15% (depending on variables) on your money annually, AND you could access it any time. Would you finance a car @3% so that your money could continue working? I am having trouble with this. When I start looking to buy a car next spring I am not sure if I should just write a check, or finance the car, and let my money work with the security of knowing that I can write a check for it at any time. In the past I have written the check because I don't like owing anyone *anything*. Thoughts? I guess it's really just a factor of the "risk" of the loan?
 
ebpcivicsi said:
I have a question for you. :) If you were making around 10-15% (depending on variables) on your money annually, AND you could access it any time. Would you finance a car @3% so that your money could continue working? I am having trouble with this. .. I guess it's really just a factor of the "risk" of the loan?
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Doesn't sound like much of a risk to me given your tendencies towards fiscal responsibility :D



I've always just paid cash for cars, but I gotta admit that it's probably an irrational, subjective decision (goes back to generations-old advice). When cars had 2.9%(let alone *zero*) financing, it would've been nuts to pay cash :eek:



So yeah, I'd absolutely recommend you keep your money working and make the system work for you as well. At >10% (but, heh heh, don't forget taxes when you fully *realize* that return ;) ) there's no way you oughta put that same money into a car instead.
 
ebpcivicsi said:
Personally, I think you should cut the CC up and request a check card. Just my opinion, but a CC at your age may not be the best thing.
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You've been listening to that guru on the radio too much.



IMHO, there is nothing wrong with a credit card, rather, everything wrong with the person who lacks the self discipline and control to act responsible with it.



I have had the same card since I started college, lived within my means, paid it off in full each month and built up my credit.



If I need to make a large purchase (once in a while) and not pay it off at the end of the month (rather, over 3 months), I call the cc company and they lower my interest rate considerably. It was 6.xx% the last time I did it. Normally I could care less what it is, b/c I pay off in full each month.



I remember my father bought a new car in 1992. If he was able to put 40% down in cash, he would have a 0% interest rate for the life of the car payments. He jumped on it rather than laying out all the cash at once.



My folks have cashed in airline miles accrued on the cc and flown to countries around the world. So using a cc has its benefits for things like that and a whole host of other things.
 
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