Some question just about CREDIT CARDS, please tutor me.? I have never have a credit card or any type of credit

I have never have a credit card or any type of credit history (I am 23). (LOL I always thought I be AHEAD OF THE GAME by not having a credit card...but I be soooooo wrong).

So I've started out by applying for a secured credit card (which is actually contained by my husbands name.who never have a credit card either).

For myself.I've applied for the Imagine Mastercard (approved for $70.00 limit) and a Capital One Visa ($300 limit w/ 0% APR till January '08).

QUESTIONS:
1) I've be approved for all the credit cards (secured: july 9; mastercard july 11; visa; july 14).when can I expect them to be sent to my house?
2) Is this too much too hurriedly?? (We both work in recreational, low paying jobs at the moment...but we don't own to pay rent or anything approaching that either.
3) If I changed my mind nearly wanting to use the Imagine Mastercard.would it hurt my non-existent credit? Do I have to bid to cancel it? Could I purely not activate it? Should I only just keep it?

Honey, DO NOT bring back unsecured credit cards, ever! The interest will kill you and your husband, and if you miss a reimbursement, it's on your credit history for the next seven years.

You can increase your restraint on your secured credit card simply by making bigger deposits into the savings explanation against the card. You can have it be worth $70 or $700, depending on how much you've get in the hill. The best part is, if you're ever contained by financial trouble, you can ask the bank to close your description and pay the be a foil for with the stash account and they will settlement you the rest.

DON'T get department store credit cards; they're accurate for nothing. Imagine going to WalMart and seeing a really nice vacuum on Dutch auction for $50. But you're not paying $50 with your WalMart card, you're paying $75 -- because of the interest. Does that nouns smart? Better to wait till the subsequent paycheck and buy it with bread.

Next, with your secured card, start out beside small purchases. If you purchase something for $100, your payment may be $25 a month, plus interest tack onto that. HOWEVER. . . if you buy something with your credit card on Tuesday and consequently make a clearance within 30 days, you won't be charged interest because interest merely accrues every 30 days. In other words, buy those cute shoes on Tuesday and later mail a check out for the return on Wednesday. This will increase your credit rating and save you money within the long run.

You were ahead of the spectator sport by NOT having credit cards, but immediately that you've got a couple, treat them resembling loaded guns, because that's exactly what they are.

Don't ever forget, 80% of America is only two paychecks away from utter financial ruin because they are so strung out on credit. This is not something I've pulled out of high air, this is a certainty. Think about that back you buy those cute shoes and determine if you really need them.

You hold an excellent opportunity to save yourself deeply of future grief. (compond interest is similar to a cancer)
Work at increasing your income.
Keep expenses minimal.
Pay cash or don't buy.
Good Luck.

Answers:
You want a credit history in this country so at least possible you have started down the right footprints. The most important entity you need immediately is DISCIPLINE. These things are not free cash - they must be salaried back - sounds simple satisfactory but many ethnic group forget that. I cant stress that enough.

A1. It will help yourself to about 1-2 weeks to catch each card to you

A2. I would stop where on earth you are now, i.e. dont attain any more for the time being. If your intent is to build a credit history, you are on the means of access. From here it is all just about time. Use all the cards respectively month, but not much to begin next to - and track how much you are spending - that way you know how much you have need of to pay stale. It is critical you pay stale the entire balance of respectively card every period. If you can not do that next you need to acquire rid of the cards. In addition, you necessitate to try and find other sources of credit to help build your history. Try to do things close to getting a small loan (as small as the bank will pass you) for a 12 month period and put the money within a 12 month CD (i.e. so you cant spend it) . You will come out slightly aft on this deal but thats the price you own to pay to build your history. There are other types of credit as okay - having several different types help your history. Its all just about moderation, 3 credit cards is fine, having a few other types of credit will also aid. Building your history is based on several different factor - including number and types of credit, length of time accounts are open, other paying on time, ratio of used credit to set off and did I mention always paying prompt.

A3. If you don't want it, then you could choose to not initiate it. It will help to own it open and unused (you could generate it then cut it up for instance)

A4. The amount you hold to pay respectively month depends on how much you spend so there is no answer to that press. As I mentioned above, closely track your spending for the first few months so you know what to expect. Do not look at the minimum balance number - you enjoy to start off on the right footing - compensate the balance surrounded by full each month. There are a few websites that provide details on the credit scoring including myfico.com and annualcreditreport.com (stay away from freecreditreport.com). Also I recommend you learn as much as possible roughly speaking personal finance. Go to the library and find out some books - I highly recommend "The Truth around Money" by Ric Edelman - its easy to read, funny and immensely useful.

Good luck.

First relax after read the fine print. The cards will come very soon usually in 30 days.

Credit card companies make money by charging fees and the interest on the money you charge on the card.

Just expect of a credit card as a loan. Depending on the interest rate and fees, you could probably do better with a loan from the mob but let's not carry into that now.

Your 0% is call a teaser rate. Check the fine print. It should say what the Jan. 08 rate will be or it should pass a maximum.

Don't worry give or take a few cancelling the cards especially if you don't plan to use them and they don't charge an annual or monthly service levy. Just hide them somewhere so not a soul can get a hold of them. Having unused credit is a well brought-up thing.

If you do use the cards, discharge above the minimum due each month.

If you reward on time respectively month, the credit card companies will "reward" you in two years or so by giving you a bigger credit inhibit.

Just remember it's a loan. In the future, your credit report will show how very well you did with these credit cards and that information will be used to qualify you for vehicle loans and mortgages. In some jobs, they even check your credit report since they hire you.

It is a devout idea to hold a credit card but only use surrounded by a emergency and keep a low credit consideration on it even when they want to raise the restraint for you don't do it keep it at 500 for the dignified limit so you don't receive yourself in trouble.

The print credit card costs annually so when you get it phone and tell them you changed your mind. Keep the other two. Do not acquire any more credit, more than two card will really hurt you. You have already given yourself a hit to your credit by getting so frequent new cards at once...but by paying monthly within full and keeping the available credit below 50% you can build credit relativly quickly.

What you want to do is to have one, ONE (1) credit card for foremost purchases and one, one (1) credit card for emergency.
Now, the first credit card, one that is for primary purchases, use it to buy the things you need or sometime requirements, gifts for children, clothing or food or electronics. Try to keep this card at a low APR rates, because this one is the one that you will be using most repeatedly.
The second credit card, is the one for emergency, try to get this one beside 0% APR or a Low Fixed APR at 2%-6%. Why, remember that this is the emergency credit card, you should only use it for emergency, close to a small hospital visit, or an airplane ticket when some one died or something occur.
You do NOT need more than two credit cards. If you enjoy a low paying job, the recompense for your credit cards combined with your husband's should be at roughly 12% your monthly income.
If I were you, I would look at the papers that you sign for your credit cards, and look which credit cards have the lowest APR rates and a fixed rate. From there, I would prefer to keep which ones I requirement and cancel which ones I don't requirement. Not activating the card won't do you any righteous, it would just convey credit card companies that you only holding it. I wouldn't preserve it.
Like I said, I would only keep hold of one that I use for general purpose and one for emergency.

Don't return with hooked on any free bees and great scams out in attendance to bring you in. Yes you want to hold credit so stick with one CARD one one and only for now. you call for to build up your credit forget the department stores there the worst beside interest sky high and you dont' read the fine print as soon as you mess up your contained by trouble.

So pick one card that you feel will suit what you stipulation it for. Example if you fly constantly you may want to look for a credit card that will build air miles for you as you be paid your purchases. Other cards will give you lolly back up to 5% on purchases at the shutting down of the year etc.. there are masses credit cards but that doesnt' mean here all right for you. So do your homework ask as masses questions on rank to the reps if your not sure. and dont' just lug what ever they offer you. Think of it as if you be buying a car you wouldn't lately take any motor someone told you to buy right. You would base it on what you can afford your lifestyle etc.. a right rep will want to listen to how you will use this card and what your needs are and they will work on picking the right card for you. If they dont' seem to be to be upfront and offering or answering or suggesting to you. Just say thank you and verbs. You need a apt rep who will care for your wants not just shove anything contained by front of you to take it. Then nearby not interested in your wishes only near own.

Also many of the cards out at hand now you pick from you can own a secondary card for your husband so your not have all these cards floating around outside. stay beside one and go from near as you build your credit. the more cards you open too the more it will bring your credit win down. So keep that contained by mind also when thinking of opening a department store or visa master card etc... to frequent is not good. also you want to pick the lowest interest rates .

You said you own been approved adjectives these cards that you have be approved for will come with conditions and a phamplet several people dont' bother reading the small print and thats where on earth they can get you. So engineer sure you read the small print not all cards will make a contribution you 30 days to pay some solely 15 so be careful. also some will hold a certain charge for things as okay. which you won't know if you dont' read the print and will be suprised when you get your bill. so I would arm yourself beside as much infor you can learn by reading what they hold sent you and calling up and verifying any information or hold someone explain what you dont' understand.

Many cards will also permit you defer your payment over to another element of the card where you solely have to settle a small percentage each month to some extent than paying it all stale. Don't go for that they construct interest on what you dont' pay past its sell-by date in full and dont' return with into the habit of getting languorous and saying great i can repay small now and own more money for other things. its too convenient to slip into that with adjectives the things you want to buy. I would suggest only putting what you know you can acutally reimburse off when the bill comes within. So if you can't cover the full balance of what your buying by the time the bill comes within donm't buy it . It will have to continue. YOu have to be determined and not budge or you will slip losing. I have see so many those do this .

TO answer your other question if you money your mind about not activate the card. You still need to appointment them and tell them so as its on paperwork that they have sent it too you.

I have an idea that i have answered adjectives your questions well brought-up luck .

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