Comments on: How do credit cards work? like when do they give me more money? how long? http://www.student--creditcards.com/2009/09/how-do-credit-cards-work-like-when-do-they-give-me-more-money-how-long/ Helping students pick a credit card Mon, 31 May 2010 22:33:45 -0400 http://wordpress.org/?v=2.8.4 hourly 1 By: Steven N http://www.student--creditcards.com/2009/09/how-do-credit-cards-work-like-when-do-they-give-me-more-money-how-long/comment-page-1/#comment-283 Steven N Fri, 09 Oct 2009 11:18:31 +0000 http://www.student--creditcards.com/2009/09/how-do-credit-cards-work-like-when-do-they-give-me-more-money-how-long/#comment-283 I'm sure they will give you money once you repay them. I’m sure they will give you money once you repay them.

]]> By: dcgirl http://www.student--creditcards.com/2009/09/how-do-credit-cards-work-like-when-do-they-give-me-more-money-how-long/comment-page-1/#comment-282 dcgirl Tue, 06 Oct 2009 23:49:21 +0000 http://www.student--creditcards.com/2009/09/how-do-credit-cards-work-like-when-do-they-give-me-more-money-how-long/#comment-282 You have to show a pattern of resonsible credit management for a few months before you will get a credit line increase. Never go above 50% of your credit limit (keep the balance even lower if you can), make more than the monthly payments every month, don't miss any payments or pay late, and don't take any cash advances. Do this for 3 or 4 months and you will get a line increase. Miss any of these items and it will of course take longer to get a line increase. You have to show a pattern of resonsible credit management for a few months before you will get a credit line increase. Never go above 50% of your credit limit (keep the balance even lower if you can), make more than the monthly payments every month, don’t miss any payments or pay late, and don’t take any cash advances. Do this for 3 or 4 months and you will get a line increase. Miss any of these items and it will of course take longer to get a line increase.

]]> By: Dumas http://www.student--creditcards.com/2009/09/how-do-credit-cards-work-like-when-do-they-give-me-more-money-how-long/comment-page-1/#comment-281 Dumas Mon, 05 Oct 2009 17:10:46 +0000 http://www.student--creditcards.com/2009/09/how-do-credit-cards-work-like-when-do-they-give-me-more-money-how-long/#comment-281 One place to begin to answer your questions is your truth in lending disclosure. They should of sent one with the application and/or card as mandated by federal law. If you don't know where it is, call and ask them to send it. Basically it's a simple breakdown of your terms explained in layman terms. As for the more money question, they are probably referring to a credit line increase. basically let's say you carry a balance of $100 on your $500 limit and pay the minimum payment. Usually this is never less than 2% or $15. To make it simple let's assume you have a teaser rate that is like 0% APR for 6 months. you've paid $15 for 4 months = $60. $100 charged - $60 paid = 40 balance owed. And a credit line of $460. Then since your a good paying customer they extend you an additional $250 credit line making your credit line $710. One place to begin to answer your questions is your truth in lending disclosure. They should of sent one with the application and/or card as mandated by federal law. If you don’t know where it is, call and ask them to send it. Basically it’s a simple breakdown of your terms explained in layman terms.
As for the more money question, they are probably referring to a credit line increase. basically let’s say you carry a balance of $100 on your $500 limit and pay the minimum payment. Usually this is never less than 2% or $15. To make it simple let’s assume you have a teaser rate that is like 0% APR for 6 months. you’ve paid $15 for 4 months = $60. $100 charged – $60 paid = 40 balance owed. And a credit line of $460. Then since your a good paying customer they extend you an additional $250 credit line making your credit line $710.

]]> By: lj1 http://www.student--creditcards.com/2009/09/how-do-credit-cards-work-like-when-do-they-give-me-more-money-how-long/comment-page-1/#comment-280 lj1 Fri, 02 Oct 2009 19:24:04 +0000 http://www.student--creditcards.com/2009/09/how-do-credit-cards-work-like-when-do-they-give-me-more-money-how-long/#comment-280 Try paying your bill off every month. After a few months, they will increase your spending limit in hopes that you will make a lot of purchases on your card, and have to make payments. That way, they get to charge you interest on your balance. But don't fall into that trap. A lot of college students leave school and enter the real world with huge amounts of credit card debt. Try to keep your balance low so you don't have to spend years trying to pay it off. Life is expensive enough without having to deal with a lot of credit card debt. Try paying your bill off every month. After a few months, they will increase your spending limit in hopes that you will make a lot of purchases on your card, and have to make payments. That way, they get to charge you interest on your balance.

But don’t fall into that trap. A lot of college students leave school and enter the real world with huge amounts of credit card debt. Try to keep your balance low so you don’t have to spend years trying to pay it off. Life is expensive enough without having to deal with a lot of credit card debt.

]]>