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Daily Polls

Poll From: 07/30/2013

Swag Bucks are awarded for participating in the current Daily Poll only.See Previous Polls

Which of these best describes your understanding of credit as a young adult? Submitted By meldh84, NS
Get it and have fun spending.
Do not screw up your credit.
What is credit and how do I get it?
If you ruin your credit it takes years to get it back.
Who cares if you ruin it?
Vote
Comment on this poll
babyeco
on 08/16/13
I have an evil ex whom destroyed my credit and is making every effort to make sure I never get credit again. I had amazing credit before I was stupid enough to let a man in my life. Live and learn
triathlon29
on 08/02/13
Cash is best. If your going to get a credit card at least get one from a local bank or credit union.
Somarluv
on 07/31/13
unkle rikoe has excellent credit..
DizzyIzy
on 07/31/13
got 2 credit cards at 18/19 did ok keeping up until I got my own place and a cell phone... now my credit is almost shot to heck....
AmandaM43
on 07/31/13
shadowtu101 liked this  
Never miss a payment.
Dpowell2
on 07/31/13
True
sammy0354
on 07/31/13
vickiec liked this  
Credit is ruined due to medical bills. I kept up with everything only had one credit card that I paid off every month, and not it's all shot to crap.
ClarinetPanhead
on 07/30/13
dc5523 and 5 others liked this  
Just out of high school.. but I will never get a credit card.. because Dave Ramsey advised it..
triathlon29
on 07/31/13
Your smarter than most adults!
LoveBeautyNGlam
on 07/30/13
triathlon29 liked this  
I went away to college 1 month after I turned 18.I was approved for all kinds of CCs, with low limits of course.Until I reached those limits then they made them slightly higher.Then I missed a payment then they charged me a late payment fee,then before I knew it I was OVER limit, getting charged late payment fees,over limit fees & I have multiple CC bills and 2 part time college jobs couldn't keep up. This was on top of the $20,000 a year student loan I had taken out in my name without truly understanding what it meant - to me it meant I was going away to college because that's what I was supposed to do. My Mom and Dad said sign here and there and I did.

I'm 32 years old now. I wish I had never been approved for those credit cards. It seemed great at the time-my family never had a computer before,so I bought a desktop (it was 1999).Gas, food, stuff I know now not to put on CCs I carelessly did.No credit is better than bad credit, which is all I have right n
triathlon29
on 07/31/13
And thanks for sharing your story. It's not always easy to fess up to making a mistake, but there are lots of young people on here I think who can learn from your experience.
Lilyfireb
on 07/30/13
Actually, no credit and bad credit are the same thing. I had to learn that the hard way.
triathlon29
on 07/31/13
Rtblakes and 1 others liked this  
No they aren't. With bad credit your sucked into a world where you are constantly paying lots of money and being threatened if you don't pay up. With no credit your living within your means or below them using cash.
SEXYDIVA23
on 07/31/13
I don have nothing to say
blondiem311
on 07/31/13
worked at a credit card agency and its amazing of how much people don't know how to use a credit card correctly and that's how you can ruin your credit, by taking advantage of your credit card.
Lionbear
on 07/31/13
y
Mairee
on 07/30/13
blondiem311 and 2 others liked this  
I wish I knew then what I know now.
JenniLulu
on 07/30/13
no comment
kaitlynnnx3
on 07/30/13
ffadsf
JuliaFaraday
on 07/30/13
dc5523 and 5 others liked this  
I'm 19 and I'm terrified of debt.
xspartanx3x
on 07/30/13
cashflo58 liked this  
I've always been the type of person that says If I can't pay for it now forget it. Credit card or no credit card. I use my credit card but ONLY buy things I can already pay for so I pay it off as soon as the bill comes. If you don't thats when you can fall victim to debt. The only exceptions I will ever make to buying something I can't yet fully afford would be a house... thats it and obviously I would be financially prepared when I decide to.
Celestirr
on 07/30/13
TheVampire and 2 others liked this  
I don't have a credit history.. because I don't use a credit card.. and I don't use a credit card.. because I need a credit history to get one. I grew up dirt poor so college and student loans have always been out of the question. So I guess I never will have a credit line or a credit card.. ever. :/
lillychea23
on 07/30/13
cashflo58 liked this  
1) Your credit history starts when you open up a bank account. It's not much, but as soon as the government can trace your money, you have "some" history. *taught by my AP Economics teacher
2) Easy credit cards to get are the college/student ones. I have a college credit card from Discover. It was EXTREMELY EASY to get. They don't care how little you make. They understand that you're just a student.
3) Financial aid & scholarships are available to help you go to college. I grew up dirt poor, too. Never had a car or money. I would walk 2 miles every day of high school just to get educated (whether it was raining or sunny) & I managed to earn a 4.44 GPA. This hard work has allowed me to gain thousands in scholarships just to go to college. It's not about how poor or rich you are. It's about how hard you work.
4) You'll have a credit line and credit card soon. Just work at it & be committed. Seek help if it gets a little tough
justmalindab
on 07/30/13
Do you have a checking account? Ask your bank how they can help you build your credit. My bank offers a specific loan for members with little or no credit, and most offer bank backed credit cards as well, where they will take your checking history into account, instead of strictly your "credit."
prettymehkaka
on 07/30/13
I chose the first one.
jevousverrai
on 07/30/13
SwagSupa liked this  
I'm 25 and never had a credit card... I can't seem to get approved for one, and I don't know why. no, I don't have a great job, but I have a job, and I've never had my debit card declined... all my payments are made. it's irritating. I'm going to need one some day, please.
Allyson3598
on 07/30/13
Elsinore01 and 1 others liked this  
Get a Capitol one they give you a low limit & you build it from there. Allyson
justmalindab
on 07/30/13
I was in the same position until last year (I was nearly 24). Get your free credit report and see if there is anything there in error. I found out that a debt owed by a relative I had lived with as a teenager had managed to wind up on my report and was hurting my score. You can get one for FREE, every year. Also, every time you're denied a credit line I believe you can request the materials (such as your credit report) that were used in making their decision, also free. What really helped me was a "credit builder loan" from my bank. Essentially, they gave me a loan but put it in a CD, which they held as collateral. I paid on that for a year and, by the end, I had positive credit for paying against the loan each month AND had that $1000! (Which I may not have saved otherwise). If your bank doesn't offer this, they may have credit cards you can apply for through them, which is the only way your checking account will really help. Good luck!
SwagSupa
on 07/30/13
tfjparadise liked this  
Sorry I meant to hit the reply not 'like' button. But have you tried getting store cards like JCPenny card? My sister who didn't have credit either started out with store cards and that's how she is building up her credit.
Allyson3598
on 07/30/13
I was in a bad situation w/ credit cards, many years ago in my 20's.They are giving credit away too young! I learned the hard way how fast interest ads up! Allyson
SwagSupa
on 07/30/13
coggieb liked this  
When I started college my attitude was 'get it and have fun spending it' now that I am out of college with messed up credit, my attitude is 'do not screw up your credit'. Man I wish I could go back.
swaggeriddle
on 07/30/13
8RCR8 and 1 others liked this  
If you screw up your credit, you screwed up your life!
Jennifer1
on 07/30/13
cashflo58 liked this  
If you pay your balance in full every month (and on time), credit cards are a great tool. When used correctly, credit cards can actually improve your credit score, and reward you for purchasing things you were going to buy anyway. However, if you will not be able to pay your credit card in full when the bill comes, use cash. Credit card interest compounds daily, there's late fees, there's even a fee for paying by phone. Whatever money you do send them pays off the interest first. If you send the minimum payment, it will take years to get to the balance. That $50 indulgence that you didn't really need can cost you thousands in the end.
jsd0201
on 07/30/13
tfjparadise liked this  
Do not screw up your credit. It is no easy fix if you mess it up... it takes years! Please listen
lanakay66
on 07/30/13
Never had one.
Potentialjoker
on 07/30/13
tfjparadise liked this  
Kinda glad I was taught how to use money or I would be low on cash.
Crazywolfb
on 07/30/13
At least most have the rift idea
momoon
on 07/30/13
jajslas and 3 others liked this  
I wish my parents had talked to me about money but it was always a taboo subject. I think letting kids know about finances is as important as talking to them about sex, pregnancy and stds ... also a taboo subject in our house. Thankfully I just ruined my credit at a young age instead of doing that and getting pregnant too.
imlucky10
on 07/30/13
I had a solid grounding on the dangers of overspending long before I was a young adult! Having to work for all your spending money and having to save up for any splurges as a young child will do that for a person. Plus my parents explained about credit cards to me.
Lavendera
on 07/30/13
triathlon29 liked this  
I am a teenager and was taught that the best way to not screw up your credit was to never get any. I do believe that sometimes in emergency situations that you may need credit. But after my cousins car got repossessed, I feel that credit is/was bad
x223xzero
on 07/30/13
tfjparadise and 3 others liked this  
your going to need a good credit eventually. As a teenager i'm not sure it's something to worry about yet, but not getting any credit is just as bad as having a bad credit. Use a credit card, (but never over a certain amount that you set), don't spend more than you can make, always save a lot more than just "a little extra", and pay off the amount you spend (which should not be more than what you set) at the end of the month. Then you won't have bad credit, but instead good credit!
sebreilly
on 07/30/13
8RCR8 and 1 others liked this  
Yep. I always had the "if you don't have money for it, don't buy it" motto and it worked fabulously...until this past year when I tried to get a loan to buy a house and learned that no credit is just as bad as BAD credit. I've never paid a bill even a day late. I've been steadily employed since I was sixteen and have great work references, and plenty of money in savings, but none of that counts for anything in the bank's eyes. I was told to "go accumulate some debt and come back in six months." It's a totally backwards system and I'm annoyed to be stuck in it, but I want a house so now I've got to start playing the game. :[
triathlon29
on 07/30/13
dc5523 and 1 others liked this  
Credit is bad. Your not wrong at all to think that.
katierw80
on 07/30/13
tfjparadise and 7 others liked this  
It's better to have good credit than no credit, so that you can get things like a home equity line of credit when you get older and have your own home.
tightlacedboots
on 07/30/13
dc5523 and 1 others liked this  
You may have to establish good credit to get the credit card, though. Establishing credit can be done via methods like taking out a student loan and making payments on time. That's the only example I can think of but as a teen I don't think having a credit card is necessary.
Usagiangel
on 07/30/13
triathlon29 liked this  
I didn't know what it was at all. A store offered me a reward card. I said yes. I walked out thinking I got free stuff. I didn't know what a credit card was. I ended up moving before my first statement, so I didn't find out for a long time that I had just started ruining my credit. I wasn't happy when I learned about it all.
bluela
on 07/30/13
tfjparadise liked this  
A reward card is not a credit card, and you aren't charged for most reward cards. You just earn points (like SB) you either redeem or don't. Sounds to me like you got a store credit card.
fuseh
on 07/30/13
triathlon29 and 1 others liked this  
Wow. What an odd question...
Swagalot
on 07/30/13
tfjparadise and 3 others liked this  
It's not an odd question when I hit college I got all these offers pouring in for credit and made some bad choices that took me years to fix. This was way back in 1987. Now with my kids I make sure they understand what a responsibility credit is and how important it is to make sure you keep your credit score clean.
bluela
on 07/30/13
I think the odd part is "describes. . . as a young adult," as if we are all young adults.
bluela
on 07/30/13
tfjparadise liked this  
I don't even understand this poll. It should at least say "describes/described." Otherwise, is it assuming we are all young adults? And what qualifies as a young adult? Young adult novels are for, say, 12 & up. I don't know if I knew about credit scores when I was 12. I could only really answer what I have thought as long as I've known of credit scores: don't screw it up.
willisboss22
on 07/30/13
tfjparadise liked this  
I wouldent mess it up its important
PseudoRandom
on 07/30/13
tfjparadise and 2 others liked this  
I'll never understand why people spend money they don't have on stuff they don't need. All you're really buying is a load of stress.
willisboss22
on 07/30/13
tfjparadise liked this  
I wouldn't mess it up
xoeden
on 07/30/13
tfjparadise and 3 others liked this  
The fact that there's 12% who think "get it and have fun spending" absolutely terrifies me.
Andonbray
on 07/30/13
tfjparadise and 2 others liked this  
The fact that there's 2% who think "who cares if you ruin it?" terrifies me more.
triathlon29
on 07/30/13
I only picked that option because there was no option of "I don't believe in credit I believe in cash". I decided the default for that was who cares if you ruin it. But that's not to say I have any plans to go get into some sort of debt crisis, it's exactly the opposite.
prattmama
on 07/30/13
tfjparadise liked this  
I'm hoping that they just think it's funny to answer like that - still stupid.
triathlon29
on 07/30/13
Given the choices if one lives a cash only lifestyle it's actually the best answer. Unfortunately like some other poles this pole suffers from lack of options.

2 and 4 don't apply because I don't value it I don't value cash
1 doesn't apply because I don't believe in getting it, not to mention having fun spending money you don't have.
3 doesn't apply because I know where I could get it if I wanted it, after all it's my loss and the banks gain. But I don't want it.
triathlon29
on 07/30/13
correction should say I don't value it, I do value cash (not a second don't)
Miming227
on 07/30/13
tfjparadise liked this  
Having credit have helped me through good times & bad times..
HunterDX77M
on 07/30/13
tfjparadise and 3 others liked this  
No credit card and no college loans. Life is good.
triathlon29
on 07/30/13
I hear you on that. Taking college loans was a horrible mistake I made (and that's with paying them as I was supposed to-which didn't keep them from losing one of my checks, but charging me a bogus late fee anyways). But it did teach me why credit is bad.
pointe4Jesus
on 07/30/13
Taking college loans is only a mistake if you have other choices. Unfortunately, I don't. Fortunately, I have a pretty solid plan for how to deal with it.
triathlon29
on 07/30/13
tfjparadise liked this  
Not everyone needs college. One can also go after they have saved up. I don't even currently use either my undergraduate or graduate degree. You'll come to learn this I guess when your older and realize there are lots of people with degrees working in jobs that doesn't require one.
prattmama
on 07/30/13
bluela liked this  
I'm not exactly a young adult! but I wanted the point so I pretended!
robloxstaffhelp
on 07/30/13
lol
EricaSwag21
on 07/30/13
Lol
jarjarjarjar
on 07/30/13
tfjparadise and 6 others liked this  
You should not spend money you don't have
Andonbray
on 07/30/13
tfjparadise and 10 others liked this  
Tell that to the government!
SimonisSwag43
on 07/30/13
Get it and have fun spending ppl dont are little kids.
royalrockstar7
on 07/30/13
MorganMiller16 and 6 others liked this  
I rather not us a credit card i pay in cash so no chances of debt in my life
dookie1293
on 07/30/13
tfjparadise and 3 others liked this  
I pay in credit so I can track all my purchases. I also have no chances of debt (at least from my credit card, because student loans are another story), because I do not spend more on my credit card than I know I have in the bank. It's not that difficult. Besides, I get cashback for using my credit card.
triathlon29
on 07/30/13
tfjparadise and 1 others liked this  
Not true. Banks can be very sneaky. They can also lose your check and then turn around and claim they never received it. Plus time is money and not having to track purchases on a credit card statement saves you time and stress.
dealio1
on 07/30/13
tfjparadise and 15 others liked this  
Why this isn't a required high school class is beyond me.
xoeden
on 07/30/13
tfjparadise and 1 others liked this  
It depends on your school system. In British Columbia, Canada, mortgages, student loans, interest rates, and credit card systems & processing are all integrated parts across several courses that are required to graduate. I remember these going back as far as grade 5.
nikki3
on 07/30/13
GAME3 liked this  
it is a required high school class : " Economics"
I had to take it as well as the financial literacy exam

I guess it just depends on what school you go to.
triathlon29
on 07/30/13
tfjparadise and 2 others liked this  
Personally, I think it's better to teach your kids about it yourself. I wouldn't trust that the information in a high school course wouldn't be highly biased by what the big banks want.
Andonbray
on 07/30/13
Go to a private school and it's no problem.
braverose
on 07/30/13
Always buy with debit card
dookie1293
on 07/30/13
andreaf725 and 5 others liked this  
I'm 19, had a credit card for 16 months, and have zero late payments. :) There's no point in using a debit card when I get cashback for using a credit card! I simply just never spend more than I have in my bank account! It's as simple as that. There's no need to use a debit card once you have a credit card, as long as you know how much is in your bank account.
jjw222d
on 07/30/13
reasoning?
x223xzero
on 07/30/13
katierw80 and 5 others liked this  
When dookie is using her credit card and pays off what she spends because she knows she can pay it off and never spends more than she has. She is doing a VERY SMART thing called BUILDING UP A GREAT CREDIT SCORE. No credit is just as bad as bad credit. Eventually someone will have to look at your credit score, car dealer, buying a house, loans, etc.
triathlon29
on 07/30/13
Not true, that eventually it will be a problem. I'm in my mid-30s and its not a problem for me. By using cash you accumulate wealth and you avoid things like bogus late fees.
neesee1972
on 07/30/13
I didn't understand it until my first husband messed it up.
Smoopy65
on 07/30/13
amhale11 and 2 others liked this  
As a young adult, I had the idea to get it and have fun spending it....as a mature adult, I now know better.
ajgilp
on 07/30/13
KKwolverine liked this  
That I wasn't going to get any!

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