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My Mom Tells Me I Need a Credit Card, But My Dad Thinks I Should Wait — Help! When you’re a young adult trying to navigate a complicated financial world, getting conflicting financial advice is never easy. To make matters worse, there’s an important financial issue that seems to polarize people more than any other: credit cards. So what should you do if your mom is telling you to get a credit card, but your dad thinks you should wait? Take a look at the information below – the Nerds will help you sort through the details! Both of your parents have your best interest at heart First and foremost, it’s important to understand that both of your parents have your best interest at heart.

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My Mom Tells Me I Need a Credit Card, But My Dad Thinks I Should Wait — Help!

When you’re a young adult trying to navigate a complicated financial world, getting conflicting financial advice is never easy. To make matters worse, there’s an important financial issue that seems to polarize people more than any other: credit cards.

So what should you do if your mom is telling you to get a credit card, but your dad thinks you should wait? Take a look at the information below – the Nerds will help you sort through the details!

Both of your parents have your best interest at heart

First and foremost, it’s important to understand that both of your parents have your best interest at heart. There are valid reasons for suggesting both courses of action when it comes to time to consider getting a credit card.

On the one hand, your mom is probably concerned about you building your credit score. Since good credit is essential to renting an apartment, getting a good rate on an auto loan, and someday qualifying for a mortgage, she has valid reasons for encouraging you to get a credit card. This is because using a credit card responsibly is one of the easiest ways to start creating a good score.

On the other hand, your dad is probably concerned about the potential danger posed by credit cards. Getting into credit card debt is a common phenomenon – as of April 2014, the average household credit card debt in the United States stood at $15,191. This is problematic because interest rates on this type of plastic tend to be in the double digits; plus, carrying a balance can do damage to your credit score. It’s likely that your dad wants to help you avoid the pitfall of debt by recommending against credit altogether.

When it comes to credit, earlier can be better

Objectively speaking, building credit as soon as you can is usually a good idea. We’re not saying your mom is necessarily right, but there is a strong case to be made for getting a credit card as soon as you’re able to qualify.

For one thing, 15% of your credit score is determined by the length of your credit history. If you get a credit card in your late teens or early 20s and use it carefully, you’re helping bolster this portion of your score. Plus, with a demonstrated track record of handling borrowed money responsibly, getting other loans will be easier in the near term. Being able to access credit when you need it will make your financial life easier, and give you more opportunities to boost your score even further.

There are also long-term benefits to getting started with credit as soon as you can. Assuming you follow good credit card habits, you could have an entire decade of conscientious credit use under your belt by the time you’re ready to apply for a mortgage. This will put you in a good position to qualify for the best terms on your first home loan.

How to decide if getting a credit card now is right for you

There are definitely good reasons for getting a credit card as early as you can. But that doesn’t mean that this is the right course of action for every individual. If you’re on the fence about whether or not you’re ready for a credit card, here are a few questions to help make it clearer:

• Am I financially disciplined? Getting a credit card to build good credit only works if you pay your bills on time and in full. If you need to work on your money habits, do so before applying for your first card.


• Do I make enough money? According to the CARD Act of 2009, you’ll need to demonstrate that you have the ability to pay before you’ll be approved for a credit card. If you don’t make a big enough income, a cosigner might be necessary. In the event you can’t find one, holding off on getting a credit card until you have a full-time job may be your best bet.


• Do I understand how credit cards work? It’s easy to make mistakes with your card when you don’t totally understand how it works. Get educated before you submit your application.

The takeaway: There are good reasons to consider getting a credit card as soon as you can, but it’s important to think hard about your own habits and finances before pulling the trigger. And remember, the Nerds are always here to guide you through tough financial decisions – check back often for more helpful tips!

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3 Credit Score Blunders Even the Financially Savvy Might Be Making

If you’re financially savvy, you may smirk when you come across articles with titles like “How to Build Your Credit From Scratch” or “How to Fix Your Credit Score.” After all, you make good financial decisions and surely have great credit. However, due to misinformation and mistakes, you may be hurting your credit without realizing it. Here are three credit mistakes you and other financially savvy people might be making.

#1. Assuming your credit is fine

When you’re doing everything right financially, it can be easy to disregard advice like “check your credit reports each year.” After all, you’re financially responsible. Why would you need to verify that fact by pulling your reports? Well, credit agencies and reporting lenders are far from infallible, and mistakes occur on credit reports all the time. These mistakes are then used when calculating your credit score.

Check all three of your credit reports each year by going to annualcreditreport.com. One mistake could mean the difference between a fair credit score and an excellent score — and an excellent one will get you much better terms on future credit accounts.

#2. Carrying a small balance on your credit cards from month-to-month

You know what goes into their credit score — payment history, credit utilization, length of credit history, types of credit in use and new credit. But you may misunderstand credit utilization to mean you should carry a balance over from one month to the next. Technically, your score will benefit more with a utilization of 1-30% than 0%, but you can still attain this without paying interest. Here’s how it works:

enders report credit card balances once a month, usually in the middle of a statement period. This means as long as you’re using your card regularly, a balance will be reported for utilization’s sake without costing you any interest. Always pay your entire balance by the due date — your credit will be fine.

#3. Not using credit at all

The financially savvy avoid debt that doesn’t provide a better return than the interest rate of said debt. However, you don’t have to avoid credit entirely in order to keep from paying interest. By using a credit card and paying off the balance in full each month, you can get a short-term interest-free loan, earn cash or travel rewards and enjoy the perks that come along with many credit cards — like extended warranties on purchases and fraud protection.

Another major benefit of regular credit card usage is building a good credit history. A solid credit score can get you approved for the best credit terms, an apartment, a cell phone, a low car insurance rate or a job. The truth is, good credit is generally how lenders and other companies determine whether or not you’re financially savvy.

Use credit. Even if you’re debt averse, a good credit score will open up a world of opportunity for you.

Bottom line: Everyone has something to learn about credit, including the financially savvy. Make sure you’re checking your credit regularly, paying off your credit card balances in full each month, and using credit — responsibly, of course!

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What Adding 100 Points to Your Credit Score Could Mean

Credit scoring can feel like an abstract concept. It’s tough to think in concrete terms about how a few points can impact your ability to get a loan or a credit card.

For example, what could adding 100 points to your credit score actually mean to your finances? If you’re not sure, take a look at the details below – you might be surprised at what you find!

How does credit scoring work?

Before discussing the impact of tacking points onto your score, let’s take a minute to review how credit scoring works.

Your FICO score (the most commonly used credit score in the United States) uses a scale of 300-850 to rate consumers on their creditworthiness. The higher your score, the better. The FICO model uses the following five factors to determine your score:

• Payment history – Are you paying your bills on time? This accounts for 35% of your score.


• Amounts owed – How much do you owe on your credit accounts in relation to your available credit? This accounts for 30% of your score.


• Length of credit history – How long have you been using credit? This accounts for 15% of your score.


• Mix of credit accounts – Do you have a variety of different credit accounts on your credit report? This accounts for 10% of your score.


• New credit inquiries – Are you trying to apply for too much credit at once? This accounts for 10% of your score.

What adding 100 points to your credit score could mean

Adding 100 points to your credit score is significant, but what it could mean to your finances depends on your starting point. With that in mind, here are some possibilities if your original score was:

500 – With a credit score of 500, you probably found it almost impossible to qualify for a credit card or loan. To be clear, 600 still constitutes poor credit in the eyes of most lenders, and you’ll likely have to pay a high interest rate on the credit products you manage to obtain.

But making the jump to a 600 credit score will give you a reasonable chance of getting certain credit cards. If you do, using plastic responsibly will help boost your score even further. It might not seem like much, but going from 500 to 600 will position you for future financial growth.

600 – Adding 100 points to a credit score of 600 will open a lot of financial doors. Once your score hits 700, you’ll be able to qualify for credit cards that require good credit. This is great news, because these cards tend to come with rewards programs (unlike most of the cards for people with poor credit). You can start racking up points or cash back with every swipe!

Also, with a credit score of 700, most banks will agree to offer you other types of financing without requiring a cosigner or charging a sky-high interest rate. It’s likely you’d even be able to obtain a mortgage.

700 – Bumping a 700 credit score up to 800 will put you in the big leagues. With a credit score this high, you’ll get approved for nearly every credit card on the market (assuming your income is high enough). This means you can get a card that offers primo rewards, including some of the more exclusive travel credit cards.

A credit score of 800 also means that you can get the most favorable terms on almost any loan you apply for. In other words, having good credit means that you can borrow cheap!

Tips for pumping up your score

If you’re excited about the possibilities that will open up with the addition of 100 points to your credit score, you’re itching to get to work on your score. If so, here are the Nerds’ top tips for improving your credit:

• Pay your bills on time – No exceptions! This is the most important thing you can do for your score.


• Keep your credit utilization low – Don’t use more than 30% of the available credit on any of your cards at any time.


• Use credit early and consistently – The easiest way to do this is use your credit card for as many purchases as you can and pay it off every month.


• Borrow sparingly – Applying for several loans or credit cards in the span of a month or two will ding your score. Only apply for credit you really need, and put a lot of space between new applications.


• Check your credit report at least once per year – Mostly, you should be reviewing your credit report for errors. If you see one, take steps to have it corrected.

The bottom line: Adding 100 points to your credit score could have a big effect on your financial life. Use the Nerds’ top tips to get to work on your score today!

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How to Get Over the Minimum Payment Slump

We’re total number nerds here at NerdWallet! But some people aren’t quite as infatuated with math. Case in point: A study by a Boston College marketing researcher showed that telling consumers how much interest they were incurring by only making the minimum payment on their credit cards didn’t affect their payment amounts. If you’re stuck in the minimum payment hamster wheel, here’s how to get off it.

Increase your payment to lower your monthly costs and simplify your finances

If you only make the minimum payment, you’ll be in credit card debt for years. Aside from accumulating interest charges, this means you’ll have to make your minimum payment each month well into the future, which keeps your monthly expenses high. Every extra expense can be a hindrance if you get into financial straits due to job loss, medical issues or any other hardship. By paying more than the minimum, you’ll reduce your future monthly expenses tied to paying down your bill.

Along with higher monthly expenses, you’ll also have to keep track of your account for as long as you have it. By paying off the account faster, you’ll have one less due date to worry about.

How much extra should I pay?

In a perfect world, you’d pay off as much as you possibly can out of your discretionary income each month. You would increase your income and/or cut your expenses and direct your extra dollars to paying off your credit card once and for all. This is a great option that we highly recommend.

However, if you don’t want to allocate that much money toward debt, there are a couple of simple increases you could make. One is doubling your minimum payment.

Here’s a scenario: If you have $6,000 in credit card debt at an interest rate of 18% and your minimum payment is $120, you’ll pay it off in seven years and seven months by making only the minimum payment. But if you doubled it and made payments of $240 a month, it would be paid off in two years and seven months. That’s five years less just by doubling your payment!

A second option: You could also pay your credit card off in three years by paying the three-year amount on your credit card statement. To find this, go to the “Minimum Payment Warning” section of your statement. You’ll find the amount of time it will take to pay off your card with the minimum payment and an alternative payment that will wipe out the balance in three years. By making the alternative payment, you’ll significantly reduce not only your payment timeline, but also your interest accrued.

Note: You’ll only make progress on your credit card debt if you aren’t incurring new debt. When you’re in debt-payoff mode, don’t charge more to your card.

Bottom line: If the extra interest accrued doesn’t persuade you to make more than the minimum payments, think of it in terms of years in debt. To shorten the amount of time you’re stuck in debt, use your excess monthly cash flow to pay it off, double your minimum payment or make the three-year payment. You’ll pay less interest, lower your future monthly expenses and limit the number of bills you have to keep track of for years to come.

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Is There Anything Wrong With Transferring the Same Balance From Card to Card?

Trying to avoid the scourge of credit card interest is a good idea. Given that most plastic carries a double-digit APR, you’re saving yourself big bucks by figuring out ways to dodge it.

If you’ve been relying on balance transfers to steer clear of interest payments, you might be wondering if there’s anything wrong with transferring the same balance from card to card. Before applying for another card that’s offering a 0% promotion, take a look at the details below – the Nerds will help you decide if it’s a good idea or not.

Transferring a credit card balance can be a smart move

Just to be clear, the Nerds aren’t categorically opposed to transferring a credit card balance. In fact, there are a lot of good reasons to consider moving your high-interest debt onto a 0% card.

The first and most obvious reason is savings on interest. As of July 2014, the average APR on a credit card is hovering around 15%. If you’re carrying debt on a card that’s charging this rate, you could be shelling out hundreds of dollars per year on interest.

But if you transfer that balance to a card that offers an introductory 0% period, you’re skirting those costs for the length of the interest-free period. Ideally, you’d reinvest the savings into your debt payoff and eliminate your balance before the 0% reprieve comes to an end.

Another good reason to transfer your balance(s) to a 0% card is to simplify your financial life. If you’re carrying debt on multiple cards and can consolidate them all into one monthly payment, you won’t have to worry about several billing due dates. If you struggle with organization, this can help you avoid missing a payment.

There are pitfalls to transferring the same balance again and again

Transferring a credit card balance to a 0% card is certainly not a bad idea if you handle it carefully. But certain problems can arise if you keep transferring the same balance to a new 0% card every time your current interest-free period is coming to an end.

For one thing, you’ll have to keep paying out in balance transfer fees. Most credit card issuers charge 3% of the balance transferred every time you move your debt onto one of their cards. If you’ve been shifting the same balance from card to card for years, you’ve likely racked up hundreds in balance transfer fees.

Another consideration is credit card issuers’ policies on balance transfers: Most only offer 0% promotions to new customers. This means that if you already have a card from a particular bank, you probably won’t be able to transfer a balance at 0% to any of its other cards. This won’t be a problem for the first several transfers you do, but eventually you’ll run out of issuers to choose from.

Take a hard look at your finances and address larger problems

If you’ve transferred the same balance over and over again, you should interpret this as a sign that it’s time to take a hard look at your finances. Remember, a balance transfer should be used as a debt payoff tool. If you can’t seem to get there, you might need to reconsider how you’re managing your money.

The Nerds have a few ideas to help you take control of your funds so that you can finally achieve freedom from credit card debt:

• Do some math – Do you know exactly how much you need to pay each month to erase your balance before the 0% promotion is up? If not, get out a calculator and figure it out. Then make a commitment to that monthly payment.


• Rework your budget – Revisit your monthly spending plan to be sure that you’ve allocated enough to debt repayment.


• Cut unnecessary expenses – If you need to find extra funds to meet your debt payoff goal, figure out ways to cut unnecessary expenses. Let’s be honest: Do you really need that monthly cable subscription or weekly manicure?


• Brainstorm extra-income opportunities – Besides cutting expenses, another way to get out of debt faster is to take on extra work. Consider getting a second job or taking on overtime at your current gig.


• Reach out for help – If your debt is overwhelming, it might be time to think about visiting a credit counselor. Visit the National Foundation for Credit Counseling’s site to find reputable resources in your area.

The takeaway: There’s nothing wrong with transferring your credit card debt to a 0% card. But if you’ve moved the same balance several times, you might need to overhaul how you manage your money. Use the Nerds’ tips above to get your finances straightened out!

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