that was what karaoke said to me yesterday...
the credit card i applied for came in the mail yesterday.
i never had a credit card before.
applied a few times and got that “NOPE”.
so after paying off a few bills that were in collections recently,
i was finally approved.
when it came i felt scared tho.
fear.
un sure of myself for some reason.
not the feelings other people usually have.
i had to ask myself…
“Could I,
Jamari Fox,
handle a credit card?…”
maybe it was people’s reactions:
“uh oh…”
“be careful!”
“jamari you know you like to shop…”
like,
damn,
can you give a fox a chance?
the only person who cheered me on was karaoke.
actually she was the one who inspired me to get it.
she has always been financially responsible since ive know her.
she has her condo.
set her home up with her own things.
bought a car when i was down there.
her kid has to beg for nothing.
she has always been the definition of success in my eyes.
i want that.
i want to inspire others as well.
we are gay men.
no matter what role we play,
we already ahead of the game than the straights.
we don’t have dependents.
it’s usually just us.
this is why i have money.
i don’t get paid crazy amounts like others.
i live within my means,
set up tons of apps on my devices for bills and budgets,
and TRY not go ratch when i go in a store.
well sometimes.
you know i love the ( x smell of fresh fox swagg ).
hell anything for that matter.
i love that “new new” shit.
i want my own home.
i want to be walk into a dealership and get approved for a car.
i want the “gubment” to not look at me as “one of dem”.
i want that for all the foxhole.
this is why i talk the way i do.
i gotta inspire you as well as myself.
i DESERVE better.
no.
we DESERVE better.
why do the snow foxes get to have all the fun?
nuh uh.
“we gon make it,
we gon make it…”
this is my fav “musical medicine” song.
that eve verse>>>> my alarm every morning…
i’ve given myself a limit of 50 dollars for 2 months until i get use to it.
slowly increasing as i go.
since my wolf is out there in this big forest lookin for me,
i’ll get my GLOW and the foxhole together until he arrives.
Congrats.
Credit cards are easy. Think of credit cards as micro-loans and not free money. If anything they extend the money you were going to spend anyway. Instead of paying today, like a debit card, the money will be paid 25 – 31 days later.
Just know your statement closing date and pay it off completely, or pay more than the minimum due by the due date, and you’ll be fine. Make sure you can pay from your card issuer as well as from your bank.
Also try to keep your spending below 30% utilization. What the hell does that mean in English?
If your credit limit is $1,000, try not to spend more than $300–you can also pay early to keep below the 30% threshold if necessary.
In six months, with good behavior, your credit limit will be raised and you might receive other card offers from other banks.
^thank you ic!
im about to head out and try out my new card.
gonna get the hang of it.
ShoYaRight gave great advice J. The best thing is not to charge more than you can pay in full the following month. Another great tip that I learned the hard way was never charge more than half of your limit. Always maintain as low as debt to limit ratio each month so that it will reflect positively on your FICO score.
Some employers, especially government, looks at your credit score to determine if you are responsible. Please keep this in mind.
I wish that I learned these steps when I was in my 20s with a wallet full of credit cards. I made horrible mistakes that took years to recover but now I’m grateful that I learned those lessons. It would be nice if financial literacy was taught in schools or in homes so that we know how to make wiser decisions. My mom taught me about budgeting and living within my means but it all went out the window when I was trying to keep up with the Joneses or impress others.
If you use your new card to build your financial portfolio rather than to get that new new that you mentioned, you will be good. We have to remember that credit is a tool to help us get and have more. Those people selling us products already have more. Its time for you to have more. Good luck on your journey and congrats!
^loved this comment thinker.
glad you learned you learned from your mistakes.
many people can’t say that.
i am def going to do that “charging half my limit”.
that was sound advice.
I think that’s the reason i was so unsure.
the horror stories of credit people told me.
if they taught these important lessons in school,
we would not be so confused.
they need to teach “life lesson” classes because it would avoid a lot of drama for so many people.
I also forgot to add to see if they have credit protection insurance in the event of loss of employment or hospitalization. While I hope that you don’t have any of those things, its good to be proactive. I agree with the poster who said 30% but definitely don’t go over half. Always pay more than the minimum. Since you are using your apps, that will help you make your payments on time. If you know that you are in hardship, its best to call and discuss your options BEFORE the due date.
Hi Jamari,
Congrats on your new credit card. It’s definitely great for building a credit history. Post #4 is actually incorrect. If you pay the $50 bill by the statement date, you only have to pay that $50. No interest or finance charges! If you pay after the statement date, that’s when you end up paying more than $50. and late fees are no joke!!! I have several credit cards and pay them off in full each month. I don’t pay any interest, finance charges or late fees. Of course I only charge what I can afford to pay off in full. Have fun but be responsible with your card.
^thamk you sho!
see that’s what I was confused about.
thank you for the correction!
Congrats man!!
^thanks man!
yup what mikey said just try not to over swipe thats all
^thanks kinks.
a challenge for someone with “assault with a deadly debit card”,
but im cleared of all those priors lol…
so ima be growed-ed up with this.
Congrats boy, it can be a little scary having one (I’m paying my credit card bill off now, and it”s no joke). I have it for emergencies, times when I’m short. Oh and if I want to treat myself to a little something something from time to time lol.
^thanks mikey.
yeah mine is def for a “little something from time to time”.
when the limit raises,
or i get another,
i’ll throw my two bills on it and send the card a lump sum every month.
Congrats J! But wait, $50 for 2 months as in $25 each month? Please elaborate a little bit more. Gosh I need to buget my money. I’m not that disciplined.
^thanks!
no meaning im going to spend 50 dollars on whatever every month.
that is my limit until I get the hang of it.
what I’m learning with a credit card,
that at the end of the month when the statement comes,
you have to pay the money you spend back as well as interest.
so let’s say i saw a shirt that was 50 dollars and i swiped it,
im going to pay the credit company 60 or 70 dollars for that swipe.
it shows them that I can pay my bill back in full on time,
which will raise your limit.
^also z,
there are so many apps on my phone/devices for personal budgeting.
i’ll write an entry soon for you to investigate.