So I recently applied and got approved for a discover student credit card...

So I recently applied and got approved for a discover student credit card. Will this card help me build my credit even though it’s a student credit card? And also just general credit discussion thread because I have no idea how credit really works if anybody wants to talk about it and explain.

Bump

Use it rarely and pay off you balance every month. Other than that it will fuck you....hard.

Will it build my credit even though it’s just a student credit card?

Say your limit is $500. Only spend 100 or less and pay it off as soon as you can. My main card I use for gas on Fridays, come Monday its already posted on my card so I go ahead and pay it off.

Yes will build credit. Only if you don't miss payments.

Yes.

They actually gave me 1000 dollar limit I guess it’s so much since it’s a student card, so I should only put 200 on it then?

So if I do miss payments how bad does it hurt my credit?

ficoforums.myfico.com FICO is a fucking jew scam but if you are smart, you can use it to your advantage. Visit that forum and do lots of reading. I'm a low wage fag ($25K income, $0 debt) and I have almost $60,000 in credit with an 820 FICO score.

You can spend as much as you want on the card. Just pay off the balance in full or very close to full. It is best to never let it report more than a 10% credit usage.

Received the offer from them yesterday and I applied this morning for shits and giggles. I don't have great credit and they gave me a $7100 limit.

Okay I wrote that website down, I’ll read up on it, but basically from what I understand now I just need to pay it off in full or almost full each month right?

Correct. The card company will report your balance to the credit bureaus usually within a few days of your statement closing date. So if you have a $250 balance and your Discover statement closes on March 18, you'll want to make a payment a few days before that to get it below $100 or pay it off in full. Having it report more than 10% is not that big of a deal as your balance gets reported each month...just don't make a habit of having 90% of your credit limit spent and make minimum payments.

This is weird copypasta.

Why do you have to build credit? We dont have that here.

Assuming OP is in the U.S., credit is actually a pretty useful thing to have for a variety of reasons. The most obvious thing is getting a mortgage, but there are others.

Okay, thanks for this, the advice is much appreciated

Not copypasta but I did post this a few days ago but i was didn’t get as much info as I wanted to so I posted it again and I also asked in /biz/ as well

>/biz/
kek those dumb fucks probably told you to max out your card and buy crypto

Funnily enough, /biz/ is probably a worse place to ask than Sup Forums these days. I can only imagine how many responses you get along of the lines of "buy this shitcoin"

Before I finally bailed on /biz/, people would seriously talk about taking out consumer loans (including using credit cards) to buy crypto.

Well I figured they’d be somewhat educated in that stuff, nobody shilled me shitcoins and I was told to keep my balance low so it was about the same as what I was told here :)