24 Looking to build Credit... What are some good tips on your first Credit Card

[jon4rd]

New to this so bear with me

24, want to start building my credit, all I use is my chase debit for everything, what are some good cards to start off with? Capitol One keeps sending me stuff and I hear they are good

Want to be able to use credit but pay it off immediately, for example i buy something and they take the money out of my checking to pay for it, dont want to pay a big bill at the end of the month

Also is there anyway where I can build credit with my regular bills? I pay my rent online and con ed with my Chase Checking account

Also any other tips for this that will help this beginner is greatly appreciated

A lot of people recommend chase cards or discover it card as beginner cards. Discover it is a great card with some good perks and cash back promos. You can pay any bills that take credit cards as form of payment and it could earn you points or cash back depending on what kind of card you get but paying the bills themselves won't help your credit. If you pay your credit card bill every month on time it will help your credit.

 

[dam itz lou]

New to this so bear with me

24, want to start building my credit, all I use is my chase debit for everything, what are some good cards to start off with? Capitol One keeps sending me stuff and I hear they are good

Want to be able to use credit but pay it off immediately, for example i buy something and they take the money out of my checking to pay for it, dont want to pay a big bill at the end of the month

Also is there anyway where I can build credit with my regular bills? I pay my rent online and con ed with my Chase Checking account

Also any other tips for this that will help this beginner is greatly appreciated

Chase freedom. Right now you can get $150 cash back for spending $500 in 3 months.

Another $25 if you add a authorized user. You can check what kind of offers they have at the branch. It's gone up to $200 before.

Your statement prints a few days after your due date. You want them to report a small amount so it shows some usage.

 

[jjs]

Earlier this month I forgot to make a payment on my credit card. It was the first time I was ever late with this card and I paid it the day after the due date (after making a quick call to get the late fee reversed).


My question is, would this still show up as a late payment in my credit report and and would it negatively impact my score even though I got it reversed?

I think it has to be 30 days late to report, I am not 100% sure about this though. Open up a mint account and set up those bill reminders.

You're correct about the 30 day thing

 

[crcballer55]

Earlier this month I forgot to make a payment on my credit card. It was the first time I was ever late with this card and I paid it the day after the due date (after making a quick call to get the late fee reversed).

My question is, would this still show up as a late payment in my credit report and and would it negatively impact my score even though I got it reversed?

No. Had the same thing happen to me last year after transferring banks where my autopay came from. I was 10 days late due to multiple errors by the bank and AMEX said not to worry about it. It never showed up on my credit report when I pulled it.

 

[nikeskywalker]

Leased a car and my Credit Score dropped 31 points in a month

I really cant break 720 to save my life....... I have a derog on my account that drops off Next January

Writing all the letters you want to the Credit companies didn't help that at all. They just told me I had to wait until it fell off my account. LOL!!!

 

[polosanddunks]

Leased a car and my Credit Score dropped 31 points in a month

I really cant break 720 to save my life....... I have a derog on my account that drops off Next January

Writing all the letters you want to the Credit companies didn't help that at all. They just told me I had to wait until it fell off my account. LOL!!!

At least ya credit was good enough for the lease. Your good

 

[crcballer55]

Leased a car and my Credit Score dropped 31 points in a month

I really cant break 720 to save my life....... I have a derog on my account that drops off Next January

Writing all the letters you want to the Credit companies didn't help that at all. They just told me I had to wait until it fell off my account. LOL!!!

By law, they can't remove anything from your report that's not accurate.

 

[jon4rd]

By law, they can't remove anything from your report that's not accurate.

Wait what's not accurate? They said he had to wait till it fell off (so I guess they can't remove it), but you said by law they can't remove it. Sounds like you're just agreeing with and providing more information to what the companies told him

 

[truth-serum]

How?

If you get everything paid off and make on time payments on the card and keep utilization down you should get there in like a year. I came from 541 to 731 in like 13 months. Had some delinquencies on my report which I paid off and made sure I made on time payments every month on my loans. Best of luck bruh I know you'll bounce back just keep grinding

 

[truth-serum]

Similar situation but $400. It's supposed to fall off in 2018 I believe. BS charge from sprint that went to collections. They sent me a letter offering to settle for $150. If I settle will collections remove it from my credit report or will it stay on my report till 2018?

I have a bill in collections for 600$ from 5 years ago. My credit score is pretty good but I would like to clear this nonetheless. I plan on calling to negotiate to pay a lump sum of 40% of what I owe, I also intend to get a copy of the agreement before I send payment. I have 3 questions.

1. Is the best way to pay via money order?
2. How long until it is cleared from my credit report
3. Anything else I should take into account before calling?

 

[$tatus $ymbol]

Call sprint collections directly it may not end up on your report. Few years ago I had an account sent to collections with them for about a year. Called them directly & paid straight up. Nothing went on my report

 

[crcballer55]

 

By law, they can't remove anything from your report that's not accurate.

Wait what's not accurate? They said he had to wait till it fell off (so I guess they can't remove it), but you said by law they can't remove it. Sounds like you're just agreeing with and providing more information to what the companies told him

Yes, items will drop off after the specified time. What I was saying was that items can't be legally removed from your report before that time unless they're inaccurate.

Here's the drop off timelines according to Experian:

Dear AJH,

Negative information in your credit report is removed automatically at times specified by the Fair Credit Reporting Act. Here is a brief listing of the most common types of information in a credit report and when it will be deleted:

• Open accounts with no negative payment history: remain indefinitely as long as they are open and active.
• Closed accounts with no negative payment history: remain 10 years from the date they are closed. Positive accounts remain on your credit report longer than negative accounts.
• Late payments remain seven years from the original delinquency date. A single late payment is deleted at seven years. If there was a series of late payments (not paid at 30 days, or 60 days, or 90 days) and then brought current, the payments would be deleted seven years from the first one missed in the series. If the account was never brought current and charged off and placed for collection, the entire account will be deleted based on the date the account became late and was never again current. This is known as the original delinquency date.
• Collection accounts remain seven years from the original delinquency date of the original account. Collection accounts are treated as a continuation of the original debt and are deleted at the same time.
• Chapter 13 bankruptcy is deleted seven years from the filing date because at least a portion of the debt is repaid. Chapter 7 bankruptcy remains 10 years from the filing date because none of the debt is repaid.
• Civil judgments remain seven years from the filing debt. A civil judgment is essentially a debt you owe through the court.
• Unpaid tax liens remain 10 years from the filing date. Once paid, the lien will remain seven years from the paid date.
• Inquiries: remain two years from the inquiry date. However, the impact of inquiries on credit scores is minimal and decreases rapidly.

Note that, except for tax liens, making a payment or any other activity on the account will not impact these rules.

 

[truth-serum]

They sold it to a collection agency. I found out about it when I looked at my credit report. I'd like to get it off my report and 2018 for it to fall off is a long time

Call sprint collections directly it may not end up on your report. Few years ago I had an account sent to collections with them for about a year. Called them directly & paid straight up. Nothing went on my report

 

[jon4rd]

Yes, items will drop off after the specified time. What I was saying was that items can't be legally removed from your report before that time unless they're inaccurate.

Here's the drop off timelines according to Experian:


 

Oh ok I read that wrong. I see what you mean now.

How?

I mean pretty much just did what I said in my original post and also got a credit card. I made sure the utilization was low (about 2% utilization) the month when it reported a 731 score just to see how high I would get.

 

[capital sb]

Pay for Delete's remove collections before the specified timeframe. I had a collections removed within 5 months of being reported. There was no error, just a messed up situation that the collection agency agreed to remove once the settled amount was paid.

 

[truth-serum]

Did you write a letter or you just called them?

Pay for Delete's remove collections before the specified timeframe. I had a collections removed within 5 months of being reported. There was no error, just a messed up situation that the collection agency agreed to remove once the settled amount was paid.

 

[bluntobject50]

Did you write a letter or you just called them?

Call them.

 

[capital sb]

Did you write a letter or you just called them?

I called them, but it was actually the bill collectors idea. He just flat out said, "Once you pay the settled amount we will remove this from your credit". 

It was a long (3yr) back and forth with lawyers so I guess the guy was just over it LOL he owned the collections company.

 

[slighted]

Discover increased my credit limit automatically today. $5500 to $7200.

Glad I got this Discover card, their service > CapOne.

@Zyzz

@BeezyGotSole

 

[sthebest]

Just a update, I got approved for my first auto loan with no cosigner. My credit score when i tried to get a new car in august was a 430 and when i went to the dealership it was a 560. i got approved with capital one, because i have a secured credit card with them as well as a quicksilver card and have had great payment history over the past couple of months

 

[iceman3699]

Anyone know what FICO range Discover IT uses? Is the max 850 or 900 or something else?

 

[al audi]

I literally just got off computer with Capital One chat representatives

So I have been upgraded, it was me who started the chat with them. I feel excited for sure. I buy stuff all the time or restaurants etc and never get points.

She said I will get in 7-10 business days

View media item 1904010View media item 1904011

It's this card I just don't know which one yet until I get it. I should've asked in the chat but no biggie.

I think cap one service is excellent btw. No complaints.

 

[gregzzy23]

I literally just got off computer with Capital One chat representatives

So I have been upgraded, it was me who started the chat with them. I feel excited for sure. I buy stuff all the time or restaurants etc and never get points.

She said I will get in 7-10 business days





It's this card I just don't know which one yet until I get it. I should've asked in the chat but no biggie.

I think cap one service is excellent btw. No complaints.

upgraded from what. that 1.5% cash back is standard with cap one

i have a collections question. anyone good with that stuff?

 

[al audi]

upgraded from what. that 1.5% cash back is standard with cap one


i have a collections question. anyone good with that stuff?

No it's not

My card is what you would call "basic"

I'm positive

What's your collections questions I def know about that

 

[itshlittt]

Just a update, I got approved for my first auto loan with no cosigner. My credit score when i tried to get a new car in august was a 430 and when i went to the dealership it was a 560. i got approved with capital one, because i have a secured credit card with them as well as a quicksilver card and have had great payment history over the past couple of months

dope bro

hope they not trying to rape you with the apr