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

[bwsteg]

If you have more than 1 card, make sure all report $0 balance when statement cuts except for 1 which should report no more than 9%.  

 

[jon4rd]

I hear some people say keep like 10-15 in your account and let it accrue interest. Pay all in full except that $10-15. Is that good or naw?

You can pay your card down to $400 or below before your statement cut date (the day your statement is created) to keep your utilization at 10% or less, and when you get your statement you will have around 25-30 days to pay it (your due date). Pay your card in full before the due date every month and that is all you have to do. Do not give your credit card company free money and become the statistic that these dudes are talking about. There is no reason to pay interest

 

[AZwildcats]

Just got my first credit card (Bank of America) and I now see how people get in trouble with these things. I only have a $300 limit per month at the moment and mostly use the card for gas and fast food. It's really tempting to go make a stupid purchase

Hopefully in the future I'll be joining my local credit union and not be paying an annual fee like I am with BOA.

 

[thadangerousmind]

You straight cash clowns are on a roll.

 

[polosanddunks]

Soon as that dude said "No credit is better than good credit." I knew not to even respond or listen to what he had to say at all

 

[thadangerousmind]

There was a time when I couldn't resist reacting to trolls on NT. Thank God those days are.

 

[rightguard]

I own 12 credit cards and pay them off before the due date.


Opening credit cards/paying them off early has not had a negative impact on my credit score.

Last year, my credit score fluctuated between 760-789.

 

[HNL HI]

wow 12 cards? what's the total credit limit

 

[eyanks]

If you have more than 1 card, make sure all report $0 balance when statement cuts except for 1 which should report no more than 9%.  

This

 

[rightguard]

wow 12 cards? what's the total credit limit

it varies but range from 10k-15k

 

[slighted]

 

wow 12 cards? what's the total credit limit

it varies but range from 10k-15k

I have 4 cards and total CL is ~$25k.

 

[townbidness]

Same here got 4 cards. 3 of em with 8k+ limit and 1 with a $750 limit, thats my first card a secured one. Wana cancel it but it will lower my credit age smh.

 

[eyanks]

My credit limit on my 4 cards is around $59K. If you keep a good history and apply for increases every 6 months you can get some nice increases. The AMEX Blue Cash Everyday card is great for getting large limits, but you need good credit to apply. Started that one off at 10K and its up to 25K.

 

[isco]

This thread has been great lately..

Just applied for the Discover IT card..approved instantly

***I was doing a lot of homework on different Rewards Cards..I called Citi regarding their double cash card..u get 1% for spending and the other 1% for when paying the balance..I did not apply because after the 15-month introductory period..u will b charged interest regardless if u pay off the balance each month and u will be charged for all balance transfers or any time u make a payment again after the introductory period..I then asked them to confirm with their supervisors if u did in fact get charged for both after the introductory period..and they confirmed..as enticing as the 2% sounds..that is basically nullified if I utilize the card after that period

 

[al audi]

Nope, student loans, and the same thing applies.

you paid for school in cash and car?

wow props, i dunno anyone in real life who has done that..............rich family?

im not paying for my next car in cash even though i can with no problem, i don't think its a good idea personally

 

[antidope]

Nope, student loans, and the same thing applies.

you paid for school in cash and car?

wow props, i dunno anyone in real life who has done that..............rich family?

im not paying for my next car in cash even though i can with no problem, i don't think its a good idea personally

I took out student loans for school.

Took out a loan for my car but it was a savings secured loan. Had the cash on hand but opted to go that route for the sake of building a credit history.

 

[capital sb]

Curious how did you have cash on hand for your school loans? Assuming you went immediately after high school

 

[$tatus $ymbol]

 

[Ritchie X Rich]

A lot of people just don't have the knowledge or are misinformed or stereotype that having a credit card you're going to be in debt trouble. Just handle your credit cards correctly and pay in full and you won't ever have to pay a cent of interest ever. You'll be up and make money from all the points and cash back on THINGS YOU WERE SUPPOSE TO PAY for anyway ( bills, gas, food, etc). Stop buying Jordan's, Gucci belts, Dre beats, and all that other nonsense crap that you can't afford and you'll be fine. Otherwise it's really your fault not the credit card companies for putting you in " debt and interest fees".

I'm at the point where I wouldn't use a debit card. It's connected to your bank account so it's already risky having it used everywhere. There's just less chances of fraud if you use a credit card. And why not get something back like cash back or travel points for a purchase using your cc , but with a debit card you'll get nothing. At the end of the month you just pay it off from your account just as if you used a debit card anyway it deducts from your account. Like I said, it's really YOUR fault if you are charging for something you know you can't pay off, don't blame credit lol. You have to know how to use the cards to your advantage is my best advice.

 

[al audi]

I took out student loans for school.

Took out a loan for my car but it was a savings secured loan. Had the cash on hand but opted to go that route for the sake of building a credit history.

gotcha cool

 

[cojp]

Can't get cash back/miles/other perks with a lot of debit cards though.

Won't you get a better interest rate with good credit versus no credit though?

Let's say your buying a car. Which is the biggest purchase you will make in your life besides a home. Unless you pay it off with cash, a good credit score would grant you the best lending. Even with out a down payment, you have earned a level of trust amongst banks.

 

[SplinterMatic319]

i have a total of 22k limit between 3 cards but i also have an amex platinum which has no pre set limit not sure how agencies quantify that

 

[antidope]

Curious how did you have cash on hand for your school loans? Assuming you went immediately after high school

I did not. I took out student loans.

 

[al audi]

i only have 2 credit cards with a combined total of $4500

i feel like a peasant on this forum lol

 

[nrg1604]

Last few pages been humorous. If you're worried that cc will bury you with debt because you can't control your spending, then that's a personal habit you gotta figure out. Understanding the value of money has nothing to do with cash vs credit.