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

[slicknick951]

Fuuu I forgot to pay my Cc bill on time

How late are you?

I forgot a couple months back but i was only like 10 days and when i called they said they don't reports until X amount of days i forgot the exact number but i was good. I would pay and give them a call.

 

[gil23]

How late are you?
I forgot a couple months back but i was only like 10 days and when i called they said they don't reports until X amount of days i forgot the exact number but i was good. I would pay and give them a call.

Just a couple of days but they already hit me with the late fee smh .. Its this damn boa card that I hardly use mad at myself right now ....money in the trash

 

[slicknick951]

How late are you?
I forgot a couple months back but i was only like 10 days and when i called they said they don't reports until X amount of days i forgot the exact number but i was good. I would pay and give them a call.

Just a couple of days but they already hit me with the late fee smh .. Its this damn boa card that I hardly use mad at myself right now ....money in the trash

Ook yea mine was a citi card and they didnt have late fees

 

[crcballer55]

Fuuu I forgot to pay my Cc bill on time

There's usually about a week grace period before it's reported to the bureaus as late.

 

[dam itz lou]

Just a couple of days but they already hit me with the late fee smh .. Its this damn boa card that I hardly use mad at myself right now ....money in the trash

Call BOA and ask them to waive it as a one time courtesy. I'm assuming you always pay it on time.

 

[gil23]

Will call BOA later .. So I shouldn't worry about being reported right ?

 

[slicknick951]

Will call BOA later .. So I shouldn't worry about being reported right ?

I would still check with them

 

[yvespo3]

How long does it take for your score to go up after paying the negative bills off your credit report? I'm paying some off this week and read somewhere to ask for a deletion comfirmation, if they don't give me that should I still pay it off?

 

[al audi]

Why do you need so many credit cards ?
Your CScore updates monthly or whenever your CCard company sends your monthly statement.

Also, I would try to keep the utilization under 10%. 20% isn't far from 30% which is when you're in the red zone.

I check my score every 3 months depending on the situation.

I had a 805 CScore last year April but I've taken a couple loans out to finish school and my score now is 773.

There's no real difference between the two scores.

Thank You


Week late grace period is good info also! Still going to fight anything that comes back. Worth a shot.

 

[aychd]

So I'm trying to understand the whole utilization %... So lets just say I got approved for a card with a limit of like $500... Monthly I want to  make sure that I am spending about 20% of the $500 limit? And I'm assuming this approach is what will help you in the long run cause CC companies will see you could manage yourself well? 

Love this thread btw gonna apply for my first CC within the next 2 months... need to get my credit score going already

 

[dam itz lou]

So I'm trying to understand the whole utilization %... So lets just say I got approved for a card with a limit of like $500... Monthly I want to  make sure that I am spending about 20% of the $500 limit? And I'm assuming this approach is what will help you in the long run cause CC companies will see you could manage yourself well? 

Love this thread btw gonna apply for my first CC within the next 2 months... need to get my credit score going already

You can spend whatever you want but 2-3 days after your payment due date, your statement cuts. Whatever amount you owe the day the statement cuts is what they report to the bureaus. You want to be

 

[cl-1b]

You can technically spend whatever you want and pay it off multiple times if you need to.. its all about how much reports to the credit bureaus after your statement period that needs to stay at or under 20%

 

[aychd]

 
You can technically spend whatever you want and pay it off multiple times if you need to.. its all about how much reports to the credit bureaus after your statement period that needs to stay at or under 20%

So lets say one month I bought a tv and spent $220 ( Assuming my card has a limit of $500)... I want to make sure I pay back at least $170-$180 by the end of the month because then it will leave me with a balance of $40-50$ which is 10% of my spending limit ($500)... Just trying to understand this all really well sorry about the hassle I might be giving ya lol 

 

[dam itz lou]

So lets say one month I bought a tv and spent $220 ( Assuming my card has a limit of $500)... I want to make sure I pay back at least $170-$180 by the end of the month because then it will leave me with a balance of $40-50$ which is 10% of my spending limit ($500)... Just trying to understand this all really well sorry about the hassle I might be giving ya lol 

For example, my statement for my chase sapphire preferred card prints every 17th of the month. Whatever amount I owe the morning of the 17th is what gets reported to the bureaus. Whatever you spend before that doesn't matter.

 

[cl-1b]

If you plan on carrying a balance then yes.

 

[jon4rd]

How long does it take for your score to go up after paying the negative bills off your credit report? I'm paying some off this week and read somewhere to ask for a deletion comfirmation, if they don't give me that should I still pay it off?

If you're paying back a collections agency yes try to get it in writing from them that they will delete it from your report upon payment of possible. You have negotiating power before you pay them but they are not obligated to delete it. In fact some collections agency's will not do a pay for delete because it is against the rules or frowned upon or something. Use the fact that you will pay them in full if they delete it off of your credit report as leverage. Because if the paid collection still stays on your report it will stay there for 7 years before it falls off and the clock will start over from the last date of action on the account (whatever day you pay off the collection)

 

[pitman13]

Sign up bonuses and perks. A lot of cards waive the fee the first year so it doesn't cost me anything. I keep track when annual fees are due and if it isn't worth keeping, I cancel it.

What's your CScore ? If you don't mind me asking

I only ask because canceling cards affects your score negatively.

But if you're score is healthy, 720+, then carry on.

So I'm trying to understand the whole utilization %... So lets just say I got approved for a card with a limit of like $500... Monthly I want to  make sure that I am spending about 20% of the $500 limit? And I'm assuming this approach is what will help you in the long run cause CC companies will see you could manage yourself well? 

Love this thread btw gonna apply for my first CC within the next 2 months... need to get my credit score going already

Hope this help you understand utilization %

https://www.nerdwallet.com/blog/finance/how-is-credit-utilization-ratio-calculated/

 

[jon4rd]

I just requested a CLI with my discover it last month (90 days after I got it) and got an automatic $4k increase. I've been reading MyFico forums and they've been saying when the "luv button" pops up under your card details when you log in, hit it and there may be some success. I just noticed it came up yesterday and requested another increase (about 32 days after my first CLI) and they gave me an "it could take 2 days" message. Logged in today and saw they gave me another $4k increase . So my limit has gone up $8,000 in about 4 months since I first got it. I encourage everyone to try your luck if you have the "request increase" button under your credit line when you click "card details" on the homepage of your account.

 

[hot route]

lol. nah. ego stroked just cuz line grew?

 

[al audi]

jon4rd

Repped

 

[jjs]

Had a client with a 860 score.

I couldn't believe it sinc she's new in the credit game and her utilization showed 42% on the report (only one trade since 3 years).

Welp good for her.

 

[olx9o]

Will call BOA later .. So I shouldn't worry about being reported right ?

Nah no need to worry they only report it after 30 days. That late fee is just a fee u got to pay and they MIGHT raise your interest rate so u could end up paying them more in the long run but if it's less than 30days and paid ur credit is fine

 

[thadangerousmind]

Apparently Discover and Amex don't do hard pulls for most credit line increases. It's the bank cards that you have to worry about the most in that regard.

 

[jon4rd]

lol. nah. ego stroked just cuz line grew?

Bruh, what?

 

[dam itz lou]

What's your CScore ? If you don't mind me asking

I only ask because canceling cards affects your score negatively.

But if you're score is healthy, 720+, then carry on.

700-732.