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

I started with $10,500 last week on a Discover IT. I haven't used it yet. I threw the Bank of America card in my dresser drawer. I'll use it once every few months to keep the account open. Discover has treated me better in 1 week than Bank of America has in a damn decade. I ended up with Bank of America when they acquired Clout Visa. I doubt if you guys are old enough to remember Clout.
 
dont outrageously lie on your income tho cause if they ask for prove and you lied ..... RIP
 
gil23 said:
dont outrageously lie on your income tho cause if they ask for prove and you lied ..... RIP
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What happens if they do. Ive never heard of this happening but wasnt sure if people were bluffing. Wouldn't the payments and balance reflect how much someone is really making? Explain
 
PolosandDunks said:
What happens if they do. Ive never heard of this happening but wasnt sure if people were bluffing. Wouldn't the payments and balance reflect how much someone is really making? Explain
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Since they don't do a credit pull they have to base the decision on something...The more you make the more they would offer. But sometimes they need more information and may ask for proof of income/pull a credit report.
 
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PolosandDunks said:
What happens if they do. Ive never heard of this happening but wasnt sure if people were bluffing. Wouldn't the payments and balance reflect how much someone is really making? Explain
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yeah but they can ask for proof if they see abnormal activity or numbers seem to be funny and they just ask you for proff. At that point if you lying they will shut your account and your credit, well just know its not gonna be pretty
 
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I mean technically that would be credit card fraud wouldn't it? I don't know but I'm just assuming that's how they would treat it
 
Ah now I see what you guys mean. Like its basically lying to the company and they may want to cut ties with you forever unless you provide them with proof

Its weird because whoever it is. It could be a guy with a 50k limit who only makes 20k a year but his balance is always 0 and pays his card off in full each month.

Lying is lying though
 
Queston... So I read up on utilization rate and understand it... I've heard its good to keep it under 10% at the end of your statement... but what If I just pay it off completely and leave no balance at the end of every statement... Is that not a good idea or? 
 
SolesFC said:
Queston... So I read up on utilization rate and understand it... I've heard its good to keep it under 10% at the end of your statement... but what If I just pay it off completely and leave no balance at the end of every statement... Is that not a good idea or? 
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If you have no balance you won't be able to log any on-time payments and will show no recent credit use. You can definitely do so, but it's better to let at least one card report a balance under 10% just to show recent revolving credit use and to log an on time payment.
 
SolesFC said:
Queston... So I read up on utilization rate and understand it... I've heard its good to keep it under 10% at the end of your statement... but what If I just pay it off completely and leave no balance at the end of every statement... Is that not a good idea or? 
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From what I've read there's data that shows CC users with 0% utilization have a greater chance of not paying their debts than users with a utilization rate 1% > but greater than 0%. FICO takes this data into account so it's beneficial to your score to carry some debt even if it's a decimal percentage.
 
So just to get this straight... Card of lets say $1000... I spend lets say 150 on a tv... I pay back $100 leaves my balance at the end of the month of $50... which is under 1% is better to show constant credit use? 
 
Yea, leaving the $50 balance is better for your score than $0. 

Not to say that having a balance is always better, I'd imagine having a utilization rate of 0% is better than anything over 30%. 
 
NorthOaklandFC said:
 
Yea, leaving the $50 balance is better for your score than $0. 

Not to say that having a balance is always better, I'd imagine having a utilization rate of 0% is better than anything over 30%. 
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True... I'm guessing have a balance under 10% is good if you want a good credit score 
 
SolesFC said:
So just to get this straight... Card of lets say $1000... I spend lets say 150 on a tv... I pay back $100 leaves my balance at the end of the month of $50... which is under 1% is better to show constant credit use? 
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that's actually 5% but yea you get the gist. Under 10% for optimum scores but utilization doesn't have a memory, so if you have 30% utilization one month then 10% utilization the next, the previous months 30% utilization will have no effect on your credit score the next month. But if you want optimum scores say to apply for a loan or something get your utilization under 10% before your statement cuts
 
What qualification do you need to get a discover it card?

I have a 657 credit score currently have a 36% utilization rate on my current cards.

Also have a personal loan and a new mortgage that's 6 months old if that matters?
 
Moeblack21 said:
What qualification do you need to get a discover it card?

I have a 657 credit score currently have a 36% utilization rate on my current cards.

Also have a personal loan and a new mortgage that's 6 months old if that matters?
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I have a referral for you to Discover if you end up deciding on it.

People in this thread have gotten them with little credit/lower scores.
 
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bluntobject50 said:
Since they don't do a credit pull they have to base the decision on something...The more you make the more they would offer. But sometimes they need more information and may ask for proof of income/pull a credit report.
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As far as I know AMEX is the only CC company that may do a financial review, which typically occurs once your CL is above $25k...
 
Moeblack21 said:
What qualification do you need to get a discover it card?

I have a 657 credit score currently have a 36% utilization rate on my current cards.

Also have a personal loan and a new mortgage that's 6 months old if that matters?
Click to expand...

U should b fine
 
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