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

[based mod]

Just signed up for the Hyatt Card. 2 free nights ANYWHERE. Finna book a room at their all-inclusive hotel in Cancun

$11k credit limit instant approval

 

[polosanddunks]

Hurts you initially but after about 6 months of oayments you will be good money and after 1-2 yrs of payments you will see it boost.

Nice and thanks for the info. I plan on getting a house mid year then a new car end of the year so this information is perfect.

 

[pitman13]

@Pitman13 I've gotten AMEX credit increases easily. They are very generous if you are a good customer and have good credit. I never tried to do an increase on my Chase account because it's usually a hard pull unless you call in and get lucky or if they send you an unsolicited offer.

Haven't requested with either yet, but from what I've read Amex lets you do a 3x CLI request at 61 days after your account opening then you can request every 6 months (all soft pulls). So if your starting limit is $3000 after 61 days you can request $9000 and most have been successful as long as you've had good history within that time. And chase only does hard pull requests or you can move balances from one chase card to another if you don't want to take the hard pull. I think they sometimes do auto CLIs but I can't chime in on those

Thanks for the help fellas, really appreciate it.

If AMEX is going to grant me a $27,000 CLI when I call them in 31 days, I will be incredibly happy.

It's unfortunate Chase is stingy with their CLI's. I've had my Freedom card for years and I've only gotten an increase 3x, if I remember correctly.

Ahhh well, guess I'll just wait till they automatically increase my limit at the end of the year.

 

[jon4rd]

Thanks for the help fellas, really appreciate it.

If AMEX is going to grant me a $27,000 CLI when I call them in 31 days, I will be incredibly happy.

It's unfortunate Chase is stingy with their CLI's. I've had my Freedom card for years and I've only gotten an increase 3x, if I remember correctly.

Ahhh well, guess I'll just wait till they automatically increase my limit at the end of the year.

Good luck fam. Peep this thread for all the info on the Amex 3x CLIs:
http://ficoforums.myfico.com/t5/Cre...The-Definitive-Amex-3X-CLI-Guide/td-p/1811071

 

[polosanddunks]

Thanks for the help fellas, really appreciate it.

If AMEX is going to grant me a $27,000 CLI when I call them in 31 days, I will be incredibly happy.

It's unfortunate Chase is stingy with their CLI's. I've had my Freedom card for years and I've only gotten an increase 3x, if I remember correctly.

Ahhh well, guess I'll just wait till they automatically increase my limit at the end of the year.

I wish I never got the Chase card. They are so stingy with it and when you do its a hard pull :x

 

[pitman13]

Good luck fam. Peep this thread for all the info on the Amex 3x CLIs:
http://ficoforums.myfico.com/t5/Cre...The-Definitive-Amex-3X-CLI-Guide/td-p/1811071

REPPED!

That post is gold! for all AMEX cardholders.

I'm going to try my luck beginning of June. I'm hoping for that 3x increase, badly.

I wish I never got the Chase card. They are so stingy with it and when you do its a hard pull :x

I sometimes feel the same way but their 5% cash back trimonthly cycle is great and useful albeit for only 3 months.

Having said that, my Freedom card has been collecting dust ever since I got my AMEX

 

[Tony $now]

Question fellas

What will raise my score the fastest, paying off my credit cards ($2000)or paying off a collection account ($300)

 

[jon4rd]

Question fellas

What will raise my score the fastest, paying off my credit cards ($2000)or paying off a collection account ($300)

Are the credit cards charging you interest on that balance? If not, definitely hit the collection first. You'll see a big jump in your scores after its removed from your reports. Make sure when you go to pay it negotiate a pay for delete. Only reason you should try to pay the cards off first is if you're being charged interest on the balances. Because saving money > credit scores

 

[polosanddunks]

Question fellas

What will raise my score the fastest, paying off my credit cards ($2000)or paying off a collection account ($300)

Def the collections if no interest is on those cards like he said. Make sure you get that pay for delete

 

[bluntobject50]

Thanks for the help fellas, really appreciate it.

If AMEX is going to grant me a $27,000 CLI when I call them in 31 days, I will be incredibly happy.

It's unfortunate Chase is stingy with their CLI's. I've had my Freedom card for years and I've only gotten an increase 3x, if I remember correctly.

Ahhh well, guess I'll just wait till they automatically increase my limit at the end of the year.

If you ask for more than $25k they may want to do a hard pull/income verification/request financials. Just a heads up.

 

[Tony $now]

Are the credit cards charging you interest on that balance? If not, definitely hit the collection first. You'll see a big jump in your scores after its removed from your reports. Make sure when you go to pay it negotiate a pay for delete. Only reason you should try to pay the cards off first is if you're being charged interest on the balances. Because saving money > credit scores

Def the collections if no interest is on those cards like he said. Make sure you get that pay for delete

Preciate y'all man repped

 

[bluntobject50]

Nope all got deleted.


View media item 1992735

An I'm debt free.

Maybe I should call Experian. I'll do that.

Do you have credit? This shows 0 which would hurt your score.

 

[Bert.]

Yea that shows you have basically 0 accounts and zero credit to use

 

[sthebest]

Can someone give me a referral link for the discover it card? I need to add another card to the Arsenal and took my score is good enough finally to get approved

 

[jon4rd]

Can someone give me a referral link for the discover it card? I need to add another card to the Arsenal and took my score is good enough finally to get approved

Check your pms

 

[pitman13]

If you ask for more than $25k they may want to do a hard pull/income verification/request financials. Just a heads up.

I appreciate the heads up but what makes you say that ? Is there any proof or past experience that you're deriving this from ?

I'm only asking for $27,000 CLI because it's 3x my current limit and the 61 day limit increase grants me that.

But if you're right then I'll just ask for $24,000 increase to avoid any hard pulls.

 

[bluntobject50]

I appreciate the heads up but what makes you say that ? Is there any proof or past experience that you're deriving this from ?

I'm only asking for $27,000 CLI because it's 3x my current limit and the 61 day limit increase grants me that.

But if you're right then I'll just ask for $24,000 increase to avoid any hard pulls.

lol. I didn't just make this up to prevent you from requesting a $27k credit limit...

I have heard about it various times from various posts including myficoforums. Just because you hit 61 days doesn't mean AMEX will automatically give you a 3x limit increase though. It's not a guarantee but once you get to $25k+ they are going to require some proof if they deem necessary. You may have to show proof/you may not.

As always YMMV but just giving you a heads up..

 

[sthebest]

Damn I got denied for Discover It with a credit score of 642

 

[luckyluchiano]

Damn I got denied for Discover It with a credit score of 642

lol sheesh, I got my mom approved for 7 racks and she just got out of bankruptcy like 2 yrs ago. You must not have any credit/much credit established?

People get caught up in just the Score but also length of account history is another factor.

 

[dam itz lou]

After more than a month of going back and fourth I FINALLY got the judgment removed from my TU report.

View media item 1994485

 

[bluntobject50]

Just bumped my AMEX limit up to $24,500.

Discover $20,200
AMEX $24,500
Citi $7,100 (Stingy mofos lol)
US Bank $1,000 (Don't use this at all)

 

[slicknick951]

What factors do they look at for limits?

Income/ score/ what else?

 

[jon4rd]

What factors do they look at for limits?

Income/ score/ what else?

Also could look at your credit report for any delinquencies and your overall credit profile, debts that you owe, and maybe ask you for your monthy housing payment. Depending on the company of course

 

[eyanks]

I appreciate the heads up but what makes you say that ? Is there any proof or past experience that you're deriving this from ?

I'm only asking for $27,000 CLI because it's 3x my current limit and the 61 day limit increase grants me that.

But if you're right then I'll just ask for $24,000 increase to avoid any hard pulls.

I asked for and received a $24,900 limit to avoid possibly having to submit paperwork.

 

[bluntobject50]

I asked for and received a $24,900 limit to avoid possibly having to submit paperwork.

I did $24,500 myself.