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

[sthebest]

Your Fico score is so low because your have one card maxed out and the other card over 50% utilization. Once you get those balances down you'll see a big jump

Edit: and those high balances are probably why you were denied new credit for those other cards.

No the discover IT doesn't have anything balance on it, all the money is left. The $1700 is due between the other two cards. But thanks on the advice, I'm trying to pay off these balances and chill on spending on my cards for a little

 

[jon4rd]

No the discover IT doesn't have anything balance on it, all the money is left. The $1700 is due between the other two cards. But thanks on the advice, I'm trying to pay off these balances and chill on spending on my cards for a little

I didn't say anything about the discover card. You have your secured card maxed out practically and another card at like 60% utilization. That's gonna make your scores drop tremendously and gonna be a flag for credit companies to not approve you for new credit. Even if you have a zero balance on another card(s) if you max out any card it's a red flag.

 

[jon4rd]

how much of a jump we looking at on the regular?

Depends on the rest of your profile of course but you can expect around an 80+ point jump if you have one maxed out and others over 50% utilization.

 

[sthebest]

I didn't say anything about the discover card. You have your secured card maxed out practically and another card at like 60% utilization. That's gonna make your scores drop tremendously and gonna be a flag for credit companies to not approve you for new credit. Even if you have a zero balance on another card(s) if you max out any card it's a red flag.

Oh okay i get it now. Yeah this week im going to pay some of the balance on that secured card, its not maxed out but its near the limit. I have never maxed out any of my cards since i started rebuilding last year. It looks like that BOA secured card is still on the table so i think im going to go for it, and it has cash back rewards so thats a plus

 

[HankHill]

Anyone chose the Amex Blue Cash over the Blue Cash Preferred for any reason other than annual fee? It looks like it should be easy enough acquire points through groceries and gas to offset the cost of the annual fee. Plus the annual fee is $75 for a current promo.

 

[eyanks]

Anyone chose the Amex Blue Cash over the Blue Cash Preferred for any reason other than annual fee? It looks like it should be easy enough acquire points through groceries and gas to offset the cost of the annual fee. Plus the annual fee is $75 for a current promo.

I live alone and don't have a car, so I don't benefit from the extra cash back from the preferred card.

 

[jon4rd]

Anyone chose the Amex Blue Cash over the Blue Cash Preferred for any reason other than annual fee? It looks like it should be easy enough acquire points through groceries and gas to offset the cost of the annual fee. Plus the annual fee is $75 for a current promo.

Yea I don't spend enough at actual grocery stores to offset the annual fee. I usually shop at wholesale stores for groceries and the 6% cash back doesn't apply to wholesale stores I'm pretty sure.

 

[HankHill]

^ I can see that

 

[jordman23]

Is this the biggest sign-up bonus for checking or savings?

I just completed my 90 days at Chase, and they gave me the $300 credit. Now looking to roll over to another signup bonus.

it is reported to IRS and you get a 1099 Form when taxes are due, btw.


Here’s how it works:

To qualify for a $400 cash bonus, open a new checking account in either The Citigold Account Package or The Citibank Account Package by 08/31/16.
Then within 30 days after account opening, deposit $15,000 or more in new-to-Citibank funds into your new checking account or new or existing Citibank Savings Plus Account.
A minimum balance of $15,000 is required to be maintained in the new checking account or new or existing Citibank Savings Plus Account for 30 consecutive calendar days from the date that the $15,000 deposit is made


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[RustyShackleford]

Any of you brahs messing wit Small Business cards, I'm thinking about getting one for the extra cashback (or rewards) on my cable and cell phone bills.

I pay like $300-320 a month to Cox, Optimum and T-Mobile combine.

Do you own a business?

I was under the impression I could apply as a sole proprietor.

If that is the case, I have a bunch of side businesses that would qualify.

 

[willypete]

Quick question for everyone with Amex.

Did you guys get your increase instantly after your 60 days or have to wait? It said I have to wait 5-7 days and just wanted to know if that was normal or not.

 

[dam itz lou]

Is this the biggest sign-up bonus for checking or savings?

I just completed my 90 days at Chase, and they gave me the $300 credit. Now looking to roll over to another signup bonus.

it is reported to IRS and you get a 1099 Form when taxes are due, btw.


Here’s how it works:

To qualify for a $400 cash bonus, open a new checking account in either The Citigold Account Package or The Citibank Account Package by 08/31/16.
Then within 30 days after account opening, deposit $15,000 or more in new-to-Citibank funds into your new checking account or new or existing Citibank Savings Plus Account.
A minimum balance of $15,000 is required to be maintained in the new checking account or new or existing Citibank Savings Plus Account for 30 consecutive calendar days from the date that the $15,000 deposit is made


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I'm pretty sure it is. I took advantage of the 50K points offer last year. 50K > $400.

 

[RayCashhhh]

So good news: My score has risen up to 637. Still "Poor", but not that far off from being decent. Is it okay for me to try for the Discover It card again, or just apply for the secured version?

 

[based mod]

So good news: My score has risen up to 637. Still "Poor", but not that far off from being decent. Is it okay for me to try for the Discover It card again, or just apply for the secured version?

I'd say go for it. Worse comes to worse, you get denied and you'll have to grab a secured card anyway

 

[RayCashhhh]

So I just applied again, Discover said they could only offer me a joint account 

 Guess I'll go with the secured version now.

 

[dam itz lou]

Citi sent me a $50 Amazon gift card for using the 4th night free perk. g

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[sthebest]

So I made another impulse decision and applied for the PayPal extras MasterCard and tommy surprise I got approved for a $800 limit. I'm glad because I've been trying to apply for PayPal credit every since it was Bill Me Later a few years ago. I'm good on any more credit cards until the end of the year or early next year. Time to grow my limits now and lower my credit usage percentage

 

[jordman23]

I'm pretty sure it is. I took advantage of the 50K points offer last year. 50K > $400.

This is different. this is actual cash bonus for opening a saving or checking account.

Yea I've done 2 credit cards as well in the past year for 55k each. (Chase Sapphire Preferred and United Mileage Plus)

Ive booked like 4 different flights for under $80 in taxes, including 2 international. Crazy cheap.

 

[aychd]

Can someone just explain this to me in plain old english.

0% Intro APR†  for 12 months  on purchases and balance transfers. Then 11.24%-23.24%  Standard Variable Purchase APR applies, 3% fee  for each balance transfer

 

[jjs]

Can someone just explain this to me in plain old english.

0% Intro APR†
 for 12 months on purchases and balance transfers. Then 11.24%-23.24% Standard Variable Purchase APR applies, 3% fee for each balance transfer

zero interest on purchases and balance transfer (if you have debt on a card, you can transfer it to this card and reduce the interest rate to 0%). You will still need to make minimum payments on that card every month though.

after the 12 months, then you get a variable rate that can vary between 11.24%-23.24%

when you will transfer the balance, there will be a 3% fee that will be applied on the ammount (and added to the total amount on the CC).

These are good cards if you have a balance on a card and you transfer to a 0% interest rate and pay it off in the 12 months.

If it's a very large balance, then you can transfer for the first 12 months and apply for another 0% card when the 12 months is up.

You would save up on interest with these cards.

If you have no CC debt, just get a rewards card (cashback, travel points or wtv you prefer).


Anybody, Feel free to correct me if i'm wrong

 

[sthebest]

So I just applied again, Discover said they could only offer me a joint account   Guess I'll go with the secured version now.

That's odd, my score is a 630 and they applied me. How long have you have your credit cards previously? Any missed payments? I have had mine for nearly a year and never missed a payment. I also make multiple payments a month, these lenders like seeing that.

 

[RayCashhhh]

That's odd, my score is a 630 and they applied me. How long have you have your credit cards previously? Any missed payments? I have had mine for nearly a year and never missed a payment. I also make multiple payments a month, these lenders like seeing that.

I'm applying for my first credit card. I have had bills and student loans, although the latter shouldn't affect my score that much if at all.

I'm about to apply for the secured version tonight, I should at least get that.

 

[based mod]

Student loans definitely affect your scores

 

[sthebest]

I'm applying for my first credit card. I have had bills and student loans, although the latter shouldn't affect my score that much if at all.

I'm about to apply for the secured version tonight, I should at least get that.

Oh okay, you probably got denied because you had no previous card history. Discover seems hard to get your foot in the door it seems. I would just get the secured version and then pay regularly on it from there. I had credit cards I never paid on but they fell off my credit report a few years ago (I charged those cards to the max about 10 years ago). I started with a capital one secured card and it really helped my score a lot in the year I have had it

 

[RayCashhhh]

Student loans definitely affect your scores

Even federal loans? That's all I have.