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

[somecallmejon]

Chase sapphire reserve 3X points on travel and dining
$300 credit for travel related purchases
Priority Pass for Airport Lounges
100k Bonus Points (in branch sign up, 50K online) points worth 50% more if redeemed through chase portal
theres more benefits but these are the cream of the crop


Annual fee is $450 but very worth it when you consider what you get back

CSR Annual fee pays for itself if you use $300 travel credit in the first year, and $300 in the 2nd calendar year which is reimbursed. So Net profit of $150 actually if you use it for travel related expenses. Also the priority pass is usually a $99/ year so that also saves money.

It doesn't exactly... so I don't really know how an annual fee works... you get charged x amount yearly just for having a card?

Only certain cards have annual fees. Some are waived the first year, some you need to pay for immediately when you open the card. The Discover It is no-annual fee card, meaning it's free to carry. Usually cards with annual fees have extra perks like Rental Car Insurance etc.

 

[nyc757]

Chase sapphire reserve 3X points on travel and dining
$300 credit for travel related purchases
Priority Pass for Airport Lounges
100k Bonus Points (in branch sign up, 50K online) points worth 50% more if redeemed through chase portal
theres more benefits but these are the cream of the crop


Annual fee is $450 but very worth it when you consider what you get back

My only issue with the Sapphire card so far is they don't allow me to select what I would like to apply the travel credit towards. I use a parking garage weekly and they count that as my $300 credit, also rentals as well. 

Another benefit is with rentals they cover the car for damages so you wont need to get it with the rental service. 

Ive had the card for 1.5 months and have 112K points so Ill see by yrs end of it worth having. 

I think I love the fact that the card is metal just as much as the perks 

Who has the best non-fee savings account? Or suggest a better product to get my son to baller status in 18 years

Keep the savings account in your name.  Otherwise,  it will be looked at when/ if he applies for financial aid for college and could hurt him. 

If college is what you have planned for him then look into 529 plan which will allow the money to grow at a better rate than a savings account but its specifically for college. 

 

[yanky]

So about a year ago someone got a hold of my wells fargo credit card and made some fraudulent charges on it. I rarely use that card because all of my purchases go on my citibank card. Today I find out that someone else stole my new credit card from wells fargo again. I haven't used it since January and there were multiple purchases made on it.

Thinking about just closing my credit card with them but I've had a credit card with them for over 8 years so it looks good on my credit history. I checked my credit score with citibank and it's at 790. Not sure if I should or shouldn't close it. Thoughts?

 

[Mr.Guy]

My credit is getting better in the 720s now.

 

[davizzy]

So about a year ago someone got a hold of my wells fargo credit card and made some fraudulent charges on it. I rarely use that card because all of my purchases go on my citibank card. Today I find out that someone else stole my new credit card from wells fargo again. I haven't used it since January and there were multiple purchases made on it.

Thinking about just closing my credit card with them but I've had a credit card with them for over 8 years so it looks good on my credit history. I checked my credit score with citibank and it's at 790. Not sure if I should or shouldn't close it. Thoughts?

Did they change your CC number after the first fraudulent charges ?

 

[Bert.]

So about a year ago someone got a hold of my wells fargo credit card and made some fraudulent charges on it. I rarely use that card because all of my purchases go on my citibank card. Today I find out that someone else stole my new credit card from wells fargo again. I haven't used it since January and there were multiple purchases made on it.

Thinking about just closing my credit card with them but I've had a credit card with them for over 8 years so it looks good on my credit history. I checked my credit score with citibank and it's at 790. Not sure if I should or shouldn't close it. Thoughts?

DONT close it

Just report the charges and get a replacements. Just gotta keep tabs on it since you don't use it

Yes it's annoying but not enough to where you have to throw 8 years of your credit history down the drain

 

[shorty doo wop]

Started leasing a car in my name this should be a good boost to my credit score

 

[yanky]

Did they change your CC number after the first fraudulent charges ?

Yup...and somehow it happened again. I only use that credit card online or for groceries so I don't know how it happened. It doesn't have a chip either so nobody can rfid scan it.

DONT close it

Just report the charges and get a replacements. Just gotta keep tabs on it since you don't use it

Yes it's annoying but not enough to where you have to throw 8 years of your credit history down the drain

Yea that's what I was thinking also. In the future when I want to get a home or make a big purchase I'll probably need it. It's just annoying that it's happened again with wells fargo. I'm just wondering how these people have gotten my credit card number when I never use the damn thing.

 

[$tatus $ymbol]

I'm gonna try to hit up discover to see if they're stil running the no interest for 12 months promo for existing accounts. Last time that offered that or to lower my overall rate which is at a ridiculous 20% & change. You guys think I should lower the overall rate or take the 0 for 12 months if they're still offering it?

 

[finessesosa]

Started leasing a car in my name this should be a good boost to my credit score

I'll be starting two leases pretty soon how do they typically report leases? Is it the whole car amount like your financing or the lease amount every month

Kinda like how charge cards are as opposed to credit cards

 

[cs02132]

Got a letter from discover explaining why I got denied for a CLI. They said "not enough experience with my current CL. " Makes sense to me, ill try again in a month or two

 

[jon4rd]

Got a letter from discover explaining why I got denied for a CLI. They said "not enough experience with my current CL. " Makes sense to me, ill try again in a month or two

Yup I figured. They do that sometimes. You should get it next month.

 

[angels47]

 

I believe it depends on the credit card company. Companies have gotten smart and some don't count authorized user activity. See if you can open a secured card for him. Minimum age might be 18 I'm not sure.

It's chase so I imagine the answer is no.

From when I worked at Chase, we did report for the AU.

 

[antidope]

 

I believe it depends on the credit card company. Companies have gotten smart and some don't count authorized user activity. See if you can open a secured card for him. Minimum age might be 18 I'm not sure.

It's chase so I imagine the answer is no.

From when I worked at Chase, we did report for the AU.

Nice. I appreciate the response bro.

 

[finessesosa]

Chase CLI system so trash man

 

[xbiker47]

what happen?

 

[slighted]

Got a letter from discover explaining why I got denied for a CLI. They said "not enough experience with my current CL. " Makes sense to me, ill try again in a month or two

Apply for CLI increase every month.

I do it and usually get approved every other month.

 

[lilchico4life]

Got a letter from discover explaining why I got denied for a CLI. They said "not enough experience with my current CL. " Makes sense to me, ill try again in a month or two

That's what happened to me when I first got my IT card and requested a CLI within 2 weeks. They denied me, but then after a month gave me an auto CLI twice after they monitored my spending.

 

[jordman23]

I think I love the fact that the card is metal just as much as the perks 

^^ Honestly, It's one of best feelings. That extra weight to the card makes it official. I feel important


Once you have it, it's not easy going back to a regular plastic card, like all other peasants JK

From when I worked at Chase, we did report for the AU.

^^ Chase does not play when it comes to the 5/24 Rule. They initially declined me for the Sapphire Reserve because I was an authorized user on the 2 of my GF's credit cards.

 

[aychd]

INTEREST.

Can someone explain to me exactly how does interest work? Is it something you pay monthly if you have a remaining balance? Appreciate it if someone could clarify this for me thanks. 

 

[finessesosa]

what happen?

You gotta go through hoops and hurdles just to request and they hard pull. Every other company is smooth sailing and I can do it online.

 

[nyc757]

INTEREST.

Can someone explain to me exactly how does interest work? Is it something you pay monthly if you have a remaining balance? Appreciate it if someone could clarify this for me thanks. 

Depends on how your card provider does it. Some do daily compound interest.

But in a nutshell

Balance x apr = interest amount you owe and its compounded.

 

[datznasty]

Should I just pay the $153 to get it marked paid or let the experian/transunion dispute play out? The collector has said they wont delete it though

 

[angels47]

Amex Plat getting new benefits at the end of the month...bumped up to $550 annual fee 

https://www.americanexpress.com/us/...quently-asked-questions/?intlink=HP-alert-bar

 

[capital sb]

 
Amex Plat getting new benefits at the end of the month...bumped up to $550 annual fee 

https://www.americanexpress.com/us/...quently-asked-questions/?intlink=HP-alert-bar

God AMEX is just losing it.

$15/mo in Uber credits. Dog I can't even get to NW with that lmao if they raise the AF of the PRG card imma have to cancel it.