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

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Joined Apr 30, 2011
 
Anybody else pay their card in full the second its posted? 
I pay mine in full every month, but not the second it is posted. 

Why pay it before the due date?  

I don't pay the second it's posted either, but I do it whenever I get the opportunity just so I can get it out of the way.

I sync all of my cards to the same statement end date so that if I do one, I can do all of the others as well.
 
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I pay my cards on the 15tht and the 30th when i get paid.

I clear all my cards when i get paid regardless of the due date
 
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Joined Sep 25, 2004
I don't pay the second it hits :lol:. Discover won't even allow me to. I just only spend what I have and pay it all at the end of the month or top
 

Bert.

formerly zyzz
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Usually pay the same day the statement is generated

Don't see why paying the second you use it makes a differences because I don't think it does
 
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​So I applied for a Venture Reward card and was approved a week ago, so today I tried to apply for the Capitol One 'Quicksilver' card and I was denied! my credit score is in the  800's, why would they deny me? Is it because I applied and just got a CC from them about a week ago? This would have been my 3 CC from CapitolOne.
 
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cs02132

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Statement just cut, I have $313 in cash back match on my discover, def not gonna reach $500 by July. Really played my self :lol: I only used it sparingly up until January when I made it my primary card. $100 of that is referral money, 2 more refs would be nice :nerd: :nerd:

After my matching period is up I'm gonna apply for the chase freedom unlimited and get that $150. After that I'm either gonna be done with the cash back game and start building up travel rewards, or just go back to my bofa card
 
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W)taps

formerly worldgonemad
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quick question... this might sound stupid but lets say im $500 in debt and the minimum amount due is $25 by the end of the month.

If I pay that $25, then will be credit go up or down? Do I have to pay the whole $500?

also, just curious.. what % of your paycheck do you guys put into your savings after taxes? 
 
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29,546
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Can we talk about investments..Right now I'm just using acorns which is pretty much a glorified savings account. Haven't seen much of a return but then again I haven't put much into it
 

Bert.

formerly zyzz
Supporter
86,637
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Joined Oct 24, 2010
quick question... this might sound stupid but lets say im $500 in debt and the minimum amount due is $25 by the end of the month.
If I pay that $25, then will be credit go up or down? Do I have to pay the whole $500?

also, just curious.. what % of your paycheck do you guys put into your savings after taxes? :nerd:
Do you have to pay the whole amount? No

Should you? Yes or close to it.

I'm all for leaving a small balance but how you pay off your card is all on you. If you can control yourself then pay it off slowly but most people just abuse their credit and rack up a top of debt and get stuck making minimum payments for years while racking up tons of interest and paying a $1500 credit card in 5 years while paying more than the original $1500 charged in the end
 
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Can we talk about investments..Right now I'm just using acorns which is pretty much a glorified savings account. Haven't seen much of a return but then again I haven't put much into it
I don't really see how it's a savings account but the value in acorns is it takes the decision to invest out of the customers hands.

Think there are investing threads but my problem with micro investing is the associated fees start to look not so micro relative to the $ investment.
 
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4,109
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Joined Mar 4, 2013
 
quick question... this might sound stupid but lets say im $500 in debt and the minimum amount due is $25 by the end of the month.

If I pay that $25, then will be credit go up or down? Do I have to pay the whole $500?

also, just curious.. what % of your paycheck do you guys put into your savings after taxes? 
How old are you? 

Invest as much as you can. Also, try to invest pretax if available to you. 

There really isnt a magic number ( though google search will yield some chart to follow) the more the better. 

To answer your first question. Your credit will more than likely stay where it's at. $500 isn't a lot of debit, pay it off then invest. 
 
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First time i got a "can not increase credit limit at this time" from discover. I usually get the one saying under review, wait 2 days or whatever one.
 
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Never left a balance on any card (unless it was 0% APR) and score is 800

Don't think there's an advantage to carrying a balance, even a low one, if you're paying interest on it
 
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Never left a balance on any card (unless it was 0% APR) and score is 800

Don't think there's an advantage to carrying a balance, even a low one, if you're paying interest on it
Letting the statement cut showing a balance under 9%, does not mean you pay interest on that amount. You're free to payoff balance once statement is generated.
 
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Huh, under 9% of what? The statement balance?

Thought anything due that is not paid off is subject to interest, maybe I'm wrong
 
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Cap1 saving you from yourself with those weak cards
Cap1 definitely came up recently, they're not as bad as before in terms of reputation. They have cards that suit people with rebuilding their credit to excellent credit. They just have a broader range of products.  Both the Venture and Quicksilver are great cards imo and it's a reliable company it tends to give you the least trouble and hassle. Other lenders will axe you if you're running high balances or carrying balances for a long period of time, Cap1 is the least strict.  When I first got into credit cards I wanted to avoid Cap1 at all cost based on reputation, but over time you realize a heck lot of people with good credit and income use cap1 too and they are just as good,  they've came a long way they're a top brand now. 
 
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