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

[flyerthandelta]

Ok so let me get this then for instance if the total credit card limit is 500$ go into the next month with 0$ or 500$ im just trying to understand cause i always thought 30% utilization was the best...

For building purposes, as well as saving money, it's good to have less than 30% (the less the better) at your statement date. That's the date where transactions for the month are cut off. Your due date is usually about 30 days later. Pay the full balance before the DUE DATE. Otherwise, you end up paying interest, depending on interest rate on the card, you could pay more than you needed

Ok i see what your saying cause im trying to get credit score way up so i was trying to see the fastest way by doing it

 

[3stheluckynumbe]

Ok i see what your saying cause im trying to get credit score way up so i was trying to see the fastest way by doing it

I feel you, I'm in the same boat. I'll say this, the biggest jump I had in credit score month to month was when I paid the entire balance down to zero, and let a zero balance report for a month or so...

 

[flyerthandelta]

Ok i see what your saying cause im trying to get credit score way up so i was trying to see the fastest way by doing it

I feel you, I'm in the same boat. I'll say this, the biggest jump I had in credit score month to month was when I paid the entire balance down to zero, and let a zero balance report for a month or so...

My *****


View media item 2430554

 

[based mod]

Ok so let me get this then for instance if the total credit card limit is 500$ go into the next month with 0$ or 500$ im just trying to understand cause i always thought 30% utilization was the best...

For building purposes, as well as saving money, it's good to have less than 30% (the less the better) at your statement date. That's the date where transactions for the month are cut off. Your due date is usually about 30 days later. Pay the full balance before the DUE DATE. Otherwise, you end up paying interest, depending on interest rate on the card, you could pay more than you needed

Ok i see what your saying cause im trying to get credit score way up so i was trying to see the fastest way by doing it

If your credit history is new, then really there's not "fast" way of doing it. It's just a matter of paying your bills on time month after month.

Some people here can get their scores up +100 points cause they screwed up some way and had collections which they later paid off. You don't wanna go that route

 

[flyerthandelta]

Ok so let me get this then for instance if the total credit card limit is 500$ go into the next month with 0$ or 500$ im just trying to understand cause i always thought 30% utilization was the best...

For building purposes, as well as saving money, it's good to have less than 30% (the less the better) at your statement date. That's the date where transactions for the month are cut off. Your due date is usually about 30 days later. Pay the full balance before the DUE DATE. Otherwise, you end up paying interest, depending on interest rate on the card, you could pay more than you needed

Ok i see what your saying cause im trying to get credit score way up so i was trying to see the fastest way by doing it

If your credit history is new, then really there's not "fast" way of doing it. It's just a matter of paying your bills on time month after month.

Some people here can get their scores up +100 points cause they screwed up some way and had collections which they later paid off. You don't wanna go that route

Lol no my credit history isnt new i have a few collections im taking care of now

 

[based mod]

Back in November, I bought a 55KS8000 for dirt cheap using Samsung EPP and used Discover's 10% cashback for Samsung.com. I noticed I never received the cashback in February and called to have them check on it. They said they would get back to me. They did and gave me my $73 in my last statement. My current statement just cut and they gave me an additional $73. Grand total comes to $647 for an almost top of the line 55" Samsung TV.

 

[$tatus $ymbol]

^^ They're bad about that. Heard about ppl placing orders that eventually got cancelled & they kept the cash back

 

[pitman13]

Requested for a CLI on my AMEX & got approved. Limit went from $20K to $24K.

With that boost I've reached my 2017 goal of $50K total credit card limit.

 

[d e beatup]

You gotta look at it from two separate perspectives. Your current CC won't mind too much if u spend more money than u can afford to pay back each month, since your interest owed is income for them. On the other hand, your prospective loaner will look at how much credit you use and see that you tend to "borrow" more than you can afford, thus making you riskier to miss payments or default etc. and so your rate is increased to offset the risk they're taking. Credit score is a tool prospective creditor uses, your current CC couldn't care less about it or how much you actually utilized of your credit limit.

I wouldn't agree fully because I had a PayPal Smart Connect and Wal-Mart store card both issued by Synchrony Bank. Perfect payment history with both cards but they cancelled both on me due to overall credit score at the time.

I never liked either account but I'm still salty that I was 100% on time, never over limit on both and got cancelled

 

[antidope]

I am currently in the market for a new credit card, and am looking for some suggestions.

A bit of background, I currently have two cards, one is a Store Credit Card and one is Chase Freedom Unlimited. This potential new card would ideally have some travel benefit because I fly about once every three months to see my family and then there are other trips sprinkled in throughout the year. No foreign transaction fee would be nice also. In regards to my credit health my score is above 750 and have a clean record with the exception of one thing which should fall off December 2018

Appreciate any and all suggestions.

 

[heliumclinton]

My last car loan 5 years ago was 9% APR 635 credit score. Got a 55K whip yesterday 0% APR 755 credit score.

Was more proud about my credit score and APR than the car

 

[isco]

I am currently in the market for a new credit card, and am looking for some suggestions.

A bit of background, I currently have two cards, one is a Store Credit Card and one is Chase Freedom Unlimited. This potential new card would ideally have some travel benefit because I fly about once every three months to see my family and then there are other trips sprinkled in throughout the year. No foreign transaction fee would be nice also. In regards to my credit health my score is above 750 and have a clean record with the exception of one thing which should fall off December 2018

Appreciate any and all suggestions.

Scroll down for travel rewards section

https://www.nerdwallet.com/l/credit...lid=CKzNua649NMCFYpMDQodCOYCRQ#noForeignTrans

 

[had pants]

Chase Sapphire Reserve - if you haven't already.

https://www.valuepenguin.com/chase-sapphire-reserve-vs-amex-platinum-vs-citi-prestige

 

[pitman13]

My last car loan 5 years ago was 9% APR 635 credit score. Got a 55K whip yesterday 0% APR 755 credit score.

Was more proud about my credit score and APR than the car

@ the credit score increase.

Btw, what car did you get ??

 

[heliumclinton]

Audi Q7

Got a 10 year old son and one month old. Had to say goodbye to the sedan life

 

[archiballer]

My last car loan 5 years ago was 9% APR 635 credit score. Got a 55K whip yesterday 0% APR 755 credit score.

Was more proud about my credit score and APR than the car

For any and all people wondering why we are striving for better credit scores. Repped and I hope to soon be where you are as I'm paying 16% Apr on a 16k loan for the past 3 years smh. Still owe 15k never late.

 

[jon4rd]

^ this. Need to sticky those posts for when the "pay cash for everything you don't need credit/your credit score doesn't matter" crowd comes through here.

Keep grinding though brotha you'll get there one day. Once you get in a good spot and are able to refinance that loan do that ASAP though. That interest rate is outrageous for a loan

 

[donovandoesit]

If Geico is coming after me for recovery for a car accident that my insurance lapsed on can they put it on my credit? They sent me something from a collections agency but they don't have my social at all (From what I know of). I am guessing they will set up legal proceedings? How does that effect me in the future? They haven't contacted me in 3 months and I think I would notice 20k on my credit. 

Also anyone have any experience with Lexington Law? I have been paying them to take a few dents off my credit about $120 a month. Would it be easier for me to go to somewhere in person? 

Thanks in advance! 

 

[capital sb]

For any and all people wondering why we are striving for better credit scores. Repped and I hope to soon be where you are as I'm paying 16% Apr on a 16k loan for the past 3 years smh. Still owe 15k never late.

Refi ASAP

 

[based mod]

What are you guys doing to require a $120/mo subscription for collections lawyers?

 

[vietster]

Hey guys I have a question...

Just recently got approved for an Amex card with $10,000 credit limit. My BoA card has a $2,200 limit. I want to use the Amex for all purchases since it has more rewards. Would it hurt my credit if I don't use the BoA card, say I use 1% of the BoA limit and 15% of the Amex limit each month. Will my credit score be affected?

Thanks fellas

 

[jjs]

Hey guys I have a question...

Just recently got approved for an Amex card with $10,000 credit limit. My BoA card has a $2,200 limit. I want to use the Amex for all purchases since it has more rewards. Would it hurt my credit if I don't use the BoA card, say I use 1% of the BoA limit and 15% of the Amex limit each month. Will my credit score be affected?

Thanks fellas

No.

The only thing that hurt your credit is the hard pull when you applied for that new card.

Now that your debt to credit available ration will drop, it should actually help your credit score in the long run.

 

[vietster]

^please explain "hard pull?"

I'm not exactly a finance guy lol

 

[had pants]

When a potential creditor checks into your credit, it’s called “pulling your credit.” But two different types of credit checks can be performed: a “soft inquiry” or a “hard inquiry.” The Fair Credit Reporting Act places restrictions on exactly when and why credit reports may be pulled.

The primary hallmark of a soft inquiry or soft pull is that it does not adversely affect your credit score; a hard inquiry will.

Hard inquiries do affect your credit score. You will likely know about them — or rather, you had better know about them — because your consent is required. A hard inquiry is triggered when you actually apply for credit, such as a mortgage, credit card, auto loan, student loan, personal loan or business loan.

https://www.nerdwallet.com/blog/finance/credit-report-soft-hard-pull-difference/

Why Hard Inquiries Hurt Your Credit Score

While hard inquiries are necessary for certain financial actions, such as applying for a loan or credit card, they should be limited as much as possible. Your credit score may be penalized for multiple hard inquiries because applying for too much credit at one time may indicate that you're desperate for credit or aren't able to qualify for the credit you need. While one hard inquiry will usually just knock a few points off your credit score (if any), multiple hard inquiries in a short amount of time may cause significant damage to your score.
Keep your hard inquiries to one or two a year if you can. Credit Karma data shows that on average, consumers with lower numbers of hard credit inquiries have higher credit scores.


https://www.creditkarma.com/article/hard_inquiries_and_soft_inquiries

 

[vietster]

^Ah thanks!

This is first time applying for credit card in four years