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

[flyny]

Appreciate the support and suggestions fam

All in all, I'm in a tough credit situation but things can be worse. I could have a low paying job, I could be unable to pay my rent, buy groceries, buy a meal, have a car note on top of this, and not be able to do the things I love. I could also not have a family who could help me out (if it comes down to it...I'm not about to take that route tho). So I'm not pulling my hair out..yet. I'm determined to get this **** payed off ASAP because every day I'm realizing what I could be doing with that money that I use to pay these cards off. Grind at work, put that extra OT in, I'll be fine. I got hustler blood and pre workout running thru my veins right now so I'm ready to attack the **** with a 10 lb wooden bat wrapped in barbwire feel me?

 

[nrg1604]

When I was trying to aggressively pay down CC debt from college, I basically opened a new CC and balance transfer amount to that card and paid off within promo 0% APR period. The accruing interest was the killer and with this method, all my payments went to the principle amount. Only fee is the balance transfer fee.

 

[chadleroy]

When I was trying to aggressively pay down CC debt from college, I basically opened a new CC and balance transfer amount to that card and paid off within promo 0% APR period. The accruing interest was the killer and with this method, all my payments went to the principle amount. Only fee is the balance transfer fee.

This is what I'm doing currently with the chase slate cc except no balance transfer fee. 1st 15 months 0% APR. Patience is the hardest part so far.

 

[Benny Hinn]

Good luck to all of you. Keep grinding until you pay off that debt. Even it means living off top ramen for a few months

It's a huge weight lifited off your back when it's all said and done.

After that, start flourishing on these CC rewards.

 

[turbospartan]

Quick question, Im 22, credit score sitting at 768. Only have 1 CC & make between 1600-2000 a month. I want to buy some prop but was told even though I had good cred I didnt make enough to qualify for a loan.


True right?

Mortgage lenders will only let you borrow a certain amount, based on your income/assets (debt to income ratio). 

If you make $1600/month x 12 months = $19,200 per year.   Rough guideline is 3x your annual income, is the price you should aim for.   $19k x 3 = $57k 

 

[redd spyder]

i was under the assumption that if you ask for a CLI with ANY card, it messes with your credit scores?

 

[flyny]

How does this plan sound?

Completely pay off one of my cards lump sum ($1600 balance) that should up my score a point or 2. Throw that card in the freezer in a bowl of water. Then apply for a new balance transfer card (not sure what my limit will be). But transfer as much as I can to that new balance transfer card and pay it off ASAP while paying off my other card. If necessary, apply for a consolidation loan for the balance on the remaining card(s) (if the numbers make sense). Any bonuses I get through my job will be put to my card balances.

I been thinking up solutions all day and that's what I came up with so far.

Can't wait till I get this taken care of. I swear I'm cutting up all my cards but 1

 

[capital sb]

It's 95% maxed out, B

I ****** up

Unless I'm missing something. I can't balance transfer to a card that barely has any more space on it right?

Wait you maxed out the Discover ?

. Debt consolidation loan is your best bet .

@rocksteady3248 yeah your 4 almost 5 years into your bankruptcy , it falls off at 7 years . Bet the first 2 years were hell .

 

[capital sb]

How does this plan sound?

Completely pay off one of my cards lump sum ($1600 balance) that should up my score a point or 2. Throw that card in the freezer in a bowl of water. Then apply for a new balance transfer card (not sure what my limit will be). But transfer as much as I can to that new balance transfer card and pay it off ASAP while paying off my other card. If necessary, apply for a consolidation loan for the balance on the remaining card(s) (if the numbers make sense). Any bonuses I get through my job will be put to my card balances.

I been thinking up solutions all day and that's what I came up with so far.

Can't wait till I get this taken care of. I swear I'm cutting up all my cards but 1

I think you should pay off the $1600 , CUT UP THE CARD . Then just go for the consolidation loan , so you won't have an additional inq when you go to apple for the loan.

For ex , you get a BT card it could be low limit or you could flat out get denied , now you have an additional inq.

 

[flyny]

I think you should pay off the $1600 , CUT UP THE CARD . Then just go for the consolidation loan , so you won't have an additional inq when you go to apple for the loan.
For ex , you get a BT card it could be low limit or you could flat out get denied , now you have an additional inq.

Good thinking..repped

 

[dam itz lou]

I got a upgraded room in Paris for being SPG gold which I only have because of my Amex platinum card.

View media item 2443072

 

[willie mcfly22]

It's 95% maxed out, B

I ****** up


Unless I'm missing something. I can't balance transfer to a card that barely has any more space on it right?

Wait you maxed out the Discover ? . Debt consolidation loan is your best bet .

@rocksteady3248
yeah your 4 almost 5 years into your bankruptcy , it falls off at 7 years . Bet the first 2 years were hell .

Lol yea about the 2 year mark is when things started to look up. Started to feel "normal" again lol

 

[based mod]

I got a upgraded room in Paris for being SPG gold which I only have because of my Amex platinum card.

View media item 2443072

Congrats man. Which property?


I'm saving up my UR & Hyatt points to use at the Paris Park Hyatt.

 

[Tony $now]

I recently got my credit utilization down to 2%. I paid the balance down to zero on all 4 card, leaving a 60.00 balance on one card. After they report to the bureau's realistically how much of a boost should I expect to see. Went from 65% utilization down to 2%. Thanks

Also I paid one collection off but the #%^* won't delete it.

Will that hinder me when I go to get a mortgage?

 

[dam itz lou]

Congrats man. Which property?


I'm saving up my UR & Hyatt points to use at the Paris Park Hyatt.

W hotel Opera. Honestly, I know the Park Hyatt is a great redemption but I rather book a cheaper hotel with my points and save it for another vacation. It's so easy to get around Paris. Hyatt has a few good properties in Paris. It's not like you go on vacation to stay in your room. Also, dont make the same mistake I made. If the hotel doesn't have a regular room available then you cant book the night with points. I'd make a dummy booking to hold the nights. I waited until the month before to start booking my hotels and I was extremely lucky that something opened up a week before. I had to keep checking a few times a day.


I dont know when youre going but sign up for this if its soon. http://mommypoints.boardingarea.com...0-points-rebate-for-hyatt-credit-cardholders/

Just in time for the Bahamas for Labor day weekend.

I recently got my credit utilization down to 2%. I paid the balance down to zero on all 4 card, leaving a 60.00 balance on one card. After they report to the bureau's realistically how much of a boost should I expect to see. Went from 65% utilization down to 2%. Thanks

Also I paid one collection off but the #%^* won't delete it.

Will that hinder me when I go to get a mortgage?

You should see a decent jump. Collections account really hurt your score. Mortgage company might ask you about it, but the damage is already done to your score. Just make sure it says its paid.

 

[Tony $now]

W hotel Opera. Honestly, I know the Park Hyatt is a great redemption but I rather book a cheaper hotel with my points and save it for another vacation. It's so easy to get around Paris. Hyatt has a few good properties in Paris. It's not like you go on vacation to stay in your room. Also, dont make the same mistake I made. If the hotel doesn't have a regular room available then you cant book the night with points. I'd make a dummy booking to hold the nights. I waited until the month before to start booking my hotels and I was extremely lucky that something opened up a week before. I had to keep checking a few times a day.


I dont know when youre going but sign up for this if its soon. http://mommypoints.boardingarea.com...0-points-rebate-for-hyatt-credit-cardholders/

Just in time for the Bahamas for Labor day weekend.
You should see a decent jump. Collections account really hurt your score. Mortgage company might ask you about it, but the damage is already done to your score. Just make sure it says its paid.

I paid in full. On my report now it says paid. I read somewhere that if a collection say settled instead of paid in full, it's looked at negatively. Is this accurate?

 

[dam itz lou]

I paid in full. On my report now it says paid. I read somewhere that if a collection say settled instead of paid in full, it's looked at negatively. Is this accurate?

That is correct.

 

[Tony $now]

That is correct.

Cool. Thanks.

 

[based mod]

wrong thread

 

[dabottom305]

$13k off the bat? Might need to apply for Amex next.

Amex has the 3x CLI so if you're approved for $8k you can get an increase to $24k after 60 days. And even if you don't get that much as a starting limit you can request a 3x CLI every 60 days

Seriously did not know this. Really useful info lol

 

[freshpairs]

Amex has the 3x CLI so if you're approved for $8k you can get an increase to $24k after 60 days. And even if you don't get that much as a starting limit you can request a 3x CLI every 60 days

Would it be harder to get a high starting limit or CLI if i have 2 other high limit CCs? I been denied twice from discover to raise from my 18k limit the last 2 months already.

 

[based mod]

Not sure of the formula, but it depends on your income.

Also, everybody should stop worrying about credit limits and increases. If you get a CLI, cool. If not, move on. If you got your money right, utilization isn't an issue with your score so credit limits shouldn't matter. If you DON'T got your money right, you should focus your time and energy on paying your debts instead.

 

[flyny]

Note to all my young cats

Take it from me...a high credit limit is a TRAP
start off small...worst thing I did was accepting a 13k Credit Limit at 20...don't ask me how I even got approved for that
I was making like 60k at 20years old fresh out of college


Question for you guess who use MYFICO and the score simulator thing.
My situation is that I might link up with SoFi and get a consolidation loan to pay off my CCdebt. According to the simulator...if I get a XXk personal loan (which would be the SoFi consolidation joint) my score will drop 5 point....but when I pay off my XXk in CC debt (with that loan), my score will skyrocket by 115 points....

Does this sound accurate?? One things for certain is that my utilization will stay below 1% and I will NEVER carry a balance

 

[capital sb]

Note to all my young cats

Take it from me...a high credit limit is a TRAP
start off small...worst thing I did was accepting a 13k Credit Limit at 20...don't ask me how I even got approved for that

I was making like 60k at 20years old fresh out of college


Question for you guess who use MYFICO and the score simulator thing.
My situation is that I might link up with SoFi and get a consolidation loan to pay off my CCdebt. According to the simulator...if I get a XXk personal loan (which would be the SoFi consolidation joint) my score will drop 5 point....but when I pay off my XXk in CC debt (with that loan), my score will skyrocket by 115 points....

Does this sound accurate?? One things for certain is that my utilization will stay below 1% and I will NEVER carry a balance

This this this lol . MyFico cats got me on that high limit stuff back when I was in college . Biggest trap ever for someone who is young and isn't disciplined .

Thats why I always say a secured card is best for building credit and discipline use it until you are atleast 23-24.

Amex Charge card , Discover IT , and maybe 1 good travel card is all I need . Closing my other cards .

Yeah that sounds accurate if your utilization is maxed out its 30% of your score.

 

[finessesosa]

Thank God I got denied at a younger age in college and then didn't get into credit until after I graduated. I would of ran my credit limits to the max at 20 years old.