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

[melo0115]

What up duders? Seeing if any one has any advice for me so i can grow a little faster.

When I was younger i messed up my credit. I was at a 530 and i've finally built my credit back to 630 which is still a sub prime area.
Wonder if there's anything i can do to grow my credit faster. Simple things i might not be doing.

I have a car loan at 16k always on time payments, had the car for 7 months so far.
Paid off some ashleys furniture that was about $2500

I have five credit cards:
Limits>
Amex: $1k
Amex: $500
cap 1: $950
Cap 1: $700
Cap 1: $300
Oldest card being two years, and some are a couple month old.

Other than that, nothing, No negatives on my account. Three of the cards have $0 balance. One card has like $300 on it, other $30, other $200.

m trying to get to the prime then super prime area. WOndering if theres anything i can do just boost the process..

 

[isco]

What up duders? Seeing if any one has any advice for me so i can grow a little faster.

When I was younger i messed up my credit. I was at a 530 and i've finally built my credit back to 630 which is still a sub prime area.
Wonder if there's anything i can do to grow my credit faster. Simple things i might not be doing.

I have a car loan at 16k always on time payments, had the car for 7 months so far.
Paid off some ashleys furniture that was about $2500

I have five credit cards:
Limits>
Amex: $1k
Amex: $500
cap 1: $950
Cap 1: $700
Cap 1: $300
Oldest card being two years, and some are a couple month old.

Other than that, nothing, No negatives on my account. Three of the cards have $0 balance. One card has like $300 on it, other $30, other $200.

m trying to get to the prime then super prime area. WOndering if theres anything i can do just boost the process..

Keep paying on time..keep the balaces on the cards low at all times..ur car is a secured line which is a strong factor..in 6 more months u will see an increase in ur score since u had this secured line for more than 12 months (without being late)..don't ever be late on any of ur payments..especially the car note

 

[tay1]

Had five cards about two years ago. Fell behind on them after losing my job. Just dropped 2000 on one yesterday. Two more to go and I'm free

 

[melo0115]

Solid info. Thanks man.

I guess im just a little impatient. I know these things take long, but i check my score everyday and think about ways to up it. Guess i just need to make sure to stay current on everything and just relax on the time scale. By the time i know it ill be 700 plus

 

[turbospartan]

Solid info. Thanks man.

I guess im just a little impatient. I know these things take long, but i check my score everyday and think about ways to up it. Guess i just need to make sure to stay current on everything and just relax on the time scale. By the time i know it ill be 700 plus

You could request credit limit increases, which would then drop your total debt to income ratio and maybe increase your score a few points.

Other than that, time.

 

[tay1]

I have a question. So it was recommended I get a secured credit card to rebuild credit. I currently have two credit card accounts that are closed and that I need to pay off. Should I apply for the card now or wait till I pay the other cards off?

 

[had pants]

Chase Memo: Customers Can Only Get One Sapphire Card (e.g. CSP Cardholders Can’t Get CSR) + 24 Month Wait for Bonus

https://www.doctorofcredit.com/chas...pphire-card-e-g-csp-cardholders-cant-get-csr/

 

[rbk93]

Capital One Secured Card just increased my limit from $200 to $500 without asking. I'm guessing is this a good time to get a unsecured card?

 

[isco]

Capital One Secured Card just increased my limit from $200 to $500 without asking. I'm guessing is this a good time to get a unsecured card?

How long have u had the secured card..u don't wanna jump in too early..without an established history..a good way to get more credit is to get store cards (Home Depot/target/etc)

 

[rbk93]

5-6 months.

 

[jordman23]

Chase Memo: Customers Can Only Get One Sapphire Card (e.g. CSP Cardholders Can’t Get CSR) + 24 Month Wait for Bonus

https://www.doctorofcredit.com/chas...pphire-card-e-g-csp-cardholders-cant-get-csr/

^^Sucks, thank goodness I already have both and got the 155K bonus.

 

[jon4rd]

How long have u had the secured card..u don't wanna jump in too early..without an established history..a good way to get more credit is to get store cards (Home Depot/target/etc)

I don't recommend getting a store card at all i'd wait it out to apply for a better regular credit card before getting a store card.

 

[harlemtothebronx]

A secured card is how I established a credit history. I missed out on all the college cards, so when I went to get my first card at like 24, I couldn’t get accepted for anything.

Honestly, it was the best way for me to start whether I would have been accepted for a normal card or not. It was a low limit, which really helped me to learn my limited and learn not to rely too heavily on credit.

I’d recommend it to anyone looking to start a bit later in life. Only took me a year before I was accepted for a big limit.

 

[rbk93]

So does I mean I should wait? Mainly trying to avoid higher interest rates.

 

[jon4rd]

So does I mean I should wait? Mainly trying to avoid higher interest rates.

What is your reason for wanting another card? Just so you can get an unsecured card? If so, I would wait. Maybe apply for a rewards credit card that would benefit you based on your spending habits once you have a year of credit history with that secured card.

 

[Bert.]

Capital One Secured Card just increased my limit from $200 to $500 without asking. I'm guessing is this a good time to get a unsecured card?

I'd wait a few more months IMO

 

[rbk93]

What is your reason for wanting another card? Just so you can get an unsecured card? If so, I would wait. Maybe apply for a rewards credit card that would benefit you based on your spending habits once you have a year of credit history with that secured card.

I'd wait a few more months IMO

To avoid higher interest rates in the case I'm not able to pay the balance off in full. I paid it off this month to only see the credit increase. Not that I don't mind it, but I know I don't have the best spending habits.

Will take the advice in mind though. Thanks.

 

[3stheluckynumbe]

5-6 months.

If you have had the card for half a year, call the card company and ask to switch you to an unsecured.

 

[rbk93]

Would the unsecured card be deactivated? Would the $500 credit limit transfer over? Is there any reason why I should wait vs to not waiting?

 

[isco]

Bro just wait 12 months total and other creditors will see that u now have an established credit history..and they will see u as less of a risk and should offer u more credit..applying for a bunch of cards within a small timeframe is a big no no

 

[vietster]

If my limit for a credit card is 10K, and I don't really use much of it...say less than 5% per month, would that affect my credit score?

I would rather use my Bank of America card over my Amex for better cash back

 

[based mod]

Use the card that has the best rewards

 

[jon4rd]

To avoid higher interest rates in the case I'm not able to pay the balance off in full. I paid it off this month to only see the credit increase. Not that I don't mind it, but I know I don't have the best spending habits.

Will take the advice in mind though. Thanks.

Honestly you shouldn't get another card just for this reason . If you have trouble paying off a card with a $500 limit you'll only dig yourself into a bigger hole with another card likely with a higher limit. You won't get a card with a much better interest rate more than likely with that short of a credit history

 

[isco]

If my limit for a credit card is 10K, and I don't really use much of it...say less than 5% per month, would that affect my credit score?

I would rather use my Bank of America card over my Amex for better cash back

Ur doing it right..keep doing this..and yes use ur cards in the most efficient way.. maximizing ur points/cashback

 

[pitman13]

Discover stats stingy with me on CLI.

Fact.