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

[kingfoamnyc]

Just opened my first unsecured card it's a credit one card with a $400 limit. It's weak and doesnt really offer anything and has a $75 annual fee but I'm only gonna be using $20 a month with that card than applying for a Amex when my middle score is 660

 

[lilchico4life]

I’ve had my Capital One for I’ve 6 months or so now constantly using and paying

It’s a low limit

When would be a good time to request a credit increase?

Would me switching jobs recently impact that?(my pay increased but I just started)

I've read with Capital One, you can request a CLI every 6 months. Don't request any sooner. Make sure you have at least 6 statements before requesting just to be on the safe side.

It's actually better if your pay increased. Update your financial information on their site now so when you request a CLI, they should give you a higher limit.

 

[lilchico4life]

Just opened my first unsecured card it's a credit one card with a $400 limit. It's weak and doesnt really offer anything and has a $75 annual fee but I'm only gonna be using $20 a month with that card than applying for a Amex when my middle score is 660

Did you try for a Discover before getting the Credit One?

Try the preapproval link below to see if you qualify. It will NOT impact your credit. If you do qualify, apply for the Discover and close the Credit One. I hate to see anyone paying annual fees if they don't have to. Discover loves folks with thin profiles and low credit score. Discover was my first credit card and they gave me a $7,500 CL right out the gate.

https://www.discovercard.com/application/prequal

 

[slighted]

CapOne is stingy with the CLIs. Don't bother.

Cop yourself a Discover card.

 

[hipstermike]

I've read with Capital One, you can request a CLI every 6 months. Don't request any sooner. Make sure you have at least 6 statements before requesting just to be on the safe side.

It's actually better if your pay increased. Update your financial information on their site now so when you request a CLI, they should give you a higher limit.

Thanks checked and I need to wait one more cycle for 6 statements

Updated my info though

 

[23kidd]

I’ve had my Capital One for I’ve 6 months or so now constantly using and paying

It’s a low limit

When would be a good time to request a credit increase?

Would me switching jobs recently impact that?(my pay increased but I just started)

For me, the guy told me to request it after 4-5 months, but you should be using the card often. Went from 400 to 800$ within 4 months.

Also, I remember last year oct, i got a mail from them saying they automatically increased my limit from 800-3500. I didnt know they could do that.

 

[freshpairs]

I kind of want an amex card just to have one of each 4 CCs (visa, MC, discover and amex) but don't like the perks blue cash card offers.

 

[fluid hips]

Sidenote: from what i was told, after 7 years your “collection debt” goes away. Is this true? Now how does that affect ur credit after the 7 years?

Yes. After 7 years it falls off your credit report. Future lenders won't see it so they will be less likely to be hesitant in lending you money. I have one that falls off this year. I racked up some gambling debt when I was in college betting on sports. I made good money but got greedy and started taking losses. I'v learned my lesson

 

[fluid hips]

I’ve had my Capital One for I’ve 6 months or so now constantly using and paying

It’s a low limit

When would be a good time to request a credit increase?

Would me switching jobs recently impact that?(my pay increased but I just started)

I’ve had my Capital One for I’ve 6 months or so now constantly using and paying

It’s a low limit

When would be a good time to request a credit increase?

Would me switching jobs recently impact that?(my pay increased but I just started)

I have cap one and their credit limit request is a joke. I'm only with them still because that's my longest credit history. Apply for the discover IT card. They are very generous with credit increase requests and they have a good cash back program

 

[fluid hips]

I’ve had my Capital One for I’ve 6 months or so now constantly using and paying

It’s a low limit

When would be a good time to request a credit increase?

Would me switching jobs recently impact that?(my pay increased but I just started)

I’ve had my Capital One for I’ve 6 months or so now constantly using and paying

It’s a low limit

When would be a good time to request a credit increase?

Would me switching jobs recently impact that?(my pay increased but I just started)

I have cap one and their credit increase request is a joke. I'm only with them still because that's my longest credit history. Apply for the discover IT card. They are very generous with credit increase requests and they have a good cash back program

 

[eyanks]

capital one stopped giving me credit increases, but I have a high one already. They are somewhat stingy. Their higher ends cards give competitive limits though.

 

[EnvyTheGreen]

I kind of want an amex card just to have one of each 4 CCs (visa, MC, discover and amex) but don't like the perks blue cash card offers.

I finally got my old Citi Forward converted to a World Mastercard, so I now have all four. I used to use my Amex at Costco but they lost their contract so I rarely use it because the cash back everywhere else is too good, but they are still the best credit card company. If I’m buying anything I can see any type of issue with (quality, authenticity, returns, you name it), I use my Amex without hesitation. Discover is a close second though.

Between World Mastercard, Visa Signature, Amex, and Discover, each offer so many exclusives/perks it’s actually difficult to keep up.

 

[freshpairs]

Dont they do hard pulls if requesting CLIs over 25k? Or someone mentioned something about trying not to go over 25k limits?

 

[slicknick951]

I think i remember reading they ask for income verification

 

[lilchico4life]

Dont they do hard pulls if requesting CLIs over 25k? Or someone mentioned something about trying not to go over 25k limits?

Not necessarily. Some lenders do hard pulls for any CLI requests (Chase) and some just do normal soft pulls. You can certainly go over $25k limit without any hard pulls. I have a few cards myself that are above $25k. It will get to a point where if you request a CLI, then you must submit a form 4506-T for income verification to support the increase. Not sure what number you have to hit to trigger the form 4506-T.

 

[eyanks]

Dont they do hard pulls if requesting CLIs over 25k? Or someone mentioned something about trying not to go over 25k limits?

Not always. I've never had a hard pull on credit limits like that.

 

[freshpairs]

Not necessarily. Some lenders do hard pulls for any CLI requests (Chase) and some just do normal soft pulls. You can certainly go over $25k limit without any hard pulls. I have a few cards myself that are above $25k. It will get to a point where if you request a CLI, then you must submit a form 4506-T for income verification to support the increase. Not sure what number you have to hit to trigger the form 4506-T.

Yeah I only ask because I requested on my discover and they approved me for $2500, that's from 23000 to 25500. Theres an option to request your own so I just asked for $2000 to make it 25k even to not raise any flags lol.

 

[lilchico4life]

Yeah I only ask because I requested on my discover and they approved me for $2500, that's from 23000 to 25500. Theres an option to request your own so I just asked for $2000 to make it 25k even to not raise any flags lol.

It wouldn't have been a problem if you took the entire amount. Congrats, though.

 

[sugafree]

Aye fambz....i just closed my CD Backed Secured Card....
Which of course was my oldest credit line, but I wanted my CD money back.
So the card is terminated when the CD is

I already have a Discover IT and Chase Freedom
I need a third card...
Any suggestions?

 

[eyanks]

Aye fambz....i just closed my CD Backed Secured Card....
Which of course was my oldest credit line, but I wanted my CD money back.
So the card is terminated when the CD is

I already have a Discover IT and Chase Freedom
I need a third card...
Any suggestions?

I have those two cards, mostly use them for 5% bonus points. I also have Capital One Quicksilver (1.5% cash back on everything, no minimum amount needed to redeem the rewards). I like this card to get that extra .5% on things not covered by Discover and Chase. I also have the AMEX Blue Cash Everyday (3% cash back on groceries year round). Both cards don't have annual fees.

 

[sugafree]

I have those two cards, mostly use them for 5% bonus points. I also have Capital One Quicksilver (1.5% cash back on everything, no minimum amount needed to redeem the rewards). I like this card to get that extra .5% on things not covered by Discover and Chase. I also have the AMEX Blue Cash Everyday (3% cash back on groceries year round). Both cards don't have annual fees.

Thanks!

 

[tay1]

Capital One Secured Card Increased my limit by $300 and my credit score jumped 57 points

 

[isco]

having a low limit cc is a good thing

* don't request an increase as long as u paying on time they will eventually..if u request an increase they will run ur credit which will take a hit to ur score

 

[turbospartan]

Anyone have a Chase business checking account?

I have a promotion mailer for free $300 if I deposit $1k+ into a new business account but I need to have a registered business / tax ID #

Trying to see if it's even worth the hassle, but I kind of did want a separate acct setup as I have an Amazon Merch account.

 

[bostoiah]

having a low limit cc is a good thing

* don't request an increase as long as u paying on time they will eventually..if u request an increase they will run ur credit which will take a hit to ur score

Really depends what issuer. Discover, AMEX, and cap one only does soft pulls for the most part on credit line increases. I know Chase does a hard pull. Unsure/unfamiliar with the other issuers