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

turbospartan said:
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.
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If I have a biz tax ID # go for it
 
isco said:
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
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Not always true. Only some card companies do a hard inquiry to increase your limit. And having a low limit isn’t really a good thing unless you have a problem with running up the balance and not paying it off
 
jon4rd said:
Not always true. Only some card companies do a hard inquiry to increase your limit. And having a low limit isn’t really a good thing unless you have a problem with running up the balance and not paying it off
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I was saying if u request one..there may be a hard pull

and..yes if someone tends to max out their cards..the lower limit..the better
 
Like 2 weeks ago I did a CLI request on all my cards (sans Chase, cant do online). Three were instant. Surprisingly, Amex didn’t do it automatically, said they would review it and notify me in writing. Only asked for like a 15% increase too.

BoA hit me with the hard pull, bastards.
 
Last month i randomly went to macy and saw a coat i liked. They had that $50 off promotion when signing for a macy card. So i get the card and get approved. Now i checked my credit score and it went down more than 50 points! Wtf. Will it eventually go back to normal?
 
^They must have gave you a hard pull. Points will start coming back, primarily affects you in first 6 months. After a year no longer counts against you, and after 2 years completely off your credit report IIRC.
 
Rpp
pdino said:
^They must have gave you a hard pull. Points will start coming back, primarily affects you in first 6 months. After a year no longer counts against you, and after 2 years completely off your credit report IIRC.
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That and your average age of accounts get lower - which has a higher impact than inquires I think. Regardless it's only a short term effect and your score would improve in the long run​
 
maicolkickhead said:
Last month i randomly went to macy and saw a coat i liked. They had that $50 off promotion when signing for a macy card. So i get the card and get approved. Now i checked my credit score and it went down more than 50 points! Wtf. Will it eventually go back to normal?
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50 points seems is a lot. Did you max out the card or close to? Cool pic btw
 
big panda said:
What's a good first credit card to get. My credit score on credit karma is between 615 and 622 right now just dropped a lil bit but all my payment are on time and all my accounts are In good standing. I feel like me not having a credit card is hurting my score more then anything
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I have a 627 credit score. I have capital one platinum and journey card. and AMEX blue and clear. So, if you go on credit karma it will tell you what your approvals odds are.
 
Yea 50 points ain’t just a dock from an inquiry. And it even seems like a lot just for age of accounts honestly. What was the limit of the card and how much was the coat? I’m thinking the combination of the inquiry, the average age of accounts going down, and utilization made your score drop like that
 
My score on credit karma just updated and im up to la 738 on there. Cookin

After seeing that I applied for CLI on my 3 main cards. Got +$1000 on Discover and +$1250 on Cap One.

My Cabelas card i requested to double my limit from $3500 to $7000. My limit was $7k before and they dropped it out of nowhere when my credit fell a little bit around a year ago and I had a high balance on the card. May get denied and prob shouldve requested something smaller but we will see in a few days
 
Thanks for the replies. What you guys said makes lots of sense. They aproved me for $300 and the coat was 250, so that added with a new card and hard pull explains it. Still, i had my score at 785 and was so proud lol
 
Yea utilization has no memory so as soon as you get it payed down you’ll see a big jump.
 
What’s the best price protection program?
Citi price rewind or discover it?
I’ve heard they are more lenient than others.
 
Paid my Chase card balance in full unintentionally, meant to make a partial payment. Checking account with TD immediately overdrawn :sick:

Payment with Chase posted, but it still shows as "pending" on TD checking. Chase says they can't do a refund until it clears. TD saying that might not be able to stop payment if it's still pending.

Was supposed to have automatic payments to my car insurance and another account from TD, which is obviously overdrawn. FML.

Anyone have experience with this? I've never ever overdrawn.
 
Some banks are forgiving of over withdrawals. Just throw some money in there ASAP and call them up.
 
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