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

[trynafeelmink]

I tried transfering my discover it -> chase, come to find out discover does not accept a cc payment, or am i doing it wrong? :-/

Honestly i haven't done a balance transfer so i'm not sure.

This article helps to explain a bit

http://www.businessinsider.com/only-times-you-can-pay-a-credit-card-bill-with-another-card-2014-6

 

[turbospartan]

Dave Ramsey is that dude. Listen to his podcast daily. I don't do the cash envelope thing cause I have no need for it but most of the stuff he says is solid.

He's good to listen / follow when you're trying to get out of debt. After that though, many think you'd be better off moving on from his ideas.



https://www.reddit.com/r/personalfinance/search?q=dave+ramsey&restrict_sr=on

 

[antidope]

Had no idea it was what much. Thats a shame.

 

[melo0115]

Dave Ramsey is that dude. Listen to his podcast daily. I don't do the cash envelope thing cause I have no need for it but most of the stuff he says is solid.

Yeah, dave is alright. dislike some of his personal views. but other than that, he gives good advice. Sometimes its extreme, but hes not wrong. ie.. when he tells people to buy a 1000k clunker. you should do it, but most people wont.

just like hearing people stories, like a couple making 45k a year both working, but they have 65k in car loans. Like wow!

then the stories that are good(achievements), give you motivation to follow their steps because the couple you just listened to was in your same position.

 

[melo0115]

I had a 630credit score for the last two months. Per credit karma i now have a 670, my wells fargo app says i have a 660, and capital one app says i have a 655. anyways i was stcuk at 630 for a while. Im a year in on paying for my car with no missed payments.

i randomly just applied for a chase freedom card, wanted to transfer a balance from one of my amex cards for 0 intrest for the next 15 months. I was expecting a credit limit of 500 to 1,000. These dudes approved me for 4,500. The two highest cards i have right now have a limit of 1,000. shocked me. but ive been doing so well on my rebuild, that i guess they see ya boy making moves. Trying to get right for a house i wish to purchase next year.

So this was my last post... And i felt like doing an update, because i got a little excited. I know credit karma can be off 30 points on more in both directions. But just seeing this has me ready to kill this interest rate on my future mortgage. Which I'm not buying until next year.



Two questions: I'm paying 9 percent interest on my car loan, a rate i got when my score was like 570 (went through this guy that buys cars for people and talks to lenders for you) Anyways, at what point should i try to refinance my car loan for a lower rate?

Also, I have 6 credit cards

3 capital ones: zero balance on all
2 amex: zero balance on both
1 chase: 900$ balance
with a total of 8k of available credit.

Should i just let the capital one cards die out by themselves if i don't want to use them anymore? or should i cancel and take the score hit now, and just recover? one of the capital one cards has an annual fee of $40. And now thats a no for me dog.

 

[jon4rd]

So this was my last post... And i felt like doing an update, because i got a little excited. I know credit karma can be off 30 points on more in both directions. But just seeing this has me ready to kill this interest rate on my future mortgage. Which I'm not buying until next year.



Two questions: I'm paying 9 percent interest on my car loan, a rate i got when my score was like 570 (went through this guy that buys cars for people and talks to lenders for you) Anyways, at what point should i try to refinance my car loan for a lower rate?

Also, I have 6 credit cards

3 capital ones: zero balance on all
2 amex: zero balance on both
1 chase: 900$ balance
with a total of 8k of available credit.

Should i just let the capital one cards die out by themselves if i don't want to use them anymore? or should i cancel and take the score hit now, and just recover? one of the capital one cards has an annual fee of $40. And now thats a no for me dog.

When did you get your car loan? If you’ve had it for a year or more I’d say go ahead and refi now. Especially since you’re not getting a mortgage until next year. The closer you get to getting your mortgage, you shouldn’t have any new credit inquiries refis loans etc. Definitely cancel the annual fee capital one card but just keep the others. Only score hit you will take is if your utilization goes up a lot as a result of not having the available credit from the card you close.

 

[pdino]

So this was my last post... And i felt like doing an update, because i got a little excited. I know credit karma can be off 30 points on more in both directions. But just seeing this has me ready to kill this interest rate on my future mortgage. Which I'm not buying until next year.



Two questions: I'm paying 9 percent interest on my car loan, a rate i got when my score was like 570 (went through this guy that buys cars for people and talks to lenders for you) Anyways, at what point should i try to refinance my car loan for a lower rate?

Also, I have 6 credit cards

3 capital ones: zero balance on all
2 amex: zero balance on both
1 chase: 900$ balance
with a total of 8k of available credit.

Should i just let the capital one cards die out by themselves if i don't want to use them anymore? or should i cancel and take the score hit now, and just recover? one of the capital one cards has an annual fee of $40. And now thats a no for me dog.

See if you can downgrade your capital one card to one with no annual fee, many cards have this option. If I were you I'd put some very small recurring bill (Netflix, utility payment etc.) on each of the capital one cards and put it on auto-pay. This way creditors see you're still using the card and making on-time payments in full.

 

[melo0115]

When did you get your car loan? If you’ve had it for a year or more I’d say go ahead and refi now. Especially since you’re not getting a mortgage until next year. The closer you get to getting your mortgage, you shouldn’t have any new credit inquiries refis loans etc. Definitely cancel the annual fee capital one card but just keep the others. Only score hit you will take is if your utilization goes up a lot as a result of not having the available credit from the card you close.

Thanks, ive had the car for a year and three months now. And yeah, thats what i was thinking. Any hits i need to take, i need to do them now, so everything's clear in the near future. And that cap one card is 700, almost an 1/8 of my credit.

 

[melo0115]

See if you can downgrade your capital one card to one with no annual fee, many cards have this option. If I were you I'd put some very small recurring bill (Netflix, utility payment etc.) on each of the capital one cards and put it on auto-pay. This way creditors see you're still using the card and making on-time payments in full.

One of the capital one cards has apple music monthly fee attached to it, which i didnt do by strategy. Just kind of happened. But, that seems like good future review logic. Going to have to do that. Thanks!

 

[jon4rd]

Thanks, ive had the car for a year and three months now. And yeah, thats what i was thinking. Any hits i need to take, i need to do them now, so everything's clear in the near future. And that cap one card is 700, almost an 1/8 of my credit.

Yea do what pdino said and try to downgrade to no annual fee. That slipped my mind

 

[moderndarwin]

Quick update - added my wife as an authorized user (she’s from another country so no credit history)...and it worked. Her scores are around 730 on credit karma now up a solid 40. I’m at about 800. I think simply having her soc sec linked up properly is a big key. The experien report on credit karma wasn’t even pulling before for her.

I really hate working but I feel like I’m in such a sweet spot in terms of credit score + job pay + interest rates. Should we just buy a house or wait till we have some emergency savings?

 

[lilchico4life]

^ Just fyi, credit karma aren't actual FICO scores, they're Vantage 3.0 scores. Please don't rely on credit karma scores because they're more than likely off from your actual scores and most lenders don't use them for lending decisions.

Good thing you got her credit ball rolling. I suggest opening a secured CC for her from discover or capital one, so she can establish her own credit. Check their prequal sites before applying for eligibility.

As for buying a house, do so if you both plan on settling in the US. You should definitely build emergency savings before anything. Even lenders require you to have emergency savings when applying for a mortgage, which you cannot apply towards the down payment.

 

[jordman23]

I applied for the Chase Preferred Ink CC that gives you 80K points after 5k Spend.

I hope they approve me, I just put down sole proprietorship with my SS Number, as others have in the past.

I don't think they'll approve me because I've had the Sapphire Preferred, Reserve, Southwest. Although technically I am under the 5/24 rule.

Come to think of it, Ive finessed over 300K points from Chase alone in the past 3 years.

 

[based mod]

I applied for the Chase Preferred Ink CC that gives you 80K points after 5k Spend.

I hope they approve me, I just put down sole proprietorship with my SS Number, as other have in the past.

I don't thnik they'll approve me because I've had the Sapphire Preferred, Reserve, Southwest. Although technically I am under the 5/24 rule.

Come to think of it, Ive finessed over 300K points from Chase alone in the past 3 years.

If this is your first biz card and you're under 5/24, you're usually safe. Hope you used somebody's referral link

I have a 400k UR balance right now. Too many points, not enough PTO

 

[angels47]

If you sign up for a business CC as a sole proprietorship, does that effect your credit score/activity?

 

[nawghtyhare]

So this was my last post... And i felt like doing an update, because i got a little excited. I know credit karma can be off 30 points on more in both directions. But just seeing this has me ready to kill this interest rate on my future mortgage. Which I'm not buying until next year.



Two questions: I'm paying 9 percent interest on my car loan, a rate i got when my score was like 570 (went through this guy that buys cars for people and talks to lenders for you) Anyways, at what point should i try to refinance my car loan for a lower rate?

Also, I have 6 credit cards

3 capital ones: zero balance on all
2 amex: zero balance on both
1 chase: 900$ balance
with a total of 8k of available credit.

Should i just let the capital one cards die out by themselves if i don't want to use them anymore? or should i cancel and take the score hit now, and just recover? one of the capital one cards has an annual fee of $40. And now thats a no for me dog.

Upgrade those capital one cards
To a venture or venture one
Don’t let em die
Here’s the link to upgrade ur cards
https://verified.capitalone.com/sic-ui/#/esignin?Product=Card&Action=ProductUpgrade

 

[kingfoamnyc]

About to pay off this 2K in debt I have and see how it affects my score. The $532 I recently paid for the deliquent capital one account only raised my score back up 2 points

 

[jordman23]

If you sign up for a business CC as a sole proprietorship, does that effect your credit score/activity?

I'm not worried about my credit score, currently I'm in the 800 Club. And I don't plan on buying a house soon. Cars are paid off.

So I know it'll drop for now, but eventually i'll Bounce Back like Big Sean.

 

[jon4rd]

About to pay off this 2K in debt I have and see how it affects my score. The $532 I recently paid for the deliquent capital one account only raised my score back up 2 points

Probably because you didn’t try to do a pay for delete. That delinquent account is still going to show on your report until it falls off in 7 years (after the original delinquency I believe) it’s just going to show as paid.

 

[kingfoamnyc]

Probably because you didn’t try to do a pay for delete. That delinquent account is still going to show on your report until it falls off in 7 years (after the original delinquency I believe) it’s just going to show as paid.

I did do that. Got it in writing as well, It's completely gone from my account like it never was there

 

[angels47]

I'm not worried about my credit score, currently I'm in the 800 Club. And I don't plan on buying a house soon. Cars are paid off.

So I know it'll drop for now, but eventually i'll Bounce Back like Big Sean.

I didn't mean you personally, just in general.

 

[melo0115]

Upgrade those capital one cards
To a venture or venture one
Don’t let em die
Here’s the link to upgrade ur cards
https://verified.capitalone.com/sic-ui/#/esignin?Product=Card&Action=ProductUpgrade

Those ventures look like you need to have excellent credit, i just grazed 700, probably be denied for that. But i did log into my account, and it had an upgrade for the capital one card is was complaining about. i agreed to an offer with an increased credit limit, and the annual fee was removed. But when i do decide to upgrade them, ill try and go through your link

 

[based mod]

If you sign up for a business CC as a sole proprietorship, does that effect your credit score/activity?

Chase, BoA & Amex biz cards for sure do not show up on your report, so no it won't affect your credit score.

I currently have the Marriott, SPG, Ink Preferred & Blue Business Plus cards and none show up on my report. I applied for a BoA biz card, but got denied, probably because I don't have a relationship with them.

 

[sharpshooter718]

Being honest with you guys... I just started working on my credit... my whole life I been buying st8 cash... if I can't buy 2 I won't buy it period... now I just started looking to make some moves and credit is important af in today's world.

Went from a 570 to 624 in a couple months... trying to keep that momentum going. I have 700 goal in line by next February.

 

[highrep87]

I asked my girl to add me her Bank of America credit card (her score 811). Today I checked my credit score.. it went up 73 points!!!!! By adding onto her account, she gave me 36 on time payments... additional 6k which helps my overall utilization. BLESSED! She the real MVP