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

[northoaklandfc]

Alright so my credit score is like mad low, around 620, what can I do to raise it quickly? I’ve had a car note for about 3 years now, never missed a payment, never been late on a payment either, other then that I don’t really have any other credit lines that I’ve used. I just recently got a capital one platinum card but I only have a. 300 cl.

I feel like my credit score should be higher especially being the I’ve never missed a payment and never been late either.

Tryna raise it by like 100-120 points in the next 4 months cause I’m trying to buy a new car. Any suggestion? And is that a realistic approach?

The ascension doesn't really work like that, it's pretty slow toiling. Your credit score is low because of your general lack of credit history.

Your score will rise faster than someone with established poor history, but I'd still be skeptical of raising your score above 700 in the next four months.

Depending on who's evaluating your score and for what, deliver a copy of your credit report and explain that you just don't have the credit history to justify a higher score.

In most practical situations you gotta pay to play though. Use that $300 credit line responsibly and you score will rise in a few months. Get a card with a higher limit, rinse and repeat. Be responsible and you wont experience any setbacks.

 

[grogu]

First question is why is it so low? Having an installment loan and a credit card should have your score pretty high. There's something negative on your report. Check with credit karma for your TransUnion and Equifax reports.

 

[northoaklandfc]

First question is why is it so low? Having an installment loan and a credit card should have your score pretty high. There's something negative on your report. Check with credit karma for your TransUnion and Equifax reports.

I think the first time I checked my score I was 630 - 640. No cards yet just a steady car note I hadn't missed a payment on.

 

[big panda]

I just got my credit card, well haven’t actually gotten it yet but just got approved for it literally yesterday morning.

I’ve checked my credit karma and I don’t have any negative marks anywhere, no collections no derogatory marks, but my credit utilization is blank cause I haven’t had a credit card until now.

You think with getting one I should see decent score increase? Only reason why I said around 700 is because I have a friend who was ina similar situation as me but they never had a car note and within months they’re score went from high 500s to low to mid 700s

 

[da r entertainment]

I just got my credit card, well haven’t actually gotten it yet but just got approved for it literally yesterday morning.

I’ve checked my credit karma and I don’t have any negative marks anywhere, no collections no derogatory marks, but my credit utilization is blank cause I haven’t had a credit card until now.

You think with getting one I should see decent score increase? Only reason why I said around 700 is because I have a friend who was ina similar situation as me but they never had a car note and within months they’re score went from high 500s to low to mid 700s

Use that card responsibly as well as maybe try for another card or 2 with a higher limit like Discover for example.

 

[jordan4eva23]

Just got approved for three new cards

Amexblue
Amexeverywhere
Chase unlimited freedom

Amex pulled 1 inquiry for both applications

 

[Bert.]

I just got my credit card, well haven’t actually gotten it yet but just got approved for it literally yesterday morning.

I’ve checked my credit karma and I don’t have any negative marks anywhere, no collections no derogatory marks, but my credit utilization is blank cause I haven’t had a credit card until now.

You think with getting one I should see decent score increase? Only reason why I said around 700 is because I have a friend who was ina similar situation as me but they never had a car note and within months they’re score went from high 500s to low to mid 700s

depends credit limit as well

can't go off someone else experience

should give you a good boost after 5-6 months. I know mine did when I first started out with no credit

 

[bostoiah]

Just got approved for three new cards

Amexblue
Amexeverywhere
Chase unlimited freedom

Amex pulled 1 inquiry for both applications

Yea I think every Amex card you apply for from here on is a soft pull... haven’t been hit with an inquiry from Amex my last 2 cards with them

 

[akademikgenius]

Trying to buy a car but also want to apply for another CC to do a balance transfer. What do you guys recommend as far the actions I should take first? Should I apply for the CC first to make my balance transfer then get the car? Or get the car the apply for the CC

 

[cs02132]

https://slickdeals.net/share/iphone_app/fp/431596

Wells Fargo Propel Card 30k bonus points after spending 3k in first 3 months. $0 annual fee.

• New! Earn 30K bonus points when you spend $3,000 in purchases

https://slickdeals.net/share/iphone_app/fp/431596

Wells Fargo Propel Card 30k bonus points after spending 3k in first 3 months. $0 annual fee.

• New! Earn 30K bonus points when you spend $3,000 in purchases in the first 3 months – that's a $300 cash redemption value
• Earn 3X points for eating out and ordering in
• Earn 3X points for gas stations, rideshares and transit
• Earn 3X points for travel including flights, hotels, homestays and car rentals
• Earn 1X points on other purchases
• $0 annual fee
• 0% Intro APR for 12 months on purchases and balance transfers (fees apply), then a 14.49%-26.99% variable APR; balance transfers made within 120 days qualify for the intro rates and fees

This is one of the cards I got denied for

My updated churning list. Got my first card December 2015

 

[Dubby]

Went to my bank today. They gonna send a notice in the mail that'll tell me if i approve or not.

 

[yanky]

Thinking about applying for the chase sapphire preferred credit card. Anyone here got it? Cons?

Mainly looking for a cc that doesn't have foreign transaction feeds and gives flight rewards

 

[SplinterMatic319]

Thinking about applying for the chase sapphire preferred credit card. Anyone here got it? Cons?

Mainly looking for a cc that doesn't have foreign transaction feeds and gives flight rewards

I had it, but I upgraded to the Chase Sapphire Reserve.

$300 Travel Credit
3% on Travel and Dining, 1% Everything else
Priority Pass membership for lounges
Points are worth 50% more if used on the Chase travel website
No foreign transaction fees

if you travel and dine out alot then the $450 fee nothing compared to the benefits you'll get.

 

[yanky]

I had it, but I upgraded to the Chase Sapphire Reserve.

$300 Travel Credit
3% on Travel and Dining, 1% Everything else
Priority Pass membership for lounges
Points are worth 50% more if used on the Chase travel website
No foreign transaction fees

if you travel and dine out alot then the $450 fee nothing compared to the benefits you'll get.

I thought about getting the CSR also but I don't travel enough to justify the 450 annual fee even though it's really 150 with the travel credit. I think over time I'll upgrade to it eventually but for now I'll stick with the CSP.

 

[Brownstone]

I had it, but I upgraded to the Chase Sapphire Reserve.

$300 Travel Credit
3% on Travel and Dining, 1% Everything else
Priority Pass membership for lounges
Points are worth 50% more if used on the Chase travel website
No foreign transaction fees

if you travel and dine out alot then the $450 fee nothing compared to the benefits you'll get.

How long did you have the card before upgrading?

 

[fluid hips]

Just found out that wells fargo and other cards have a built in feature where they will cover your phone for up to $600 if you damage it

 

[joeyxfresco]

Just found out that wells fargo and other cards have a built in feature where they will cover your phone for up to $600 if you damage it

Your phone payments have to be drawn automatically from that credit card in order for the feature to work. It also covers theft and upgrades up to the same $600

 

[Dubby]

Options? Thinking about applying with someone else.

 

[Bert.]

get added as an authorized user on a family members cards.

someone who has good credit

 

[Dubby]

get added as an authorized user on a family members cards.

someone who has good credit

Im wondering if theres anything else i can do. Ill probably just sign with walmart since im there picking up stuff once a week.

 

[Bert.]

Im wondering if theres anything else i can do. Ill probably just sign with walmart since im there picking up stuff once a week.

What card did you apply for that you got denied

 

[Dubby]

What card did you apply for that you got denied

Not one impaticular. But One from my bank (TD). Last week went up to the teller and told her i wanted to apply for a card. Then she took down some info on me.

 

[lilchico4life]

Options? Thinking about applying with someone else.

So you have no established credit history? Start by checking Discover and Capital One prequalify pages. If there is an offer from either, I'd apply only then. Avoid Chase and Citi until you hit the one year mark after getting in the door with Discover or Capital One. Also avoid store cards. If either don't come back with an offer, open a secured card with Discover or Capital One.

 

[jrp44]

Didn't know you can just request a credit line increase right from the Discover app, and they put it into effect asap

 

[Dubby]

So you have no established credit history? Start by checking Discover and Capital One prequalify pages. If there is an offer from either, I'd apply only then. Avoid Chase and Citi until you hit the one year mark after getting in the door with Discover or Capital One. Also avoid store cards. If either don't come back with an offer, open a secured card with Discover or Capital One.

Literally just talked to my pops about it and he said he would hook me up with Capitol One

Edit: And yeah no history