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

[melo0115]

It's doable as long as the data behind the 650 is clean. No missed payments, good credit ratio(Under 10 percent)
Accounts with years history.
You'd want a 700+ because if gives way better odds. But I was approved for 18 months 0 interest with chase for 4.5k when i had a 660

 

[thadangerousmind]

I see Paypal Credit is reporting to the bureaus now. I have 0 reason to use it moving forward. It was literally a utilization stash spot.

 

[rmmsballer10]

I see Paypal Credit is reporting to the bureaus now. I have 0 reason to use it moving forward. It was literally a utilization stash spot.

Yep, they started reporting for me last month.

Dropped my score about 15 points

Was hiding all my utilization with them

 

[coldcrush]

PayPal Credit is still a good line to have... for me at least since I like online shopping... they regularly run 6-month 0% APR offers for $99+ purchases.

 

[coldcrush]

So guys I need your opinion:

I would say I opened up my first cc with golden 1 when I started college 8 years ago. It’s been my only card since. Was just a student visa , with $500 limit, with little to no interest. Over the years I would max it out almost every pay cycle, with making minimum payments. At times I wouldn’t even make the minimum payment. Fast forward to last week, I was curious if I was able to raise my limit. Dude told me I had a 812 credit score which was insanely shocking to me. I thought it ducked by the way I was utilizing this card and barely making payments. I now have the limit at 3k on the same card. Not gonna lie, I kinda went crazy purchasing random **** this week lol. My question is what’s a good card to add along with this one. This one doesn’t have any perks other than minimal interest. What do you guys suggest as a good 2nd cc. I’m thinking amex?

That's a really good score....

Really depends on what you want... cash or points... and how generous the CC provider is with credit limit increases.

 

[willie mcfly22]

Yep, they started reporting for me last month.

Dropped my score about 15 points

Was hiding all my utilization with them

Same here. I had jus made a big purschase too. Dropped me 25 points. After my balance is paid, it’ll useless to use.

 

[willie mcfly22]

PayPal Credit is still a good line to have... for me at least since I like online shopping... they regularly run 6-month 0% APR offers for $99+ purchases.

The 0% is great but if you’re meticulous about ya score, carrying a balance that actually reports is a no go

 

[coldcrush]

If ur not applying for any new credit any time soon there isn’t anything wrong with reporting a balance...

 

[willie mcfly22]

If ur not applying for any new credit any time soon there isn’t anything wrong with reporting a balance...

Naw you’re right about that. I’m just saying some care about that score. I call em score snobs. Go on the myfico forums you’ll see em. But if it works for you, flourish with it...

 

[aychd]

This thread is awesome. It helped me get to where I am at now with my credit being that I had zero knowledge at first. If anyone needs direct answers just DM me I’m more than willing to try to help.

 

[coldcrush]

Naw you’re right about that. I’m just saying some care about that score. I call em score snobs. Go on the myfico forums you’ll see em. But if it works for you, flourish with it...

If score optimization is your goal then total utilization should be >1 & no more than 9%. With only one card or credit line reporting a balance. That seems to be the consensus regarding maximizing one’s score, but everyone’s credit profile is different.

even if you you have say a 28.9% total utilization and 48.9% utilization on a card it’s not really going to damage your credit. Credit utilization has no memory, you can easily get your score back up by making sure individual and total utilization is within a certain %age.

You will have problems if you consistently max out your lines every month. And maxing is considered anything above 89% of your credit.

 

[melo0115]

Ive wanted the Discover iT card for the longest. Finally pulled the trigger. Got approved for 2.5k

I have 9 credit cards in total.
Only two of the nine have a balance.
Including this new discover card. I'm going to use three of them but maintain under 20 percent. And just let the rest close them self out..

 

[donpoppa]

Ive wanted the Discover iT card for the longest. Finally pulled the trigger. Got approved for 2.5k

I have 9 credit cards in total.
Only two of the nine have a balance.
Including this new discover card. I'm going to use three of them but maintain under 20 percent. And just let the rest close them self out..

don't let them close out. your score might drop because your available credit will drop.

 

[melo0115]

Yeah, i figure that. How many cards are you maintaining open?

One card I do want to close because it has an annual free of $39.

 

[melo0115]

I was in the low 700s with only about 6 months of credit history when I got approved. PM me if you want a referral link. We both get $50 if you're approved

****, my bad man. Just remembered we talked about this.

 

[booie403]

Ive wanted the Discover iT card for the longest. Finally pulled the trigger. Got approved for 2.5k

I have 9 credit cards in total.
Only two of the nine have a balance.
Including this new discover card. I'm going to use three of them but maintain under 20 percent. And just let the rest close them self out..

I just got my discover (cassette tape) today. Somewhat surprised at the 9.5 opening, l was expecting it to be a lot lower.

 

[melo0115]

Damn, thats major. Cassette? That some elite level admission? I just got approved not sure whata coming in mail.

 

[booie403]

Damn, thats major. Cassette? That some elite level admission? I just got approved not sure whata coming in mail.

My fault, the card design is a cassette tape. As also hate how cheap it feels. Would have liked a little more weight to it.

 

[melo0115]

Ah, I see. Didn't even see those options.
Just picked teal I think.

I rushed through it. I didnt know if id get approved. Im sitting around a 700, but just bought my wife a car, so I just said since they pulled my credit a couple times. Might as well just add another one in their..

I've always wanted one of the metal weighted cards though. But that's for these 800 score type dudes.. lol

 

[iamdef]

Any of these credit repair services legit? I always see people claiming to be able to delete missed payments and what not.

How the hell is someone able to remove an accurate late payment?

Most of them run this lil trick of sending a "verification" letter to the company and the company has about 30 days to respond and if they don't they HAVE to delete your account with them. And they'll basically just keep sending those letters to companies over and over and over hoping that they'll be able to catch a business slippin'.
I see this letters about a thousand times a week. Same formatting, same message, just different customer information. It's all hope and consistent bombardment of the same request again and again.

The day banks figure out how to use AI to recognize those letters and automatically respond those businesses will fade away.

 

[coldcrush]

Speaking of metal cards, the J.P. Morgan Palladium is

...no I do not have one

 

[coldcrush]

My first AMEX should arrive this week... a blue cash everyday. I just opened two card accounts last month, I don’t know how I got in with so many new accounts.

I’m going to play musical chairs with the 3 I have for about a year and then go for a BOA cash rewards and an AMEX gold charge card. I don’t think I want any more cards for a loooong while once I get those, just let the credit limits grow. 20-50k should be plenty on each.

 

[iamdef]

After years of trying to stay on top of what little I have on my credit, it'll be a year in Jan since I was approved for my current Capital One secured card. I believe in Jan or Feb I can expect my limit to increase again and I would like to apply for a regular credit card once that hard pull drops off in Jan.

Not sure where I wanna take my talents to but I know I'll keep that secured joint for a few years. Do you guys suggest I wait longer after that hard pull falls off or my plan of applying elsewhere is on par?

 

[coldcrush]

Hard pulls fall off after two years bro, and they matter less as they age.

Most CC providers that offer a secured card allow you to graduate to the unsecured card if you have been making your payments and your account is in good standing. You should call Cap One and see if they’ll PC you to another card.

If your credit has improved since then shop for a card you may be interested in and see if you’re pre-approved before you submit an application. A pre-approval isn’t a 100% guarantee but it’s better than applying cold and receiving a denial.

 

[Beruseruku Desu]

If I have multiple credit card debt is it better to pay each one off at a time or spread my payment thin between them all?