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

leebuttahz said:
Pardon me if my approach to this is thread is wrong.

In December of 2019, I hung out with my brother in law and we were just talking about finances. He's big on it. I put my pride aside and I picked his brain on financial literacy and freedom. It felt embarrassing to say it out loud, but my credit score was 560. Both my TransUnion and Equifax. I was behind on my cards, had a medical bill pending and another in collections:

Capital One: Balance: $4,000 (estimated) Limit: $3,500
Gamestop Card: Balance $2,800 (estimated) Limit: $2,350
Medical bills: 1K

So I created a spreadsheet of everything I owed, again very humbling, and I went to work. My goal was to increase my score by 100pts by December 2020. No buying sneakers, no buying clothes, no fun. Just paying bills.

When I got paid, I would play a round robin of paying a big chunk to highest balances with the highest interest rate and then make micropayments to the others. I would make micropayments every week. $20 or $50, it didn't matter. I would pay something every week to bring that balance down and keep finance charges at bay. I continued that process and 3 months later I surpassed my goal.

All accounts have a 0 balance and my Equifax is now 710 and TransUnion is at 666 (should update in 7 days, Capital One hasn't reported my 0 balance). I've switched over to a Venture One card from Capital One to gain points in case I use it. All plastic has been locked up. The only time I use a card is my Apple Card and that's because I get cash back. However, I pay it off every week.

My focus is solely on utilization now.
Click to expand...
TheRockClapping.gif
 
leebuttahz said:
I will say this though. After doing this, I am a bit embarrassed and angry with myself for not doing this before. I sat down and though about it and asked myself, "Why didn't you think of this 2-5 years ago??" Screw it, it's done and done.
Click to expand...

One of the reasons they should teach Personal Finance as a High School requirement. Too many people don't know **** about finances, credit, loans, taxes, etc.

Congrats on getting out of that cycle. Keep building that credit score up and use it to your advantage in the future
 
leebuttahz said:
Pardon me if my approach to this is thread is wrong.

In December of 2019, I hung out with my brother in law and we were just talking about finances. He's big on it. I put my pride aside and I picked his brain on financial literacy and freedom. It felt embarrassing to say it out loud, but my credit score was 560. Both my TransUnion and Equifax. I was behind on my cards, had a medical bill pending and another in collections:

Capital One: Balance: $4,000 (estimated) Limit: $3,500
Gamestop Card: Balance $2,800 (estimated) Limit: $2,350
Medical bills: 1K

So I created a spreadsheet of everything I owed, again very humbling, and I went to work. My goal was to increase my score by 100pts by December 2020. No buying sneakers, no buying clothes, no fun. Just paying bills.

When I got paid, I would play a round robin of paying a big chunk to highest balances with the highest interest rate and then make micropayments to the others. I would make micropayments every week. $20 or $50, it didn't matter. I would pay something every week to bring that balance down and keep finance charges at bay. I continued that process and 3 months later I surpassed my goal.

All accounts have a 0 balance and my Equifax is now 710 and TransUnion is at 666 (should update in 7 days, Capital One hasn't reported my 0 balance). I've switched over to a Venture One card from Capital One to gain points in case I use it. All plastic has been locked up. The only time I use a card is my Apple Card and that's because I get cash back. However, I pay it off every week. My focus is solely on utilization now.

I will say this though. After doing this, I am a bit embarrassed and angry with myself for not doing this before. I sat down and though about it and asked myself, "Why didn't you think of this 2-5 years ago??" Screw it, it's done and done.
Click to expand...

giphy.gif
 
How much is a car loan supposed to boost your score after you pay it off? I bought a car last year and took out a 5 year loan on it. I've been making bigger payments and should have it paid off later this year.
 
fluid hips said:
How much is a car loan supposed to boost your score after you pay it off? I bought a car last year and took out a 5 year loan on it. I've been making bigger payments and should have it paid off later this year.
Click to expand...
it will drop
paid off a car last year
dropped like 20 points
 
y'all got that chase instant approval link for spaphire?

heard and seen even those with crap credit getting instant approval for high amounts but you need a chase checking
 
ecook0808 said:
I got instantly approved but didn’t do anything special - do have an 806 score or something
Click to expand...
wife got approved like a year or 2 ago
had like a 675-700 score at the time i think
she had the preapproval offer at the time
when she logged into her online banking
 
nawghtyhare said:
wife got approved like a year or 2 ago
had like a 675-700 score at the time i think
she had the preapproval offer at the time
when she logged into her online banking
Click to expand...

Probably matters on if you bank with them - more likely to instantly approve if you do. I don’t so not too sure. It is my largest CC line though (always good to self report your income too).
 
This might be the chase link


Got it from
frequentmiler.boardingarea.com

Enhanced Chase offers: Apply at your own risk

Over the weekend, we published an update to this post about Chase pre-qualified offers. In short, many more people were seeing pre-qualified black-star offers in a different place in their accounts (under “Credit Cards” in the desktop browser or under “Open an account–>Credit cards” in the app)...
frequentmiler.boardingarea.com frequentmiler.boardingarea.com
 
Looks like Chase is desperate :lol:

They sent me an email last week that I was pre-approved for the sapphire reserve card
 
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