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

[cs02132]

Yea I’m pretty sure that’s the only difference between them but idk For sure . If your job matches then def do it

But keep in mind these are retirement plans and you can’t withdraw until you turn 59.5 without paying a fee (except now I guess cause of that act that he’s talking about on this page)

I only have mutual funds but if my job offered a 401k with matching I’d def do that instead

 

[$tatus $ymbol]

There are multiple differences. I would read up further if you are looking to start an IRA. Both have benefits and if encourage anyone to have both, especially if your company matches.

 

[Sonny Corinthos]

 

[youngthundercat]

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slaughterx
ICE CITY CF

who y’all rolling with as far as online banking...money marketing type. Barclays, CIT...etc

 

[slaughterx]

I swear my company moves it around every few years it seems, but right now it is through Empower I believe.

 

[ICE CITY CF]

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slaughterx
ICE CITY CF

who y’all rolling with as far as online banking...money marketing type. Barclays, CIT...etc

I've been really happy with Schwab for the past 5 years.

I use their High Yield Investor Checking account because of the unlimited ATM Fee rebates and no foreign transaction fees. That checking account comes with a brokerage account which I also use for savings.

I park money for a separate emergency fund in one of their money market funds. Keeps it simple, all of my cash is there in one place and is convenient to move.

For retirement I have a SEP IRA with Vanguard. Their website and UI is stuck in the 90's but their investing tools and products are good.

 

[アミーゴ]

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slaughterx
ICE CITY CF

who y’all rolling with as far as online banking...money marketing type. Barclays, CIT...etc

Are you trying to day trade or just have it sit? Matters what you are trying to do.

 

[alexody]

Was wondering why he showed off his car in the beginning but as he kept going, I realized who that video was targeted to.

 

[youngthundercat]

Are you trying to day trade or just have it sit? Matters what you are trying to do.

Man I want it to sit...better it sit there then my local credit union.

 

[turbospartan]

Man I want it to sit...better it sit there then my local credit union.

You're looking to invest it into stocks, or just have a savings / checking account?

If savings / checking and money you want to keep as cash (such as for an emergency fund, or saving up for a house, etc) - just look for HYSAs that offer better interest than your current bank. HYSA = High Yield Savings Account. They currently offer like 1.3% interest, compared to regular bank checking accounts which offer like 0.1%. Some of them even have sign up bonuses for depositing X amount of money, like Capital One 360 which gives you a $100 bonus for every $10k you deposit.

If you're referring to stocks that you just want to put money into and not mess around with while it grows, you can get a Vanguard account and just buy index / mutual funds and how very low maintenance fees.

 

[youngthundercat]

You're looking to invest it into stocks, or just have a savings / checking account?

If savings / checking and money you want to keep as cash (such as for an emergency fund, or saving up for a house, etc) - just look for HYSAs that offer better interest than your current bank. HYSA = High Yield Savings Account. They currently offer like 1.3% interest, compared to regular bank checking accounts which offer like 0.1%. Some of them even have sign up bonuses for depositing X amount of money, like Capital One 360 which gives you a $100 bonus for every $10k you deposit.

If you're referring to stocks that you just want to put money into and not mess around with while it grows, you can get a Vanguard account and just buy index / mutual funds and how very low maintenance fees.

So I have my emergency account stacked up for at least 10 months. Now i have about 25k that to be honest with you I don’t know what to do. I know I’m about to start a Roth. I want to put some in a HYSA and now that you mentioned it I wanna put some into a hands off stock too. I really don’t know what to do fellas. Advice?

 

[turbospartan]

So I have my emergency account stacked up for at least 10 months. Now i have about 25k that to be honest with you I don’t know what to do. I know I’m about to start a Roth. I want to put some in a HYSA and now that you mentioned it I wanna put some into a hands off stock too. I really don’t know what to do fellas. Advice?

Where is your emergency fund currently at? I'd put that into the HYSA just so you're earning more than 0.1% (which aint ****). I'd throw it into that Capital one 360 HSYA because of the sign up bonus (which isn't huge, but its at least something extra).

Open a Roth with Schwab (or others, if you want). I can get you a referral code (I don't get anything from it) that will get you a "free" $100 bonus if you deposit at least $1k. You can still submit for 2019 in your Roth I believe, so add $6k to that for 2019 and $6k for 2020 and you're set on those for both years ($6k per year is the max for Roth accounts). Good thing about Roth is that worst case you NEED that $6k - you can pull it out penalty-free, but only the principal investment (not any gains).

For the hands off stocks (which can be in your Roth or 401k, or in a separate non-retirement brokerage account) - just look at general market index funds that track/mimic the SP500 or whatever you're looking at. You can also find simple index / mutual funds that are target-date for when you plan to retire, such as a 2045 fund. Vanguard VSTAX tracks the overall market and is used by many people to just grab a little bit of everything.

 

[bostoiah]

Got a HYSA with Ally
Roth and Checking with Schwab
Brokerage with Vanguard

 

[melo0115]

Cit < like 1.30

Sofi was giving me 1.70% before covid slap

 

[pitman13]

6 points away from perfection

 

[townbidness]

.

 

[cs02132]

Started using Apple Pay earlier this year so I’m Thinking about signing up for the Apple Card but the rewards are kinda trash

 

[ICE CITY CF]

Started using Apple Pay earlier this year so I’m Thinking about signing up for the Apple Card but the rewards are kinda trash

3% on Apple purchases and 2% on Apple Pay is more than fine.

 

[xbiker47]

6 points away from perfection

very nice

 

[Sonny Corinthos]

6 points away from perfection

You doing it big homie . The highest I ever got was 809

 

[antidope]

My brother just turned 18 and I want to get a crcedit ard in his name and SSN that I will keep and begin to build his credit history. What would you guys say are the cards out there with the highest chance of approval. I was thinking about store cards but wanted to check before making a move

 

[antidope]

On the 401k topic, mine is a traditional primarily because it's easier to max out a traditional than a Roth. Once I get to a point where I can feel comfortable giving up 19.5k of after tax dollars, then I will likely flip to a Roth. But right now the Pre-Tax benefit is too powerful.

Conversely my IRA is a Roth

 

[bostoiah]

My brother just turned 18 and I want to get a crcedit ard in his name and SSN that I will keep and begin to build his credit history. What would you guys say are the cards out there with the highest chance of approval. I was thinking about store cards but wanted to check before making a move

I’d say Bank of America cash rewards or Capital One platinum

 

[pdino]

Apple card is hear is really easy approval. You can also add him as a designated user to one of your cards to give him some of your credit history if you really want to hook it up.

 

[ICE CITY CF]

Apple card is hear is really easy approval. You can also add him as a designated user to one of your cards to give him some of your credit history if you really want to hook it up.

Apple Card won't help you build credit. Goldman Sachs isn't currently reporting accounts to any of the credit bureaus.

Adding young one as a designated user to a card antithat uses on a regular basis is the smart move.

I think it will do a lot more to build his credit than getting him a card and just sitting on it, not establishing any kind of regular payment history.