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

[Olympus]

It lowers your credit utilization % but since you said you'd be debt free soon then it really doesn't matter in your case. Congrats.

That's what I was guessing after I posted. I'll consider it for the future. My debt so far has been mostly self-inflicted with a lot of luxuries since I'm still so young, but this looks useful for the future.

And thank you. Knocked down over $2000 in debt this year so I'm excited to get it all over with. Just gonna keep throwing leftovers from my paychecks at my cards and continuing to safe, cutting out most of the fun stuff until it's taken care of.

 

[dam itz lou]

That's what I was guessing after I posted. I'll consider it for the future. My debt so far has been mostly self-inflicted with a lot of luxuries since I'm still so young, but this looks useful for the future.

And thank you. Knocked down over $2000 in debt this year so I'm excited to get it all over with. Just gonna keep throwing leftovers from my paychecks at my cards and continuing to safe, cutting out most of the fun stuff until it's taken care of.

Just don't think credit cards are just a trap to get into debt. There's ways to actually make money off your spending which could lead to great value especially for traveling.

 

[vtotheinay]

saw the discover IT card is offering 12 months of double cash back. went to sign up but the application is down. what are the chances of me getting accepted? ive only had a chase freedom card for 4 months now but paid balance in full off every month and only used

 

[capital sb]

IMO the higher credit limit the better. If you are responsible it won't hurt you, but if there is ever an emergency that you cant pay off in full you will be glad you had the increased credit limit.

The higher balance than usual won't effect your credit score.

 

[Olympus]

Just don't think credit cards are just a trap to get into debt. There's ways to actually make money off your spending which could lead to great value especially for traveling.

Oh no, I love credit cards for that reason. My girlfriend is the one who needs to hear that. I've been trying to convince her to get one for a while to help build credit. Actually had a conversation with her and another person about it last night that seemed to educate her on a few things. I think she just sees her parents' situation and becomes terrified of being overwhelmed with debt  when it's more about how YOU use your card rather than the card just flat out working against you from the jump.

These card companys make most of their money from ignorant people with a lack of discipline and foresight. As long as you're on top of your situation, you can reap a lot of benefits from these cards. Not to mention great credit to help you own a car, house, etc.

 

[Olympus]

So my balance transfer request went through the other day from my Capital One card to my Amex and Amex charged the $6.78 fee to my Capital card and now I'm in the negative. From what I've read, a negative balance is essentially account credit added to your account that can be applied toward your next purchase. Can I use that money to pay for the $6.78 charge that was added to my Amex on top of my balance?

 

[nawghtyhare]

Ok can I get a lil info
What the point of balance transfers???
Also just got approved for a venture card from cap 1
Limit is 5k

 

[crcballer55]

Ok can I get a lil info
What the point of balance transfers???
Also just got approved for a venture card from cap 1
Limit is 5k

Lower interest rate/payment.

Most cards offer it knowing the majority of people won't pay it in full before the end of the promo period, so they'll get the additional interest payments.

 

[polosanddunks]

Question...My girl is looking to open up a 2nd Credit Card for more credit to build up for the future. She has a CapOne Quicksilver with $3500 and a GAP of $500.Also with a pretty flawless credit history account.

What next card do you guys suggest for a starter that you know she will get approved for?

 

[omariwestafari]

Question...My girl is looking to open up a 2nd Credit Card for more credit to build up for the future. She has a CapOne Quicksilver with $3500 and a GAP of $500.Also with a pretty flawless credit history account.

What next card do you guys suggest for a starter that you know she will get approved for?

Maybe one from her bank

 

[dam itz lou]

Question...My girl is looking to open up a 2nd Credit Card for more credit to build up for the future. She has a CapOne Quicksilver with $3500 and a GAP of $500.Also with a pretty flawless credit history account.

What next card do you guys suggest for a starter that you know she will get approved for?

Citi Premier or Chase Sapphire Preferred. Both have great sign up bonuses. Citi premier offers 3X on travel including gas,2X on dining and entertainment, and a 50K sign up bonus when you spend $3K in 3 months. The Chase Sapphire preferred offers 2X on dining and travel. The sign up bonus is 40K when you spend $4k in 3 months. Another 5K when you add an authorized user which I would do just to get the points. Most people prefer the Chase card because of the transfer partners. Both have an annual fee of $95 but they waive it the first year.

 

[polosanddunks]

Thanks for that input and information! ^ repped

 

[Chiron]

Question...My girl is looking to open up a 2nd Credit Card for more credit to build up for the future. She has a CapOne Quicksilver with $3500 and a GAP of $500.Also with a pretty flawless credit history account.

What next card do you guys suggest for a starter that you know she will get approved for?

I would actually say to go with American Express depending on her score. The Sapphire Preferred is nice but Chase is stingy with credit limit increases. Amex Blue cash everyday or blue preferred version will be cheaper and give her 3x credit limit increases every 6 months if requested.

 

[NewWave90]

Not intending this to to be preachy but debt is dumb and a credit score is solely based on borrowing money. Get a secured debit card you only spend the money you put on the card no debt incurred.

 

[dam itz lou]

Thanks for that input and information! ^ repped

I should of posted this earlier but here's a link to the best credit card deals at the moment. The two I mentioned are in there. Everyone's situation is different. We don't know where your GF is spending her money.

http://thepointsguy.com/top-deals-3/

Not intending this to to be preachy but debt is dumb and a credit score is solely based on borrowing money. Get a secured debit card you only spend the money you put on the card no debt incurred.

That's fine to start out with but if you're smart you'll pay your cards off right away. You'll earn valuable points without paying interest and enjoy some of the great perks that some cards offer.

 

[joepac12]

I have a friend who specializes in cleaning up people's credit. For 250 she says she can raise my Equifax score by almost 100 points. With that I would be in the low-middle 700s. Anybody have any experience with someone or something like this ?

 

[NewWave90]

I should of posted this earlier but here's a link to the best credit card deals at the moment. The two I mentioned are in there. Everyone's situation is different. We don't know where your GF is spending her money.

http://thepointsguy.com/top-deals-3/
That's fine to start out with but if you're smart you'll pay your cards off right away. You'll earn valuable points without paying interest and enjoy some of the great perks that some cards offer.

I'm not saying my truth is yours but points and perks won't make or break anyone's financial world, what's wrong with saving up for something and I understand saving for a home is not practical for average people but saving for a car and paying cash is likely.

 

[capital sb]

I'm not saying my truth is yours but points and perks won't make or break anyone's financial world, what's wrong with saving up for something and I understand saving for a home is not practical for average people but saving for a car and paying cash is likely.

What's the difference? I pay for something with my card and pay it off in full? It's essentially cash if your are paying no interest on it. Credit is beneficial in many ways that cash just doesn't compare.

As long as you aren't going into to huge debt and being responsible there is nothing wrong with using credit cards.

 

[dam itz lou]

I have a friend who specializes in cleaning up people's credit. For 250 she says she can raise my Equifax score by almost 100 points. With that I would be in the low-middle 700s. Anybody have any experience with someone or something like this ?

You can probably do it yourself. Here's a link to get your free credit reports and you can see what's hurting your score.

https://www.annualcreditreport.com/index.action

I'm not saying my truth is yours but points and perks won't make or break anyone's financial world, what's wrong with saving up for something and I understand saving for a home is not practical for average people but saving for a car and paying cash is likely.

I hear ya. I fell into the trap of financing a car when I was younger and I'll never do it again but that doesn't have anything to do with credit cards. Points & perks might not break you but they can help a ton. If you use your cards responsibly, you're making money off the things you're going to buy anyway. At a minimum, a million points is $10k cash. If used for travel, there worth a lot more.

 

[crcballer55]

 

I'm not saying my truth is yours but points and perks won't make or break anyone's financial world, what's wrong with saving up for something and I understand saving for a home is not practical for average people but saving for a car and paying cash is likely.

What's the difference? I pay for something with my card and pay it off in full? It's essentially cash if your are paying no interest on it. Credit is beneficial in many ways that cash just doesn't compare.

As long as you aren't going into to huge debt and being responsible there is nothing wrong with using credit cards.

Actually, many studies have shown that swiping plastic deadens the pain zone in your brain compared to paying with cash. Therefore, the average person spends somewhere around 15% more with a credit card vs. cash & around 7% more with a debit card. That's why I'm always surprised when small stores only accept cash. They're leaving SO much money on the table just to avoid the swipe fees.

 

[dam itz lou]

I'm definitely in that 15%.

 

[capital sb]

Actually, many studies have shown that swiping plastic deadens the pain zone in your brain compared to paying with cash. Therefore, the average person spends somewhere around 15% more with a credit card vs. cash & around 7% more with a debit card. That's why I'm always surprised when small stores only accept cash. They're leaving SO much money on the table just to avoid the swipe fees.

Lol my thinking with the small stores is that they aren't reporting all of their revenue.

I see what your saying about not feeling as bad when swiping but if you pay it off in full I see no difference, but that's just me.

 

[NewWave90]

So if your paying off right away why even bother putting it on the card. I'm just extremely debt adverse, but to each his own if an individual feels they can manage it in a responsible manner go for it.

 

[a55a5in11]

So if your paying off right away why even bother putting it on the card. I'm just extremely debt adverse, but to each his own if an individual feels they can manage it in a responsible manner go for it.

rewards points, raise credit level

 

[dam itz lou]

So if your paying off right away why even bother putting it on the card. I'm just extremely debt adverse, but to each his own if an individual feels they can manage it in a responsible manner go for it.

http://www.forbes.com/sites/learnve...verything-in-my-life-with-credit-card-points/