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

[capital sb]

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.

For cash back, points, boost credit etc there are many reasons. If it is paid in full by the end of the month it's not debt. You have a 0 balance.

 

[omariwestafari]

 

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.

cuz they stupid man

especially the stores that pass the cost onto consumers and make me pay more for using credit

 

[crcballer55]

 

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/

If he earned 5% on all of his purchases and earned a trip to Costa Rica. Assuming it's somewhere around $5000 for the week, that's $100k he would have to spend just to earn that portion of his rewards.

Honestly though, for a financial analyst, he's putting in A LOT of time and effort to try to game the system. 13 credit cards & a spreadsheet to track the benefits? Really? I'm thinking all that time and effort would be better utilized not only enjoying life, but also finding and tracking good investment vehicles.

 

[dam itz lou]

The article is from 2013 so i'm not sure how the sign up bonuses were back then. Now a days there are a lot of cards offering 30-50k and sometimes even 100k just for spending a few grand after signing up. The whole spreadsheet thing is over the top IMO. I have almost 15 cards myself and I don't find it hard to manage at all. I keep a note on my computer of all my cards for when the annual fee is due if there is one and decide if it's worth keeping. If not, I cancel it.

 

[nawghtyhare]

Anyone got a list f visa signifies card perks
I know there's one for fandango
Buy1 ticket on Fridays get another free

 

[capital sb]

Would it be bad to cancel my AMEX charge card during the morgage process? The $195 annual fee is coming up next month, and I want to cancel.

Would this hurt my AAoA?

 

[dakid23]

Would it be bad to cancel my AMEX charge card during the morgage process? The $195 annual fee is coming up next month, and I want to cancel.

Would this hurt my AAoA?

I got the same gold card... I can't believe it's 200.

But still if it's during a mortgage process DON'T cancel.

 

[capital sb]

I got the same gold card... I can't believe it's 200.

But still if it's during a mortgage process DON'T cancel.

Don't know what I was thinking when I got it smh. Alright guess I just have to suck up the fee.

 

[dakid23]

I got the same gold card... I can't believe it's 200.

But still if it's during a mortgage process DON'T cancel.

Anyone got a list f visa signifies card perks
I know there's one for fandango
Buy1 ticket on Fridays get another free

You can get the Visa Signature Hotels perk..

Premium Benefits:
Best available rate guarantee
Automatic room upgrade upon arrival, when available
Complimentary in-room Wi-Fi, when available
Complimentary continental breakfast daily
$25 USD food or beverage credit
VIP Guest status
3PM check-out upon request, when available

 

[crcballer55]

The article is from 2013 so i'm not sure how the sign up bonuses were back then. Now a days there are a lot of cards offering 30-50k and sometimes even 100k just for spending a few grand after signing up. The whole spreadsheet thing is over the top IMO. I have almost 15 cards myself and I don't find it hard to manage at all. I keep a note on my computer of all my cards for when the annual fee is due if there is one and decide if it's worth keeping. If not, I cancel it.

What does your wallet look like?

 

[nawghtyhare]

I got the same gold card... I can't believe it's 200.

But still if it's during a mortgage process DON'T cancel.

Anyone got a list f visa signifies card perks
I know there's one for fandango
Buy1 ticket on Fridays get another free

You can get the Visa Signature Hotels perk..

Premium Benefits:
Best available rate guarantee
Automatic room upgrade upon arrival, when available
Complimentary in-room Wi-Fi, when available
Complimentary continental breakfast daily
$25 USD food or beverage credit
VIP Guest status
3PM check-out upon request, when available

I don't want UR damn advice
Oh and UR team sucks
I hope u enjoyed their time in the spotlight
Cause yall going back to the depths of bum status

 

[nawghtyhare]

Ya boy just got approved for the discover it card
Limit only 1400
But I heard they give love on the credit limit increase every few weeks

 

[dam itz lou]

Ya boy just got approved for the discover it card
Limit only 1400
But I heard they give love on the credit limit increase every few weeks

Yeah, they increased mine a few times without asking. Remember to sign up for the double cash back promotion for the next 12 billing cycles.

 

[nawghtyhare]

Ya boy just got approved for the discover it card
Limit only 1400
But I heard they give love on the credit limit increase every few weeks

Yeah, they increased mine a few times without asking. Remember to sign up for the double cash back promotion for the next 12 billing cycles.

Good lookin out

 

[xbiker47]

Yeah, they increased mine a few times without asking. Remember to sign up for the double cash back promotion for the next 12 billing cycles.

Will have to look into that

 

[capital sb]

Ya boy just got approved for the discover it card
Limit only 1400
But I heard they give love on the credit limit increase every few weeks

Congrats great for balance transfers. Man I've only been successful once. I got an auto CLI from $5500 to $6500 then I immediately asked for a CLI was approved for $7500. Been stuck ever since 

 I want to double my limit.

 

[jewseejay]

Congrats great for balance transfers. Man I've only been successful once. I got an auto CLI from $5500 to $6500 then I immediately asked for a CLI was approved for $7500. Been stuck ever since   I want to double my limit.

Be patient young grasshoppa.

Cop something large and immeadiately pay it off. Discover is on they grizzie when it comes to auto CLI.

Glad i cooped my girls e ring before i was all the way hip to gettin increases n balance transfers... woulda def got myself uneccesairly into boku debt

 

[capital sb]

jewseejay lol its hard man everyone is getting CLI love.

 

[superantigen]

Keeping a balance so the CC company can make money off you is straight foolishness. I've honestly never heard of anything more nonsensical.






...

 

[flyny]

Situation:

I want to boost my score and lower my credit utilization.
I have 2 cards, and my utilization is over 30%
IF I get a 3rd card, that would drop my utilization, ultimately increasing my score

Question: should I apply for the new card? I would keep the usage to a low

 

[mister doitnice]

It would drop your utilization but it would also add another hard inquiry to your report. Why not just pay off a portion of what you owe to lower your utilization? Keep it below 5-10% and look for an increase in 6 months or so. You don't need another card.

 

[flyny]

It would drop your utilization but it would also add another hard inquiry to your report. Why not just pay off a portion of what you owe to lower your utilization? Keep it below 5-10% and look for an increase in 6 months or so. You don't need another card.

I haven't had a hard inquiry in about a year and a half. I don't plan on getting another hard inquiry for at least another 6-8months. I do plan on paying my balance off, but I would like to have that extra credit card limit just as an emergency cushion.

Not to mention I like the feeling of applying for credit cards and guessing what credit limit they'll give me

 

[superantigen]

It would drop your utilization but it would also add another hard inquiry to your report. Why not just pay off a portion of what you owe to lower your utilization? Keep it below 5-10% and look for an increase in 6 months or so. You don't need another card.

I haven't had a hard inquiry in about a year and a half. I don't plan on getting another hard inquiry for at least another 6-8months. I do plan on paying my balance off, but I would like to have that extra credit card limit just as an emergency cushion.

Not to mention I like the feeling of applying for credit cards and guessing what credit limit they'll give me

Personally, I think it's a very bad idea to have a credit card for the purposes of "an emergency cushion". Why not just have a cash based emergency fund?




...

 

[mister doitnice]

Do what you want to do fam. That sounds like hustling backwards to me though.

 

[capital sb]

Just pay the cards off (as much as you can) and then save up a cash emergency fund.

If you are going to play this game open up the Discover IT card. Best balance transfer card imo.