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

[capital sb]

Quick question..

If I make a CC payment the day before/the day its due but payment doesn't post until they day after it was due is that considered late?

No as long as you pay by the due date it is not late. Your statement cuts 3 days after your due date. Pay by due date payment clears by the date of the end of the the statement.

Which is why if you want to have a 0 balance you should pay at least 3 days before your due date.

 

[nawghtyhare]

 

Is the Discover IT card worth it for the FICO score they provide every statement? That sounds appealing, as well as the rewards.




What card was that? Does it have an annual fee?

Discover IT is worth it for the 0% Balance Transfers the alone imo the FICO score is a great bonus, and it's a real TU FICO not a FAKO.


The card was Navy Federal's Cash Reward card 1.5% cash back no annual fee. Looking to open up a 15K checking line of credit and maybe another card with them after I close on my home.

Nice, it's actually a real TU FICO score. 0% balance transfers sounds good, but I guess I don't know when I would use the balance transfers if I know and plan on paying every month in full. I think they are still doing double cash back for the first year too.

I'm tempted to get Discover IT, but I finally applied for my first credit card about a month ago and got instantly approved (yay! ) for a very good credit card at a higher than expected CL. The card is very similar to the Discover IT. How long should I wait until I apply for the Discover IT card, or can I do it now?

Do I have to be in the Navy/military to get a Navy Federal Cash Reward card?

U can do it now
Or wait till they add ur cc account to ur fico
And adjust the score
Could take like a month or two

 

[jordman23]

I have an old Gap Card that I signed up for a few years back. My card expired so they sent me a new one in the mail. I didn't carry a balance because I always paid it off immediately.

So If I don't renew the card, meaning call to activate it, does it drop off my credit history. Or do I have to call to cancel the card? I don't want it anymore, but I know that credit card length of time is important to your credit score, and I opened that card up about 7 years ago. Will it affect me?

 

[polosanddunks]

How come capital one sent me a card and said after 5 payments of minimum or more they would raise my CL? But still hasn't happened

That happened to me but after the 6th and I requested a CLI and put my financial information in and I had a big increase and have had about 4 increases since then

I just paid my car off in full about 4 years early from Casino winnings how long will it take for my credit to make a jump.

This is a good question. Im looking to get some auto loan credit history on my account and want to pay it off in a year or less

 

[mister doitnice]

You don't usually see a credit jump for paying a car off early. I've done it a few times with no real changes.

 

[polosanddunks]

You don't usually see a credit jump for paying a car off early. I've done it a few times with no real changes.

Its more so just good for auto history if your trying to get financed/lease in the future?

 

[dam itz lou]

All my credit cards reported a zero balance this month and I lost 16 points on my Equifax score and 21 on my Experian score.

 

[dam itz lou]

Its more so just good for auto history if your trying to get financed/lease in the future?

It's good for credit history. You'll actually lose points but your credit score will jump back up in 2-3 months. Credit score companies actually consider it a negative when you don't have different types of credit. When you're financing a car or have a mortgage it's considered an installment loan. Credit cards are revolving credit.

 

[jewseejay]

your scores wont jump for paying off auto loans fellas... in alotta cases your score will actually fall

 

[capital sb]

All my credit cards reported a zero balance this month and I lost 16 points on my Equifax score and 21 on my Experian score.

If you let all of your cards report 0 your score drops. Best to have atleast 1% report on 1 card for best scores.

 

[dontbelikethat]

I have an old Gap Card that I signed up for a few years back. My card expired so they sent me a new one in the mail. I didn't carry a balance because I always paid it off immediately.

So If I don't renew the card, meaning call to activate it, does it drop off my credit history. Or do I have to call to cancel the card? I don't want it anymore, but I know that credit card length of time is important to your credit score, and I opened that card up about 7 years ago. Will it affect me?

Yes, your credit score will drop if you cancel the card. Lowers your AAoA. Even if you don't activate the card, it'll stay on your history on the short term, forget if it goes away long term, but doubt it.

All my credit cards reported a zero balance this month and I lost 16 points on my Equifax score and 21 on my Experian score.

Many other things affect your score outside of just paying off the monthly balance of a CC. It's good to understand what made your score drop. Could be things like too high of a balance (you should only spend up to 30% of your balance on each card), you could of had some hard inquiries, canceled a card or paid off a loan which then lowers AAoA,etc.

 

[hugheyfreeman]

Credit score of 357 here. Some unpaid hos bills and student loans along with a closed bank account. Any tips from here?

 

[jewseejay]

357? Yikes the best advice anyone can give you is starting from page 1 of this thread... then going to the fico forums and read up about how others have rebuilt their credit...

Not to be discouraging but thats a pretty baddd score man, gunna take alotta time and dedication. Stop back here though on your journey, it will help others to watch you go through it

 

[heliumclinton]

Credit score of 357 here. Some unpaid hos bills and student loans along with a closed bank account. Any tips from here?

are these bills close to 7 years old? if not settle them and get a secured credit card

if it's close to 7 years then let it fall off

 

[mr marcus]

Credit score of 357 here. Some unpaid hos bills and student loans along with a closed bank account. Any tips from here?

Damn and I thought my low point 5 years ago was bad

It's a marathon and not a race so you'll get it back up with discipline

 

[mister doitnice]

It takes years to get things right. My low point was around 580 back in 09. Had a bunch of student loans and overdue credit cards. I paid off everything I could and just had to let time and better decision making do the rest. Sitting at 762 currently. I hope to break through the 800 threshold by years end.

 

[hugheyfreeman]

Lol i knew it was pretty bad, but there like 2 n a half years old. I know ik gonna pay it off by the time i get a house like 20 years later. Thanks u guys

 

[bigboss]

Does PayPal report to the bureaus?

 

[thadangerousmind]

Does PayPal report to the bureaus?

Nope. It's a good and bad thing in my opinion. The good part being that you can max it out and it doesn't have any effect on your credit card utilization. The bad thing is I've had the account for years and they're not ever going to report to the bureaus unless I stop paying them.

 

[Bert.]

Wait PayPal has credit card? I thought they just had the debit where you can use your PayPal balance

 

[capital sb]

Wait PayPal has credit card? I thought they just had the debit where you can use your PayPal balance

Nope credit too.

 

[oidreez]

Paypal credit which used to be billmelater has the 6 months no interest on purchases of $99 or more but doesn't report to the bureaus as a credit line

 

[jewseejay]

Linked all my cards to amazon. Have over 500 bucks in reward points there now. Probably gunna jus buy some new watches. Wish I could jus get visa/amex gift cards but the return rate is even more abysmal than shopping at amazon. (.5 instead of .7)

 

[Bert.]

Wait what^^

 

[omariwestafari]

Brah's here's my situation:

Opened a BoA Credit Card about a year ago. 0% interest deal.....until next month....

I have a $950 balance WHICH I will be paying off before next month....

Is it bad that i've been paying the minimum payment every month ($25) and gonna be paying off the whole sum on 1 go?

Where should I go from here now that the interest payments are gonna start kicking in? I'm guessing stay within 1/3 of total credit line and pay it off every month so no interest accrues.

School me if i'm wrong and school me in how I leverage this to more credit or boosting my credit.

okay lemem tell u sumtin

the minimum payment thing doesnt mean anything regarding ur credit score. thats just so the companys way of keeping u to not pay off your card

okay u said ur staying within 1/3 of credit line

so your credit line is 3000 and you have 1000 owed

this means you are utitlizing 1/3 of your credit, aka 33%

even if you are paying ur minimum amount u are still utilizing 33%

this is not really good. its better to utilize 0% which means pay it off every month completely.

the more credit you utilize the lower your credit score will be.

always try to keep your utilization the lowest and u should be good.