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

[dam itz lou]

Just got my limit upped to 10.5K (my 2nd soft pull CLI in 3 months) , my limit has doubled in less than a year. They are going CLI happy right now. Go with the IT card, great balance transfers 0% interest for 12 months, cash back deals (5%-10% off of certain sites when using the card.nike,ralph lauren, sams club, home depot ,apple to name a few sites), and rotational cash back bonus categories.

I remembered you wanted some good deals on Mac's. Well, here you go!

http://slickdeals.net/f/8095900-10-...-apple-pay-purchases-for-the-rest-of-2015?v=1

This is also HUGE news for all Discover/iPhone customers.

 

[$tatus $ymbol]

Just got approved for 1k with the discover it card. Wasn't expecting to get approved bc I don't have any credit history About to graduate soon & need to get serious about my credit. Pretty stoked.

 

[bronconation24]

Is getting advance cash really bad for your credit? The interest rate isn't hat bad on a 500 dollar limit card but just don't want it to ruin my already new credit line

 

[polosanddunks]

Is getting advance cash really bad for your credit? The interest rate isn't hat bad on a 500 dollar limit card but just don't want it to ruin my already new credit line

I actually did advance cash the first time I got my CapOne card by accident. Interest Rate was like 22% :x but I paid everything off asap and then my next CLI was big. Guess they noticed I can keep up.

Check that interest rate on cash advance. It might be sky high

 

[capital sb]

I remembered you wanted some good deals on Mac's. Well, here you go!

http://slickdeals.net/f/8095900-10-...-apple-pay-purchases-for-the-rest-of-2015?v=1

This is also HUGE news for all Discover/iPhone customers.

Man Discover keeps this up the IT card will be the best rewards card/balance transfer card out.

 

[nawghtyhare]

Is getting advance cash really bad for your credit? The interest rate isn't hat bad on a 500 dollar limit card but just don't want it to ruin my already new credit line

I actually did advance cash the first time I got my CapOne card by accident. Interest Rate was like 22% :x but I paid everything off asap and then my next CLI was big. Guess they noticed I can keep up.

Check that interest rate on cash advance. It might be sky high

I have the cap1 venture card
My limit is 5k
Last week I requested a cli they only offered a $450 increase
I declined
Last night they offered 1k increase
I hear if u decline the 1k increase
A week or 2 later they offer 3k cli
So I'm hoping it its true
I declined the 1k increase

 

[anht0an]

I just got the southwest premier credit card from Chase. There is a promotion right now where if you spend $2000, within the first 3 months, you get 50k points. If you travel often I think its a really good deal. I fly out of the bay area, and if I book my flights usually 2-3 weeks in advance a round trip fare from Oakland to LA its only 6000-7000 points. I'm paying all my monthly bills with the card (Att, Comcast, Car insurance, PG&e, etc), and then paying off the card monthly. $99 annual fee, but at the same time you also get 6000 points annually. if anyone wants to hop on, let me refer you so we can both get referral points!

 

[willie mcfly22]

Jus got a discover IT. The cash back deals look awesome. Most better than ebates. Time to put the Barclays card away and use the IT and my quicksilver...

 

[Bert.]

Yall slippin, I told yall before if you wanted to get an IT cars to at least PM so we both get $50 out of it when you get approved

 

[polosanddunks]

Yall slippin, I told yall before if you wanted to get an IT cars to at least PM so we both get $50 out of it when you get approved

 

[dam itz lou]

Man Discover keeps this up the IT card will be the best rewards card/balance transfer card out.

They must be putting people in some serious debt to continue these double cash back deals.

 

[Bert.]

Yall slippin, I told yall before if you wanted to get an IT cars to at least PM so we both get $50 out of it when you get approved

Hey man $50 free for something you were gonna do regardless ain't bad

 

[thadangerousmind]

What kind of limits are you guys getting initially with the Discover IT card? I'm getting tired of waiting on Bank of America to start competing with Discover & Chase. They announced that they would offer free FICO scores in January and here it is almost October and nothing. Plus other cards have better cash back programs and balance transfer options. I can't close the BOA account because I've had it almost 10 years but I can transfer the $900 I owe them and let it collect dust.

 

[willie mcfly22]

Jus got the IT card and they started me with $1k. I have ok credit right now(640ish). In the process of rebuilding from a bankruptcy in 2013...

 

[capital sb]

They must be putting people in some serious debt to continue these double cash back deals.

 Most likely, some people view it as free money. I only use the deals for items that I have the cash for and already needed to purchase.I purchase the item with the IT card then pay for it immediately.

What kind of limits are you guys getting initially with the Discover IT card?

Initial limit was 5.5K has been increased to 10.5K , have had the card for less than a year.

 

[gil23]

i dont understand this, so if i check my current balance on my card and say it shows 500 and and my billing period ends on the 15 so i pay on the 14 it hurts me?

now if i let it go past that 15 wouldnt i get hit with a late penalty? im confused

 

[diego]

i dont understand this, so if i check my current balance on my card and say it shows 500 and and my billing period ends on the 15 so i pay on the 14 it hurts me?

now if i let it go past that 15 wouldnt i get hit with a late penalty? im confused

Your question is a little confusing.

There is a due date and the date your billing period ends.
For example I have a card where payment is due on the 12th but the billing close for that card is on the 18th.
I have to make my payment by the 12th however the bill is generated on the 18th and whatever interest I could get charged will be for what is on the card as of the 18th.

Not sure if that answers your question.

 

[sunshineblotters]

How many credit cards are ideal to have? IDK if I should get another credit card just so I am paying off multiple lines of credit. Would it be worth having another hard inquiry on my credit report?

 

[sunshineblotters]

I have the cap1 venture card
My limit is 5k
Last week I requested a cli they only offered a $450 increase
I declined
Last night they offered 1k increase
I hear if u decline the 1k increase
A week or 2 later they offer 3k cli
So I'm hoping it its true
I declined the 1k increase

I hope the cap one quicksilver card is the same. Will ask for an increase in 4 months when I'm eligible

 

[dam itz lou]

How many credit cards are ideal to have? IDK if I should get another credit card just so I am paying off multiple lines of credit. Would it be worth having another hard inquiry on my credit report?

I'd focus on paying off your credit cards before getting another one. You want get to the point where you're earning rewards and paying no interest.

 

[jjs]

Why are you guys so interested in CC limit increase?


I know it's good for the % of credit used vs available, but can't you guys apply for a line of credit of something? With good credit and a stable income, you could be approved for something decent.

 

[$tatus $ymbol]

I only use the deals for items that I have the cash for and already needed to purchase.I purchase the item with the IT card then pay for it immediately.

May be a dumb question but the transaction posts as soon as you purchase? My IT card is on the way & I'm planning on using it like you mentioned.

 

[polosanddunks]

Hey man $50 free for something you were gonna do regardless ain't bad

Nope not at all.

 

[slighted]

i dont understand this, so if i check my current balance on my card and say it shows 500 and and my billing period ends on the 15 so i pay on the 14 it hurts me?

now if i let it go past that 15 wouldnt i get hit with a late penalty? im confused

I personally never understood this either. My due date is on the 15th and the statement comes on the 18th. So therefore, I can't spend any money in between the 15th and 18th or it'll show up on my statement as an outstanding balance.

The worst was when I was charged an annual fee on the 17th (posted on the same day) and that fee showed up as outstanding balance on my statement. It's ridiculous.

Now I pay my whole balance a few days before the 15th and don't use the card again until after my statement comes in. I recommend having an extra card just for the interim.

 

[sunshineblotters]

^Thanks for that info. I did not know that at all

I'd focus on paying off your credit cards before getting another one. You want get to the point where you're earning rewards and paying no interest.

I don't put anything on my credit cards that I can't pay off in two weeks . Next year I will prolly apply for a 6 mo no interest card for a MacBook but that's about it. Only have 200 of my 3k limit used right now. I spend like 800-1k a month on it.