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

[sunshineblotters]

Let's say I have 80k in student loans. My min payment is 300 a month. Will only paying the min payment ding me? Or is that rule only for credit card/revolving credit payments?

What else is there that would be viewed negatively for credit cards but not so much for indtallments (and the opposite)

 

[nazdrowie]

 
 Most people say that you must have an AAoA of at least 10 years to get into the 800s.

is that mostly through credit card utilization ?

my score(s) cracked 800 last year but I've only had a credit card opened for less than 4 years (have three open now, Apple Barclays, BoA Rewards, and BoA travel rewards)...

I'm sure paying off my private student loan (which was basically a small mortgage

) def skyrocketed my score, but didn't realize it takes that long...

 

[capital sb]

 
The comment makes me feel 

I bought my first house a little over 5 years ago (23 then), and my oldest CC was opened about 6 years ago. I have also paid off a car in that time too; granted I have another car that I pay on now though. I started cracking 800+ with all 3 credit agencies late last year/early this year. The goal now is to see how high I can get them and keep them over 800+. 

I have 4 CCs technically at the moment:

Navy Federal Credit Union

Citi Bank

Best Buy Mastercard (only use for either the 18-month 0% APR, or for buying something for double/triple reward zone points and then paying off the card that day)

PayPal SmartConnect (first card I applied for I believe and got denied the physical card, but approved for the online/digital credit card)

I had a Kay Jeweler's Card that I opened to get rewards when I get stuff for my wife, but I haven't used it in so long, that I believe it goes inactive after a couple years of not buying something. 

Like the guys said...never be late, don't max it out, and over time your scores and credit limits will go up. I don't want/need my limits to go up anymore then where they are now (~$30k collectively), but I work with a couple guys that have a single CC with $25k+ limits on them! 

 

Congrats on cracking 800, got for 850 on all 3 

.

 Our stories are veryyy similar its weird I have a total of 6 cards now. Very easy to have high limit card, you have a NFCU card they just give away high credit limits.

I started with a secured $500 secured CC when I was 18. Then got a Kay's card , mine may be inactive too I'm not sure.
Went on to getting an AMEX PRG card then the NFCU card after I realized I wasn't about that charge card life while still in school.

Opened up the Discover IT card last November because I got denied for a Value City Furniture Card, and it is currently my favorite card now lol. Had all of these by the age of 22.

Just purchased a home , signed contract when I was 22 just closed a week ago (23 now). I have over 50K of available credit currently really don't need it right now but I think the credit will be useful in the future, if not doesn't hurt me any.

Let's say I have 80k in student loans. My min payment is 300 a month. Will only paying the min payment ding me? Or is that rule only for credit card/revolving credit payments?

What else is there that would be viewed negatively for credit cards but not so much for indtallments (and the opposite)

Paying the minimum never dings you no matter what type of loan/credit. NOT paying dings you and screws up your credit.

 

[wrightone86]

 
Congrats on cracking 800, got for 850 on all 3 

.

 Our stories are veryyy similar its weird I have a total of 6 cards now. Very easy to have high limit card, you have a NFCU card they just give away high credit limits.

I started with a secured $500 secured CC when I was 18. Then got a Kay's card , mine may be inactive too I'm not sure.
Went on to getting an AMEX PRG card then the NFCU card after I realized I wasn't about that charge card life while still in school.

Opened up the Discover IT card last November because I got denied for a Value City Furniture Card, and it is currently my favorite card now lol. Had all of these by the age of 22.

Just purchased a home , signed contract when I was 22 just closed a week ago (23 now). I have over 50K of available credit currently really don't need it right now but I think the credit will be useful in the future, if not doesn't hurt me any.

Paying the minimum never dings you no matter what type of loan/credit. NOT paying dings you and screws up your credit.

Congrats on the home man!

You are too true with the NFCU thing. That was my very first one I ever opened, and they came at me with like $16,5 or something crazy like that I was 

Damn near was scared to have the thing on me out of temptation to use it, lol

You have an Amex I see...I was going to ask about them. Are they basically any other CC and company, or would you prefer them over any other CC. I was going to break into and try out the whole using the CC for my daily purchases (lunch/gas/etc) and then just pay that off every month. I know some people swear by Amex, but wondering if it was worth it to apply and open, or just use my NFCU reward card? I see that you can catch Amex and others with those crazy promos going on from time to time and it might make it worth it to open.

Like I think Amex has one with their Rewards Card where if you spend $500 in 3 months or something, they give you $150 statement credit. 

 

[aychd]

Does it matter which CC I apply for the first time? I already got a debit card with chase should I just apply for a CC with them? 

 

[nawghtyhare]

 
The comment makes me feel 
I bought my first house a little over 5 years ago (23 then), and my oldest CC was opened about 6 years ago. I have also paid off a car in that time too; granted I have another car that I pay on now though. I started cracking 800+ with all 3 credit agencies late last year/early this year. The goal now is to see how high I can get them and keep them over 800+. 


I have 4 CCs technically at the moment:

Navy Federal Credit Union
Citi Bank
Best Buy Mastercard (only use for either the 18-month 0% APR, or for buying something for double/triple reward zone points and then paying off the card that day)
PayPal SmartConnect (first card I applied for I believe and got denied the physical card, but approved for the online/digital credit card)

I had a Kay Jeweler's Card that I opened to get rewards when I get stuff for my wife, but I haven't used it in so long, that I believe it goes inactive after a couple years of not buying something. 

Like the guys said...never be late, don't max it out, and over time your scores and credit limits will go up. I don't want/need my limits to go up anymore then where they are now (~$30k collectively), but I work with a couple guys that have a single CC with $25k+ limits on them!   

Congrats on cracking 800, got for 850 on all 3  .  Our stories are veryyy similar its weird I have a total of 6 cards now. Very easy to have high limit card, you have a NFCU card they just give away high credit limits.

I started with a secured $500 secured CC when I was 18. Then got a Kay's card , mine may be inactive too I'm not sure.

Went on to getting an AMEX PRG card then the NFCU card after I realized I wasn't about that charge card life while still in school.

Opened up the Discover IT card last November because I got denied for a Value City Furniture Card, and it is currently my favorite card now lol. Had all of these by the age of 22.

Just purchased a home , signed contract when I was 22 just closed a week ago (23 now). I have over 50K of available credit currently really don't need it right now but I think the credit will be useful in the future, if not doesn't hurt me any.

Let's say I have 80k in student loans. My min payment is 300 a month. Will only paying the min payment ding me? Or is that rule only for credit card/revolving credit payments?


What else is there that would be viewed negatively for credit cards but not so much for indtallments (and the opposite)

Paying the minimum never dings you no matter what type of loan/credit. NOT paying dings you and screws up your credit.

I would say ur sorta right about it not dinging u
Like ur score won't go down cause ur just paying the minimum
But just paying the minimum means ur not making a dent really to ur debt
So if u have a high balance
Just paying ur minimum and keeping a high balance will keep ur score from rising
Also they may not raise ur limit if they see u not paying more of ur balance off

 

[nawghtyhare]

Does it matter which CC I apply for the first time? I already got a debit card with chase should I just apply for a CC with them? 

U can
But chase is kinda picky
As long as no collections and too many inquires u should be good

 

[capital sb]

@WrightOne86  thanks man ! Yeah NFCU is dangerous with those limits , I have a strong feeling they are making a lot of their money from the interest on the high limit cards. Honestly I don't think AMEX is worth the fee I got it when they offered the 50K points for spending 1K in 3 months. I am pretty much stuck with the card due to the my AAoA. Don't get me wrong they have some good benefits , but I like my Discover IT card more than the AMEX and no annual fee. A lot of people think that AMEX has fell off.

Anyone else with AMEX want to chime in?

@nawghtyhare  We have been talking about utilization for the last few days , so I assumed he was just asking a general question. Also just because you are paying the minimum doesn't mean you are in major debt , you could be in a 0% interest promotion etc. Still doesn't ding your credit by paying the minimum, high utilization does.

 

[sunshineblotters]

I would say ur sorta right about it not dinging u
Like ur score won't go down cause ur just paying the minimum
But just paying the minimum means ur not making a dent really to ur debt
So if u have a high balance
Just paying ur minimum and keeping a high balance will keep ur score from rising
Also they may not raise ur limit if they see u not paying more of ur balance off

tahm bout student loans not CC. They wont raise my limit because they see I'm only paying the min on my student loans?

smh

 

[sunshineblotters]

You know those calculators(online) that calculate the loan balance on a future date if you pay x amount a month?

Do you know of any that does the calculation with simplified daily interest? I wanna compare it to monthly and weekly complex compounding.

(former is compounded daily but no interest on the interest, later interest is compounded on interest but compounded less often)

 

[polosanddunks]

Props to Zyzz for looking out for the Discover IT card referral. Got approved for $7K

 

[thadangerousmind]

Damn I need to go ahead and apply then.

 

[aychd]

I think I'm ready to start this... so exactly how does the application work.. what If they dont "accept" me or whatever lol I never had a CC. 

 

[Bert.]

Props to Zyzz for looking out for the Discover IT card referral. Got approved for $7K

Anyone else, feel free to PM me

 

[kevenmayne]

Anyone else, feel free to PM me

PM'd you

 

[sunshineblotters]

How high does your credit need to be for that card?

 

[polosanddunks]

How high does your credit need to be for that card?

It all depends. Mines is 710 but Ive got a Chase United card ($5k), Two CapOne Quicksilver cards ($4.3k & $7k), Macys card ($2.5k) and all of these ive had for at least a year with a utilization under 5%. in total. Maybe they looked at that.


I heard people with close to no credit or lower with like 620s-640s getting it and happy so I shot my shot today after such good reviews.

 

[solecity]

I have 3 cards which include Amex Blue, Capital One Venture and Chase Sapphire and they are all great and each serve me a different purpose. My credit now is in the high 700s. Chase is really good with points and Amex has great APR rates.

 

[capital sb]

@dakid23 Could you explain your point strategy? I read through the PG guide and I'm about to read one of his articles on how he went on his trip using points.

I'd just like a real experience from a fellow NTer

 

[kevenmayne]

Just got approved for the it card

Apple pay 10% cash back+ new card members get double cashback=20%?? I saw this deal on slickdeals, hopefully it works, cause this is major

 

[capital sb]

Just got approved for the it card

Apple pay 10% cash back+ new card members get double cashback=20%?? I saw this deal on slickdeals, hopefully it works, cause this is major

The double cashback works, must update to iOS 9 for Discover to work with apple pay.

 

[Bert.]

Wait how do I get double cash ack

 

[capital sb]

Wait how do I get double cash ack

Think its too late for us man , I missed it too. If you were an existing card holder when they started the double cashback for new members you had to call by June 24th I believe to get the promo. You can try to call or google for some info, but that is what I heard last time I looked.

 

[Bert.]

It's whatever

 

[wrightone86]

Just got approved for the it card

Apple pay 10% cash back+ new card members get double cashback=20%?? I saw this deal on slickdeals, hopefully it works, cause this is major

 
The double cashback works, must update to iOS 9 for Discover to work with apple pay.

 
Think its too late for us man , I missed it too. If you were an existing card holder when they started the double cashback for new members you had to call by June 24th I believe to get the promo. You can try to call or google for some info, but that is what I heard last time I looked.

Just got approved for the it card

Apple pay 10% cash back+ new card members get double cashback=20%?? I saw this deal on slickdeals, hopefully it works, cause this is major

 
The double cashback works, must update to iOS 9 for Discover to work with apple pay.

 
Think its too late for us man , I missed it too. If you were an existing card holder when they started the double cashback for new members you had to call by June 24th I believe to get the promo. You can try to call or google for some info, but that is what I heard last time I looked.

It's whatever

Was coming in to post about the Amex thing, but decided to look up that Discover IT card and that one has me tempted too. Is that Apple Pay thing still valid for new members? If so, that might have to be the move. 

Zyzz, do I need a referral, or does that just help you out for having people sign up?