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

[crcballer55]

 

 

 

yeah okay, I have ck and my credit score now in the 300s man, trying to get up. That's why I suggested if y'all had alternatives other than paying the 100 bucks a month , that would be been like a plan c.

I gave you alternatives. Find out what is on your credit report, not what your score is.

Go to Credit Reports on credit karma you will want to look at Public Records and Collections,those two areas will tell you what your negatives are.

That is step one, after you figure out what is one you report we can give you direction in what actions to take.

Even better is to go to annualcreditreport.com, which is the official record reported by the 3 credit bureaus. Choose all 3 and then go through and see what each one is reporting and take direct action from there.

If there is an inaccuracy, go to each agency's dispute section on their website and dispute any inaccuracies.

https://dispute.transunion.com/dp/dispute/landingPage.jsp

http://www.experian.com/disputes/main.html

https://www.ai.equifax.com/CreditInvestigation/home.action

If you have any records you don't think are yours, go to the reporting company and request they show proof the debt is yours and that they have 30 days to respond under the "Fair Debt Collections Practices Act". Make sure to send the letter "Return Receipt requested" to show proof they received it and that their countdown has started.

Thanks man, Im in this process to. Was thinking of going with lex law, but im going to run through it myself and gain some knowledge and empowerment. I have a 600 credit score, and four negative things on my report i need to deal with. And you just gave me a foot hole to climb with. 

But one questions.. Do I ask them on phone to prove debt, or sending a letter is a must? I think two of the debts are from 07 so they already passed their limits, and one of the other ones doesnt even have a date on it.. so thats sketchy.. 

Depends how you want to tackle it. Is '07 when you stopped paying? How much is it?

I would call AND send a letter. Call and ask them what proof they have it's yours and if they can mail/email it to you. Once you get proof, you can send them the money owed or a settlement. Before agreeing to any settlements make sure you have the money in hand since that's how you're going to negotiate from a position of power. Tell them if they're not willing to take it you have two other companies behind them that are willing to take it.

When talking to them, try to record the conversation so if they do anything sketchy/illegal you have it and can turn them over to the CFPB. If they can't prove it's yours, request to be taken off and send them a letter stating the same return receipt requested. Otherwise, you'll report and sue them for violating the FDCPA.

Lastly, once you agree to giving them any money, DO NOT give them your bank account or card number. Make sure you give them a cashiers check or money order. NO personal checks since that has your account info on it. If you want to do a card, get a prepaid debit card so they can't just wipe you.

 

[Ritchie X Rich]

I have the Premier Rewards Gold card currently it is serving me no use, maybe later on in life it will.

From what I saw when I was monitoring my score through myFico's credit monitoring service when my annual fee of $175  statement posted it reported on my score as 100% utilization caused my score to drop 1 point.

I feel like the best way to use the charge cards is to pay your balance off in full before the statement cuts and always report a 0 balance.

Interesting....because I read somewhere that charge cards don't report credit limits therefore the utilization doesn't get factor in into the scoring either. I guess that's not the case which sucks cause then it's reporting a balance/utilization without giving you and reporting more overall credit limit to offset it which will negatively impact your score. I may hold off on getting a charge card now lol

 

[capital sb]

Interesting....because I read somewhere that charge cards don't report credit limits therefore the utilization doesn't get factor in into the scoring either. I guess that's not the case which sucks cause then it's reporting a balance/utilization without giving you and reporting more overall credit limit to offset it which will negatively impact your score. I may hold off on getting a charge card now lol

Here's a screenshot of when the annual fee statement was reported.

View media item 1759614

 

[Ritchie X Rich]

Here's a screenshot of when the annual fee statement was reported.

View media item 1759614

Have you used credit karma to see the overall utilization and credit limit to see if the balance on your charge card actually factors into the utilization? I still think it's suppose exclude charge cards from counting, but who knows.

Having the hassle of paying before the statement cuts for the charge card doesn't give you the benefit of having that interest free loan during thr 25-30 grace period. If I got a charge card I wouldn't want it to factor into the utilization usage since it doesn't report a limit.

 

[capital sb]

Have you used credit karma to see the overall utilization and credit limit to see if the balance on your charge card actually factors into the utilization? I still think it's suppose exclude charge cards from counting, but who knows.

Having the hassle of paying before the statement cuts for the charge card doesn't give you the benefit of having that interest free loan during thr 25-30 grace period. If I got a charge card I wouldn't want it to factor into the utilization usage since it doesn't report a limit.

Just looked it up on myFico, the charge cards do not factor into utilization.

 

[polosanddunks]

Just looked it up on myFico, the charge cards do not factor into utilization.

Whats the point of charge cards btw

 

[hugheyfreeman]

Man I appreciate you guys man, I really needed you guys help man I'm grateful I'm bout to start looking into it Tommorow. Life been throwing me hella obstacles including this lately and I'm trying to take it a step at time. I wanna get to a point where i don't have to worry about this anymore and get outta this ducking hellhole I'm in. Thanks again y'all.


Stay positive

 

[capital sb]

Whats the point of charge cards btw

Honestly I'm not sure, I think they are for people who pay off in full to take advantage of no interest. It takes great credit to get one the charge cards and they also come with a lot of cardholder benefits.

crcballer55 Do you happen to know what charge cards are for?

 

[crcballer55]

 

Whats the point of charge cards btw

Honestly I'm not sure, I think they are for people who pay off in full to take advantage of no interest. It takes great credit to get one the charge cards and they also come with a lot of cardholder benefits.

@crcballer55 Do you happen to know what charge cards are for?

From The Street:
[h2]Credit Card Balance[/h2]
Charge cards let you make purchases, but unlike other credit cards, they usually require you to pay your balance in full each month when your bill is due. Because you're not allowed to carry a revolving balance from month to month, there is no interest rate associated with a charge card. American Express and Diners Club International dominate the charge card market.
[h2]• Credit Limit[/h2]
There is no pre-set spending limit on charge cards, although that doesn't mean unlimited spending. Your purchasing power adjusts with how you use the card, your payment history, and financial resources.
[h2]• Credit Score Impact[/h2]
You'll need a good to excellent credit score to qualify for a charge card. Using a charge card responsibly can help you maintain your good credit rating, just as using credit cards responsibly helps build a solid credit history, according to the company that developed the FICO credit score. And charging purchases on your card doesn't hurt your credit score. Because there is no credit limit on charge cards, the balances are not included in the calculation of credit utilization -- the amount of debt compared to available credit, a significant factor in credit scores.
[h2]• Credit Card Rewards[/h2]
Rewards aren't restricted to revolving credit card accounts. You can earn rewards from spending with charge cards and get benefits, such as travel discounts and complementary travel insurance.
[h2]• Card Fees[/h2]
Although you don't have to pay interest on a charge card, you do have to pay an annual fee, which is usually heftier than for credit cards -- often more than $100. You also pay fees for special services, such as cash advances, and, if you're late paying your bill, you face a penalty fee.

 

[crcballer55]

Man I appreciate you guys man, I really needed you guys help man I'm grateful I'm bout to start looking into it Tommorow. Life been throwing me hella obstacles including this lately and I'm trying to take it a step at time. I wanna get to a point where i don't have to worry about this anymore and get outta this ducking hellhole I'm in. Thanks again y'all.


Stay positive

Honestly, once you take care of your past due accounts, nuke your credit history. It's proven to be a negative in your life and after they're closed, you should be at a 0 score within 18 months. There are bigger things to worry about in life than a credit score. Get it taken care of and move on to the other things.

No need to duck. Work your butt off and hold your head high and offer them what you have to go away. Chances are they're not going to get a judgement against you since they're not likely to collect it if it's that bad that you have a 300 score.

 

[drew]

Anyone here use either the Barclay Arrival Plus card or the Capital One Venture card?

I'm looking to get either one of the two but they both seem very similar to each other.

I figured someone can tell me any experiences from both cards.



-Drew

 

[Bert.]

From what I heard Barclay is trash all around especially their customer service and how they treat good card holders


Go with capital one

 

[polosanddunks]

CapOne and theres no way you get denied either.

 

[sunshineblotters]

I have heard nothing but good things about the arrival plus. Didn't know they have **** customer service. You might as well get the capital one venture card. I got venture one right now since I ain't in no mood to pay yearly fees but I like it. Customer service is good imo. Also the yearly fee is cheaper on the venture card.

Both have 2%(miles per dollar) reward. At 59 a year you even out after $2,950 of spending vs the $4,450 it would take to even out with Barclays who charges 89 a year.

 

[robinvandamn]

Read through about 30 pages of this thread over the weekend. Probably the single most helpful thread I've come across since being on NT

Starting a new gig pretty soon and trying to get all my ish back in order. My homie just copped his first crib at 22 and I'm feeling motivated

Anyways, I'm a member of a credit union and they have these "payday alternative loans" where they loan you anywhere from 200-400 bucks and as long as you have DD set up they just subtract a certain amount from your account each payday. A friend told me it boosted their score up pretty quickly and I'm wondering if anyone else has dealt with something like this ?

I have basically no credit history if that information helps lol

 

[a-friend]

^^^I'd say that's a very good idea to get started robinvandamn

A couple of pages back it was said that you should be able to apply for a High Limit CC with no special history or previous Credit Highs, so you might PM that guy and go that route first.

When that credit approval doesn't happen because you have a thin file or no credit history prior, don't get discouraged, definitely pull some loans from your Credit Union and don't pay those off early, let them run full term to get established.

 

[capital sb]

 still mad about the disagreement of maxing out a card every month, it's not that serious.

I say go secured for your first card or get a card that accepts people with low to no credit scores.
I wouldn't mess with a pay day loan to build credit.

 

[jewseejay]

cancelled my gold card before the fee... bittersweet

now my scores in the 760-780 range though and my limits just keep on goin up haha

feels goodman. next year ill be in the 800s

 

[sunshineblotters]

For those of you in the 800s and high 700s, what is your average age of credit?

 

[jewseejay]

For those of you in the 800s and high 700s, what is your average age of credit?

Average like 3.5 yrs. Oldest only like 6 or 7 years

 

[Ruck13]

For those of you in the 800s and high 700s, what is your average age of credit?

6yr 3mth avg, oldest about 10 yrs.

 

[a-friend]

 still mad about the disagreement of maxing out a card every month, it's not that serious.

I say go secured for your first card or get a card that accepts people with low to no credit scores.

I wouldn't mess with a pay day loan to build credit.

You would say something childish like this.

It's an nformation share in here, mad doesn't come into play. I was right its that simple.

Now do the kid a favor and tell him how to get a High a credit limit card, and save him the trouble of a $400 loan.

I mean you did exactly what he's wanting to do now right, tell him how.

 

[$tatus $ymbol]

Man don't get a damn payday loan to build credit. Find a secured card through your credit union or elsewhere with low to no annual fee, put the necessary deposit down use it for 6 months to a year and go from there. Dudes really in here with some reckless advice.

 

[capital sb]

You would say something childish like this.

It's an nformation share in here, mad doesn't come into play. I was right its that simple.

Now do the kid a favor and tell him how to get a High a credit limit card, and save him the trouble of a $400 loan.

I mean you did exactly what he's wanting to do now right, tell him how.

Lol childish, when you are still hung up on who was right or wrong. There are many ways to go about this credit game.

He didn't say he wanted high limits, thats not what he is trying to achieve yet you brought me up

 .

 

[a-friend]

Man don't get a damn payday loan to build credit. Find a secured card through your credit union or elsewhere with low to no annual fee, put the necessary deposit down use it for 6 months to a year and go from there. Dudes really in here with some reckless advice.

I think "reckless advice" is the wrong way to put it. Arrogant almost. 

@RobinVanDamn  if you have the cash available to do a secured Card, do that too. It is a great idea.

If you don't know what a secured card is, it's basically you putting up collateral to get an equal credit line.

ex; You give the bank $1000, the bank gives you a $1000 Card. You charge the card just like a CC and make the payment each month, but the payment can't be made from your initial deposit, it must be made with new funds. 

A lot of young people don't have that kind of cash available to establish, so don't feel bad if you don't and you need the PayDay way. 

People with good or established credit can sometimes be condescending, but the Pay Day is good because it is with your CU, the rate will not be as insane as a Mom/Pop PayDay rate, and they report it. It's a great way, it's not reckless at all when building, at all.

 Lol childish, when you are still hung up on who was right or wrong. There are many ways to go about this credit game.

He didn't say he wanted high limits, thats not what he is trying to achieve yet you brought me up

 .

The point was, you said your first Credit Card was $15000 and you did nothing special and no special requirements.

He has no cards, and no history, nothing special. 

I was just pointing out, that if this was the case, your advice is far superior to mine in this instance, and he should definitely seek you out. Help my man out.