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

[capital sb]

Nah man I got the money to get what I want but I wanna start to build my credit
I've managed to save some stacks over the last year. So when I would get te card what would be te best way? Do I max it out and pay it in full next month? Or do lil 40 here and there and pay it in full or pay it off lil by lil?

No, if you are just using it to build credit then get a $250 secured card. Don't leave more than a $22.5 dollar balance, thats 9% and for best scores only keep a balance between 1%-9%. That low balance is why I was saying get a $500 card, $45 would be the max balance you want to report when the statement cuts.

Also don't let $0 cut on the statement unless you have other cards.

 

[rcdot]

i've always been told 30% utilization will get you to a great CS alone, while the 10% utilization was more reserved for overspenders/people trying to build back their credit? idk i was always told that as long as your credit is fine across the board, 30% utilization would be just as good.  

 

[moeblack21]

Couple of question I want a CC with larger credit line I current have a capital one that I've i had for about year a very minimal balance could pay it off if I wanted too. The limit is only like 500. I am in the process of rebuilding my credit paid all of my balances my score is around 640.


Also I paid off a private student loan that was on my credit it was like 3,000. Any idea how much my credit score will change once it comes off my credit report?

 

[crcballer55]

Couple of question I want a CC with larger credit line I current have a capital one that I've i had for about year a very minimal balance could pay it off if I wanted too. The limit is only like 500. I am in the process of rebuilding my credit paid all of my balances my score is around 640.


Also I paid off a private student loan that was on my credit it was like 3,000. Any idea how much my credit score will change once it comes off my credit report?

The student loan will report on your credit report as being paid for the next 7 years, so it will still be the same.

 

[zack15]

Might be a little off topic, but what do you guys think of Mint? 

Also, has anybody ever had a blue cash preferred card from amex? 

 

[bandit country]

Might be a little off topic, but what do you guys think of Mint? 

Also, has anybody ever had a blue cash preferred card from amex? 

I never liked Mint. I prefer Personal Capital.

I have that Amex. The customer service is top notch. I get an alert immediately if I use it to buy something online or if I make purchase in excess of $500.

 

[rcdot]

i hate mint. overrated POS, that doesn't help you accomplish anything. Too cluttered, too confusing, too hard to use... just a general pain in the ***. i'd avoid them. 

 

[capital sb]

Yeah I'm not a fan of mint but I didn't know what else was safe to use. What else is good and safe?

 

[HankHill]

Whatsup NT.

I'm gonna be starting my first post grad job in a few weeks and was wondering how some of you guys go about saving money, investing, and paying bills in regards to your bank accounts and credit cards.

I'll probably finance a car in a few months and will move into my own spot by the end of the year. I currently have a checking and savings account with BOA, I also just got a credit card with them to establish some credit. I've been thinking about opening up a new checking account to deposit my checks from my new job and just using the BOA account for bill pay; this way I'll have money set aside for bills apart from discretionary spending money.

Do you guys have separate accounts for bill pay/saving/everyday spending?

Do you have a car now? Stick with it until you actually move out and paying rent. At least then you'll have a better gauge of what you can budget. If you still want to get it before, take whatever would-be rent money to save for a larger down payment (of straight up cash buy). See if lender has no pre-pay penalty so you can knock your loan out quicker.

 

[solecity]

if you had the liquid assets to remove a debt immediately is it better to pay in one lump sum, or sit on top of money and pay monthly. currently in this dilemma and been hearing different opinions:

1. keep money, pay montly = always good to have cash
2. pay all my debt, have little to no money = no more debt

Def. Keep money and pay monthly but don't pay the minimum.. if a bill is $25, pay 100 instead.

 

[hyper cutter]

does it look better to make payments on multiple cards a month (to show more on-time payments) or is it all the same if i end up just using one card even though i have a few? i just assume that more on-time payments makes a better credit score.

 

[dam itz lou]

i hate mint. overrated POS, that doesn't help you accomplish anything. Too cluttered, too confusing, too hard to use... just a general pain in the ***. i'd avoid them. 

What are you trying to do ? I only use it to check my balances.

Yeah I'm not a fan of mint but I didn't know what else was safe to use. What else is good and safe?

Personal Capital.

 

[antidope]

Is there anyway to get delinquencies on your credit report expunged? Such as a student loan that you didn't pay off 90 days?

 

[flacobey]

Whatsup NT.

I'm gonna be starting my first post grad job in a few weeks and was wondering how some of you guys go about saving money, investing, and paying bills in regards to your bank accounts and credit cards.

I'll probably finance a car in a few months and will move into my own spot by the end of the year. I currently have a checking and savings account with BOA, I also just got a credit card with them to establish some credit. I've been thinking about opening up a new checking account to deposit my checks from my new job and just using the BOA account for bill pay; this way I'll have money set aside for bills apart from discretionary spending money.

Do you guys have separate accounts for bill pay/saving/everyday spending?

Do you have a car now? Stick with it until you actually move out and paying rent. At least then you'll have a better gauge of what you can budget. If you still want to get it before, take whatever would-be rent money to save for a larger down payment (of straight up cash buy). See if lender has no pre-pay penalty so you can knock your loan out quicker.

Yeah I have one now but it needs work, so instead of putting a few stacks into it I'd rather just use that money to buy something else. I plan on buying something simple below 10K, so I should be able to pay it off in a year or two, I'm not to worried about not being able to afford it. Definitely gonna look into that pre-pay penalty though.

 

[crcballer55]

Is there anyway to get delinquencies on your credit report expunged? Such as a student loan that you didn't pay off 90 days?

Legally, no. Not before the 7 year period.

 

[antidope]

 

Is there anyway to get delinquencies on your credit report expunged? Such as a student loan that you didn't pay off 90 days?

Legally, no. Not before the 7 year period.

Thats what I figured. Situation was that I graduated school and had a fed loan that I didnt know about as I had it set up for email statements and whatnot going to an old email. They didnt call me until it went delinquent and I had the money to pay it the whole time. Annoys me to this day

 

[superantigen]

I use mint to check and compare my balances across various accounts. I'm also a fan of their blog.

For budgeting, I created my own excel spreadsheet. Excel for budgeting > any budgeting app out there.

Another blog i recommend, highly, is the getrichslowly blog.




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[murkn3m]

Wanted to accept the pre approved offer for TD bank card, until I saw that they have no APR only on bank transfers. The 200 bucks back after spending 500 is nice though.

 

[polosanddunks]

Is there anyway to get delinquencies on your credit report expunged? Such as a student loan that you didn't pay off 90 days?

I got 3 off. its this damn speeding ticket that I paid on time from Indianapolis that wont come off collections . I cant find the receipt of the date so they don't want to have it removed

 

[antidope]

Is there anyway to get delinquencies on your credit report expunged? Such as a student loan that you didn't pay off 90 days?

I got 3 off. its this damn speeding ticket that I paid on time from Indianapolis that wont come off collections . I cant find the receipt of the date so they don't want to have it removed

What did you have to do? Write a letter?

 

[pitman13]

Finally.

View media item 1507043

 

[capital sb]

Finally.
 

Thats really good man , and you can assume that your real FICO score is higher than that.

 

[moeblack21]

The student loan will report on your credit report as being paid for the next 7 years, so it will still be the same.

It never changed in the first place though, it been a little over a month since I paid it. It doesn't even say that it's paid for on my credit report

 

[Bert.]

Finally.

View media item 1507043

jelly

mines dipped

 

[superantigen]

^^ QFT...finished paying off two student loans, effectively closing the accounts, and my credit score dropped by like 25 points. I was so heated...lol...but then i remembered that this whole credit score thing is rigged.





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