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24 Looking to build Credit... What are some good tips on your first Credit Card
- Thread in 'General' Thread starter Started by trynafeelmink,
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So I opened my first card roughly a year ago. During the process I accidentally signed up for two of the same card and probably 3 months after I started using the first I began using the second. Probably one late payment (by no longer than a day) on each card. My credit score is about 691. These are my only cards but seeing as how I've built up some credit I wanted to see about possibly finding a card with better rewards and benefits. Both are Capital One Journey cards and I've had the limits upped on both cards from $300 to $500 in a span of 2-3 months and have been steady ever since.
I've only used my cards when I ran low on my debit or occasionally on big purchases. Usually keep the balances low around $200 on each but want to get both completely paid off very soon as I've been ridding myself of debts lately. Then I want to start using my credit cards for everything and paying them off in full at the end of each cycle as to help build more credit and obviously obtain more rewards.
Would closing one of my cards (the younger of the two cards) hurt my credit even if I get approved for another? Should I stick with these cards for now? I'm only 21 but want to raise my credit even higher. Also, what cards would you guys suggest for someone trying to make an upgrade on a starter card like a Journey card?
I've only used my cards when I ran low on my debit or occasionally on big purchases. Usually keep the balances low around $200 on each but want to get both completely paid off very soon as I've been ridding myself of debts lately. Then I want to start using my credit cards for everything and paying them off in full at the end of each cycle as to help build more credit and obviously obtain more rewards.
Would closing one of my cards (the younger of the two cards) hurt my credit even if I get approved for another? Should I stick with these cards for now? I'm only 21 but want to raise my credit even higher. Also, what cards would you guys suggest for someone trying to make an upgrade on a starter card like a Journey card?
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Good looks Lou.
Putting down ny Amex n Freedom and rockin my IT for the forseeable future again. Luh me some Discover
Putting down ny Amex n Freedom and rockin my IT for the forseeable future again. Luh me some Discover
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Closing a card can hurt your score, and applying for new cards can also hurt your score (hard pull of your score). This is usually temporarily, and it should go back up in time after you build credit again.
Your balance on each card should be no more than 30% than the credit line and your total balance on all cards should be no more than 30% than the total credit line of all cards combined as well. I personally keep my balance on each card around 10-20% at most.
I personally don't want more than 3-4 credit cards and for me, my credit score is more important than little benefits of 1-2% in cash back or whatever that getting new cards can get me. My credit score can save me thousands when I purchase a home or lease/finance a car compared to 1% more cash back or whatever. It's kind of a tough system, they want you to have a good amount of diverse revolving accounts as well as calculated utilization of them, good DTI,etc.
Best forum for anything involving credit scores, everything you need to know about anything credit is there:
http://ficoforums.myfico.com/
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I agree I don't want more than 5 cards.Once I close on my mortgage I am going to get 2 more products from NFCU (Checking Line of Credit & Flagship Rewards card) which will get my total credit where I want it to be.
I really don't want this AMEX Gold Premier Rewards card anymore I don't want to pay the annual fee. Is there anyway I can get them to change my card from the gold to the blue cash everyday card?If they do this will I have to close my gold card?
I really don't want this AMEX Gold Premier Rewards card anymore I don't want to pay the annual fee. Is there anyway I can get them to change my card from the gold to the blue cash everyday card?If they do this will I have to close my gold card?
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Did a quick google search and from what I see, you can only "product change" certain cards. Not sure if the Gold Premier Rewards can change into the blue cash every day card specifically, but it might be able to product change/PC into something else.
From what I see as well, looks like they often do a soft pull and not a hard pull, so your credit score should be safe?
https://community.americanexpress.com/thread/4871
http://ficoforums.myfico.com/t5/Cre...-from-one-kind-of-AMEX-to-another/td-p/293237
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Question here: I'm on a chase freedom card. I just got it 3 months ago and my first statement came in at the end of april and payment due date was may 4th. I paid it off about a couple days after the statement came in the mail. For this month when i checked online with chase my next payment was due june 4th but i waited up until june 1st and never received a statement in the mail and online it only showed one statement generated for the first april-may spending cycle. I went down to chase and the guy called the hotline asking what was up and they said because i zeroed off the balance last cycle they wouldn't be sending/generating a new statement for this cycle (may-june spending). That cant be right can it? I ended up just paying it off on june 1st but everything I was reading said to not pay anything off til the statement generates which never happened in this case. I didn't wanna miss the june 4th deadline though so I just paid it. should I go back and talk to chase again in person?
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Recently found a nice deal on my AMEX blue card. I ran up some substantial debt through 7 years of college on necessities. The interest rate was killing me, I asked them if they could lower it. The CS agent said they have a program that last 1 year. In that year you can't use your card, but your interest drops to 1%. Nothing is reported to credit agencies thats negative, it'll still show your card is active.
Has allowed me to pay off a good chunk of debt.
Has allowed me to pay off a good chunk of debt.
omariwestafari
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0% APR for 12 months. That is interest free, so pay off the entire balance transferred over before the 12 months.
This offer is for balance transfers only always take the 0%. Discover offers these promo balance transfer rates every month.
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I'm pretty sure you can only switch it out for another charge card. I'm about to cancel mine too. If you haven't used your $100 air credit, you can use it to buy a gift card directly from the airline even though you're not suppose to be credited back alot of people have been successful doing it. You have to call them to let them know which partner airline you want to use it with first and then buy two $50 gift cards. It might look suspicious if you buy one card for $100. I choose AA because they never expire.
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omariwestafari
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thanks fam i was leaning towards that one.
the other one is appealing because its 21 months but interest is lurking
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I recently got the citi simplicity card. 0% apr on balance transfers for 21 months.
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omariwestafari
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if i get a preapproval letter from them ill def check that out
thats solid advice but i used my cards to pay for tuition since i couldnt qualify for a loan so now im playing with snakes
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I used that as motivation to pay off mine in 2 years, but that's just me.
omariwestafari
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I agree with you man, your giving me solid advice and i appreciate it.
I hate using credit and dont like the idea of having monthly payments. thats why im tryna dig myself outta this hole without digging myself any deeper.
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Yeah the interest is lurking but it is also there the entire time on the 21 months. The interest is 6.99% for 21 months then jumps to 17.99% after. The rates on the IT card sucks I think its only good for 0% balance transfers and paying in full every month on the 5% cashback categories.
@crcballer55 Nice stuff killing your loans in 2 years. I plan on doing the same starting in January, was debating between investing instead, but i just want the debt gone as fast as possible then focus on real estate investments.
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For every one who's signed up for the double cash back from discover. This link pretty much explains why it's so lucrative.
http://frequentmiler.boardingarea.com/2015/06/03/discover-extreme-savings-x-2/
http://frequentmiler.boardingarea.com/2015/06/03/discover-extreme-savings-x-2/
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Nice thread. I've been building my credit for the past 6 years or so. I made terrible decisions with credit cards and student loans when I was really young. Started paying all my debts and being better about paying my bills on time. Went from 540 in 2010 to 750 as of a few days ago. All the BS I had going against me has finally started to fall off of my report. I have a Navy Federal nRewards card with a 17k limit, I use that one the most. Everything else I just keep at a $0 balance. It can be frustrating at times but rehabilitating your credit is essential. Stay on it.
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Got my Amex Every Day card last week with a limit 4x that of my Capital One Journey cards.
I really wanted the Blue Cash Everyday Card but got it confused with the Blue Cash Preferred and went with the basic Everyday Card. Only difference is instead cash back on the Blue card you get points on the basic with 2x points at grocery stores. Good if I want to do more of my own shopping. Plus an extra 20% points on all purchases (previous and future) for that billing cycle after your first 20 purchases which is cool. Only thing I'm missing out on is the $100 cash back after $1000 in purchases, but whatever.
I have about $400 between both my Journey cards to pay off and then I'm gonna start using my Amex for everything and just paying it off in full every month. Plan to have both paid off by next month and then I can say I'm officially debt free.
I really wanted the Blue Cash Everyday Card but got it confused with the Blue Cash Preferred and went with the basic Everyday Card. Only difference is instead cash back on the Blue card you get points on the basic with 2x points at grocery stores. Good if I want to do more of my own shopping. Plus an extra 20% points on all purchases (previous and future) for that billing cycle after your first 20 purchases which is cool. Only thing I'm missing out on is the $100 cash back after $1000 in purchases, but whatever.
I have about $400 between both my Journey cards to pay off and then I'm gonna start using my Amex for everything and just paying it off in full every month. Plan to have both paid off by next month and then I can say I'm officially debt free.
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Make sure you do the 3x CLI method with your AMEX.
Got my Amex Every Day card last week with a limit 4x that of my Capital One Journey cards.
I really wanted the Blue Cash Everyday Card but got it confused with the Blue Cash Preferred and went with the basic Everyday Card. Only difference is instead cash back on the Blue card you get points on the basic with 2x points at grocery stores. Good if I want to do more of my own shopping. Plus an extra 20% points on all purchases (previous and future) for that billing cycle after your first 20 purchases which is cool. Only thing I'm missing out on is the $100 cash back after $1000 in purchases, but whatever.
I have about $400 between both my Journey cards to pay off and then I'm gonna start using my Amex for everything and just paying it off in full every month. Plan to have both paid off by next month and then I can say I'm officially debt free.
Just look at the first post, step by step guide.
http://ficoforums.myfico.com/t5/Cre...The-Definitive-Amex-3X-CLI-Guide/td-p/1811071
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Gas cards are great and keep your balance below 30%
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Why would I want to triple my credit limit? Are there advantages to it? Because I'm in no way utilizing $6000 in credit every month.
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It lowers your credit utilization % but since you said you'd be debt free soon then it really doesn't matter in your case. Congrats.
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