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

[Bert.]

For me, I like Discover better than Amex, capital one etc.

Capital one is a joke. I want to close my account with them but I'm afraid it will hurt my credit score since it's my oldest card and contains my oldest credit history

Don’t close it, just don’t use it

 

[bostoiah]

For me, I like Discover better than Amex, capital one etc.

Capital one is a joke. I want to close my account with them but I'm afraid it will hurt my credit score since it's my oldest card and contains my oldest credit history

Same here... I just let my Spotify hit my cap one and auto pay it just to keep it active.

 

[based mod]

Able to give an estimate on much you spent to rack up those points for the flight.

Looking to get A Citi Costco joint

Points do add up, but that's a suckers game if you actually want to ball out with CCs. Sign-up bonuses are where a lot of people do their damage.

If you're below 5/24 (term used to describe X-amount of credit cards you've opened in a 24 month period), then work on Chase sign-up bonuses. Read this reddit post:

https://goo.gl/Rnb8Kz

Also, study the flowchart below. I recently signed up for two 60k Southwest CCs (they're only 40k each right now, though) and will be earning 120k total in January. Not only will I get 120k ($1800 worth of flight fares), I'll get a companion pass which I can assign to my GF so that she can fly free with me all the way through Dec 31, 2019. Take advantage of the offers and make money off the banks, not the other way around.

As always, use a referral link. Not even necessarily mine. Might as well make somebody's day. This reddit link is a compilation of referral posts which randomizes links for those referrals:

https://www.reddit.com/r/churning/wiki/ccreferrals

 

[fluid hips]

Any good high yield savings accounts to recommend?

CIT bank has the highest at 1.35%

 

[slighted]

For me, I like Discover better than Amex, capital one etc.

Capital one is a joke. I want to close my account with them but I'm afraid it will hurt my credit score since it's my oldest card and contains my oldest credit history

I completely understand -- my oldest CC is with CapOne, but they're super stingy with the CLIs. I hardly use it.

Discover CC + Goldman Sachs savings account = my go-to moves lately

 

[eyanks]

Just requested a Discover CLI -- $6k increase to $22k

I remember getting a similar bump, they're generous with CLI's. You could even request another one and possibly get a higher limit if you want. For anyone thinking of getting this card, I can't recall anyone not taking Discover, and they have the 1% cash back that posts really quickly, and 5% categories. Never had an issue with them.

 

[davizzy]

Anyone here with chase ink card?

 

[based mod]

Anyone here with chase ink card?

Yea Chase Ink Preferred. 100k points if you have a legit business and can do it in-branch. I have a "business" (eBay sales with an annual revenue of $1000/year) though so I just applied online for the 80k offer via sole proprietorship.

I'm currently using it in conjunction with Plastiq to pay my rent. 3x points with a 2.5% fee so I'm essentially making money off of paying rent.

 

[davizzy]

Yea Chase Ink Preferred. 100k points if you have a legit business and can do it in-branch. I have a "business" (eBay sales with an annual revenue of $1000/year) though so I just applied online for the 80k offer via sole proprietorship.

I'm currently using it in conjunction with Plastiq to pay my rent. 3x points with a 2.5% fee so I'm essentially making money off of paying rent.

Does it matter how much annual revenue you make if you apply? Secondly, is there any risk with say the IRS for your ‘business’?

 

[equality]

How long does it take for FICO score to show up?

Been here since July, received 2 notifications from BoA app that my FICO is available but when I click onto it still nothing.

 

[jon4rd]

How long does it take for FICO score to show up?

Been here since July, received 2 notifications from BoA app that my FICO is available but when I click onto it still nothing.

You should be able to get your FICO score instantly as long as you have some kind of credit reporting. May need to contact BofA about that

 

[based mod]

Does it matter how much annual revenue you make if you apply? Secondly, is there any risk with say the IRS for your ‘business’?

I've read people putting $500 for rev. Haven't seen anything about IRS coming into play. Don't think the IRS cares about $500 in revenue anyway.

 

[davizzy]

I've read people putting $500 for rev. Haven't seen anything about IRS coming into play. Don't think the IRS cares about $500 in revenue anyway.

Did you have a good credit score when you applied ? Im leaning towards applying

 

[8|24]

Ive been chruning rewards cc since the beginning of the year and my credit score dipped drastically due to the high inquiries and average account age. Imma chill now

 

[based mod]

Did you have a good credit score when you applied ? Im leaning towards applying

Yea I did and still do. Best thing about biz cards is that they won't show up on your report. I don't think a hard pull even happens but you might wanna Google that first if you're concerned about it

 

[based mod]

Ive been chruning rewards cc since the beginning of the year and my credit score dipped drastically due to the high inquiries and average account age. Imma chill now

How many cards are you at? I think for this year I think I've only done maybe 4 (chase ink preferred, Amex blue business plus, and the southwest plus and premier cards)

I think I'm gonna just stick to biz cards until August when I can redo the chase sapphire preferred and reserve combos (when I dip below 5/24 again and it's been 24 months since I signed up for the 100k reserve bonus)

 

[8|24]

How many cards are you at? I think for this year I think I've only done maybe 4 (chase ink preferred, Amex blue business plus, and the southwest plus and premier cards)

I think I'm gonna just stick to biz cards until August when I can redo the chase sapphire preferred and reserve combos (when I dip below 5/24 again and it's been 24 months since I signed up for the 100k reserve bonus)

I opened seven credit card this year, five of them has an opening cash bonus of $150 and two $200. Made $1150+ this year including additional bonus points from those cards

 

[davizzy]

Yea I did and still do. Best thing about biz cards is that they won't show up on your report. I don't think a hard pull even happens but you might wanna Google that first if you're concerned about it

Are you going to downgrade to an ink cash? Or keep the preferred

 

[kingfoamnyc]

Should I open another secured card or wait till 6 months (Jan 27th) and get a regular card with my bank (chase) ? Have a open sky secured card and have been using 18% utilization for the last 5 months but my transunion has been stagnant as hell for the last 3 months. No late payments

 

[bostoiah]

Should I open another secured card or wait till 6 months (Jan 27th) and get a regular card with my bank (chase) ? Have a open sky secured card and have been using 18% utilization for the last 5 months but my transunion has been stagnant as hell for the last 3 months. No late payments

If you bring that utilization down to below 10% I think your score should improve (speaking from past experience)

 

[doxen5703]

What are some good airline/travel cards with flight benefits? Trying to get a good travel card in 2018.

 

[jordman23]

What are some good airline/travel cards with flight benefits? Trying to get a good travel card in 2018.

Chase Sapphire Reserve is Great if you travel frequently because of the Trip Delay/Flight Cancellation Insurance, Rental Car, TSA $100 Credit,$300 Travel Credit and others.

Be sure you can spend the $4k in 90 days before you get it, because some people can't make it then are stuck with a card they spent $450 in annual fees.

If you use all the benefits, the card pays for itself.

I opened seven credit card this year, five of them has an opening cash bonus of $150 and two $200. Made $1150+ this year including additional bonus points from those cards

^ Be sure to report those cash bonuses from the banks, I didn't last year. And I just got an IRS statement in the mail saying I owe Uncle Sam $195 from $700 bonus I made.SMH

 

[rabidsavant]

www.prbc.com -- Pay Rent Build Credit. A friend did this for some time. He's in a good situation right now.

 

[AZwildcats]

Currently have the Chase Freedom, I am considering getting an AMEX as my next card

 

[cs02132]

Chase Sapphire Reserve is Great if you travel frequently because of the Trip Delay/Flight Cancellation Insurance, Rental Car, TSA $100 Credit,$300 Travel Credit and others.

Be sure you can spend the $4k in 90 days before you get it, because some people can't make it then are stuck with a card they spent $450 in annual fees.

If you use all the benefits, the card pays for itself.




^ Be sure to report those cash bonuses from the banks, I didn't last year. And I just got an IRS statement in the mail saying I owe Uncle Sam $195 from $700 bonus I made.SMH

Damn I was just thinking about this the other day I made 2k+ the past 2 years so now I’m def gonna have to report it