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

[Bert.]

Wait, adding people on cards has an affect right away?

My mother’s score need some boosting and I said to her actually a few days ago I thought of adding her

 

[equality]

Does applying and getting approved for another credit card hurt credit score?

 

[Brownstone]

So I would like to apply for a new card, but worry that it will affect my average credit history? I have around 10 cards already and while I want the signup bonus, I don't want to sacrifice being 10 points away from 800

 

[noskey]

Does applying and getting approved for another credit card hurt credit score?

Depends. I added one and got a big credit limit, and my score went up due to the overall utilization % going down and total avail credit going up. I think that's why it went up at least. Its since dropped due to whatever variety of factors play in, but I think it might have something to do with putting a grip onto one card for a vacation coming up. Which brings me to the next post:

So I would like to apply for a new card, but worry that it will affect my average credit history? I have around 10 cards already and while I want the signup bonus, I don't want to sacrifice being 10 points away from 800

Are you planning on making a large purchase any time soon? If not, don't worry about the very short term negative affect that might happen. Your score will always rebound and rise if you're still doing things right. But I feel you on that 800 mark. I made a post last month I think about jumping that hurdle, and randomly my score dropped like 15 points next statement date C'est la vie tho, not playing on buying a house anytime soon.

 

[highrep87]

Wait, adding people on cards has an affect right away?

My mother’s score need some boosting and I said to her actually a few days ago I thought of adding her

yes, if you have great payment history and a long credit history..it will dramatically help her.

 

[melo0115]

After you get to a 760 or something around that, is it even worth trying to boost your score other than making a large purchase. i feel that if i have a 760, and get a mortgage, then ill just stop worrying about my score, and just do everything right, and eventually it will be at an 800 or so.

 

[somecallmejon]

So I would like to apply for a new card, but worry that it will affect my average credit history? I have around 10 cards already and while I want the signup bonus, I don't want to sacrifice being 10 points away from 800

Don't worry about your credit score. As long as you pay your balance in-full each month, on time, your score will continue to go up. Your score is basically perfect already. Having 10 cards doesn't really matter. To issuers like Chase there is a limit of 5 new accounts in a 24 month period, for Amex 2 cards every 90 months. etc. If you haven't gone over those numbers recently, you have nothing to worry about since your credit score is excellent already. Applying for cards to get miles/point bonuses is a huge hobby and people apply for multiple cards thoughout the year, close, downgrade etc. There is a lot of info about it. check out doctorofcredit.com

 

[somecallmejon]

If you sign up for a business CC as a sole proprietorship, does that effect your credit score/activity?

Business cards generally don't show up on credit reports, and don't effect your credit score.

Chase, BoA & Amex biz cards for sure do not show up on your report, so no it won't affect your credit score.

I currently have the Marriott, SPG, Ink Preferred & Blue Business Plus cards and none show up on my report. I applied for a BoA biz card, but got denied, probably because I don't have a relationship with them.

Do you have any other MR earning cards? BBP is nice if you have business plat or Gold business preferred. I just applied for SPG personal and Biz, still working on minimum spend. Sucks that SPG will be nerfed in earning potential in August.

 

[based mod]

Business cards generally don't show up on credit reports, and don't effect your credit score.


Do you have any other MR earning cards? BBP is nice if you have business plat or Gold business preferred. I just applied for SPG personal and Biz, still working on minimum spend. Sucks that SPG will be nerfed in earning potential in August.

Nah the BBP is the only MR card I have right now. I was waiting on getting under 5/24 again before going for the other Amex MR cards, but I've been reading too many reports of people getting shut down by Chase. I've got 6 personal CCs & 2 biz CCs with them. I have 410k UR at the moment so I definitely don't want to get shut down at this point. I may just go ahead and start going all out with the other banks and skipping any other Chase cards.

 

[jordman23]

Nah the BBP is the only MR card I have right now. I was waiting on getting under 5/24 again before going for the other Amex MR cards, but I've been reading too many reports of people getting shut down by Chase. I've got 6 personal CCs & 2 biz CCs with them. I have 410k UR at the moment so I definitely don't want to get shut down at this point. I may just go ahead and start going all out with the other banks and skipping any other Chase cards.

My Girl Applied for the Chase Reserve and got denied because she had the Chase Preferred from a year ago. Chase is DEFINITELY cracking down. Because I was able to get both Cards within a 24 month period.


In good news, I was accepted for the Chase Ink Business, so I'll have 80K more points coming my way!

 

[lilchico4life]

Chase only allows one Sapphire product going forward. Before you were able to get both. You got lucky.

 

[Bert.]

yes, if you have great payment history and a long credit history..it will dramatically help her.

my history aint that long but no negs and 100% on time payment

already added her to a few, hope it helps

 

[somecallmejon]

My Girl Applied for the Chase Reserve and got denied because she had the Chase Preferred from a year ago. Chase is DEFINITELY cracking down. Because I was able to get both Cards within a 24 month period.


In good news, I was accepted for the Chase Ink Business, so I'll have 80K more points coming my way!

You can apply for the CSR and CSP and get accepted for both, but would have to MSR $8,000 which is hard. But it's possible. The Ink has a new 100k point offer, you should secure message Chase to get matched to that offer.

 

[jordman23]

You can apply for the CSR and CSP and get accepted for both, but would have to MSR $8,000 which is hard. But it's possible. The Ink has a new 100k point offer, you should secure message Chase to get matched to that offer.

Damn, I shouldve waited. I'm gonna call to see if they can match the 100K offer. From what I read it says in Branch only

 

[kingfoamnyc]

Gonna try a 3% utilization this month on both cards. Really need a jump of at least 25 points to get back to where I was

 

[based mod]

Damn, I shouldve waited. I'm gonna call to see if they can match the 100K offer. From what I read it says in Branch only

The 100k in-branch offer has been around for a minute. Unless this is something brand new.

 

[jordman23]

The 100k in-branch offer has been around for a minute. Unless this is something brand new.

Where you seeing that it's been around for a while? I see they are doing the Promotion for Small Business Week. I've seen all new articles for the past week.

 

[angels47]

Damn, I don't wanna finesse someone in person.

 

[based mod]

Where you seeing that it's been around for a while? I see they are doing the Promotion for Small Business Week. I've seen all new articles for the past week.

It's definitely been around a while. I frequent /r/churning and flyertalk and see it regularly. I didn't realize they took it off recently and added this offer for business week.

Here's an example from Oct 2017:
https://www.flyertalk.com/forum/cha...ask-branch-business-relationship-manager.html

Feb 2018:
https://milestomemories.boardingarea.com/increased-chase-card-bonuses/

Mar 2018:
https://www.doctorofcredit.com/chas...usiness-relationship-bonuses-still-available/

Damn, I don't wanna finesse someone in person.

The Business Relationship Managers know what's up. You're not finessing the bankers or the bank at all. If you flip things on the side, to them, that's a business. Just sign up as a sole proprietorship and say you make $2k/year for 2 years and that's good enough. Otherwise, you can apply from the comfort of your home. It's a 20k difference, you can weigh out whether it's worth it or not.

 

[kingfoamnyc]

Just called a collector who's holding my $952 I owe Sprint and tried to settle with them I asked that they report to the three bureaus and completely delete it off my account and the representative says they don't do that. What the hell am I supposed to do now

 

[melo0115]

Question for small business owners.

I've slowly been merging myself into brand money growth ie. entrepreneurship. I've created my own brand, and i sell my product on instagram, but im about 80 percent finish building my website, and figuring out what products im about to buy in bulk..

anyways, im going to finance my start with a credit card with no interest until 15 months, im wondering what are the benefits of using business cards? say i spend 3k on items and charge everything? what perks are there to that? plan of paying off my card with all my sales, until the balance is zero, and reinvest the funds after.. any input will be appreciated.

 

[slicknick951]

Are your sales somewhat consistent? Dont get caught holding the bag with product and eating interest after the 15 months.

Getting cash back and points are good but not at the expense of paying interest. GL

 

[melo0115]

I recover my investment and then some every restock. But i feel ive been doing small orders with straight cash, and i can go bigger and make more profit. I feel okay because im good with paying my debits back, like making a payment that hurts to make, but i know in the long run its for the best type of guy. Also, being an entrepreneur is about risk, so i could lose bad, but i dont plan too. if i do, thats life. get better, maybe i wont lose. anyway, ive been doing google searches on what the perks are of having a business card, but i want to know if anyone here has reality stories and not just journalistic write ups.

 

[thadangerousmind]

Gonna try a 3% utilization this month on both cards. Really need a jump of at least 25 points to get back to where I was

You don't want multiple cards reporting a balance each month. Pay off one card entirely and let the other card report 3% or just use one card per month.

 

[turbospartan]

Just signed up in-branch for the Chase Ink Preferred card, with 100K points if spending $5k in first 3 months. Wife's tuition bill of $5k due next Friday, so should be able to snag those points as soon as I get the card.

Planning a Greece/Italy trip end of June into July, hoping that the 100k points get posted before we leave so I can use to book hotels etc.