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

[cs02132]

So I have a card from BofA with a $95 annual fee. I got it for the bonus and now I only have 1 recurring charge on there so I kinda wanna get rid of it but it has a pretty high limit and it’s one of my oldest cards. I know I could downgrade it but they only have like 3 cards and I have 2/3 the other being a travel card. Maybe I could downgrade to the travel card and see if they’ll let me get the sign up bonus (25k miles/$250)

Anything else I could do? I’ve been with BofA for 10+ years my dad said I could call and see if they can just waive the fee or lower it

 

[turbospartan]

You can call and ask for a retention bonus. If they don't offer anything, ask if you can downgrade to a no-annual fee card just so you can keep the credit limit available and the history continuing.

 

[htg designs]

You can call and ask for a retention bonus. If they don't offer anything, ask if you can downgrade to a no-annual fee card just so you can keep the credit limit available and the history continuing.

Didnt know this was a possibility. Storing in my memory bank.

 

[da r entertainment]

Neither did I lol. I'm fine with it. I'm probably never going to use it ever again, but it's my oldest card (12 years). It'll eventually just get deactivated, but CC companies can't close your accounts unless you request it. It's a bit of a safety net for users.

One funny anecdote I have about credit cards is that Neiman Marcus famously only accepted AMEX or in-house Neiman cards for years (except for, like, their Hawaii store). They opened in Bellevue a little over ten years ago as AMEX only. Except, everyone in the Seattle area has Alaska Airlines cards because Alaska is based out of here. It was also the depths of the recession, so Neiman had to pivot and allow VISA for this market. They even had signs advertising they were accepting VISA. They completely botched their opening.

Ask Synchrony about that, as they are notorious for closing accounts. It's verbiage in the T&C that allow them to terminate your account at their whim.

 

[ICE CITY CF]

Yea I have no idea where that's coming from.

A CC company can close your account for virtually any reason.

They have full discretion. They're not required to lend you money.

 

[alexody]

What card? Might be better to request a "product change" to a card with no annual fee, rather than closing the card and losing that line of credit / age of credit etc.

Capital 1 Platinum MasterCard
Literally got another with a smidgen of a higher apr but with a higher credit limit in order try to balance transfer but I cant balance transfer a Capital 1 to another Capital 1.

I asked them if there was any upcoming promos or ways to get rid of the annual fee (2 months b4 COVID) and said there weren't any available.

Prolly take the L on the annual fee next year and just close it if I cant find a way by then .

Discover just increased my limit, I didn't even request it.

Had my Discover for 6 years and they only increased (w/o me requesting) me a month after I got an increase on my Capital One. Legit think they saw what they did.

 

[slighted]

So close, yet so far

 

[thadangerousmind]

I found out that Klarna is where people are going to hide their utilization now. They don't report to the bureaus like the old Paypal Credit.

 

[fluid hips]

Any credit cards with a welcome bonus promo going on now? About to make some large purchases next month and would like to take advantage of it

 

[willypete]

I’m looking for a good 0% balance transfer card for right now

 

[Bert.]

Any credit cards with a welcome bonus promo going on now? About to make some large purchases next month and would like to take advantage of it

Chase sapphire?

when I joined I had 70k points bonus if I spent 3k in 3 months.

free $700

if you want a link let me know

 

[turbospartan]

I think there is a current promo for Chase Sapphire Preferred with 80k points ($800 cash), the highest the CSP bonus has ever been.

 

[ICE CITY CF]

If yall travel yall can easily stretch them CSR points to 1.5 dollars per point or so.

 

[xbiker47]

I think there is a current promo for Chase Sapphire Preferred with 80k points ($800 cash), the highest the CSP bonus has ever been.

When I first opened the preferred, I think it was when it originally launched but anyway the bonus was 100k points at the time.

 

[turbospartan]

When I first opened the preferred, I think it was when it originally launched but anyway the bonus was 100k points at the time.

You sure it wasn't the Chase Sapphire Reserve (not Preferred)? CSR is the better card, that gets you 1.5x bonus points when you use the portal, annual fee is $450. CSP is the next level down, 1.25x bonus points, $95 annual fee.

 

[ROYGBiV]

anyone fall for the apple card hype?

 

[cs02132]

I have 3 hard inquiries that are all gonna be 2 years old this week. Once those drop off I’ll be under the 5/24 rule and wanna apply for a CSP to get that $800 bonus. How long after should I wait before applying? Everything else is good on my report, back then I was churning so I had a bunch of inquiries

I need new brakes and some other work on my car and I want to use that bill towards the sign up bonus

 

[melo0115]

Any one in here ever take out a personal loan to buy business product? If so, how did that go?

And to the guys with business credit cards, do you guys on the reg swipe like 4k sell your product and pay it back at the end of the month?

I've been buying my product with my personal cash, but feel like I can get more done if I can buy 3x more.

 

[pdino]

^ you should be churning out points! Find a card that gives extra for your product. Pay it back in full and just reap the rewards.

I got chase business ink that gives extra back for utilities payments. Slap my rental properties on there, set on auto pay, and pays for my travel/flights wherever I need to redeem

 

[da r entertainment]

I have 3 hard inquiries that are all gonna be 2 years old this week. Once those drop off I’ll be under the 5/24 rule and wanna apply for a CSP to get that $800 bonus. How long after should I wait before applying? Everything else is good on my report, back then I was churning so I had a bunch of inquiries

I need new brakes and some other work on my car and I want to use that bill towards the sign up bonus

I would wait a few weeks after they fall off. Bright side, even if they don't and they deny you for that reason alone, you can call the RECON line and explain your situation to them.

 

[melo0115]

^ you should be churning out points! Find a card that gives extra for your product. Pay it back in full and just reap the rewards.

I got chase business ink that gives extra back for utilities payments. Slap my rental properties on there, set on auto pay, and pays for my travel/flights wherever I need to redeem

I think card holders lack of rewards usage is huge. I've had cards for years and I've made big purchases without even considering checking what each of my cards offer to aid me in getting the best deal. SMH... But now I've been actively looking through whats there. But thanks for the advice.

Do you check every month to make sure your automatic payment was paid? or do you wait for a text or email alert letting you know it was paid. I remember seeing some negative stories of someone autopayments getting stopped by the creditor for some reason and they would get a missed payment.

 

[thadangerousmind]

I got the CSP yesterday and I'm gonna pay my rent 3 times and the regular bills to knock out that $4k real quick. 80K points is free money. No sense in going in to debt trying to churn. I'll do the same with the Amex gold after that. Once the pandemic is over, I'm taking some YOLO trips.

 

[pdino]

I think card holders lack of rewards usage is huge. I've had cards for years and I've made big purchases without even considering checking what each of my cards offer to aid me in getting the best deal. SMH... But now I've been actively looking through whats there. But thanks for the advice.

Do you check every month to make sure your automatic payment was paid? or do you wait for a text or email alert letting you know it was paid. I remember seeing some negative stories of someone autopayments getting stopped by the creditor for some reason and they would get a missed payment.

Set it and forget it. I've had issues when rental goes from one tenant to another, and I'm carrying the utilities for like a month. I get some final bill and the auto-pay isnt activated. Utility company usually mails me stuff, which is annoying to handle later but for the most part been smooth sailing

 

[slaughterx]

My score dropped 50 points after applying for this mortage... my advisor told me I needed to pay off my Amazon credit card because my payments were so high (almost $400/month due to 6 months no interest promos). Also paid off my BMs tires because it doesn't look like I'll ever get that money back. Anyway within that same month my credit bounced back to 798. Just thought that was kinda cool.

 

[pitman13]

My score dropped 50 points after applying for this mortage... my advisor told me I needed to pay off my Amazon credit card because my payments were so high (almost $400/month due to 6 months no interest promos). Also paid off my BMs tires because it doesn't look like I'll ever get that money back. Anyway within that same month my credit bounced back to 798. Just thought that was kinda cool.

No worries, remember your CScore is meant to be used and like you mentioned, it can always bounce back.