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

Looking for advice - my credit was absolutely shot a decade ago and one of the first cards I got was this crappy Credit One Card with a high APR and nickel-and-dime fees. Grew the card organically from $300 limit to $3200. It’s a really bad card that I’m paying $108 a annual fee but it’s my second longest card on my file (secured card is the only longer one by a year).

Score is at my personal high of 813 and waiting to confirm each bureau is reporting that card fully paid off before I go and ask AMEX to bump my limits on my Blue Cash and Everyday cards.

Interested in possibly getting the Amex Gold but I don’t know if I can responsibly hit the $6K spend to qualify for the bonuses. Leaning toward just staying with what I have and closing the Credit One. However, we may be buying a house next year and I don’t know how drastically closing that card would affect my score/profile.

TL;DR for someone with a light file but good score should I just eat the fee on the junk card to keep the history on my file?
 
d e beatup said:
Looking for advice - my credit was absolutely shot a decade ago and one of the first cards I got was this crappy Credit One Card with a high APR and nickel-and-dime fees. Grew the card organically from $300 limit to $3200. It’s a really bad card that I’m paying $108 a annual fee but it’s my second longest card on my file (secured card is the only longer one by a year).

Score is at my personal high of 813 and waiting to confirm each bureau is reporting that card fully paid off before I go and ask AMEX to bump my limits on my Blue Cash and Everyday cards.

Interested in possibly getting the Amex Gold but I don’t know if I can responsibly hit the $6K spend to qualify for the bonuses. Leaning toward just staying with what I have and closing the Credit One. However, we may be buying a house next year and I don’t know how drastically closing that card would affect my score/profile.

TL;DR for someone with a light file but good score should I just eat the fee on the junk card to keep the history on my file?
Click to expand...
Nah, with that kind of score you don't need to pay such a high fee for a card you don't really use. As for the AMEX Gold, grab that when you have a big expense (trip, appliance purchase, etc) and throw your groceries on there too so you're not spending just to spend.
 
While I agree, you should close that account. You don't want to mess with your score before buying a house. I would eat the annual fee for at least a year until you close on a house. Once you close on a house, close the account or if you decide you're not getting a house, close the account before annual fee hits again. Without knowing your average age of accounts, closing the 2nd oldest will probably not be good for your score.

I also agree here. I would not apply for a new credit card without a plan to hit the spend requirement for the bonus. It's a waste of a credit pull.
 
Just realized how awesome Chase Plan It is... just dropped 3Gs on speakers and was gonna do a balance transfer for lower interest... then I realized that I could get 24 mo no inrerest with even payments! Why the hell havent I been using this!
 
slaughterx said:
Just realized how awesome Chase Plan It is... just dropped 3Gs on speakers and was gonna do a balance transfer for lower interest... then I realized that I could get 24 mo no inrerest with even payments! Why the hell havent I been using this!
Click to expand...
Did you get charged a fee though? Chase be offering me to "plan it" for some larger purchases but they try to tack on some $2-3 fee every statement.

With my AMEX though, I did one for $900 over 12 months that was legitimately free.
 
You talking about furious.
My oldest CC has an annual fee, it’s not much but it is there. Hits every year on the 15th, I’m anal so I have an annual reminder to pay it every year on the 14-15th. Friday evening the 14th I call Mastercard to pay it and it hasn’t been charged yet so I can’t pay it.
My statement closes on the 15th every month and my Credit Bureau reports the current balance on the 16-17th.
Yesterday morning the 15th my alert goes off again so I check my balance and the fee hit so I call in and pay it on the spot. I tell them I keep that card balance at no more than $70 by the time the statement closes because it’s only an $8k limit and the utilization I want to see no more than 1%.
They take payment tell me it’s $0 balance.
I check TU/EQ/xperian this morning and it not only shows the balance at 116(99 of that is the fee)it shows that it was reported on 7/14/23. So a day before they bill me the annual fee they report to my Bureaus my July payment has been made and my balance includes that annual fee.

I’m fuming right now. It’s a lot of work(habit mostly) to keep that utilization sorted where I want and not only is my current statement for MC still not available to download or look at, they reported to the credit 48hours earlier than usual and 24hours before they even billed me.

Again not a super big deal or a negative impact but for an average running of Credit age and overall utilization I keep my overall average utilization as low as possible and have exceeded my annual goals year in and out but this one simple thing they did feels like they stole from me.

It’s too early for this ****.
I Haven’t posted in here for years but I stay updated, checked in last night with a post and this morning I’m back with bad news, jinxed myself.

Y’all don’t deserve this ramble, I’ll see myself out.
 
Last edited:
I think once I’m done using my chase points on my trip later this summer I’m gonna apply for an Apple Card
Discover has 5% back on Apple Pay right now and that’s easy money. Probably will get close to $50 back just in July. I use Apple Pay 9/10 times so that 2-3% from apple is looking nice

I have 6 inquires though so I might have to wait a bit :lol: too much churning the last few years
 
a-friend said:
You talking about furious.
My oldest CC has an annual fee, it’s not much but it is there. Hits every year on the 15th, I’m anal so I have an annual reminder to pay it every year on the 14-15th. Friday evening the 14th I call Mastercard to pay it and it hasn’t been charged yet so I can’t pay it.
My statement closes on the 15th every month and my Credit Bureau reports the current balance on the 16-17th.
Yesterday morning the 15th my alert goes off again so I check my balance and the fee hit so I call in and pay it on the spot. I tell them I keep that card balance at no more than $70 by the time the statement closes because it’s only an $8k limit and the utilization I want to see no more than 1%.
They take payment tell me it’s $0 balance.
I check TU/EQ/xperian this morning and it not only shows the balance at 116(99 of that is the fee)it shows that it was reported on 7/14/23. So a day before they bill me the annual fee they report to my Bureaus my July payment has been made and my balance includes that annual fee.

I’m fuming right now. It’s a lot of work(habit mostly) to keep that utilization sorted where I want and not only is my current statement for MC still not available to download or look at, they reported to the credit 48hours earlier than usual and 24hours before they even billed me.

Again not a super big deal or a negative impact but for an average running of Credit age and overall utilization I keep my overall average utilization as low as possible and have exceeded my annual goals year in and out but this one simple thing they did feels like they stole from me.

It’s too early for this ****.
I Haven’t posted in here for years but I stay updated, checked in last night with a post and this morning I’m back with bad news, jinxed myself.

Y’all don’t deserve this ramble, I’ll see myself out.
Click to expand...

Why does it matter if your utilization is above 1%?
 
heelsandeers said:
Why does it matter if your utilization is above 1%?
Click to expand...
A general rule of thumb is that you keep your utilization below 30%. FICO high achievers have an average ratio between 1-7%. These are your 750-800+ scores. Not to say you can’t achieve a 800 with 8% or higher utilization but more and more financial experts are telling you that the goal should be under 10% utilization. I’d run 0 utilization for 6mos at a time which means all of your balances are paid to 0 before your statement hits eliminating 1. All interest charges and 2. Showing a responsible credit profile.
…..now, EXPERIAN would tell you that a low utilization is better than NO utilization and that the best utilization “may be 1%”

I’ve noticed a difference in how much a score goes up or down based on the different utilization and 1% seems to be the benchmark.

No credit card company likes to see you keep your utilization at 0 or even 1% but, what do I care.

As long as you’ll take credit from them they’ll gladly give it.
 
Just finished up my 3rd round of a discover card today
IMG_1449.png
 
Opened a Schwab account for the unlimited ATM fee reimbursement.

Took money out at a non bank ATM for the first time in my life tonight Let's see how it goes.
 
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