Official Financial Thread

So say you apply for an Amex or any CC but get denied. Does that hurt your credit score since u got denied of a cc?
 
Quick rundown

Mid 20s
Has a Target Visa
Not in any debt and has never been
Pays off any balance within a week of charging anything to my Target Visa

I am looking for something with a great rewards system, but I feel I won't reap the benefits since I am on top of paying off any balances so quickly.

Some have told me that having a Store credit card doesn't help me out much but that never made sense to me since it was still a credit card in my eyes.

Do I need to get a "real" credit card or should my Target Visa be enough?

I just want a Godly credit score to be honest and get something in return from one of these issuers.

WHat shall I do?

Originally Posted by Dirtylicious

Originally Posted by HalfKobe08

II Jovo II wrote:
First question : Does canceling your credit card hurt your credit score?
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No, cancelling a credit card helps your credit score. Everytime you attempt to apply for a loan or a credit card hurts your credit score.The credit company takes off a certain amount of points to apply for these credit products, once you are approved you have a chance to rebuild the points that were lost when you applied for the products. However, if you are not approved, then basically you spent your credit points on nothing.
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not it does not.
http://credit.about.com/o...ng/qt/closecardscore.htm



What if I closed it with a zero balance. How would that affect me?


Originally Posted by F A Y B A N


After reading the article and the readers comments, I came away with a logic that completely turned the way I'd been doing it. Most of them never use debit cards, never use cash, and use credit cards for EVERYTHING (paying off the whole balance at end of each month).

They reasons they noted for primary c use include the customer protections from fraud, the mulitude of benefits programs, and a basic stab in the eye of businesses for their high prices and sticking them with fees.
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This is kinda what I do but not for EVERYTHING. I just need to find a card with some vicious rewards. Preferably a VISA since it is takeneverywhere.
 
This is what I was told by my mortgage lender

Only have a max of two credit cards.
Keep a balance on each card at around 30% of the total amount of credit available.
Use each card every month to show activity.
Pay more than the minimum amount due on each bill each month.


Last but not least stay consistent for an extended period of time and you will build credit easily.
 
Originally Posted by juggy4805

This is what I was told by my mortgage lender

Only have a max of two credit cards.
Keep a balance on each card at around 30% of the total amount of credit available.
Use each card every month to show activity.
Pay more than the minimum amount due on each bill each month.


Last but not least stay consistent for an extended period of time and you will build credit easily.
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I am not understanding why this is the smart thing to do. So having a 0 balance isn't a good thing?

So each month, I shouldn't pay off my entire balance?
 
Originally Posted by DCAllAmerican

Originally Posted by juggy4805

This is what I was told by my mortgage lender

Only have a max of two credit cards.
Keep a balance on each card at around 30% of the total amount of credit available.
Use each card every month to show activity.
Pay more than the minimum amount due on each bill each month.


Last but not least stay consistent for an extended period of time and you will build credit easily.
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I am not understanding why this is the smart thing to do. So having a 0 balance isn't a good thing?

So each month, I shouldn't pay off my entire balance?
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I don't know the rationale but thats what she told me. I did it and it brought my score up 60 points over the course of 9 months.

I think I wrote it wrong. A zero balance is fine but don't go over the 30%.
 
you only want to do that if you want to build your credit score up rapidly (as in your case when you were applying for a mortgage)
there's no need to do that if you don't need to build up your score.
 
Funny question.

Should I check my credit report at work? I have checked it only once and that was maybe 3 years ago. I was great but I still want to know where I stand. Lastyear I finished paying off my Student Loans so that has changed my report quite a bit.

I want to do it here because I don't have a printer at home. Work is the only time I am near a printer

Also, I want to check it through all 3 bureaus. Is freetriplecreditreport.com legit? nvm, I found my answer:

http://credit.about.com/od/creditreportscoring/tp/free-online-credit-report-offers.htm
 
[h3]AnnualCreditReport[/h3]Site set up by the big three credit reporting agencies in the United States, to furnish free annual credit reports, as required by federal law


anything else is a paid service.
If you feel secure with your work computers.. then why not?
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I've had credit cards, vehicle loans, and bank loans over the years and all I can say is stay on top of your bills. CONTROL your spending!! You can getdeep pretty quick.
 
1. The credit card companies will raise your limit without asking, if you know you're a wild spender you might wanna put a cap on it to prevent any futureproblems. My girl learned the hard way and is knocking off that debt little by little.

2. Pay close attention to your statements because some companies try to sneak that "fraud protection" in on you and it winds up being a monthly feeunless you call them and let them know you don't want it.

3. Take advantage of your credit card rewards programs, if you gonna use the card that often you might as well get something out of it like (gift cards, cashback)

4. Don't let clothing stores trick you into getting a credit card with them by offering a minimal discount off of your first purchase. Not worth it IMO,the only store credit card I have is with Best Buy and that's cuz I buy electronics a lot and plus I have no interest for 18 months.
 
i been denied so many times
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So how fast can a credit score be pulled up..lets say i wanna get a mortgage in like a year...Idk how long its gonna be... but i was thinking about paying offmy smallest card with my tuition reimbursement check, and use that card to pay my phone bill every month, and then just paying off the majority of the balanceeach month... I read that we should pay off my smallest debts first, is this true?
 
Originally Posted by Yeezy St Laurent

With American Express (Green/Gold/Platinum/Black) cards, you can't max them out or pay any interest since you always have to pay in full aka not for people that only pay the minimum balance. I'm pre-qualified for a Gold card (not that difficult), but I can't justify paying that yearly fee. Although I want one just to say I have it.
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I also think most cash back/reward cards are rip-offs due to the difficulty in accruing points, etc (which is a good thing for the banks). I have a cash back card and they send me a check for $50 when I reach that equivalent in "bank dollars." If I shop with certain vendors, I get points faster. Guess what? I still haven't got a check yet and I've already bought thousands of dollars worth of stuff on that one credit card.
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If I knew I had to spend so much money to get back a measly $50, I would've never signed up for it. So if you get a card that offers 3x points for gas purchases, you better use that because after the promo period is over, it'll be a P.I.T.A. to build up the same points in the same amount of time.

Originally Posted by F A Y B A N


Excellent article in today's New York Times

How Visa, Using Card Fees, Dominates a Market

My best attempt at Cliff Notes

* A basic breakdown of the fees involved with using debit and credit cards. It mainly talks about the burden credit and debit cards put on merchants.

* The article talks about fees indirectly passed on to the consumer because merchants have to rise prices to compensate for the losses from debit and credit card purchases.

* Talks about the possibility of offering cash and credit prices like at gas stations but no legitimate way of implementing it (plus Visa penalizes for attempting it)

There's alot in that article, really interesting read.
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Edit: Just read that today, Visa got the debit card game on smash.
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Dude, get the gold card. The fee is minimal, and it's free the first year. Plus the fee is essentially negated since you don't have to pay interest.You get a lot of benefits, they have good security, great purchase protection policy (you can return anything to them for just about any reason and theyreinburse you), and if i'm not mistaken you get roadside protection and everything. Plus it was a good card for me to start off with because I won'tend up buying things I can't afford like some first timers do and I can't get in trouble because I know I have to pay it off every month, and can'tbuild up a balance. My visa card is just chillin' collecting dust in my wallet ha.
 
soooo......if i only pay the minimum balance one month cuz lets say im running low on funds, does that hurt my credit score?
 
I know ya all don't like to read so I'll just post a graph


What makes up your credit score?
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Originally Posted by Calypso Chanta

soooo......if i only pay the minimum balance one month cuz lets say im running low on funds, does that hurt my credit score?
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Nope...as long as you pay the minimum balance you're straight
 
Originally Posted by Dirtylicious

[h3]AnnualCreditReport[/h3]Site set up by the big three credit reporting agencies in the United States, to furnish free annual credit reports, as required by federal law
Click to expand...
Click to expand...
anything else is a paid service.
If you feel secure with your work computers.. then why not?







dirty, is this site/service 100% legitimate? thanks in advance
 
Annual Credit Report is legit. You only get to view your report free once per year, but i think you have to pay if you want to know your numerical score. Imostly used it to see if all my accounts are in order and that there is no i.d theft.
 
i never carry/use cash so everything gets swiped.
at the end of the month i pay it off completely. i have a ridiculous amount of reward points i need to cash in on
 
Originally Posted by 360wavesandxbox

I read that we should pay off my smallest debts first, is this true?
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Best way for you personally (to save as much money) is usually to pay off the card with the highest interest rate.

For others like me, it seems the easiest to pay off the smallest bill 1st. It gives you a little bit of a confidence boost knowing 1 bill is out of the way atleast.

I honestly can't wait until I can get out of this hole. Doesn't seem like it's going to happen anytime soon unless I get a high paying job for myspring semester that I can work full time into/during the summer time.
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Does anyone know how much your credit score will drop from paying a credit card late. I always go online to pay my bills. So, I paid my cc bill on the same dayit was due, but it wouldn't be processed till the next business day. Now, they charged me a late fee and my credit score is possibly going to drop.
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The last time I checked my credit score it was 720+, I hope it's not below 700 now...
 
Can someone tell me if what Im doing is helping or hurting my credit?

Past 2 billing cycles, Ive spent up to about a half of my limit, and then when the bill comes, I pay off all of it. Does this boost up my credit at all?
 
Anybody invest in any companies as of late? What are some up and coming companies that I should put my $ down on?
 
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