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

dam itz lou · Mar 8, 2015

FlyerThanDelta said:
I guess I'll read up on chase folks in my inner circle haven't even mentioned chase so I'm surprised im hearing it from a lot of ppl in here which is a good sign...my issue was since I have a card now already usaa told me to wait a month to raise my limit that I'm cool with but I want another card so if decide to get one now will it affect my score or should I just wait for another month and do everything at once?

Do everything at once. Whoever pulls your score second, might not even see the first inquiry. it's not a good thing if you're opening/asking for more credit all around the same time even though it all depends on your credit situation (score,DTI, recent inquiries, etc). One or two credit cards isn't a big deal but anything more than they might get suspicious. You'll lose a few points for the inquiry but then it will increase your total revolving credit and it will decrease your DTI so your score won't be affected much.

ZYZZ, $400 and $500+ if you use it for travel.

flyerthandelta · Mar 8, 2015

Dam itz Lou said:
FlyerThanDelta said:

I guess I'll read up on chase folks in my inner circle haven't even mentioned chase so I'm surprised im hearing it from a lot of ppl in here which is a good sign...my issue was since I have a card now already usaa told me to wait a month to raise my limit that I'm cool with but I want another card so if decide to get one now will it affect my score or should I just wait for another month and do everything at once?

Click to expand...

Do everything at once. Whoever pulls your score second, might not even see the first inquiry. it's not a good thing if you're opening/asking for more credit all around the same time even though it all depends on your credit situation (score,DTI, recent inquiries, etc). One or two credit cards isn't a big deal but anything more than they might get suspicious. You'll lose a few points for the inquiry but then it will increase your total revolving credit and it will decrease your DTI so your score won't be affected much.

ZYZZ, $400 and $500+ if you use it for travel.

Aight check your PM

cubanref · Mar 8, 2015

How do late payments affect credit score? I've had all my cards on auto pay and just realized that one of them didn't work some reason :smh:

just paid it but it was 2 days late....

dam itz lou · Mar 8, 2015

cubanref said:
How do late payments affect credit score? I've had all my cards on auto pay and just realized that one of them didn't work some reason just paid it but it was 2 days late....

It's HUGE. It sounds like it's your first time so just call them up and ask them to not report it.

oidreez · Mar 8, 2015

On time payments has the biggest affect on your score

diego · Mar 8, 2015

cubanref said:
How do late payments affect credit score? I've had all my cards on auto pay and just realized that one of them didn't work some reason just paid it but it was 2 days late....

Shouldn't affect your credit.
You'll prob get a late fee from the card company (which you may even be able to get waived if this is your first time).

Credit only gets affected when you're more than 30 days late.

All that said once late payments start to hit your credit history it hurts your score big time.

cubanref · Mar 8, 2015

Thanks guys....just called them and I guess there was a glitch in their system. Took the late fee away and they said it wouldn't be reported

alexody · Mar 9, 2015

MrYoungMoney said:
Congrats, had that feeling a few months ago when I applied for a Macy's Credit Card.
Got denied when I was first trying to start my credit, that feeling is like no other. My go-to store, Ralph Lauren mainly.

Read somewhere that store credit cards like those don't rly help your credit too much

willie mcfly22 · Mar 9, 2015

^True but something like Macy's where you get extra x % off when you use it is a plus in my book.

OneNightDan · Mar 9, 2015

alexODY said:
Read somewhere that store credit cards like those don't rly help your credit too much

Nah, I know that. I have other Credit Cards but Macy's was like one of the first cards I ever got denied for.

akademikgenius · Mar 10, 2015

oidreez said:
It's not a good idea to open too many cards in a short time frame. 1-2 in a year is ideal

How about 2 in the same year? in the same month?

kal-el-8 · Mar 10, 2015

akademikgenius said:
oidreez said:

It's not a good idea to open too many cards in a short time frame. 1-2 in a year is ideal

Click to expand...

How about 2 in the same year? in the same month?

I opened 2 within a 3 day period.

Amex gave me a 2k limit

Chase gave me 3500

*Shrugs*

akademikgenius · Mar 10, 2015

Kal-El-8 said:
I opened 2 within a 3 day period.

Amex gave me a 2k limit
Chase gave me 3500

*Shrugs*

Okay, I only ask because I plan on opening one with Chase & Navy Fed (I already have a car loan out with them so I dont think there would be an issue as far as getting approved.) and I have other credit cards but I'm an authorized user on my moms accounts and I never use them.

capital sb · Mar 10, 2015

Make sure you go with the Visa Signature Rewards Card with Navy Fed

akademikgenius · Mar 10, 2015

BeezyGotSole said:
Make sure you go with the Visa Signature Rewards Card with Navy Fed

The green one right?

capital sb · Mar 10, 2015

akademikgenius said:
The green one right?

Yup the green one. Guaranteed 10k+ limit.

jonnyblazenyc · Mar 11, 2015

Hey guys,

Great thread, have already learned a ton!

2 months ago, I opened a Capital One Quicksilver rewards card. They gave me a credit limit of 2,000, which I used nearly all of it both months. Last month I made a payment of $500.00 and yesterday I made a payment of $1,700.

Last month my score jumped to a 608 because my payment was on time, and I'm hoping for a big jump this month as well. My question is, based on the amounts of the previous payments, do you think I have an ability to ask for a credit increase?

Thanks!

crcballer55 · Mar 11, 2015

JonnyBlazeNyc said:
Hey guys,

Great thread, have already learned a ton!

2 months ago, I opened a Capital One Quicksilver rewards card. They gave me a credit limit of 2,000, which I used nearly all of it both months. Last month I made a payment of $500.00 and yesterday I made a payment of $1,700.

Last month my score jumped to a 608 because my payment was on time, and I'm hoping for a big jump this month as well. My question is, based on the amounts of the previous payments, do you think I have an ability to ask for a credit increase?

Thanks!

No, focus on being responsible with what you have now.

capital sb · Mar 11, 2015

You only made 2 payments. Doesn't matter how much money it was for.

Edit: also have only had the card for 2 months. Wait until about 6 months then ask for an increase.

jewseejay · Mar 11, 2015

^ what he said. Dunno how u were accepted at all actually. Unless u meant 708 not six. 600 credit score and 3k limit dont really jive unless your income is high and ur score was higher before?

antidope · Mar 13, 2015

So I was going to finally respond to one of these Discover IT mailings that I get and get another card and get off this starter card. But I just consolidated my school loans and that was a hard credit inquiry so I really dont want another one.

https://www.creditkarma.com/article/hard_inquiries_and_soft_inquiries

According to this, pre-appoved credit card apps are usually a soft inquiry so I have two questions.

Is that true?

If that is true, are all these mailings that I get from Discover/Chase/Amex considered pre approved apps?

PLEASE RESPOND

rcdot · Mar 13, 2015

Antidope said:
So I was going to finally respond to one of these Discover IT mailings that I get and get another card and get off this starter card. But I just consolidated my school loans and that was a hard credit inquiry so I really dont want another one.

https://www.creditkarma.com/article/hard_inquiries_and_soft_inquiries

According to this, pre-appoved credit card apps are usually a soft inquiry so I have two questions.

Is that true?

If that is true, are all these mailings that I get from Discover/Chase/Amex considered pre approved apps?

PLEASE RESPOND

from what I understand pre-approval apps are just mail you receive thats tells you that you're preapproved based on your credit between a certain scale, they never actually make a soft/hard inquiry on your credit. basically pre-approvals are just bs that baits you into signing up.

crcballer55 · Mar 13, 2015

Antidope said:
According to this, pre-appoved credit card apps are usually a soft inquiry so I have two questions.

Is that true?

If that is true, are all these mailings that I get from Discover/Chase/Amex considered pre approved apps?

Yes, Credit Karma usually has good information.

It's a pre-approval if it says it's a pre-approval. Otherwise, it's just a solicitation for credit and evidence they think you're breathing.

antidope · Mar 13, 2015

Thanks guys. Guess I wont be getting a new card anytime soon, I'd rather not have two hard pulls in a two month span.

pacificnorsewst · Mar 13, 2015

Two really ain't all that bad. Espcially if you aren't buying a home or car or something in the very near future. Even then...Two inquiries is ok.

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

dam itz lou

flyerthandelta

cubanref

dam itz lou

oidreez

diego

cubanref

alexody

willie mcfly22

OneNightDan

formerly mryoungmoney

akademikgenius

kal-el-8

akademikgenius

capital sb

akademikgenius

capital sb

jonnyblazenyc

crcballer55

capital sb

jewseejay

antidope

rcdot

formerly rennzyboo

crcballer55

antidope

pacificnorsewst

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