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

antidope · Apr 18, 2015

PacificNorseWst said:
The statement cycle ends with the date that it shows on your March statement. Anything after that is included for the next cycle and you'll have to pay interest on any new charges since the end of that last statement you received. So, yes. You'll pay interest. The only way you pay it in full going off the statement is if you haven't used your card since that statement cycle ended.

I just called them, they said if I dont pay the balance in full by the statement date they're charging interest.

I really hate this card, that was really the decision to get a legitimate credit card and get off this store credit card from the Gap. Applying for Chase Freedom today.

Got approved 5k limit. I'll never use that much but I'm glad to have it.

capital sb · Apr 19, 2015

Jay Patt said:
About to start coming in to a lot of good money..

Anyone know of any credible places I can open a high interest savings account?

Barclays online savings is the highest interest out 1.0%, i use them I like it very secure. They keep raising the interest rates too.

oidreez · Apr 19, 2015

Smartypig.com also has 1% interest

jewseejay · Apr 19, 2015

1.35 for 12 months on 20k and above with PNC provided you have a checking account with them or credit card

Highest ive seen with my bank

$tatus $ymbol · Apr 19, 2015

BeezyGotSole said:
Barclays online savings is the highest interest out 1.0%, i use them I like it very secure. They keep raising the interest rates too.

What kind of fees are they throwing at you? May be something I look into

capital sb · Apr 19, 2015

gamble said:
What kind of fees are they throwing at you? May be something I look into

No fees, there's nothing to look into its a high yield savings account. High yield savings accounts are the best thing out right now in terms of just holding money.

They also have a dream account that gives you 2.5 or 3% interest if you make a desposit every month and don't touch it for 6 months, I don't remember the specifics but its good for people with savings goals looking to save less than 1K a month.

www.banking.barclaysus.com

superantigen · Apr 19, 2015

Used wisely, credit can be a boon, and i'd like to think that this thread is a useful reminder of that; however, not too many people use credit wisely, and the ramifications of this can be dangerous. I just read the following article which highlights the dangers of credit and debt on a national and global scale. Definitely reinforced my commitment to live within my means...

http://nypost.com/2015/04/19/why-hasnt-the-economy-fully-recovered-debt-debt-debt/

...

slighted · Apr 19, 2015

SuperAntigen said:
Used wisely, credit can be a boon, and i'd like to think that this thread is a useful reminder of that; however, not too many people use credit wisely, and the ramifications of this can be dangerous. I just read the following article which highlights the dangers of credit and debt on a national and global scale. Definitely reinforced my commitment to live within my means...

http://nypost.com/2015/04/19/why-hasnt-the-economy-fully-recovered-debt-debt-debt/

Am I missing anything else beyond live within your means, pay off your CC bills early*, and save money whenever you can?

superantigen · Apr 19, 2015

^^That's all part of the message.

...

gregzzy23 · Apr 19, 2015

If someone could chime in, I'd appreciate it:

Not too long ago I posted about a debt I have with verizon. Long story short, there was a mixup that caused it, otherwise I would have paid it out immediately. My post was about how I should handle it because I had gotten an offer from a collection agency to pay half. Most suggested dont pay any collection agency, try to settle it with verizon because paying a collection agency would mean I acknowledge the debt, and thats no good for credit history. I ended up putting it on the back burner.

Fast forward to now, I received a letter from Verizon directly, offering to eliminate the debt if I paid, also about half. I think it had some language along the lines of that they would delete it from my credit history (dont have the letter in front of me at the moment) but I'm not positive exactly what it said. My question is how do I proceed? What can I ask of or say to Verizon to make sure the debt is totally wiped from my credit history, presumably after I make the payment?

Before I got this letter I was thinking of filing a credit report dispute which apparently (correct me if Im wrong) forces them to prove the debt or it gets deleted but if I can definitively knock it out just by paying I'd rather do that.

crcballer55 · Apr 19, 2015

gregzzy23 said:
If someone could chime in, I'd appreciate it:

Not too long ago I posted about a debt I have with verizon. Long story short, there was a mixup that caused it, otherwise I would have paid it out immediately. My post was about how I should handle it because I had gotten an offer from a collection agency to pay half. Most suggested dont pay any collection agency, try to settle it with verizon because paying a collection agency would mean I acknowledge the debt, and thats no good for credit history. I ended up putting it on the back burner.

Fast forward to now, I received a letter from Verizon directly, offering to eliminate the debt if I paid, also about half. I think it had some language along the lines of that they would delete it from my credit history (dont have the letter in front of me at the moment) but I'm not positive exactly what it said. My question is how do I proceed? What can I ask of or say to Verizon to make sure the debt is totally wiped from my credit history, presumably after I make the payment?

Before I got this letter I was thinking of filing a credit report dispute which apparently (correct me if Im wrong) forces them to prove the debt or it gets deleted but if I can definitively knock it out just by paying I'd rather do that.

Yes, if you file a report, they must provide proof that it's legitimate, otherwise it must be removed.

If it actually is legit, make them provide you with a letter for the settlement amount. Once you have the amount in writing, get a cashiers check, money order, etc. for that amount. DO NOT give them anything with your actual account info on it, otherwise they could potentially wipe you out.

When you send the payment, send it certified mail so they have to sign that they received the package, otherwise you could be SOL if they try to say they never received the check.

gregzzy23 · Apr 20, 2015

crcballer55 said:
Yes, if you file a report, they must provide proof that it's legitimate, otherwise it must be removed.

If it actually is legit, make them provide you with a letter for the settlement amount. Once you have the amount in writing, get a cashiers check, money order, etc. for that amount. DO NOT give them anything with your actual account info on it, otherwise they could potentially wipe you out.

When you send the payment, send it certified mail so they have to sign that they received the package, otherwise you could be SOL if they try to say they never received the check.

The letter I got has the settlement amount. So now I just get a money order and send it certified mail? How do I make sure they wipe this off my credit report?

Platinum State · Apr 20, 2015

BeezyGotSole said:
No fees, there's nothing to look into its a high yield savings account. High yield savings accounts are the best thing out right now in terms of just holding money.

They also have a dream account that gives you 2.5 or 3% interest if you make a desposit every month and don't touch it for 6 months, I don't remember the specifics but its good for people with savings goals looking to save less than 1K a month.

www.banking.barclaysus.com

Repped for info. This dream account sounds great.

crcballer55 · Apr 20, 2015

gregzzy23 said:
crcballer55 said:

Yes, if you file a report, they must provide proof that it's legitimate, otherwise it must be removed.

If it actually is legit, make them provide you with a letter for the settlement amount. Once you have the amount in writing, get a cashiers check, money order, etc. for that amount. DO NOT give them anything with your actual account info on it, otherwise they could potentially wipe you out.

When you send the payment, send it certified mail so they have to sign that they received the package, otherwise you could be SOL if they try to say they never received the check.

Click to expand...

The letter I got has the settlement amount. So now I just get a money order and send it certified mail? How do I make sure they wipe this off my credit report?

Once again, if it was legitimate, and you settled it won't be wiped off your report. Instead, it will show as settled rather than written off which is a better outcome. But you can always ask to have it taken off. It wouldn't hurt.

iknownuffin · Apr 21, 2015

I'm bout to turn 18 in a few months but I wanna start building credit. What are some good ways to build credit? Credit cards? Finacing a car? I'd like to have like a plan of sorts. I'd like to know what to do and how to do it any and all help appreciated

penny1folarin · Apr 21, 2015

IKnowNuffin said:
I'm bout to turn 18 in a few months but I wanna start building credit. What are some good ways to build credit? Credit cards? Finacing a car? I'd like to have like a plan of sorts. I'd like to know what to do and how to do it any and all help appreciated

250 secured card , pay it on time ,

flacobey · Apr 21, 2015

Whatsup NT.

I'm gonna be starting my first post grad job in a few weeks and was wondering how some of you guys go about saving money, investing, and paying bills in regards to your bank accounts and credit cards.

I'll probably finance a car in a few months and will move into my own spot by the end of the year. I currently have a checking and savings account with BOA, I also just got a credit card with them to establish some credit. I've been thinking about opening up a new checking account to deposit my checks from my new job and just using the BOA account for bill pay; this way I'll have money set aside for bills apart from discretionary spending money.

Do you guys have separate accounts for bill pay/saving/everyday spending?

biggie62 · Apr 21, 2015

FlacoBey said:
Whatsup NT.

I'm gonna be starting my first post grad job in a few weeks and was wondering how some of you guys go about saving money, investing, and paying bills in regards to your bank accounts and credit cards.

I'll probably finance a car in a few months and will move into my own spot by the end of the year. I currently have a checking and savings account with BOA, I also just got a credit card with them to establish some credit. I've been thinking about opening up a new checking account to deposit my checks from my new job and just using the BOA account for bill pay; this way I'll have money set aside for bills apart from discretionary spending money.

Do you guys have separate accounts for bill pay/saving/everyday spending?

I personally do. I use a chase for my checking and minor savings. My main savings are in a credit union that I never visit unless I make deposits. It's sitting there and growing for the time being until i buy a home. Which hopefully will be by the end of the year.

penny1folarin · Apr 21, 2015

FlacoBey said:
Whatsup NT.

I'm gonna be starting my first post grad job in a few weeks and was wondering how some of you guys go about saving money, investing, and paying bills in regards to your bank accounts and credit cards.

I'll probably finance a car in a few months and will move into my own spot by the end of the year. I currently have a checking and savings account with BOA, I also just got a credit card with them to establish some credit. I've been thinking about opening up a new checking account to deposit my checks from my new job and just using the BOA account for bill pay; this way I'll have money set aside for bills apart from discretionary spending money.

Do you guys have separate accounts for bill pay/saving/everyday spending?

i have credit union & boa , i only use boa because its everywhere so i dont gotta get hit with atm fees etc

crcballer55 · Apr 21, 2015

FlacoBey said:
Whatsup NT.

I'm gonna be starting my first post grad job in a few weeks and was wondering how some of you guys go about saving money, investing, and paying bills in regards to your bank accounts and credit cards.

I'll probably finance a car in a few months and will move into my own spot by the end of the year. I currently have a checking and savings account with BOA, I also just got a credit card with them to establish some credit. I've been thinking about opening up a new checking account to deposit my checks from my new job and just using the BOA account for bill pay; this way I'll have money set aside for bills apart from discretionary spending money.

Do you guys have separate accounts for bill pay/saving/everyday spending?

Separate account for bills, long term savings (>1 yr), short term savings (<1 yr), Emergency fund, & high interest savings. Plus retirement & investment.

First 10% is for giving/charity, then mortgage, utilities, etc., Then a small blow money allowance (otherwise it can get out of hand), then cash for groceries & entertainment.

capital sb · Apr 21, 2015

Penny1Folarin said:
250 secured card , pay it on time ,

If possible aim for a $500 secured card, but only do $500 if it is money that you will not miss.

My reasoning for the $500 card is that with the $250 card it only take a balance of $75 to utlil 30% and $125 to hit 50% util, this will bring your score down if you dont pay it before the statement cuts.

penny1folarin · Apr 21, 2015

BeezyGotSole said:
If possible aim for a $500 secured card, but only do $500 if it is money that you will not miss.

My reasoning for the $500 card is that with the $250 card it only take a balance of $75 to utlil 30% and $125 to hit 50% util, this will bring your score down if you dont pay it before the statement cuts.

but he is at the beginning he has to develop history first , util. not really a factor if u only have a month of credit history

capital sb · Apr 21, 2015

Penny1Folarin said:
but he is at the beginning he has to develop history first , util. not really a factor if u only have a month of credit history

Doesn't matter after that first statement cuts once the card starts being reported your utilization goes into play. He will be keeping this card for a very long time unless he plans on dropping his score by a good 20+ points by closing his oldest account.

I started out with a $500 secured card back in 2010 when I was 18 and I still have it, its my oldest account. I maxed it out a few times ($0 balance for a few years now) , so I know how the balance for your first card will be a huge factor in the future. Everybody gets their first few cards saying how they won't splurge and will pay it off in full every month, use it for only gas & food, etc ...that never happens when you are young

.

akademikgenius · Apr 22, 2015

BeezyGotSole said:
@703 Hwy
You don't have to put a high salary to get high limits. I was given a 15K NFCU card by putting a 50K salary and a 5.5K discover card with a 45K salary. Discover card was increased to 7.5K and its only been 6 months. I will be asking for a CLI from NFCU next month.

Its very doable to get high limits with decent/lower salaries if you know how to play the credit limit increase game.

Got that cashRewards you told me about with NFCU with a 13K limit and a Chase Sapphire with $9K limit. Feels good to finally get my Score back on track after having a score on the low end of 500's.

iknownuffin · Apr 22, 2015

BeezyGotSole said:
Doesn't matter after that first statement cuts once the card starts being reported your utilization goes into play. He will be keeping this card for a very long time unless he plans on dropping his score by a good 20+ points by closing his oldest account.

I started out with a $500 secured card back in 2010 when I was 18 and I still have it, its my oldest account. I maxed it out a few times ($0 balance for a few years now) , so I know how the balance for your first card will be a huge factor in the future. Everybody gets their first few cards saying how they won't splurge and will pay it off in full every month, use it for only gas & food, etc ...that never happens when you are young .

Nah man I got the money to get what I want but I wanna start to build my credit
I've managed to save some stacks over the last year. So when I would get te card what would be te best way? Do I max it out and pay it in full next month? Or do lil 40 here and there and pay it in full or pay it off lil by lil?

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

antidope

capital sb

oidreez

jewseejay

$tatus $ymbol

capital sb

superantigen

slighted

superantigen

gregzzy23

crcballer55

gregzzy23

Platinum State

crcballer55

iknownuffin

penny1folarin

flacobey

biggie62

penny1folarin

crcballer55

capital sb

penny1folarin

capital sb

akademikgenius

iknownuffin

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