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

Oh yea Beezy....Discover card finally came in the mail. Activated it, added it to ApplePay, and signed up for this month and next months CashBack deals already with it 
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Now to just actually try to start using it instead of my debit for my transactions and just paying that every month. Will be an adjustment at first, but I am going to try and stick with it. 
 
WrightOne86 said:
Oh yea Beezy....Discover card finally came in the mail. Activated it, added it to ApplePay, and signed up for this month and next months CashBack deals already with it :nthat:
Now to just actually try to start using it instead of my debit for my transactions and just paying that every month. Will be an adjustment at first, but I am going to try and stick with it. 
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when you apply for your discover?
 
gil23 said:
when you apply for your discover?
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Looking back int he posts, it looks like I applied either the 15th or 16th of the month. I got the email on the 19th that the card was on the way. It came in yesterday. I just wanted it before the end of the month to make sure I was good with that ApplePay bonus 10% thing. 
 
WrightOne86 said:
 
Oh yea Beezy....Discover card finally came in the mail. Activated it, added it to ApplePay, and signed up for this month and next months CashBack deals already with it 
nthat.gif


Now to just actually try to start using it instead of my debit for my transactions and just paying that every month. Will be an adjustment at first, but I am going to try and stick with it. 
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Nice , flourish my man 
nthat.gif
 The credit adds up quick when you have 10K+ Credit Lines lol it really gets out of hand.
 
gil23 said:
So if I use 95% of my limit but in pay it before the statement closes is that still bad ? Or only what shows in your statement
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It's usually the balance on your statement that gets reported to the credit agencies 99% of the time. However there are few credit card companies that due mid-cycle reporting sometimes just wanted to add that extra info about that.


gil23 said:
Repped

One last question. ..is it bad in your cc company eyes? Will it keep yoh from growing that cc? Thanks
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I personally think that's great for growing your card with the company and gaining auto limit increases, credit card companies like to see a lot of usage as they earn money with swipe fees etc. there's many situations out there where people have heavy usage on their cards running it close to their credit limit then paying it off and received an automatic limit increase right after.
 
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BeezyGotSole said:
No same applies to the company. If your statement is a maxed out balance they care, if your statement is below 30% utilization they don't care.
You can use your card however you like in between statements.
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I'm still tryna grasp why. I would've thought if anything they of all people would want it as close to max as possible.
 
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sunshineblotters said:
 
BeezyGotSole said:
No same applies to the company. If your statement is a maxed out balance they care, if your statement is below 30% utilization they don't care.
You can use your card however you like in between statements.
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I'm still tryna grasp why. I would've thought if anything they of all people would want it as close to max as possible.
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It's all about risk. A maxed out card represents more risk to the company than one with less utilization. If you're using all of your available credit it might mean there is a life situation causing you to use more debt and thus making it more likely you won't pay.
oidreez said:
Man I had a small $500 visa credit card I applied for when I was 18. I was inexperienced so I used it for like one thing and then paid it off after some months and closed it. I'm 28 now. If I still had that card open, my oldest credit line would be 10 years by now instead of 5 years
mean.gif
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Don't worry about it. I closed my oldest card (would have been 13 years), my next oldest card (12 years), and my third oldest card (7 years) and still have an 800 score. It's really not as big of a deal as people make it out to be.
 
BeezyGotSole said:
No same applies to the company. If your statement is a maxed out balance they care, if your statement is below 30% utilization they don't care.
You can use your card however you like in between statements.
Click to expand...

I'm still tryna grasp why. I would've thought if anything they of all people would want it as close to max as possible.
[/quote]

Im talking about having a balance on the statement day. If they see you keep paying it off sometime during the month and just happen to have a balance on the statement date, shouldnt the banks be happy?
 
19 years old with 734 as a credit score, just opened a Lowes credit card for my parents. Was kind of hesitant to go through with it since it's my credit that's effected of they can't afford to pay off whatever they purchase, they gave me a credit limit of 2800.
 
crcballer55 said:
It's all about risk. A maxed out card represents more risk to the company than one with less utilization. If you're using all of your available credit it might mean there is a life situation causing you to use more debt and thus making it more likely you won't pay.



Don't worry about it. I closed my oldest card (would have been 13 years), my next oldest card (12 years), and my third oldest card (7 years) and still have an 800 score. It's really not as big of a deal as people make it out to be.
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strong SN to post ratio :lol:
 
If I hadnt taken my aunts advice and got cards back when I college (when anyone with a pulse could get one :lol:) I would have a line of credit of 8 years

She treats everyone like they would be as dumb as her husband when it comes to money :smh:
 
just realized on my paperwork for the IT card they gave me my true equifax FICO score. im at 726. on credit karma they esimated my EQ score at 666 haha I know CK isn't super accurate cause it uses vantage 3.0 or whatever and not FICO 8. glad to know it's way higher than the mid 600s though. :smokin
 
KeVeNMaYnE said:
My credit karma score is 736 for both reports, but my fico from equifax is at 720. So it's not always lower
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Still wouldnt be bad (like I expected). I was just surprised. I looked at my credit report and I think I found out what caused that premature boost. My unconsolidated Student loans appeared as 9 separate accounts. At one time I wasnt paying them for 4 or 5 months since I was still looking for a job. Then I called to have the account deferred. Deferring it retroactively settled my previous past due accounts as paid on time. So it looks like I paid the min 20sum times.

Im gonna see if I can get to 700-720 by May.
 
sunshineblotters said:
Still wouldnt be bad (like I expected). I was just surprised. I looked at my credit report and I think I found out what caused that premature boost. My unconsolidated Student loans appeared as 9 separate accounts. At one time I wasnt paying them for 4 or 5 months since I was still looking for a job. Then I called to have the account deferred. Deferring it retroactively settled my previous past due accounts as paid on time. So it looks like I paid the min 20sum times.

Im gonna see if I can get to 700-720 by May.
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reported


jk
 
That low utilization ain't no joke. Again it ain't fico but all 3 credit score I have jumped 35-75 pts.

Capital One FAKO went from 591 to 666
Transunion vantage 3.0 went from 649 to 684
Equifax vantage 3.0 went from 680 to 741

Not to worried about my FICO anymore :lol:
 
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I'm curious.... Did they develop a new algorithm for their FAKO numbers after the nations finance collapse? Or are these true numbers and the people that had some minor mess ups on their credit history were good anyway?

And whats considered a low score to the more knowledgeable people when it comes to credit.  I play the simple logical route when the subject is about credit, but I have no true knowledge, I just know bits and pieces of what I need to know to not be ignorant(So to speak). So, is 650 a crappy score? I know the credit meter for sites its like fair or close to good, but IMO it seems like a average score that doesnt have any weight to it. It kind of symbolizes that your credit score isnt crappy, but it isnt really good, or rookie credit. 

Thanks NT, I really appreciate the dudes that take time to inform us about such an important concept. 
 
My parents are getting mad at me because I don't agree with the terms with this Lowes credit card that's under my name. They think there's financing options with a purchase of less than 299 when in fine print it states that finance options are available with a purchase of 299 or more. That's it, I even called in to customer service to verify the information. At an interest rate of 24.99 and for purchases of less than 299 you have to pay the full amount before the end of the 23 day closing cycle before it hits you. If my parents slip up just once, they could default on payments and there goes my credit score.
 
Probably shouldn't have gone through with it in the first place man. Those cards are only good for the qualified 0% purchases.
 
Rare said:
My parents are getting mad at me because I don't agree with the terms with this Lowes credit card that's under my name. They think there's financing options with a purchase of less than 299 when in fine print it states that finance options are available with a purchase of 299 or more. That's it, I even called in to customer service to verify the information. At an interest rate of 24.99 and for purchases of less than 299 you have to pay the full amount before the end of the 23 day closing cycle before it hits you. If my parents slip up just once, they could default on payments and there goes my credit score.
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Close that card ASAP.

Some of the best advice I've heard is if the professionals aren't willing to give credit to someone, you shouldn't either. Don't let a guilt trip get in the way of your parents screwing up your credit.
 
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