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

cs02132 said:
What are the benefits of CLIs? Other than having a higher limit
laugh.gif

I was catching up in here and I saw a lot of talk about It

I got denied by chase but got approved by discover with a $1500 limit
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CLI = more credit = higher credit score

Slight added bonus is less credit utilization due to your higher credit limit
 
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Question for Amex users

Let's say I make a decent sized purchase and since payment has to be made in full every months, let's say 2-3 months later I end up returning or get a refund on said item.

How will I be refunded on the payment? Would Amex deposit that payment directly into my bank account?

Obviously with a credit card it would be deducted from your credit balance and what not

But since everything is paid in full and there is no balance I'm confused
 
Zyzz said:
Question for Amex users

Let's say I make a decent sized purchase and since payment has to be made in full every months, let's say 2-3 months later I end up returning or get a refund on said item.

How will I be refunded on the payment? Would Amex deposit that payment directly into my bank account?

Obviously with a credit card it would be deducted from your credit balance and what not

But since everything is paid in full and there is no balance I'm confused
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If the refund is honored that late then yes the funds get credited back to your card. As for the points you earn you'd have to clear up that issue with Amex.
 
I know to my card but referring to the actual payment made, it would be returned to my bank account?

It's a hypothetical at the moment since I was never entirely sure. Never had it happen in the times I used my Amex but was curious
 
Zyzz said:
I know to my card but referring to the actual payment made, it would be returned to my bank account?

It's a hypothetical at the moment since I was never entirely sure. Never had it happen in the times I used my Amex but was curious
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No. You'd have a credit balance on the card initially. You'd have to ask them to refund the credit to your bank account/send you a check.
 
bluntobject50 said:
Zyzz said:
I know to my card but referring to the actual payment made, it would be returned to my bank account?

It's a hypothetical at the moment since I was never entirely sure. Never had it happen in the times I used my Amex but was curious
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No. You'd have a credit balance on the card initially. You'd have to ask them to refund the credit to your bank account/send you a check.
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Ok got it. Thanks for the info. Repped
 
With Discover Chase, and Amex. I got all my bases covered. Props to this thread for putting me on the IT card. 
 
Shoutout credit karma for the direct dispute feature. Some might remember I got a derogatory removed off my credit report. Finally got to see my updated FICO on discover and my score shot up 100 points :smokin Gotta get to the 800 club eventually, only had my first CC about a year so far though. Slowly but surely


View media item 2057436
 
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vtotheinay said:
Shoutout credit karma for the direct dispute feature. Some might remember I got a derogatory removed off my credit report. Finally got to see my updated FICO on discover and my score shot up 100 points
smokin.gif
Gotta get to the 800 club eventually, only had my first CC about a year so far though. Slowly but surely
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nah b. its hard to get to 800. my score been stuck as 792 forever.  My cousin who works at a credit union people with credit scores between 770 and 800 get the same interest rate.
 
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clarkchaz1988 said:
nah b. its hard to get to 800. my score been stuck as 792 forever.  My cousin who works at a credit union people with credit scores between 770 and 800 get the same interest rate.
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It definitely will fluctuate on that ~790-800 range. I've had it be 807 one month, nothing happens that month but make payments and go to 793 the next, and then the next month it is 803 or something :lol:

I think last week I was 797
 
Does credit age have alot to do with getting into the 800s? Im at 770 but only 4 years. Supposely its poor on Credit Karma
 
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vtotheinay said:
Shoutout credit karma for the direct dispute feature. Some might remember I got a derogatory removed off my credit report. Finally got to see my updated FICO on discover and my score shot up 100 points
smokin.gif
Gotta get to the 800 club eventually, only had my first CC about a year so far though. Slowly but surely
 
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I just tried out the dispute feature for TransUnion did you do a separate one at Equifax website? How long did it take from when you submitted your dispute? Thanks for putting me on, repped.
 
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Just got approved for a AMEX card and the score they pulled was way higher than my Credit Karma score. AMEX had 775 and CK has me at 740.

Either way Im supposed to wait 60 or 90 days for the 3X increase?
 
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If you have like capital one or amex, they give you a breakdown of your score and what factors are considered and what percent of the population has those factors. Average age of account is the highest factor and you would need at least 8 years to be in the A range as well as on time payments being the highest
 
Pdino said:
vtotheinay said:
Shoutout credit karma for the direct dispute feature. Some might remember I got a derogatory removed off my credit report. Finally got to see my updated FICO on discover and my score shot up 100 points :smokin Gotta get to the 800 club eventually, only had my first CC about a year so far though. Slowly but surely

 
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I just tried out the dispute feature for TransUnion did you do a separate one at Equifax website? How long did it take from when you submitted your dispute? Thanks for putting me on, repped.
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So the derogatory was only showing up in my report for Transunion but not Equifax, so my equifax FICO 8 score via my amex card was already at the 740ish range. The transunion was the issue. All I did was the direct dispute button on Credit Karma and that's it. Within 3 days I got an email saying the dispute was settled, please log in to view the result. When I logged in, it said they agreed to delete the derogatory and my score shot up on credit karma as well. Hope that helps
 
Slicknick951 said:
Just got approved for a AMEX card and the score they pulled was way higher than my Credit Karma score. AMEX had 775 and CK has me at 740.

Either way Im supposed to wait 60 or 90 days for the 3X increase?
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60 days for the 3x increase
 
Where'd you get your info?


Myth #5: Great credit is tied to how much money and assets a person has.

FACT: Credit reports don’t list bank account balances or assets, so those numbers don’t impact credit scores.

Information about income, investments or assets such as stocks or bonds will also not be in a credit report. Likewise, there is no information about savings accounts, certificates of deposit or other non-debt banking relationships.

A bank account does, however, may affect credit scores if a consumer bounces checks and does not pay the money back.

If the balance owed to the bank gets turned over to a collection agency, then that information will show up on a credit report.

Most importantly, having savings and investments can be a critical factor in protecting your good credit if you have a financial emergency and can’t make all of your payments from your monthly income.
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http://www.experian.com/blogs/news/2012/09/17/credit-score-myths/


Buying a home, or any other property, has no impact on your credit score by itself. Your credit score does not take into account how much property you own or how much money you have in your bank accounts. However, if you're like most people and need a mortgage to make the purchase, that will impact your score.
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http://budgeting.thenest.com/credit-score-drop-up-buy-house-24781.html
 
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