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

Jordman23 said:
Thanks for that.


Yea I am closing my Preferred, and applying for the Reserve separately.
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You can always product change your sapphire preferred to another chase card like the freedom or freedom unlimited if you don't have it already. Then you can transfer those rewards to ultimate rewards through the sapphire reserve
 
Yup, product change to a Freedom or Freedom Unlimited so that you can keep your average age of account.
 
Just seen that my student loan servicer accepts credit card payments over the phone with no fees. Gonna call when I get home to confirm. About to hit that minimum spend in like 3 weeks of having the card.
 
Bowflex said:
Just seen that my student loan servicer accepts credit card payments over the phone with no fees. Gonna call when I get home to confirm. About to hit that minimum spend in like 3 weeks of having the card.
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3K/mo in loans sheesh.
 
Bowflex said:
Thankfully my monthly payment is nowhere near that or I better be pulling in 300k lol. Just got a raise at work, so i'm knocking out this little bit of remaining debt and traveling.
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So your using the card to pay the loans then immediately paying the card off in full?
 
PO2345 said:
Can someone break this down this for me? Just added it to my card.

PO
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Spend $150 or more towards your bill on att's website using your card. You should get a email from Amex minutes after you make your payment. The credit will post a few days later.
 
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BeezyGotSole said:
So your using the card to pay the loans then immediately paying the card off in full?
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Correct. Anything else would be foolish (unless the card has 0% APR). Paying debt with debt is a slippery slope for most people. I might as well get the minimum spend requirement, the points, and knock out a loan in the same purchase since I can pay it all at once.
 
If i have a card thats 0% apr first year then i shouldnt be charged interest right? Or am i mistaking that for something else?
 
Bowflex said:
Correct. Anything else would be foolish (unless the card has 0% APR). Paying debt with debt is a slippery slope for most people. I might as well get the minimum spend requirement, the points, and knock out a loan in the same purchase since I can pay it all at once.
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Yeah that's really smart to do it that way since your paying it off immediately. I was just seeing, because like you said that would be just swapping debt.
 
FreshPairs said:
If i have a card thats 0% apr first year then i shouldnt be charged interest right? Or am i mistaking that for something else?
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Correct. But once the year is over, more than likely you'll be charged the interest for the full year on whatever is left. So make sure you pay it off before the 0% intro period is over.
 
jon4rd said:
You can always product change your sapphire preferred to another chase card like the freedom or freedom unlimited if you don't have it already. Then you can transfer those rewards to ultimate rewards through the sapphire reserve
Click to expand...
Based Mod said:
Yup, product change to a Freedom or Freedom Unlimited so that you can keep your average age of account.
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1)

Do you know if I were to downgrade to the Freedom unlimited, would I be eligible for the $150 credit after spending $500? That's the card Promo.


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2)

I'm not worried about age of account because I just opened this Sapphire Preferred like 8 months ago, I already used the 55k Bonus, I'm just looking to cancel to avoid the fee and move on to the next signup bonus card. I'm still doing the slash and burn credit card, but I have to decide carefully because I know Chase uses the 5/24 rule.
 
Jordman23 said:
1)

Do you know if I were to downgrade to the Freedom unlimited, would I be eligible for the $150 credit after spending $500? That's the card Promo.


View media item 2164761

2)

I'm not worried about age of account because I just opened this Sapphire Preferred like 8 months ago, I already used the 55k Bonus, I'm just looking to cancel to avoid the fee and move on to the next signup bonus card. I'm still doing the slash and burn credit card, but I have to decide carefully because I know Chase uses the 5/24 rule.
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1. No. Only way you get signup bonuses is if you apply for them as a new card, not a product change

2. I was suggesting product change so that you keep the credit limit and don't reduce your average age of accounts. Be careful opening and closing cards rapidly with chase because even if you aren't over the 5/24, they are one of the hardest credit card companies to be approved for. They could possibly deny you for opening too much credit in a short period of time even if it's not 5/24. But if you don't care about inquiries then I guess it doesn't matter.
 
rocafella kidd said:
Could be the length of time the account has been open or the amount (possibly a combination).. Same thing happened to me, had something removed and it dropped my credit a bit because rather than having 6 years of history It now shows three years.
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That's what I was thinking

Oh well, time to build it back up now I guess
 
Do you all think its worth upgrading Chase Freedom card to a Chase Freedom Unlimited?

Thanks in advance!
 
IJumpmanI said:
Do you all think its worth upgrading Chase Freedom card to a Chase Freedom Unlimited?

Thanks in advance!
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Depends on how you spend/what other chase cards you have. If you have the chase sapphire preferred/reserve the 1.5% cash back on everything with the freedom unlimited can turn into 1.875/2.25 points through ultimate rewards respectively. (Somebody correct me on the point conversion if I'm wrong) but if you spend more with the 5% categories (will be 6.25/7.5 points respectively) then keep the freedom. If you're using them as standalone cash back cards I would get the citi double cash over the freedom unlimited. (2% cash back vs. 1.5%)
 
jon4rd said:
IJumpmanI said:
Do you all think its worth upgrading Chase Freedom card to a Chase Freedom Unlimited?

Thanks in advance!
Click to expand...

Depends on how you spend/what other chase cards you have. If you have the chase sapphire preferred/reserve the 1.5% cash back on everything with the freedom unlimited can turn into 1.875/2.25 points through ultimate rewards respectively. (Somebody correct me on the point conversion if I'm wrong) but if you spend more with the 5% categories (will be 6.25/7.5 points respectively) then keep the freedom. If you're using them as standalone cash back cards I would get the citi double cash over the freedom unlimited. (2% cash back vs. 1.5%)
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I'd get both tbh.

For anyone with CSP or CSR, I'd definitely pick the Freedom Unlimited over the Citi Double Cash. UR points are really valuable if the redemptions are maximized. Of course, if you just want cashback and don't care to travel, then the Double Cash would be more valuable.
 
jon4rd said:
Depends on how you spend/what other chase cards you have. If you have the chase sapphire preferred/reserve the 1.5% cash back on everything with the freedom unlimited can turn into 1.875/2.25 points through ultimate rewards respectively. (Somebody correct me on the point conversion if I'm wrong) but if you spend more with the 5% categories (will be 6.25/7.5 points respectively) then keep the freedom. If you're using them as standalone cash back cards I would get the citi double cash over the freedom unlimited. (2% cash back vs. 1.5%)
Click to expand...


Based Mod said:
I'd get both tbh.

For anyone with CSP or CSR, I'd definitely pick the Freedom Unlimited over the Citi Double Cash. UR points are really valuable if the redemptions are maximized. Of course, if you just want cashback and don't care to travel, then the Double Cash would be more valuable.
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I appreciate the information gentlemen
 
jdi23 said:
I just paid my car loan off how long until I see result on credit score?
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My credit dropped a little once I paid my car off. Took about a month to see it on my reports tho.

Since we don't have a personal finance thread, I'll post here. I'm looking to get involved with investing. Plan to start off with something small like Acorns (or a similar app) for now. Any suggestions on getting started? Also looking for referral codes if you guys have them. Might as well benefit each other.
 
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