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

Probably going to get a new car soon. If I get a credit card this week will it effect my auto loan?

I'm looking for a decent credit card for a student with OK credit.

I was going to apply for the chase sapphire, but I honestly don't travel much. Mostly once or twice. So I might just go with the amex everyday preferred but I also was interested in the freedom card also that BoA card. Only thing is I dislike BoA

How does credit repair actually work

I got the amex premier gold rewards card took the offer of first year fee waived and 50K points after spending 1K within the first 3 months.

I kind of wish I would have got the everyday card, but it is hard to get a good limit with amex cc's if you have a thin credit file. I might cancel the gold card when its time to renew.

I also got a navy federal cash rewards card with a nice 15K limit. Looking at the discover IT for the rotating 5% cash back and free fico score.

That deal on the amex gold wasn't too bad. The only set back on that card is the annual fee and foreign transaction fee which is only waived on the platinum if you travel a lot.

Chase Freedom is dope

heLiumcLinton said:

Chase Freedom is dope

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I heard this card is really good too, do you have it?

Anybody have the discover it card? Is discover accepted everywhere?

BeezyGotSole said:

I heard this card is really good too, do you have it?

Anybody have the discover it card? Is discover accepted everywhere?

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All the places I usually shop at accept my discover. The discover it is clutch, 5% back in different categories every quarter, no annual fee and you can also get no APR for 15 months

Small merchants will not carry discover though. Also discover has the shop discover which allows you to get 5,10 or sometimes 15% back on some sites.

Murkn3m said:

Small merchants will not carry discover though. Also discover has the shop discover which allows you to get 5,10 or sometimes 15% back on some sites.

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Yeah thats how it is with amex the hood spots like liq stores and carry outs dont accept it lol. I really do think imma go for the discover IT card next. The amex rewards offers are nice I'll probably end up keeping it and adding the discover it card.

If people want to learn about improving their credit go to myfico.com forums all the info you can imagine. Those people obsess over their credit store. Alot have 750-800+ scores and others have rebuilt their scores from 500-600s to the 700s in under 2 years.

The gold premier one? That's 175!

Murkn3m said:

The gold premier one? That's 175!

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Yup its not that much money other dude has the platinium card thats like $400 i think .

BeezyGotSole said:

I got the amex premier gold rewards card took the offer of first year fee waived and 50K points after spending 1K within the first 3 months.

I kind of wish I would have got the everyday card, but it is hard to get a good limit with amex cc's if you have a thin credit file. I might cancel the gold card when its time to renew.

I also got a navy federal cash rewards card with a nice 15K limit. Looking at the discover IT for the rotating 5% cash back and free fico score.

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50k points is an awesome bonus. Basically giving you $500 free in gift cards or a lot more if used for travel. I use my points for nike gift cards, then buy shoes and flip em. Easily makes up the annual fee.

I have 3 rewards cards.

Amex Blue IMO sucks for rewards the sign up bonus is nice tho.

Discover IT I don't use it much but the times I have it has been good for rewards points.

Chase Freedom, honestly my favorite card I use it a lot pay in full monthly and the points just stack up.

BeezyGotSole said:

I got the amex premier gold rewards card took the offer of first year fee waived and 50K points after spending 1K within the first 3 months.

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That's a pretty nice deal!

Back in the day i got in on the "spend $750 and 75,000 points"

dakid23 said:

That's a pretty nice deal!

Back in the day i got in on the "spend $750 and 75,000 points"

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Man thats a crazy deal! Im not sure if I'm going to keep the premier gold rewards cards. Thinking about getting the Blue Card preffered. I don't know just trying to have a good wallet that works for me with low annual fees.

My annual fees are :x


But the perks > My fees

GOOD NEWS!

FICO SCORE IS CHANGING, COULD BE BAD AS WELL BECAUSE NOW CREDITORS WILL WANT A HIGHER SCORE THEN BEFORE FOR CREDIT..

http://www.bostonglobe.com/business...edit-scores/JEGhoD3NfkCNFjTCHEZLfL/story.html

Should boost your score by 75 points

But basically paid collections no longer count agaisnt you

What are the changes? Fair Isaac Corp., the company behind FICO, says there are three significant changes to its metric, which it says is used in 90 percent of US consumer lending decisions.

■ Debts that go to collections agencies and get repaid won’t count against a consumer’s FICO score.

■ Medical debts will have a smaller effect on the score. If your only major bad mark comes from unpaid medical debts, FICO says it expects your credit score to go up by 25 points.

■ A technique to analyze people’s creditworthiness if they don’t have much of a credit history.

http://www.bostonglobe.com/business...edit-scores/JEGhoD3NfkCNFjTCHEZLfL/story.html

When do these changes go into effect? Fair Isaac hopes lenders will use the newest version of FICO, which will be available in the fall.

basically when those collections keep getting  and say 0 balance they will no longer count or even if you repaid it yourself

Not bad^

Would you consider applying to two cards at once? Its been a year sense I applied and got accepted for my cc, wanna know If I should pull the trigger on the freedom card and amex

Murkn3m said:

Would you consider applying to two cards at once? Its been a year sense I applied and got accepted for my cc, wanna know If I should pull the trigger on the freedom card and amex

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Two should be your max. Anything over that raises red flags like "why did this guy need so much credit at once?"

Anybody have experience getting derogatory entries off their credit? My score isn't what it should be because I only have 2 things in there and both negative. I paid a balance a day late 1nce and on my mortgage paid that late 1 time and long story but that was an error on their side that caused and they said they still had to report it. Like who could I call to try to get those removed?

[h1]New Formula Could Revamp Credit Scores Nationwide[/h1]
The company responsible for one of the most widely used measures of credit health is making changes to its current model that could boost credit scores nationwide.

In an announcement on Thursday, analytics and decision management firm FICO  said its new credit model, FICO Score 9, "introduces a more nuanced way to assess consumer collection information," resulting in greater precision for lenders measuring a borrower's credit stability. The model will be available to lenders through the country's various reporting agencies starting in the fall.

"FICO Score 9 uses a more refined treatment of consumers with a limited credit history and those with accounts at collection agencies, so that lenders can grow their credit and loan portfolios more confidently," said Jim Wehmann, EVP for Scores at FICO.

The key difference in the new model is that strikes from medical collections will have a lower impact, reflecting the relatively low level of credit risk they represent. From just that change, the company expects the median FICO score will increase by 25 points among consumers whose only credit dents come from unpaid medical debts.

FICO isn't alone in its push to reassess how medical debts are reflected on a borrower's credit profile. In May, the Consumer Financial Protection Bureau (CFPB) released the results of a study  finding that credit scores may underestimate creditworthiness by as much as 10 points for consumers owing on medical costs and by up to 22 points for consumers who have repaid their debt.

Often, consumers aren't even aware their debt has been sent to collections, CFPB said.

Another change in the FICO Score 9 model is that it will also discount any overdue payments that have already been made, leaving only unpaid collections as a mark.

While the changes may have a significant impact on approval rates for credit cards and auto loans, the effects will be more subtle for borrowers and lenders in the mortgage space, says Greg McBride, chief financial analyst for personal finance website Bankrate.com.

"These changes are going to be a positive for consumers, but it's not something that moves the goalposts," McBride said in a phone call. "These changes aren't going to take a consumer with bad credit and suddenly make them appear as if they have good credit."

Rather, for consumers whose credit scores sit on the threshold between poor, adequate, or good, the expected boost could make a difference in terms of required down payments or interest rates.

The Score 9 model also promises to help lenders make decisions on consumers with little to no credit history—though McBride doesn't expect to see an immediate impact in mortgage approvals for credit-lacking millennials.

However, if those young consumers have an easier time securing lines on smaller loans, however, that could balloon out into the mortgage space in the future.

"You [have to] knock over the dominoes," McBride said.

I used to have the AMEX gold premier. It was my first CC and the sign up bonus was nice. Ended up cancelling it, and now I have the Chase Sapphire Preffered. 

Still and annual fee, but this one is $95 as opposed to $175. I can't tell you guys how nice it is not having to worry whether or not a place accepts AMEX. I don't think I'll ever go back to them. 

I spend a lot on dining and entertainment so it works well for me. Got a free round trip flight  BOS->SFO with the signup bonus. There was a Citi card with no fee I wanted initially, but with little credit history I got denied . I'm on my moms Chase CC so I think that helped me out.