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

Gregzzy23, You can call Verizon and they will tell you who owns the account.

You can try paying half and asking them to mark it as paid in full. Give them a sob story about how broke you are.

You can also try asking if you did pay it in full, if its possible to have it deleted. Just say you will have to ask your parents to borrow the other $200.

Make sure you get proof of whatever you agree on before paying. Good luck.
 
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Dam itz Lou said:
Gregzzy23, You can call Verizon and they will tell you who owns the account.

You can try paying half and asking them to mark it as paid in full. Give them a sob story about how broke you are.

You can also try asking if you did pay it in full, if its possible to have it deleted. Just say you will have to ask your parents to borrow the other $200.

Make sure you get proof of whatever you agree on before paying. Good luck.
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Well a collection agency is currently offering for me to pay less than half to settle it which I can do. I'm just trying to find out if theres perhaps an even better option.
 
It''s not going to look good on your credit report if lets say you pay 25% and they put "settled for $100" on your credit report. If you could pay $100 and they will say it was paid in full then thats a different story.

If you can't pay off a $400 debt then creditors will look at that and say "he can't pay off $400, why on earth would we issue him a credit card?"

You want it to say it was paid in full or in rare occasions get it deleted. If you get it deleted then that would help your credit the most and getting it to say paid in full would be your second best option.
 
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gregzzy23 said:
Well a collection agency is currently offering for me to pay less than half to settle it which I can do. I'm just trying to find out if theres perhaps an even better option.
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You got 3 options. Offer to pay in full in return for them to dlete it from your credit because it is on your credit.

Or if they say no and won't bulge just offer the less then half. They will do that easily.

Collections do no hurt credit anymore once their paid.


Or you can do what is called a debt validation. Send them a letter stating you disputing the debt. They got to prove they own the debt and legally able to collect etc. Most of the time they will go away after that and delete it from your report because most are illegal or don't even have the information
 
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BeezyGotSole said:
Yes @HankScorpio the rule of thumb is to use a max of 10% of total utilization and a max of 30% utilization per card.

I wish I would have never opened up the Gold Premier Rewards card with AMEX. I should have went the CC route with AMeX. Im young so I think I will have to keep this card for atleast 5 years.
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You should keep it active at least. Getting the Amex CC is def the way to go. Apply for the Blue card and wait 61 days until you ask for a 3x credit limit increase. AMEX will grant it 99.9% of the time, just as long as you're in good standing with the card.


kurage25 said:
@HankScorpio
 The chase freedom is actually the one i got denied for. When i called the reconsideration line the guy told me my only asset is my car which is seizable and he needed to see non seizable assets, but my score itself was fine. 
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Hmm, sounds weird to me. What exactly is your credit score? From what I've been hearing and reading recently is that they're trying to raise some requirements for the Freedom. If I were you, I'd probably try to go for the QuicksilverOne. It'll be a soft inquiry, so it won't hurt your score so much.

qique51689 said:
@hankscorpio what's the best credit card to get for someone who has excellent credit (high 700s) to be exact, I pay back everything in full every month. Just looking to get a new credit card with a lower apr,
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I think DLee already answered this question, but I'll give it a go-around.

it really depends what kind of features or benefits you're looking for. Right now, the best cards out there would be...

-Chase Sapphire Preferred
-Barclaycard Arrival Plus
-Citi Prestige
-American Express Platinum

I do agree you should pair those cards with an excellent cash back card. Which would be..

-Chase Freedom
-Discover IT
-Citi Double Cash
-Capital One Quicksilver

Personally, I have the Freedom, Sapphire Preferred, Barclays Arrival Plus, and Amex Platinum. I travel a lot and I use cash back for a ton of my purchases. With the amount of points I add on, I can transfer them to any rewards programs i'm in.

Credit score is around 815ish right now



Jordman23 said:
I'm in the same boat as you. I have a 750 Score, I signed up for the United Mileage Plus from Chase. They give you 50,000 bonus miles for United Airlines. Then another 5,000 if you add an authorized user and they make a purchase. The catch is you have to spend $2,000 in the first 3 months.

Which is easy if you have the cash, and just use credit cards to get bonuses. ( Like I do)

- So you can redeem the points on United ( or a star alliance member airline)
- You can get 2 Free Roundtrip Domestic Airline Tickets
- Or get a FREE Roundtrip to Europe


I'm going to vacation in the summer to Egypt, so I'll probably end up paying less than $150 for extra miles if I don't make the count by the time I book my flight.
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Look into the Sapphire Preferred or the Barclays Arrival Plus. The features better suit your needs.


BigStan said:
dk if its a coincidence, but I was accepted pretty easily for a chase card and I think it's because my parents each have cards with chase with high limits and pay their bills on time. Also, I was added on to my moms about a year before I applied so that probably didn't hurt.
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I'm not so sure what they use to consider applications, but I doubt you're parents having Chase account s or you being on the account has anything to do with your credit. I could be wrong though and maybe it is taken into consideration, but I can't see why or how.

SuperAntigen said:
Instead applying for a new card, which will ding your credit score, you should rather call your (present) credit card company and negotiate for a lower rate.





...
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This is good advice.


gregzzy23 said:
I was going to make a thread on this but I'll see if I can get the answer in here before I do-

Long story short, I owe Verizon $400+ dollars and they sent me to collections. It was for a early termination fee I thought was covered by a previous payment but I totally forgot I had that paynent refunded to me.

Anyway, I've been getting the letters from the different collection agencies that took this debt on. A couple months ago I got one offering me to pay the debt out for like $200ish which sounded great but I didnt have the money.

Since then, I've gotten letters asking for the full $450, until yesterday, when I got another offer to settle at like $200.

Heres my question- what is the very best wat to go about handling this debt? Should I pay this collection agency? Should I hire a lawyer? How do I handle this situation so my credit is effected most positively. I know at the moment its not good being in collections but whats the best way to start correcting this? Paying the debt or what? Maybe calling Verizon? (Probably not because its in collections)

I've basically been waiting to settle this before I open a card and finally star building my credit. Gona have to sign up for some bs card because this debt probably put a dent in my already non existant rep.

Any input is appreciated.
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Whatever you do, do NOT default on the debt. If you settle for $200, it will come up as a default on the debt in your credit report. I don't think calling Verizon will do anything at this point, considering a debt collections agency has taken over the debt now.

If I were you, I'd speak with someone from the collections agency and ask what the best option for you would be so you're credit can be positively affected. I would imagine you try to pay off the entire debt in full. Settling or defaulting in a debt is BAD NEWS. That ish will stay on your record for 5-7 years man (depending on which state you live in).
 
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rock steady22 said:
Soooo, I jus applied for a Macy's card. I'm rebuilding my credit at the moment. I filed for bankruptsy 2 years ago. I previously had a Macy's card that went into collections but I paid it. So they sent me the rejection letter stating "previously delinquent with this firm". So can I never get a Macy's card or do I have to jus wait til that negative mark drops off my credit? But then I thought doesn't bankruptsy wipes that off of my credit??
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gregzzy23 said:
I was going to make a thread on this but I'll see if I can get the answer in here before I do-

Long story short, I owe Verizon $400+ dollars and they sent me to collections. It was for a early termination fee I thought was covered by a previous payment but I totally forgot I had that paynent refunded to me.

Anyway, I've been getting the letters from the different collection agencies that took this debt on. A couple months ago I got one offering me to pay the debt out for like $200ish which sounded great but I didnt have the money.

Since then, I've gotten letters asking for the full $450, until yesterday, when I got another offer to settle at like $200.

Heres my question- what is the very best wat to go about handling this debt? Should I pay this collection agency? Should I hire a lawyer? How do I handle this situation so my credit is effected most positively. I know at the moment its not good being in collections but whats the best way to start correcting this? Paying the debt or what? Maybe calling Verizon? (Probably not because its in collections)

I've basically been waiting to settle this before I open a card and finally star building my credit. Gona have to sign up for some bs card because this debt probably put a dent in my already non existant rep.

Any input is appreciated.
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Make them provide you with a letter that they actually own the debt. Second, make them give you an offer IN WRITING. Third, after it's in writing, give them a money order for the amount. Photo copy the check and staple it to a copy of their offer and keep it for at least 10 years as proof. Third, when you mail it, make sure you send it with a delivery receipt from the collections agency so you have proof someone actually received it and signed for it.

They will ask for access to your bank account so they can just debit the amount. DON'T DO IT! With access to your account, they have the potential to wipe you out.
 
gregzzy23 said:
I was going to make a thread on this but I'll see if I can get the answer in here before I do-

Long story short, I owe Verizon $400+ dollars and they sent me to collections. It was for a early termination fee I thought was covered by a previous payment but I totally forgot I had that paynent refunded to me.

Anyway, I've been getting the letters from the different collection agencies that took this debt on. A couple months ago I got one offering me to pay the debt out for like $200ish which sounded great but I didnt have the money.

Since then, I've gotten letters asking for the full $450, until yesterday, when I got another offer to settle at like $200.

Heres my question- what is the very best wat to go about handling this debt? Should I pay this collection agency? Should I hire a lawyer? How do I handle this situation so my credit is effected most positively. I know at the moment its not good being in collections but whats the best way to start correcting this? Paying the debt or what? Maybe calling Verizon? (Probably not because its in collections)

I've basically been waiting to settle this before I open a card and finally star building my credit. Gona have to sign up for some bs card because this debt probably put a dent in my already non existant rep.

Any input is appreciated.
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f

First of all, does Verizon still own the debt? Was the account sold or is it simply being assigned to a debt collector? Either way, call Verizon and request if they can recall the debt. If they do, attempt a PFD.

If verizon sold the debt, is the debt collector also reporting on your CR? If not, then I will PIF or settle with the debt collector and GW Verizon.
 
Hank, I have the CSP right now and my annual fee is coming up, I like the card but I wouldn't minding trying out something better. I asked a good of amount of people but it seems like CSP is one of the best ones out there. How do you think it stacks up against Barclaycard Arrival Plus and Amex Plat?
 
friscostylez said:
Hank, I have the CSP right now and my annual fee is coming up, I like the card but I wouldn't minding trying out something better. I asked a good of amount of people but it seems like CSP is one of the best ones out there. How do you think it stacks up against Barclaycard Arrival Plus and Amex Plat?
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I personally think the Barclays Arrival Plus is better than CSP.

-BAP gives you 2x miles on travel and everything else, while the CSP gives you 2x points on travel and dining at restaurants
-BAP annual fee is $89/year, while the CSP is $95/year

You can't really compare BAP/CSP to Amex Platinum, because the Amex is a charge card and the annual fee is $450/year

I love my Amex Plat, because of all the benefits and features it has. I travel a lot, so the points add up fairly quickly. I was able to get a Global Entry card for free and I get the companion ticket for free when I book a business class flight. I also love the concierge services. I have access to all those great airport lounges whenever i'm in an airport or waiting for a layover. The best part is, the points can be used for always anything. If I need extra miles, I just move the points for miles and get free flights.

Unless you're traveling and using all those benefits often, it's not worth getting the Amex Plat. It's also a status symbol too. For some, it may not be worth it.
 
IM CERTAINLY Not bragging ABOUT MY CREDIT SCORE... just contributing my experience

April 2014 credit score 450...WalMart credit Card + Macys CC + 6 MONTHS LATER & always pay balance right away = 624 FICO
 
heLiumcLinton said:
My thing is how did you get a Walmart and Macy's CC with a 450 credit score lol
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That is a good question. Did you report a high income (usually when your score is so low, they ask you present previous tax fillings for proof)? Or were those cards from Wal-Mart and Macy's store cards with very little credit available (eg. $200)?

In any case, congratulations for repairing your credit. You're on the right track. Good job.
 
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I had pretty much ZERO credit and WalMart approved me instantly sometme last year

since then my credit is around 650 right now. got a car loan (lease) as well. once thats done i assume my credit will be 700+
 
Zyzz said:
I had pretty much ZERO credit and WalMart approved me instantly sometme last year

since then my credit is around 650 right now. got a car loan (lease) as well. once thats done i assume my credit will be 700+
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Usually, department stores are more open towards providing a line of credit to people who are just starting to establish credit. BTW, don't you work for Discover and have a Discover IT card? :lol:

Not sure if leasing has the same effect on your score as financing a car. I could be wrong.
 
Hank Scorpio said:
Zyzz said:
I had pretty much ZERO credit and WalMart approved me instantly sometme last year

since then my credit is around 650 right now. got a car loan (lease) as well. once thats done i assume my credit will be 700+
Click to expand...

Usually, department stores are more open towards providing a line of credit to people who are just starting to establish credit. BTW, don't you work for Discover and have a Discover IT card? :lol:

Not sure if leasing has the same effect on your score as financing a car. I could be wrong.
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I dont work for discover :rofl:

i got an IT card tho

Leasing still affects your score
 
I got "black listed" I guess from Macy's. Had one previously, prolly around 05 and it went into collections. Paid it but recently applied and said due to previously bad account or whatever they denied me...

Edit.
I have to wait 4 years to apply again due to me filing bankruptcy in 2013
 
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Got the amex gold premier and discover it. I feel like I need a visa or master cc now
 
MrWavez, Yeah I got approved for a Gold premier rewards card last year and I got approved for a amex everyday a week ago.
 
Murkn3m said:
Got the amex gold premier and discover it. I feel like I need a visa or master cc now
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How long have you had the Amex Gold? I'm not a huge fan of the charges cards, because of the lack of flexibility. The Platinum charge is a different story though.

MrWavez said:
You guys think with 700 credit you can get a American Express card?
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Depends on your income to be honest. 700 is a good score, but sometimes they want to see a higher score. I've heard people getting denied with a 700 score, but someone getting approved for one with a 680 score. Granted, the guy with the 680 score had a high income.
 
Hank Scorpio said:
How long have you had the Amex Gold? I'm not a huge fan of the charges cards, because of the lack of flexibility. The Platinum charge is a different story though.
Depends on your income to be honest. 700 is a good score, but sometimes they want to see a higher score. I've heard people getting denied with a 700 score, but someone getting approved for one with a 680 score. Granted, the guy with the 680 score had a high income.
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I don't really like my Gold Premier Rewards card. I much rather have regular cash back. The fact that your points are cut in half when getting an amex GC is ridiculous.
 
BeezyGotSole said:
I don't really like my Gold Premier Rewards card. I much rather have regular cash back. The fact that your points are cut in half when getting an amex GC is ridiculous.
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Word? I didn't even know that :smh:. The reason I signed up for it was because of the 50,000 k points bonus when I spend 1,000 in 3 months. Hit that mark in the first billing cycle :lol:
 
:lol: i don't even know what my Income would be, I'm a college student living in student apts work a lil part time job.. My income is prolly no more than $8k
 
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