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

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The people who are saying to pay it off in full are depriving themselves of improving their credit scores.

I carry debt (credit card) purposely. I never have a balance no more than 25% of my total allowed credit. Here are some of the cards I have:

-Delta Reserve American Express (Use this mostly for traveling)
-American Airlines Advantage MasterCard (Use this for most purchases)
-American Express Platinum (Use this for BIG purchases or whenever I need their concierge service)
-American Express Platinum Business (Company credit card which I use for work expenses)
-Bloomingdale's
-Best Buy
-Macy's

No car payments, mortgage or student loans.

Credit score of 815 FTW :pimp:
 
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i just recently started carrying a balance on my bigger card.

still a low limit but love to use it online since i get 10% cashback on NDC
 
What would be a good CC for me? I'm 24 and most of my expenses go to gas, food, and online shopping (amazon)

Something with nice perks

EDIT: I have no credit
 
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wanksta23 said:
What would be a good CC for me? I'm 24 and most of my expenses go to gas, food, and online shopping (amazon)

Something with nice perks
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Do you have credit already?

If you do, then I recommend you get Chase Freedom. Now, some people would disagree, but I did the math plenty of times back and forth and you save a lot of money with them if you use their rewards program.
 
NikeAirForce1 said:
So much conflicting information in here. Here's some tips for you because you don't have a credit card yet.

Find out what your credit score is from https://www.annualcreditreport.com/

First off, if your parents have a credit card, tell them to add you as an authorized user to their account. Why do you want to do this? The age or longevity of their credit history will transfer over to you. Let's say they have 15 year old credit history. You will get this as well. Credit history affects your credit score. The older it is, the higher the credit score.

Getting your first credit card is not easy. You might have to get a secured credit card from a bank (Bank of America for example) or a credit union. This means you have to up money upfront. You have to deposit a thousand dollars. Then you use that for about a year or so and then they will transfer you over to a unsecured (regular) credit card. If you're lucky, you might be able to get an unsecured card based on your credit score, income, debts, and expenses like rent.

For the rest of yall:

Don't wait until your billing statement to end before paying off your credit card.

Your balance at the end of your billing statement is reported to three major credit bureaus by your credit card company. Let's say you have a $3000 credit limit. If you spend $2000 dollars a month on that credit card and wait until after your statement ends to pay your balance, your credit card company will report you as utilizing $2000 of your $3000 credit limit. This is a credit utilization rate of 67%. This will negatively affect your credit score, EVEN if you pay it off in full before the due date. Ideally, you want your credit utilization rate to be 30% or less, and under 10% is even better.

BUT...you still want a balance reporting. So before your billing statement is over, pay off everything EXCEPT 1%-10% of your credit limit. THEN you pay the rest of the balance before the due date so you don't incur any interest charges.

Check out creditboard and myfico forums for more info.
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This is the correct way of building credit.  Do not listen to those folks who are saying to pay interest.

Also I would like to add that if you have more than 1 CC, only allow 1 to report 9% or less.  The others should preferably read a 0 balance.
 
Hank Scorpio said:
The people who are saying to pay it off in full are depriving themselves of improving their credit scores.


Credit score of 815 FTW
pimp.gif
Click to expand...
I've never carried a balance in my life and my credit score is right there too. It was in the high 700's prior to buying a house, then it's steadily increased over the last couple years just by making payments on time and having a long credit history.
 
I started this past summer when I applied for a Capital One CC, and was offered 0% interest for one year. I don't have to pay interest on anything till September, so why the hell not?

Not having credit was killing me!
 
AceMaster193 said:
I started this past summer when I applied for a Capital One CC, and was offered 0% interest for one year. I don't have to pay interest on anything till September, so why the hell not?

Not having credit was killing me!
Click to expand...

That's fantastic, use wisely. That could boost your rating a lot in a year.
 
crcballer55 said:
I've never carried a balance in my life and my credit score is right there too. It was in the high 700's prior to buying a house, then it's steadily increased over the last couple years just by making payments on time and having a long credit history.
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You probably have/had student loans, car payments and/or a mortgage.

Usually if people pay those types of debt off in time without missing a single payment--their credit score shoots through the roof.

I never had any of those things. All I did was have substantial savings and payed my credit card bills on time since I first got a a credit card back in 2005.

I guess what i'm trying to say is that you don't need "large" debt to have a phenomenal credit score. Paying bills on time and having a long history means just as much, if not more towards building strong credit.
 
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Dnero1 said:
http://slickdeals.net/permadeal/106...dit-card-spend-500-in-first-3-months-and-earn

thinking about grabbing this card for my first official CC... ive banked with chase for the last 10 years.. (back when they were WaMu)
people on slickdeals seem to think its an easy come up on a free 200$

whatta ya think NT?
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great CC. Chase freedom allows you to do several things with the cash back option. You can transfer a portion or all of your points as cash to your personal bank account. You can also use it to get gift cards from certain vendors (macys, starbucks, khols, footlocker and others). Some vendors have a 10% discount on the gift cards.
 
so what would you guys suggest as to getting a another credit card? i have a capital one card and ive had it for about 6 years. but its pretty basic as far as benefits and rewards. 

ive been thinking about getting another card with better rewards or one where i can get air miles because i use my credit card alot. not really looking to have two credit cards because i dont really need them, but ive heard cancelling  a card can hurt your score. 
 
Anyone have the Discover It card? Got a letter in the mail saying I've been pre-approved. Don't know much about Discover

Applied for an AMEX card about 6 months ago but got denied. Thats the one I really want because of the benefits. Is it still to early to re-apply?

Also is it better to pay the entire balance off in full or not? Trying to get my credit up so any input would be greatly appreciated
 
Any tips on getting a personal loan? I was gonna get one from my bank but was turned down for lack ofcredit experience even though I have a card and 717 score at 22 [emoji]128530[/emoji]
 
Pay all your monthly recurring bills with your credit card, and at the end of the month pay it off. These are bills you have to pay anyway and it help builds your credit as you are paying it off at the end of the month. Do this for about 6months to a year and you're good.
 
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I started with capital one since they were the only ones who would approve me after getting denied twice by Chase. Then a coworker put me on to american express and I got approved for that. After 60 days with amex, you have the ability to request a 3x credit limit increase which I did and got approved for. I could probably get a chase card now if I wanted to
 
Gotten denied by Chase twice, thinking of going the Capitol One route and getting a secured card. They did say I have to open an account with them and keep a minimum balance of $50 in it a month.

Any other options? Really dont want to open a new account if I dont have to.
 
^try going to chase tmrw to see if they will let you have a card. I was at a local branch a week ago to get some stuff for direct deposit and they offered me the freedom card without me doing any paperwork. Gave me a 8.5k limit too even though I told them I was just an intern in school
 
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