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

[jon4rd]

that post was the definition of not reading the post you're quoting

To answer your question, I'd go ahead and assume no just cause I would assume that the CC companies are smart enough to not allow it.

Right?

But preesh yea I was thinking that cause that would be too easy lol. Wanted to make sure in case I was missing out on a couple extra dollars a month

 

[xbiker47]

Discover IT or Chase Freedom?

Currently only have 1 card (CO Quicksilver)

Looking to get another card. Score is around 740 and i'm looking to add more available credit to my line.


The free FICO score with the Discover seems nice.
but also $150 cash back for the Chase card.

Go with both?

 

[thegreekgangsta]

Go with both?

Was thinking the same thing.

Not sure how those 2 credit inquiries so close together will look though?

 

[hot route]

DONT open anymore lines. It seems like people refuse to understand.

All you need to and should do is keep a credit card or two. Use and pay off. Why are you opening more lines anyways.

Guys enamored and intrigued by some score? Oh yeah, ask your parents too!!

 

[cl-1b]

DONT open anymore lines. It seems like people refuse to understand.

All you need to and should do is keep a credit card or two. Use and pay off. Why are you opening more lines anyways.

Guys enamored and intrigued by some score? Oh yeah, ask your parents too!!

The more credit the better... 

and yes they should be intrigued by the score.. It is what dictates the apr of any loan. 

 

[cl-1b]

the more accounts you have, unused or not will help the AAOA factor of your score as time goes on. So initially it will cause a ding and may temporarily lower your score, but an aged account in good standing from day 1 is a great side of rice with your credit gumbo 

 

[hot route]

It‘s been talked about already and it‘s kind of common sense. Your credit score is JUST a score. It is in no way an accurate representation of your financial health nor is it a deciding factor in underwriting. If you Prime, you prime. If not, well then that‘s another topic in itself.

People seriously try to do too much.

The purpose of a credit card is for convenience. Yet you have people chasing every little dollar as if it means something. You never ever want to finance anything through your credit card. Guys really feel accomplished trying to run 10K in points for a 100 gift card?

As long you have a healthy pattern and you payoff what you spend, you‘ll be in way better position than what a score tells you. Keep in mind, your credit score IS NOT the PRIMARY factor in any underwriting standard.

What hurts your score?

Well common sense things like going into arrears, late payments, that type of thing.

And no, a credit inquiry isn‘t a nuke either. So chill out a bit.

Need money, well look at a personal loan. Still cheaper than a credit card. Your liqudity is the key here, not your available line. No one is fooling nobody here.

These 12-16 month 0% intros are scams. They KNOW for sure, you won‘t be able to pay up as scheduled and sooner or later, you will be caught paying interest.

Live within your means. No need to shame cash and stunt with plastic. As Randy Moss would say, "Straight Cash Homie".

 

[capital sb]

I didn't read everything you said, but people can have more than 1-2 cards. Let them do as they please if they are responsible with them that is all that matters.

 

[slighted]

 
I didn't read everything you said, but people can have more than 1-2 cards. Let them do as they please if they are responsible with them that is all that matters.

4 cards here. Never paid a cent of interest. Debt free.

 

[jon4rd]

It‘s been talked about already and it‘s kind of common sense. Your credit score is JUST a score. It is in no way an accurate representation of your financial health nor is it a deciding factor in underwriting. If you Prime, you prime. If not, well then that‘s another topic in itself.

People seriously try to do too much.

The purpose of a credit card is for convenience. Yet you have people chasing every little dollar as if it means something. You never ever want to finance anything through your credit card. Guys really feel accomplished trying to run 10K in points for a 100 gift card?

As long you have a healthy pattern and you payoff what you spend, you‘ll be in way better position than what a score tells you. Keep in mind, your credit score IS NOT the PRIMARY factor in any underwriting standard.

What hurts your score?

Well common sense things like going into arrears, late payments, that type of thing.

And no, a credit inquiry isn‘t a nuke either. So chill out a bit.

Need money, well look at a personal loan. Still cheaper than a credit card. Your liqudity is the key here, not your available line. No one is fooling nobody here.

These 12-16 month 0% intros are scams. They KNOW for sure, you won‘t be able to pay up as scheduled and sooner or later, you will be caught paying interest.

Live within your means. No need to shame cash and stunt with plastic. As Randy Moss would say, "Straight Cash Homie".

Fam, what the hell are you ranting about? Lmao. buddy is weighing the option of a new card and getting an easy $150 for what I assume he was going to make in purchases anyway

 

[slicknick951]

According to Credit Karma your total number of accounts and the Average age are on the lower end of effect on your score but does anyone know how much it really affects it?

I have 5 accounts currently (very poor) according to CK (Poor) starts at 6

My average age is 2 years 8 months (Poor) and and (very poor) starts under 2 years.

Would it make a huge difference to add another account to put me in the poor for total accounts? I assume this will also put me under the 2 years so i would be very poor in the other category for the time being.

Or should I just close all my accounts and use cash like the cool guys in here

 

[SplinterMatic319]

why bash people with alot of credit cards if they are responsible?......once or twice a year i sign up for these 50k points bonus offers......i look at it as free $500 since i pay it off right away and some actually have decent rewards

 

[slicknick951]

My only criticism is people end up with a lot of point scattered over a bunch of cards but i cant speak on someones financial situation so whatever works best for the individual is their own choice

 

[based mod]

why bash people with alot of credit cards if they are responsible?......once or twice a year i sign up for these 50k points bonus offers......i look at it as free $500 since i pay it off right away and some actually have decent rewards

Word. I'm in the double digits and haven't paid a single cent of interest and only one of them has an annual fee ($100 Southwest) which I'm pretty much reimbursed with by getting $100 in mileage points.

I think it makes more sense to bash those who DON'T have credit cards and don't take advantage of all of these points or cashback rewards.

 

[cl-1b]

I have about 12 credit lines, 5 of them are business (2 amex charge cards w no limit) totaling about 110k. The more you have, the better in the long term. Lower income individuals that tend to carry balances will obviously get hurt more by the interest rate, but that is irrelevant if you plan on carrying balances. These financial tools are here for us to use and sometimes it can make sense to pay a little interest. I have realized that the bank that i do my deposits with has been the most generous with credit limits as well. 

Utilization is a factor that will make or break your score. Obviously the more credit you have, the more you can utilize without a hinderance to the score. 

Who ever said credit scores don't matter are completely lost. Besides your criminal record, your credit report is the only thing financial institutions have to judge you on. This can go for a car loan, mortgage, new employers will pull credit, rental property / condo associations, and believe it or not insurance premiums are effected by credit scores as well (car insurance, homeowners insurance, business insurance). So when you hear someone say "its just a number", its much more impactful then what you think. 

Just think about it.. when you swipe your debit card you get absolutely no rewards. At least utilizing a point or cash back system is beneficial over just cash especially if your paying in full. Lots of these cards have 5% cash back on groceries/gas too and i frequently reap these benefits and pay in full before the statement reports to the credit bureaus. Its a win win situation. 

Discover is great for cash back, but the Amex point system is beneficial depending on what you spend money on. I also prefer chase when it comes down to business banking because of the app system they have in place that spells out all the accounts you have with them so transferring money/paying things off is so simple.. touch ID then your done. 

Don't sleep on bettering your credit.. just don't get caught up in debt and you should be o.k. 

 

[jewseejay]

My family is always asking me to co-sign for something lol. Just last week my cousin asked me to co-sign for a $5,000 mattress set. I don't even sleep on anything that luxurious. Why in the hell would I help somebody else sleep better than me? People are crazy. I don't co-sign anything but jokes.

This made me smile. The only time im signing for anybody is my momma cuz she has signed for me hah. My pops or sister gun hafta ask around lol

 

[dam itz lou]

New Chase Freedom unlimited coming next month.

https://www.nerdwallet.com/blog/credit-cards/chase-offers-flat-rate-cash-back-freedom-unlimited/

 

[based mod]

New Chase Freedom unlimited coming next month.

https://www.nerdwallet.com/blog/credit-cards/chase-offers-flat-rate-cash-back-freedom-unlimited/

That card is gonna be trash. Hopefully they don't get rid of the 5% rotating categories for folks with the old Freedom card.

 

[yogetoffmykickz]

Sup guys, question for ya. So my mom purchased a home a couple of years ago and has been renting it out for the majority part of it. Her mortgage is about $1200/month and she rented it out for $1500.
It's been a pretty good investment for her and now she wants to buy another one. Unfortunately, she's had a hiccup in her credit report (collection) that has really impacted her credit score.

I've been working on my score for about a year now and have gotten it up about 40 points to the 724 that it sits on now, per creditkarma.
I've been working on my score so that I could finance a new car which I was getting ready to do.. BUT, the realtor that my mom is working with found out about my score and insist that I buy the house with my mom as cosigner. He says house first car later is much better for my score.

So my question is.. is that truly the case.? House before car is better for my credit score.?

How would I even qualify for a loan when my credit report shows nothing but 5 CC my Chase Freedom being the highest limit at 12k.

Is the realtor simply looking out for his best intrest.??

Sorry for the long read, thanks in advance for any insight.

 

[Chiron]

Sup guys, question for ya. So my mom purchased a home a couple of years ago and has been renting it out for the majority part of it. Her mortgage is about $1200/month and she rented it out for $1500.
It's been a pretty good investment for her and now she wants to buy another one. Unfortunately, she's had a hiccup in her credit report (collection) that has really impacted her credit score.

I've been working on my score for about a year now and have gotten it up about 40 points to the 724 that it sits on now, per creditkarma.
I've been working on my score so that I could finance a new car which I was getting ready to do.. BUT, the realtor that my mom is working with found out about my score and insist that I buy the house with my mom as cosigner. He says house first car later is much better for my score.

So my question is.. is that truly the case.? House before car is better for my credit score.?

How would I even qualify for a loan when my credit report shows nothing but 5 CC my Chase Freedom being the highest limit at 12k.

Is the realtor simply looking out for his best intrest.??

Sorry for the long read, thanks in advance for any insight.

A general rule of thumb is to get a house prior to financing a new car.

because its a lower interest loan (at the moment)

its a long term investment ( assuming you sell at the right time)

cars are depreciating values

mortgages make you look dependable to lenders.

HOWEVER, times when that might not be the case might be financing a low mileage used/ certified preowned that you are going to aggressively payoff

you are spending boatloads servicing your beater car that breaks down a lot

or homes in your market are overvalued due to demand.

Decide whats right for you. 

If you aren't living in the house, thats less incentive for you to buy

rent seems to be exploding in various places

are you really going to qualify? (proper income/debt) i could be mistaken but if your mom co signs i dont know if the bank takes the lower score as the more weighted borrower for approval purposes

 

[capital sb]

That card is gonna be trash. Hopefully they don't get rid of the 5% rotating categories for folks with the old Freedom card.

Nah based, check out the points guy post about this card. He was saying that these points coverted to chase ultimate rewards points will total 3.2% cashback if I remember correctly .

 

[eyanks]

That new Chase card is similar to the Capital One Quicksilver card.

 

[dam itz lou]

Has anyone ever tried getting a tax lien removed ? I have a tax lien that was filed in 2011. I have a satisfaction of judgment letter from the NYS. Judgments in NYS are suppose to come off your credit report in 5 years. I've been going back and forth with Transunion. They're telling me judgments are only for civil suits. I'd like to get it removed this year if I could. It's the only negative on my report.

 

[yogetoffmykickz]

A general rule of thumb is to get a house prior to financing a new car.
because its a lower interest loan (at the moment)
its a long term investment ( assuming you sell at the right time)
cars are depreciating values
mortgages make you look dependable to lenders.

HOWEVER, times when that might not be the case might be financing a low mileage used/ certified preowned that you are going to aggressively payoff
you are spending boatloads servicing your beater car that breaks down a lot
or homes in your market are overvalued due to demand.

Decide whats right for you. 
If you aren't living in the house, thats less incentive for you to buy
rent seems to be exploding in various places
are you really going to qualify? (proper income/debt) i could be mistaken but if your mom co signs i dont know if the bank takes the lower score as the more weighted borrower for approval purposes

Damn, I was expecting alot more replies.

But thanks for the insight brotha. Greatly appreciated. Repped.!

 

[slicknick951]

^^^ everything he said was pretty much on point but at the end of the day that sales man has a job to do and that is to sell a house.

Your job is to make a smart financial decision for yourself.