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

[jordman23]

You guys over here making me jealous with the Sapphire Reserve

I have to wait until January to apply AGAIN because of the 5/24 rule. In due time

 

[Benny Hinn]

Finally applied for CSR. Wanted to hold off till the Holidays were closer. Now to spend that 4k like...

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congrats on the approval. what starting credit line did you receive?

Got approved for 24k

Spent 800 on gift cards last night. XMas gifts ready

 

[luckyluchiano]

You guys over here making me jealous with the Sapphire Reserve

I have to wait until January to apply AGAIN because of the 5/24 rule. In due time

5/24?

 

[blazersin2k3]

Just got my 100k points from Chase. Going to Europe for a buddy's wedding in France.

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you would be much better off transferring 60k points to united, for your departing lax flight and returning lax flight. the ultimate rewards travel portal isn't good value in most cases, even with the 50% point bonus redemption.

 

[bluntobject50]

5/24?

Chase will not approve you if you've opened 5+ cards in the last 24 months.

 

[da mecca]

Do any of you guys have 3 credit cards?

 

[crazy ebw]

I have 5, mostly because my 2 oldest are there for my credit history to keep at a longer length. Only use 3 on the regular for different purchases/bonuses.

 

[da mecca]

I have 5, mostly because my 2 oldest are there for my credit history to keep at a longer length. Only use 3 on the regular for different purchases/bonuses.

Thanks for your input man

 

[alp]

Got a card with capital one with a 2k line. Tryna get some card with bonus points or whatever so I can start racking up paper.

 

[slighted]

Got a card with capital one with a 2k line. Tryna get some card with bonus points or whatever so I can start racking up paper.

This is your first card?

Congrats. I hope you start using cards more. Let your money work for you.

 

[alp]

This is your first card?

Congrats. I hope you start using cards more. Let your money work for you.

2nd, first is with chase and only has a 500 limit. I need some 10k+ limits. Used to avoid credit cards but through guidance realized I can make money on top of money using em instead of my own bread.

 

[slighted]

 

This is your first card?

Congrats. I hope you start using cards more. Let your money work for you.

2nd, first is with chase and only has a 500 limit. I need some 10k+ limits. Used to avoid credit cards but through guidance realized I can make money on top of money using em instead of my own bread.

Keep at it. Pay off your cards in full every month, etc.

Took me a year before I got my first $10k+ card limit. It was a Capital One VentureOne.

 

[da mecca]

Payed off my old college credit card with $750 limit and thinking about canceling it since I've been approved for the discover it card and I'm just gonna use some of that card and my mastercard to get christmas gifts.

 

[alp]

Keep at it. Pay off your cards in full every month, etc.

Took me a year before I got my first $10k+ card limit. It was a Capital One VentureOne.

exactly. Ima max out 2k and pay it all back every month. Basically free money

 

[nyc757]

Interesting thread lol. 

Not quite sold on the Sapphire Card, does it give you cash back or just points?

I personally prefer cash vs points because my experience its been cheaper to buy a flight vs using points but looking at all options now. 

I currently have BOA CC with cash back( 1-3% plus 25%*) 

*The 25% is added to what cash back is deposited back into my account. 

Im usually spending 6-12K per month on CC so if theres a better card Im listening 

 

[nyc757]

I cant find the actual card now but I got this in 2005 its a USAirways / BOA Debit Card. It gave you 1 point for every dollar you spent, they killed the card in 2012. It was how I was able to fly for cheap for years and I still have about 150K in miles with AA now. 

I was told by a BOA rep when I needed a replacement card I was one of about 100 people with the card. It gave you all the benefits of the CC ver without the risk of debit. 

 

[jon4rd]

2nd, first is with chase and only has a 500 limit. I need some 10k+ limits. Used to avoid credit cards but through guidance realized I can make money on top of money using em instead of my own bread.

You can probably get a $10k plus card in like 6 months or so if you get a discover it and request credit limit increases every month (takes 3 months to be able to request your first one then you can request monthly). I hit $10k in 6 months after starting with a $1k limit.

 

[crazy ebw]

Interesting thread lol. 

Not quite sold on the Sapphire Card, does it give you cash back or just points?


I personally prefer cash vs points because my experience its been cheaper to buy a flight vs using points but looking at all options now. 


I currently have BOA CC with cash back( 1-3% plus 25%*) 


*The 25% is added to what cash back is deposited back into my account. 

Im usually spending 6-12K per month on CC so if theres a better card Im listening 

Chase allows you to merge points into a cash back balance deduction. You can also merge points between accounts, so if one of those cards has a higher points offer per quarter in areas that you spend a lot, you can really take advantage. I love my Freedom card because of that flexibility with points and how it changes to 5% in different categories. Mix that in with no annual fee, and IMO it's the best all around card for people who want a little bit of everything.

 

[alp]

You can probably get a $10k plus card in like 6 months or so if you get a discover it and request credit limit increases every month (takes 3 months to be able to request your first one then you can request monthly). I hit $10k in 6 months after starting with a $1k limit.

i just got the capital one card in earlier this month, aren't I supposed to wait around 6 months before applying for another card?

 

[jon4rd]

i just got the capital one card in earlier this month, aren't I supposed to wait around 6 months before applying for another card?

No not really. Unless you're trying to get a card with specific limits on accounts opened in a period of time (like chase cards with the 5/24 rule) there's no real rule of thumb on waiting to open another credit card. Or unless you're trying to get a big loan like a car loan or mortgage in the near future. I mean of course opening 10 cards in 2 months may look kinda bad but you can still do it.

 

[bhzmafia14]

I did it thinking they would give me a bigger increase than usual. if they said something, i would've just said i fat fingered the extra "0"

i'm not trying it again especially since it didn't work. i'm in the middle of my 30-day period now, so i'll request another one hoping to push me to $24K.

 

[Ritchie X Rich]

 
Interesting thread lol. 

Not quite sold on the Sapphire Card, does it give you cash back or just points?

I personally prefer cash vs points because my experience its been cheaper to buy a flight vs using points but looking at all options now. 

I currently have BOA CC with cash back( 1-3% plus 25%*) 

*The 25% is added to what cash back is deposited back into my account. 

Im usually spending 6-12K per month on CC so if theres a better card Im listening 

Cash back is good because of its simplicity. Most new people into the credit game, including me when I first started liked cash back cards. Really the points is where it's at, most high end cards are travel cards with reward points because the points you get are worth more than cash back when you reedem for travel or transfer to airline partners etc. Of course its all personal preference, but if you're spending 6-12k per a month on a CC I would highly suggest getting a card like the sapphire reserve with your spend. 

i just got the capital one card in earlier this month, aren't I supposed to wait around 6 months before applying for another card?

I think he meant credit increases over time. Which Cap1 card did u get? From my experince Cap1 actually is one the lenders that throw out higher starting credit limits for their Venture and Quicksilver cards. High limits attract other high limits, it takes paitence and make sure you work on your credit profile. Maxing out your card is a good way to reedem points and setting off a possible AUTO increase, but you have to make sure you pay it down before the statement cuts, otherwise you're getting constantly reported for very high utlization which will tremendously drop your score if its looking like you're maxed out all the time, hence will stop you from getting a high limit card too. 

 

[alp]

No not really. Unless you're trying to get a card with specific limits on accounts opened in a period of time (like chase cards with the 5/24 rule) there's no real rule of thumb on waiting to open another credit card. Or unless you're trying to get a big loan like a car loan or mortgage in the near future. I mean of course opening 10 cards in 2 months may look kinda bad but you can still do it.

Ok got you. Good to know

Cash back is good because of its simplicity. Most new people into the credit game, including me when I first started liked cash back cards. Really the points is where it's at, most high end cards are travel cards with reward points because the points you get are worth more than cash back when you reedem for travel or transfer to airline partners etc. Of course its all personal preference, but if you're spending 6-12k per a month on a CC I would highly suggest getting a card like the sapphire reserve with your spend. 

I think he meant credit increases over time. Which Cap1 card did u get? From my experince Cap1 actually is one the lenders that throw out higher starting credit limits for their Venture and Quicksilver cards. High limits attract other high limits, it takes paitence and make sure you work on your credit profile. Maxing out your card is a good way to reedem points and setting off a possible AUTO increase, but you have to make sure you pay it down before the statement cuts, otherwise you're getting constantly reported for very high utlization which will tremendously drop your score if its looking like you're maxed out all the time, hence will stop you from getting a high limit card too. 

I'll let you know in a minute, gotta check the name of it. It says payment due on the 28th so I'll pay before then

 

[alp]

Actually it says the 28th is the due date for the billing cycle that was until October 3rd, I don't think I even had the card yet
I'll still pay the whole thing off just in case

 

[crazy ebw]

Love the knowledge that is spread throughout this thread. Having this type of information is so essential to younger people who may have potential bad credit. If you're under 24, really take this info and use it to set yourself up for the future.