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

[hugheyfreeman]

My bank acc got over drafted by 1600 bucks. I'm gonna pay it, but can anyone let me know how that will affect my credit?

 

[superb]

My bank acc got over drafted by 1600 bucks. I'm gonna pay it, but can anyone let me know how that will affect my credit?

it wont once you pay it. Wait for it to go to collections then you or they will offer you a settlement of like 40% of the $1600. depends on the collection agency. Once paid off it wont hurt your credit

 

[Bert.]

My bank acc got over drafted by 1600 bucks. I'm gonna pay it, but can anyone let me know how that will affect my credit?

it wont once you pay it. Wait for it to go to collections then you or they will offer you a settlement of like 40% of the $1600. depends on the collection agency. Once paid off it wont hurt your credit

wut?

then why wouldnt a lot of people do this at a higher amount? especially if it wont "affect" your credit score.

 

[heliumclinton]

My bank acc got over drafted by 1600 bucks. I'm gonna pay it, but can anyone let me know how that will affect my credit?

it wont once you pay it. Wait for it to go to collections then you or they will offer you a settlement of like 40% of the $1600. depends on the collection agency. Once paid off it wont hurt your credit

Horrible

 

[capital sb]

it wont once you pay it. Wait for it to go to collections then you or they will offer you a settlement of like 40% of the $1600. depends on the collection agency. Once paid off it wont hurt your credit

Lol you dont know what your talking about. Anything that goes to collections hurts your credit and it only comes off if you get it deleted.

 

[Bert.]

dude should be banned, idk why mods allow this. almost every serious thread he comes in spewing false information and garbage that someone would believe and get themselves into trouble.

 

[polosanddunks]

i just paid off my sallie mae loan and two of my CC's said I can up my limit. Will this affect my Credit Score positively or negatively?

 

[oidreez]

i just paid off my sallie mae loan and two of my CC's said I can up my limit. Will this affect my Credit Score positively or negatively?

Lol positively. Thats one of the things that's holding my credit score down. My total cc limits is like $13k. Per credit tracker, I need to have $15,001 or more credit to have a score of B in that field.

 

[superantigen]

If you have a great credit score (* > 820) can you negotiate for a lower interest rate when you take on a mortgage?

My plan is buy a house in about 2 years time. By then, rates should be in the high 4's. I think with my great score, though, I deserve lower rates on my mortgage, so what are the chances of negotiating for said lower rates? Anyone done something similar?

My lady bought her house when the housing market had bottomed and was able to secure a mortgage with an interest rate of 2.5. I get OD jelly anytime I think about it...




...

 

[polosanddunks]

Lol positively. Thats one of the things that's holding my credit score down. My total cc limits is like $13k. Per credit tracker, I need to have $15,001 or more credit to have a score of B in that field.

lol but isnt that a hard inquiry when they up your limit? Im not tryna have my credit go up after this loan was paid then knocked back down because I upped my limit on my CC

 

[usabasketball08]

It'll only drop a few points

 

[capital sb]

i just paid off my sallie mae loan and two of my CC's said I can up my limit. Will this affect my Credit Score positively or negatively?

Positively. The higher your credit limit the better. You want to have less than 30% utilization on each credit card and less than 10% credit utilization total on all cards combined.

For example, you have 3 CCs.
5K limit (Max balance 1500)
3K limit (Max balance 900)
2K limit (Max malance 600)
10K total utilization (Max total utilization 3000)

So at any time to maximize your score you should never carry more than the suggested balances.

You can learn more about how credit scores are effected here http://www.myfico.com/CreditEducation/WhatsInYourScore.aspx

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lol but isnt that a hard inquiry when they up your limit? Im not tryna have my credit go up after this loan was paid then knocked back down because I upped my limit on my CC

When you you want a credit limit increase make sure you tell them do a SOFT pull to avoid the score hit.

 

[polosanddunks]

thanks for the heads up guys. Will be doing that

Great breakdown as well

 

[crcballer55]

If you have a great credit score (* > 820) can you negotiate for a lower interest rate when you take on a mortgage?

My plan is buy a house in about 2 years time. By then, rates should be in the high 4's. I think with my great score, though, I deserve lower rates on my mortgage, so what are the chances of negotiating for said lower rates? Anyone done something similar?

My lady bought her house when the housing market had bottomed and was able to secure a mortgage with an interest rate of 2.5. I get OD jelly anytime I think about it...

...

It's going to also depend on your down payment & job history. The more skin you have in the game, the closer to par your rate will be. Just bought a home with an 800 score and 10% down and was about .25% from the best rates. Still mad I didn't lock rates in 2 weeks earlier because the jumped by those .25% over that time.

 

[fdub]

So, I was looking at my credit card statement and realized that my limit went up to $1600 from my recent $800 limit. I had my card since December of last year. What does that mean?

 

[crcballer55]

So, I was looking at my credit card statement and realized that my limit went up to $1600 from my recent $800 limit. I had my card since December of last year. What does that mean?

You have more of their money to spend.

 

[Bert.]

So, I was looking at my credit card statement and realized that my limit went up to $1600 from my recent $800 limit. I had my card since December of last year. What does that mean?

You have more of their money to spend.

Walmart has given me 2 increases in the last 6 months. very odd

had a 800 limit then they gave me 1000

got a letter in the mail yesterday telling me its now 1800. sweet. i havent even used it, just got a tiny balance on it

 

[willie mcfly22]

I like that you can pull up to 20%cash back of ya credit line off that walmart card and it's jus a "purchase" on ya statement instead of higher interest cash advance...

 

[fdub]

You have more of their money to spend.

Does that mean my credit score have improved?

 

[crcballer55]

 

You have more of their money to spend.

Does that mean my credit score have improved?

It could, or it could mean you have the ability to tank it faster if you use it.

The purpose of increasing credit limits is to entice you to use their card to make your purchases and spend more. I would say yes, it'll increase your score, but honestly I don't know since I've canceled at lest 3 cards in the past 5 years and paid off 5 student loans and my credit score has consistently gone up since I have a mortgage.

 

[HankHill]

Any issue or transferring balances from a recently opened CC to a new one?

I have my Chase freedom still in 0% APR until January. My other bank has an offer for a card with 0% APR on transfers and new purchases for the first 15 months. Is there any kind of negative impact on credit score if I choose to transfer my freedom balance to the new card if I get it before January? I can pay it off before APR kicks in, but that will be very aggressive on my budget. My current budget has me paying it off by next May with only about $120+ in interest accrued (not a lot).The new card has rewards and a bonus $500 that I'd want.

 

[Ube]

Hey I'm interested in learning how the discover cashback program works. Also what is the other 5% program where you sign up for it. I see that nike is a part of the program does nikeid count as well?

 

[kickstart]

Hey I'm interested in learning how the discover cashback program works. Also what is the other 5% program where you sign up for it. I see that nike is a part of the program does nikeid count as well?

The cash back is same concept as when you do it on your debit card, except the RETAILER limits how much you can withdraw. I think its 60$ for most stores in one day. The 5% might be for the online store, but they do the revolving thing where 5% on purchases for w/e is on calendar that month.

 

[hugheyfreeman]

Guess I'm ducked then you guys. They sent me a a bill from some credit service with a settle ment price. Can't pay it right now so I'm ducked. Lol you guys enjoy your good credit. Guess paying cash for everything isn't That bad.

 

[capital sb]

Guess I'm ducked then you guys. They sent me a a bill from some credit service with a settle ment price. Can't pay it right now so I'm ducked. Lol you guys enjoy your good credit. Guess paying cash for everything isn't That bad.

What happened? They sent your credit card bill to collections?