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

[kingfoamnyc]

Don't worry about it.
It'll jump back up soon. Happened to me out of nowhere last year.

Any details on why ? **** has me heated bro. How long did it take for yours to go back ?

 

[slighted]

Any details on why ? **** has me heated bro. How long did it take for yours to go back ?

Credit scores are more volatile than the crazy birds I deal with.
Took 1-2 months to jump back up (actually jumped higher).
Don't stress it. Just keep paying off your balance in full, etc.

 

[thadangerousmind]

****ing score went down 30 points and this was AFTER I got a $200 line increase. What the hell is going on man. 21% utilization no late payments 2 open credit accounts like I'm pissed.

Keep the utilization at 10% or lower regardless of what your limits are and you don't want multiple cards reporting every month.

 

[lilchico4life]

AZEO method works best.

I pay down all cards to $0 before statement cuts and let only one report a balance of $10. Then pay that balance off the day after statement cuts. Maximizes your CS.

 

[kingfoamnyc]

AZEO method works best.

I pay down all cards to $0 before statement cuts and let only one report a balance of $10. Then pay that balance off the day after statement cuts. Maximizes your CS.

I've done that before and my score only went up two points. I've gotten a lot of conflicting information and I'm just trying to get a good system down pat. Thanks for the advice

 

[kingfoamnyc]

These are my two cards... I got frustrating after I seen my score dropped and called capital one and settled for $292. I owed them $533 and was told they'll report to the three bureaus and send me a letter stating that it will no longer be a negative mark on my account.

 

[northoaklandfc]

You don't really want to report a $0.00 balance on a card.

1 - 10% utilization is always better than 0%, both individually and on aggregate.

 

[lilchico4life]

I've done that before and my score only went up two points. I've gotten a lot of conflicting information and I'm just trying to get a good system down pat. Thanks for the advice

There are many other factors as well, such as length of credit, total accounts, payment history, inquiries, etc.

You want to have a mix of credit types. Revolving credit (credit cards) as well as installment loans (auto loan, mortgage, etc.)

 

[kingfoamnyc]

There are many other factors as well, such as length of credit, total accounts, payment history, inquiries, etc.

You want to have a mix of credit types. Revolving credit (credit cards) as well as installment loans (auto loan, mortgage, etc.)

Yea I was hoping it would jump to the 640 range and I was gonna apply for a car loan in a couple weeks. It dropping like this really ****ed me over

 

[jon4rd]

These are my two cards... I got frustrating after I seen my score dropped and called capital one and settled for $292. I owed them $533 and was told they'll report to the three bureaus and send me a letter stating that it will no longer be a negative mark on my account.

Wait, so you had something in collections? That’s why it went down.

 

[kingfoamnyc]

Wait, so you had something in collections? That’s why it went down.

I've had those collections accounts since 2014. They've been there before I got these two cards

 

[doxen5703]

Is there any way I can get a missed payment deleted off my report? It’s from Capital One.

 

[lilchico4life]

Is there any way I can get a missed payment deleted off my report? It’s from Capital One.

Request a goodwill adjustment from Capital One to remove the late payment. It may or may not work. Otherwise, it should fall off after 7 years.

 

[highrep87]

*paying full amount on time
*using 30% of my credit line
*disputing old collections to get removed from history
*arranging student loans for a realistic payment plan
literally went from low 500 to almost 700 credit score!!

 

[Los Angeles]

I did the same bro!

Was at 500 as well and now I'm up to 700.

 

[kingfoamnyc]

How are you guys "disputing" these old collections accounts ?

 

[pdino]

*paying full amount on time
*using 30% of my credit line
*disputing old collections to get removed from history
*arranging student loans for a realistic payment plan
literally went from low 500 to almost 700 credit score!!

I did the same bro!

Was at 500 as well and now I'm up to 700.

Love seeing these 200+ jumps from you guys taking care of your credit and working the system

 

[archiballer]

For anyone I'm the struggle.... have faith.
Credit is now 667. It takes time, patience, research, and more patience.
If you look back you can get my story and know j was def in the struggle.
Having a gf with excellent credit add me to one card helped a little but not much as I thought.
Keep pushing. Pay off balances, and keep ya head up.
Good luck nt fam

 

[23kidd]

Sorry if this topic has been covered but is the Cap. One credit score app 100% on point?

My homie said it isnt. Makes sense cause when i went to go get my car dude told me my credit score was 780 and i was in awe cause the app said im at 735

 

[lilchico4life]

No, cap one app shows vantage scores. Lenders look at FICO scores.

 

[angels47]

I think AMEX and Discover have the most accurate scores, if I'm not mistaken.

 

[bostoiah]

AMEX and Discover gives you real FICO scores. Cap One got those fake Credit Karma scores which aren’t too far off from your real scores but lenders never use them.

 

[verbal kint]

I'm in the process of rebuilding my credit and kinda want to apply for a Card with a higher limit for the rewards aspect. Right now I have a Cap one Platinum with an $850 limit. But I dont use it much due to the ease at which I would hit 10% utilization.

My CK scores are 660/710. My Creditwise is around 660. Is there a card I could get with a limit over 2kish at these scores or should I just be patient?

 

[pdino]

^you can do Amex 3x credit limit increase that has been covered in this thread:

A lot of you probably already known this, but American Express will often triple your opening credit limit. There's a few rules to follow:

• Wait 60 days from account opening
• Max of one credit limit increase from American Express every six months
• If you're denied wait a minimum of 90 days before applying again

Also, make sure your credit utilization is at 0 or as close to 0 as possible before applying. High utilization is a common reason for denial.

Obviously don't do this if you can't manage credit responsibly.

To request a limit do the following:

Log into your American Express account

Click profile & preferences

Click more options

Under account management click “manage credit limit”

Click start then follow the prompts

 

[アミーゴ]

Holy cow... My score went down over 50 points for paying off my car loan a year early. Unbelievable.

I can’t believe I get penalized for that.

For those wondering, I did it to change the title. My company is paying me 5k for it, the difference between what I sell it for and the KBB value.