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

Chase Freedom benefits are pretty cool. I strive to only use my card on things I would pay cash for, bills, groceries, and fast food etc.

I try to pay it all off right away as soon as I get paid. rinse & repeat. I've seen my credit score jump. especially when I don't keep a balance or less than 25%. If I'm at the limit tho say after a big trip I definitely see a dip.

all in all though I get about $30-$50 cash back each month just for using the card the way I described before. Spend smart this year guys! try to be the only one in January with good $
 
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Best credit cards to have imo are chase freedom & boa amerideals since it gives you an intro 0% apr & cash back on purchases. Just make sure you it off on time. Also if you get chase freedom you can redeem your points for gift cards & get $200 back when you spend $500 within 3 months. You can always use credit karma to see if your credit score good & they suggest cc thats suitable for you.
 
I knew i should have got the chase freedom. wont be apply for a new card for atleast a year now, maybe longer.
 
Love the Discover IT card for the balance transfer offers. I started off with 18 months of no interest. I've gotten offers for 12 months of no interest multiple times and just transfer over balances from other cards so I don't pay interest.
 
bwsteg said:
Those who want to maximize their fico credit score, don't listen to this man above.

Paying interest is foolish unless you need to carry a balance.

In order to maximize your score, make sure all CC's report 0 balance except for one where you should leave 1-9%.  After the statement cuts, pay-off that balance to avoid interest.
Click to expand...

Facts. Your score isn't affected by how much interest you pay. Keep those utilization rates low.
 
bwsteg said:
 
crcballer55 said:
 
Of course. They're in the business of making money, so why not reward you with extra points on your score for paying them interest on your outstanding balance?

Like I've said many times, the credit scoring game is rigged and completely flawed.
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Those who want to maximize their fico credit score, don't listen to this man above.

Paying interest is foolish unless you need to carry a balance.

In order to maximize your score, make sure all CC's report 0 balance except for one where you should leave 1-9%.  After the statement cuts, pay-off that balance to avoid interest.
Click to expand...
Words of wisdom right there!

I'm more concerned with helping people build wealth than a flawed credit score. I guess I'm lucky because I have both from paying Sallie Mae lots of interest early on.

Oh... and nobody NEEDS to carry a balance
wink.gif
 
Finally gonna jump on one of these card offers now that I've seen my score rise a bit. What should I go with, Discover IT or Chase Freedom?

I also have an offer for an Amex card that seems similar to the two listed above. No annual fee, no interest for 18 months, etc. IDK what else its about though didnt read the pamphlet.
 
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I would say the chase freedom
Because it's accepted at more places than discover.
Discover does give you your FICO score and has great cash back deals tho
 
Murkn3m said:
I would say the chase freedom
Because it's accepted at more places than discover.
Discover does give you your FICO score and has great cash back deals tho
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I'd have another card so the accepted thing wouldnt be much of an issue. I'd really use it to buy all the things I used to do with my debit card and pay it off at the end of the month just like I do with my current card. Its just a starter card though so the limit is low, I wanna step up to something substantial with a sizeable limit.
 
My credit score dropped a little after opening my second credit card and getting a credit increase on my older one, anybody know why that happened?
 
crcballer55 said:
 
Ditto. Anytime you do a hard inquiry, you'll take about a 10 point hit to your score. If you do multiple within a short period of time, it'll be even worse.
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not true. I just did 10 this week. score dropped 4 points on average between all 3

usually u score will drop a point or 2 but it will recover within months
 
Superb said:
crcballer55 said:
 

Ditto. Anytime you do a hard inquiry, you'll take about a 10 point hit to your score. If you do multiple within a short period of time, it'll be even worse.
Click to expand...

not true. I just did 10 this week. score dropped 4 points on average between all 3

usually u score will drop a point or 2 but it will recover within months
Click to expand...

If you do multiple in a short time for the same type of credit they'll count is as one for example car loan shopping
 
Do personal loans usually not help your credit score ?

I just paid off my lending club loan that I took out a year ago for about $3500. I had almost $1900 left and paid it all last month. It didn't help my fico score a lick.
 
Dam itz Lou said:
Do personal loans usually not help your credit score ?

I just paid off my lending club loan that I took out a year ago for about $3500. I had almost $1900 left and paid it all last month. It didn't help my fico score a lick.
Click to expand...

Probably boosted it 6 points or something. Did the same for me but people told me I should of just left it open for a bit more to gain history

Someone elaborate
 
Dam itz Lou said:
Do personal loans usually not help your credit score ?

I just paid off my lending club loan that I took out a year ago for about $3500. I had almost $1900 left and paid it all last month. It didn't help my fico score a lick.
Click to expand...
Straight from the website:
[h3]A loan that can boost your credit score[/h3]
By consolidating debt or paying off credit cards, you may improve your credit score. 78% of borrowers experience a FICO score increase three months after obtaining their loan, with an average score increase of 23 points[sup]2[/sup]! And of course, checking your rate to view the loan offers you qualify for will not impact your credit score.
 
I have a target card, and was recently approved for another cc with rewards. With the target card, I get 5% off my in store purchases. When I use the card, I go straight to customer service and pay whatever I jus spent. Is that smart or should I accumulate balances and pay off at the end of the month? And wit the rewards cc, I basically want to use it for everything, then jus pay it at the end of the day. Is that smart or naw??
 
I finally got over that 750 hurdle to 754. I realized that Paypal Credit isn't reporting to any bureaus. I don't care that 0% interest for 6 months for every purchase I make is worth it regardless.
 
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