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serious? Not having credit can diminish your options, housing, car, loans (personal and student). Unless you're a millionaire that is
24 Looking to build Credit... What are some good tips on your first Credit Card
- Thread in 'General' Thread starter Started by trynafeelmink,
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taking out a loan to payoff credit card , good or na ??
Need more info... Rate on cc. Rate on personal loan. Amount and term of personal loan?. Secured or unsecured?
Answer those questions and ill answer yours.... Could be good. Bad or irrelevant
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So like i said i WAS thinkin about amex... Apparently they have bots all over the web cuz i got a pre selected thing n the mail from them today.
50k points for spending 1k in the first cpl months.
Seemed like a hella sweet deal until i jept reading... 175 dollar annual fee.... LULZ.
Passs
50k points for spending 1k in the first cpl months.
Seemed like a hella sweet deal until i jept reading... 175 dollar annual fee.... LULZ.
Passs
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3000 in cc debt 1 card 1675 , other card 1410
loan is unsecured 4 years 15% 3200 about 89 bi weekly
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50k? thats pretty high... essentially $500. I'm assuming the offer was for a charge card... But typically they waive the first year fee?
If it's waived i would just take the offer and change the card to a revolver when the free year is up or cancel it
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Actually... having debt diminishes your options. Not willing to take on debt just causes you to work harder and get more creative with coming up with the capital to buy the items you want.
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Sounds ok. 15% is a bit high but is to be expected on a debt consol. (Did u shop or around or try credit union) Id say go for it assuming the rate on those cards is 25+ %
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Yea first yr free but i wouldnt close it. I kinda wanted an amex. But not for that price. Im sure ill get another 250 dollar offer from someone soon. I want/need a travel perk card. I pretty much have trained myself to use credit cards for every purchase i make if at all possible. Dem rewards be callin meee
Who knows tho... 500 is enough for me to open and close right after i redeem hah.
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How much does credit length factor into your credit score?
I have a car loan and mattress loan (Bad back- tempurpedic) and one CC. Credit score is at 690.
I've had them less then a year, never had any credit before these.
All payments on time, no utilization on my cc. just 11,000 left on car, 4,000 left on bed.
I have a car loan and mattress loan (Bad back- tempurpedic) and one CC. Credit score is at 690.
I've had them less then a year, never had any credit before these.
All payments on time, no utilization on my cc. just 11,000 left on car, 4,000 left on bed.
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I will be signing up for my first credit card this month (age 23). Never really believed in buying things on credit before and still dont, but I saw that i could get rewards on flights and that intrigued me. I've heard you arent supposed to spend more than 30-50% of your allowance a month, is that true?
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View media item 1416931
Ish...
Nobody but FICO knows the true formula/values (which is a croc of **** if u ask me)
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How much are you all getting back from points/rewards annually? Just curious?
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Don't take out a personal loan with that much interest. If you're gonna play the debt swap game, be smart about it.
My advice: rollover the debt on the two cards into a new card. Preferably one that has a 0% intro. rate for 15 to 18 months. This will allow you to make interest free payments for the specified period, and that will go a long way in helping you decrease your overall debt load.
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Capital One secured card is how I started, also. I used that, took out a car loan with them (I had cash to pay it off, but no credit). Within one year, I had a $10k limit when I applied for their platinum card.
I only built up my credit to get loans. I requested bigger limits to raise my available credit/debt ratio.
Be careful with these credit cards bros. Always pay them off right away, regardless of what is better for your credit. You will fall behind, miscalculate your expenses, etc. and you will owe big time. Esp. with capital one. I paid off my bill every month and since they made no $ off interest, I was getting charged some very bogus fees.
Credit isn't an end all be all fellas. Be smart and use it as a tool, but I would recommend only using credit until you get to the credit lines you need, then start using cash again.
I only built up my credit to get loans. I requested bigger limits to raise my available credit/debt ratio.
Be careful with these credit cards bros. Always pay them off right away, regardless of what is better for your credit. You will fall behind, miscalculate your expenses, etc. and you will owe big time. Esp. with capital one. I paid off my bill every month and since they made no $ off interest, I was getting charged some very bogus fees.
Credit isn't an end all be all fellas. Be smart and use it as a tool, but I would recommend only using credit until you get to the credit lines you need, then start using cash again.
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1 card was 27.99 in interest 2nd card was 22.95 i cant get new card with higher limit
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Have you looked into something like Lending Club or Prosper to see if they can offer you that amount with a lower interest rate? I know lots of people would rather invest in your money than having it go to the bank.
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wats a few months?
I had a Discover card for year and just got a CapitalOne tonite (Limit $500)
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anyone know a credit card for travel that lets you pay with your miles partially? was looking at the capital one venture card but can only claim your rewards in full
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six months or shorter if u recall ?
omariwestafari
Banned
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My credit score went down like 80 points because i have two cards that are almost full. Will the best way to improve my score just to pay them off
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lower the usage not suppose to use majority of the balance
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Im not sure what I can do.... I have two credit cards that I am using wisely but other than that my credit is filled with Student loans from undergrad and grad school that I am up to date on.
When I look at my credit report....it tells me my loans are negatively impacting my credit but at the same time it tells me they are helping my credit because they are all in good standing and their my oldest accounts.
Paying off the loans is the goal of course...but thats not a overnight process because its a high dollar amount. Its gonna take awhile
Any ideas for me? I wanna qualify for a mortgage within the next year.
When I look at my credit report....it tells me my loans are negatively impacting my credit but at the same time it tells me they are helping my credit because they are all in good standing and their my oldest accounts.
Paying off the loans is the goal of course...but thats not a overnight process because its a high dollar amount. Its gonna take awhile
Any ideas for me? I wanna qualify for a mortgage within the next year.
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I dont have an idea per se but I can tell you not to worry about your school loans. The amount is irrelevant. What is relevant is that your paying as agreed and the length of time youve been doing so. The loans could potentially help you a great deal as its basically a long standing account that is a different type of credit than the usual. My fiance has had 100k plus n school loans and a 730+ score for awhile now.
edit: actually i do know what you could do. Get financing for a car or take out a small personal loan. Id assume your biggest problem right now is # of types of accounts. An auto loan or a different type of installment loan of some sort should help. Im not sure if a year from now is all that reasonable of a time frame though if you want to significantly boost your score.... Taking on another account will hurt your score before itll help What range is your score in now? You only need to be around 720-740 to get the best mortgage rates as a first time homebuyer i think. FHA maybe wanna shoot for the high end but assuming you can come up with 10-20 percent down you should do alright with a score in that range
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Damn, I got good credit (780) and don't have limits like you dudes. I got a $6300 limit Amex, $3k limit mastercard, $2500 limit visa, $3K limit visa. How do yall get such huge limits, do yall lie about how much you make 
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