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

[dam itz lou]

^Thanks for that info. I did not know that at all
I don't put anything on my credit cards that I can't pay off in two weeks . Next year I will prolly apply for a 6 mo no interest card for a MacBook but that's about it. Only have 200 of my 3k limit used right now. I spend like 800-1k a month on it.

http://9to5mac.com/2015/09/09/disco...with-ios-9-get-10-cashback-up-to-10000-in-q4/

Discover is offering a double cash back promotion for a year so you'd be getting 20% back on your order.

 

[Bert.]

Wait what? How do I get in that double cash back? I haven't received any emails or anything and I have a discover card

 

[sunshineblotters]

http://9to5mac.com/2015/09/09/disco...with-ios-9-get-10-cashback-up-to-10000-in-q4/

Discover is offering a double cash back promotion for a year so you'd be getting 20% back on your order.

I use Android so Apple Pay wont work for me |I

 

[capital sb]

Why are you guys so interested in CC limit increase?


I know it's good for the % of credit used vs available, but can't you guys apply for a line of credit of something? With good credit and a stable income, you could be approved for something decent.

Personally I prefer CC limit increases, because my CC are rewards cards and lower interest rate compared to my CLOC (checking line of credit). Easier to get a CC limit raised than a line CLOC or HLOC limit raised. Higher your total amount of credit you will always have great credit no matter what (unless you max out or something). Utilization is 30% of your score, so that is also important to me. Also you can get increases with a soft pull compared to a hard when applying for a new CLOC or HLOC another somewhat important factor.

May be a dumb question but the transaction posts as soon as you purchase? My IT card is on the way & I'm planning on using it like you mentioned.

The transaction takes 2-3 days to post, but as soon as it shows pending the transaction amount will be deducted from your available credit. You can pay that exact amount as soon as it shows pending or wait until it posts if you like.

 

[jjs]

Why are you guys so interested in CC limit increase?


I know it's good for the % of credit used vs available, but can't you guys apply for a line of credit of something? With good credit and a stable income, you could be approved for something decent.

Personally I prefer CC limit increases, because my CC are rewards cards and lower interest rate compared to my CLOC (checking line of credit). Easier to get a CC limit raised than a line CLOC or HLOC limit raised. Higher your total amount of credit you will always have great credit no matter what (unless you max out or something). Utilization is 30% of your score, so that is also important to me. Also you can get increases with a soft pull compared to a hard when applying for a new CLOC or HLOC another somewhat important factor.

That's where Canada and the USA is different i think.

My personal line of credit has a much lower rates than my credit cards (and still lower that the preferential rate card offered anywhere, except some limited time promotion where you can get low rates for 6-12 months).

i mean i won't say no to a limit increase of a Credit Card, but i won't ask for it. With a few thousands, i really don't need more (always paid in full before due date).

Even if I use my CC that gives me the most points for ALL my purchases, which i aleady do, i'm not even close to the limit they gave me when i applied for the card.

 

[jape]

Once you get your CC / Credit game up. Companies will start sending you good CC offers.

75k Miles for amex

Yeah it's kind of scary how many credit card offers I get in the mail...it's like they are waiting to prey on my money.
But I got 2 great credit cards and don't rely on them for anything other than building credit.
Spend only what you have is great advice.

 

[sunshineblotters]

^If you start out with slightly below average credit (missed a few bills that went to my moms house and she never told me I had em despite opening the mail) how long till I get these type of offers.

Can someone explain to me how air miles work? Once I have money to travel again I will def grab a great air miles credit card. That one with the $99 a year charge sounds fantastic (if air miles work the way I am picturing them to)

So how do you claim them? Just say "hey i earned 15k air miles, wheres my free trip to Singapore?"

 

[jjs]

^If you start out with slightly below average credit (missed a few bills that went to my moms house and she never told me I had em despite opening the mail) how long till I get these type of offers.

Can someone explain to me how air miles work? Once I have money to travel again I will def grab a great air miles credit card. That one with the $99 a year charge sounds fantastic (if air miles work the way I am picturing them to)

So how do you claim them? Just say "hey i earned 15k air miles, wheres my free trip to Singapore?"

you accumulate points (Air miles) that you exchange on their site.

For travel, you will be limited to certain flights / seats and you will have to pay the taxes of the fare regardless of the number of points you have (they don't cover the taxes).

I have another travel card with my bank, which is better in my opinion because the site compares the fare a bit like kayak does and you don't have any restriction regarding seats / taxes. If you have a ton of points you can fligh out high season in first class and pay the whole fare with the points.

there is probably something similar to my card in the States.

 

[capital sb]

That's where Canada and the USA is different i think.

My personal line of credit has a much lower rates than my credit cards (and still lower that the preferential rate card offered anywhere, except some limited time promotion where you can get low rates for 6-12 months).

i mean i won't say no to a limit increase of a Credit Card, but i won't ask for it. With a few thousands, i really don't need more (always paid in full before due date).

Even if I use my CC that gives me the most points for ALL my purchases, which i aleady do, i'm not even close to the limit they gave me when i applied for the card.

Yeah maybe that is the difference.I just opened up up a CLOC and the interest rate is 16.9%, my CC from the same credit union is 12.65%.

Another reason I like high limits is because I can use them for emergencies and take advantage of the 0% balance transfer. I just started my Masters and my company reimburses me for the class at the end of the semester, but I have to pay upfront. Each class is $3700 , I pay for the class with my CC and do a 12 mo 0% interest balance transfer. Without high limits that wouldn't be possible without maxing out the cards. I still would like to get my Discover IT card up to 15-20K by the end of next year, so I can take more classes and for future business use.

 

[jjs]

16,9% god damn.

i get like 6% on my unsecured line of credit.

it's usually between 6 and 10 here.

 

[sunshineblotters]

you accumulate points (Air miles) that you exchange on their site.

For travel, you will be limited to certain flights / seats and you will have to pay the taxes of the fare regardless of the number of points you have (they don't cover the taxes).

I have another travel card with my bank, which is better in my opinion because the site compares the fare a bit like kayak does and you don't have any restriction regarding seats / taxes. If you have a ton of points you can fligh out high season in first class and pay the whole fare with the points.

there is probably something similar to my card in the States.

Im guessing that means youll have a hard time getting tickets to a place you would actually want to go

So if you earn miles then you just need to earn the distance between the two airports and if it is points then you need to go by their value system I am assuming?

How many miles will a 1000k purchase earn you on average (excluding any deals like "double the miles on certain purchases" and such). If you are using the point system how many points would you get for a 1k purchase?

How much money would i have to spend to earn 15k miles (halfway around the world)?

 

[capital sb]

16,9% god damn.

i get like 6% on my unsecured line of credit.

it's usually between 6 and 10 here.

Lol yeah I think it's high as hell too I'm not even planning on using it just got it for a util buffer for now. I'm going to ask for a rate decrease once my scores hit 750+.

 

[sunshineblotters]

16,9% god damn.

i get like 6% on my unsecured line of credit.

it's usually between 6 and 10 here.

its a ripoff in america. if you have amazing credit you can get a card that charges less than 12%. For the vast majority of people its between 12 and 26%. I would say average credit is 18% (correct me if I am wrong)

 

[sunshineblotters]

Lol yeah I think it's high as hell too I'm not even planning on using it just got it for a util buffer for now. I'm going to ask for a rate decrease once my scores hit 750+.

how are you keeping track of your score? Are you just paying for a fico score every so often? From where?

CreditKarma uses Vantage scores which are prolly off. No way my transunion credit score would be 680 if they used FICO.

I forgot what the cap1 credit tracker uses but its another form of FAKO for sure but it seems like their score is closer to what I would expect.

 

[jjs]

you accumulate points (Air miles) that you exchange on their site.

For travel, you will be limited to certain flights / seats and you will have to pay the taxes of the fare regardless of the number of points you have (they don't cover the taxes).

I have another travel card with my bank, which is better in my opinion because the site compares the fare a bit like kayak does and you don't have any restriction regarding seats / taxes. If you have a ton of points you can fligh out high season in first class and pay the whole fare with the points.

there is probably something similar to my card in the States.

Im guessing that means youll have a hard time getting tickets to a place you would actually want to go

So if you earn miles then you just need to earn the distance between the two airports and if it is points then you need to go by their value system I am assuming?

How many miles will a 1000k purchase earn you on average (excluding any deals like "double the miles on certain purchases" and such). If you are using the point system how many points would you get for a 1k purchase?

How much money would i have to spend to earn 15k miles (halfway around the world)?

My financial institution offers 2 CC for air miles, one with fees and the other with no fees.

No fee gets you 1 air mile per 20$ anywhere + 500 air miles as welcome bonus

fee (120$) gets you 1 air mile per 10$ + 1000 air miles as welcome bonus, also gives you 14 day single-trip insurance (medical + travel) and two access to VIP lounge in airports.

so in that case if you spend 1k, you would get 50 air miles with the no fee and 100 with the fee card.


My card offers me 2% on travel. so i get 20$ on each 1k i spend. Got 300$ worth of travel as welcoming bonus + Other advantages.

 

[jape]

its a ripoff in america. if you have amazing credit you can get a card that charges less than 12%. For the vast majority of people its between 12 and 26%. I would say average credit is 18% (correct me if I am wrong)

damn thats crazy...my rate is 6%

 

[sunshineblotters]

damn thats crazy...my rate is 6%

That is lower than the interest on my govt student loans :x

 

[thadangerousmind]

I just checked the rate on my Bank of America card and it's 18%. Has anybody had any success getting it lowered?

 

[capital sb]

how are you keeping track of your score? Are you just paying for a fico score every so often? From where?

CreditKarma uses Vantage scores which are prolly off. No way my transunion credit score would be 680 if they used FICO.

I forgot what the cap1 credit tracker uses but its another form of FAKO for sure but it seems like their score is closer to what I would expect.

Credit karma is a FAKO.

Currently I'm using myfico.com $25/mo 3 bureau score watch which is a FICO score, but I'm about to cancel it (only used to keep track during mortgage process). I will be using Discover's TU FICO score for free. From now on I will just pull my 3 bureau scores maybe once a year through myFico.

 

[sunshineblotters]

I just checked the rate on my Bank of America card and it's 18%. Has anybody had any success getting it lowered?

I havent tried it but I have two friends who used to work for credit card companies. They told me every 6 months you can ask for a lower interest rate. We didnt get into any details about wether or not they will give it to you.

Credit karma is a FAKO.

Currently I'm using myfico.com $25/mo 3 bureau score watch which is a FICO score, but I'm about to cancel it (only used to keep track during mortgage process). I will be using Discover's TU FICO score for free. From now on I will just pull my 3 bureau scores maybe once a year through myFico.

does this come with every discover card? will have to look into discover for the next card.

 

[jewseejay]

Jus bought a new laptop and paid for some wedding stuff. Only time I'm somewhat excited to check my accounts after large purchases hah still pending but the Cashback should be lovely. Gunnar use it to by a gas mask and some life straws. All this prepper talk and the shemitah got me thinkin I should at least have the bare essentials smh ha

 

[ballahb]

Checked my credit score...
752-764
currently have a visa thru Banana Republic
looking for a card with better rewards, what would be my options?
still fairly new to credit

 

[thadangerousmind]

I havent tried it but I have two friends who used to work for credit card companies. They told me every 6 months you can ask for a lower interest rate. We didnt get into any details about wether or not they will give it to you.
does this come with every discover card? will have to look into discover for the next card.

Discover IT and Chase Slate offer free FICO scores. 1 of the Capital One cards does as well. Bank of America announced it in January but it's been crickets so far.

 

[Bert.]

I thought all cap one offer it

 

[sunshineblotters]

If I am correct the Chase slate card needs a mid to high 600s score. I have no idea what my score is right now but since I just started and I had a bill go to collections 4 or so years ago, i can assume it wont be that high.

Right now I am more concerned about whats on my report than what my score is. I consolidated my student loans and I have no idea if that helps or hurts(in the short term), I have the hard credit inquiry from getting the CapOne quicksilver as well. Not off to a great start but there is a lot worse than me.

I thought all cap one offer it

They all offer a FAKO score based on the TransUnion New Account Model.