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

[capital sb]

I've been eyeing the IT card for awhile and they have been flooding my mailbox with offers.

Finally broke down and signed up, my plan is to xfer balance of my oldest card which is capital one and then close it out. Its my oldest card but I feel like the IT will offer better value w/ no fees, rate,etc.

Never close your oldest card. Your score will take a big hit.

 

[slighted]

Never close your oldest card. Your score will take a big hit.

Seriously? I don't even use my oldest card anymore simply because it only has a $1k limit and charges an annual fee.

 

[capital sb]

Seriously? I don't even use my oldest card anymore simply because it only has a $1k limit and charges an annual fee.

Average Age of Accounts (AAoA) is 15% of your credit score. Your AAoA goes from 6+ years to 2> years your score is gonna take a hit.

 

[Ruck13]

Never close your oldest card. Your score will take a big hit.

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Seriously? I don't even use my oldest card anymore simply because it only has a $1k limit and charges an annual fee.

That was my thoughts as well but..I guess i'll keep it for gas card.

 

[Bert.]

Doesnt matter if you dont use it. history matters sadly.

just put the card somewhere

 

[capital sb]

Yup I have a $500 secured card that I opened at 18. Haven't used it in years, just stashed it.

 

[nikeairforce1]

Nah. if it has an annual fee and you're not using it, just close it.

BUT, depending on the credit card company, you can ask them for a product change. You can change that card with an annual fee to one that doesn't have an annual fee and still maintain that credit history.

 

[gil23]

put yall cards in the sock drawer and bring them out once in a blue moon

 

[carolinafinest]

Go get a cc from a store in the mall and get a loan to sit on. Pay interest and viola you should start climbing. Loans don't really help until 3rd or 4th month. Also with CC never use more than 30 percent or something like that.

 

[datznasty]

Man, Capital ONE is some ********. I've had my card with only a $300 limit for like 8 yrs. I finally called asked for a limit raise and they upped me to $800

 

[slighted]

Man, Capital ONE is some ********. I've had my card with only a $300 limit for like 8 yrs. I finally called asked for a limit raise and they upped me to $800

I was also tired of this, so I just applied for 2 new cards (Venture One and Quicksilver -- both have no annual fees) and got approved in 5 minutes.

$10k on the Venture One and $3k on the Quicksilver. Will close my first card ($1k limit with $30 annual fee) because CapOne keeps denying me when I ask to change it to one with no fee. I haven't used it in almost a year.

These annual fees can miss me.

 

 

[antidope]

I applied for a credit increase back in May when I secured a promotion but since then I have landed a new job and my income has substantially increased. It hasnt been six months but I want to request an increase on both my cards. Any reason not to?

 

[slighted]

 
I applied for a credit increase back in May when I secured a promotion but since then I have landed a new job and my income has substantially increased. It hasnt been six months but I want to request an increase on both my cards. Any reason not to?

Do it, fam.

I applied for a credit increase and only got an offer to increase it by $200. I rejected it.

 

[antidope]

 

 
I applied for a credit increase back in May when I secured a promotion but since then I have landed a new job and my income has substantially increased. It hasnt been six months but I want to request an increase on both my cards. Any reason not to?

Do it, fam.

I applied for a credit increase and only got an offer to increase it by $200. I rejected it.

"Your account is not eligible for an increase at this time" Guess its because of the six month window. Oh well.

 

[polosanddunks]

$200 increase? smh

 

[sunshineblotters]

I was also tired of this, so I just applied for 2 new cards (Venture One and Quicksilver -- both have no annual fees) and got approved in 5 minutes.

$10k on the Venture One and $3k on the Quicksilver. Will close my first card ($1k limit with $30 annual fee) because CapOne keeps denying me when I ask to change it to one with no fee. I haven't used it in almost a year.

These annual fees can miss me.

 

They charge me $39 a year (apparently the better your credit the less they charge you). Im about to let them know next year if they dont drop my $39 a year charge i'm dropping them. Only reason I dont want to keep the card open is because of that fee if I stop using the card.

Only reason for a fee is to give AMAZING air mileage points. Otherwise **** on outta here.

Also only 1st year is waved on the venture one card. After that its $59 a year

 

[slighted]

They charge me $39 a year (apparently the better your credit the less they charge you). Im about to let them know next year if they dont drop my $39 a year charge i'm dropping them. Only reason I dont want to keep the card open is because of that fee if I stop using the card.

Only reason for a fee is to give AMAZING air mileage points. Otherwise **** on outta here.

Also only 1st year is waved on the venture one card. After that its $59 a year

Agreed. It's ridiculous; I had to go visit a rep at my local CapOne and argue with him to get rid of the 2015 annual fee, but he still wouldn't budge on switching my card to a no-fee one. Technically, they don't make any money on me with that card, so I don't understand why they won't just upgrade my card?

Correct me if I'm wrong, but the Venture card charges $59 after the first year (2x miles). Venture One has no fee (but you only get 1.25x miles per $).

 

[sunshineblotters]

Agreed. It's ridiculous; I had to go visit a rep at my local CapOne and argue with him to get rid of the 2015 annual fee, but he still wouldn't budge on switching my card to a no-fee one. Technically, they don't make any money on me with that card, so I don't understand why they won't just upgrade my card?

Correct me if I'm wrong, but the Venture card charges $59 after the first year (2x miles). Venture One has no fee (but you only get 1.25x miles per $).

You are right. Had to look it up. Didnt know they were two different things.

So you say they wont let me switch I have to reapply?

 

[slighted]

You are right. Had to look it up. Didnt know they were two different things.

So you say they wont let me switch I have to reapply?

I've called / talked to reps in person these past few months and they all give me the BS ("Annual Membership Fee is to offset the costs of managing your account").

As mentioned above, I just applied for 2 new cards in July and don't use this card anymore. I just don't wanna kill my first card if it'll hurt my credit, but I don't see any other option at this point. $30 annual fee is apparently more important to them than the money they make off of me on these 2 new cards.

 

 

[polosanddunks]

just keep it open bro.down the line you'll be happy you did

 

[HankHill]

Are you buying anything soon where your credit matters?

 

[slighted]

Are you buying anything soon where your credit matters?

My first major real estate purchase

I have ~770 credit now (based on estimates), but how much will it drop if I close my card?

 

[HankHill]

No idea. I was gonna suggest closing it if it didn't affect your circumstances, but if you're about to purchase a home then keep it open.

 

[capital sb]

 
My first major real estate purchase

I have ~770 credit now (based on estimates), but how much will it drop if I close my card?

How long have you had the card? How old is your second oldest card?

If you are about to purchase real estate keep the card open, and close it after you close on the property

 

[crcballer55]

 

They charge me $39 a year (apparently the better your credit the less they charge you). Im about to let them know next year if they dont drop my $39 a year charge i'm dropping them. Only reason I dont want to keep the card open is because of that fee if I stop using the card.

Only reason for a fee is to give AMAZING air mileage points. Otherwise **** on outta here.

Also only 1st year is waved on the venture one card. After that its $59 a year

Agreed. It's ridiculous; I had to go visit a rep at my local CapOne and argue with him to get rid of the 2015 annual fee, but he still wouldn't budge on switching my card to a no-fee one. Technically, they don't make any money on me with that card, so I don't understand why they won't just upgrade my card?

Correct me if I'm wrong, but the Venture card charges $59 after the first year (2x miles). Venture One has no fee (but you only get 1.25x miles per $).

I always love that argument. Of course they make money on you. They charge the merchant a swipe fee every time you use your card so there's no such thing as "no making money" on someone unless they just keep it in their wallet.