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

[capital sb]

Damn Discover is killing it

I feel like they are slept on heavy.

 

[polosanddunks]

I feel like they are slept on heavy.

I think they are. I slept on them before i got em but im very happy I did. I heard they are more on the harder end to get? Not sure if true

 

[dam itz lou]

Discover isn't slept on. It's just a great cashback card. Most people would rather get points to travel.

I just got back from Peru. I booked my trip in economy for 38K Citi TY points. I earned a little over 14K back because of my AA platinum status. I upgraded to business/first for 15K AA points and $150 each way.

38K Citi TY points
30K AA points each way
$300
- 14K I got back
_____________

So for 54K and $300 I got a round trip plane ticket that would of cost me $4000.

You just aren't coming close to those kind of numbers from a cash back card.

 

[polosanddunks]

But how much did you have to spend to get those 38k miles. Idk about the miles thing sometimes.

 

[capital sb]

Right, nobody ever explains how they got those points.

My next app spree will be on airline/hotel cards to try to go somewhere for free. I have to get a strategy down pact first. Also, once you use up the sign up bonus points isn't it pretty hard to get up to 40K-50K points again. From my understanding you need to apply to a different card for another sign up bonus.

 

[polosanddunks]

Right, nobody ever explains how they got those points.

My next app spree will be on airline/hotel cards to try to go somewhere for free. I have to get a strategy down pact first. Also, once you use up the sign up bonus points isn't it pretty hard to get up to 40K-50K points again. From my understanding you need to apply to a different card for another sign up bonus.

Exactly. After i use these 30k sign up miles from Chase United next year on a trip tp Tokyo or something along with the other 20k ive accumulated the card is going to basically be pointless

 

[HankHill]

Right, nobody ever explains how they got those points.

My next app spree will be on airline/hotel cards to try to go somewhere for free. I have to get a strategy down pact first. Also, once you use up the sign up bonus points isn't it pretty hard to get up to 40K-50K points again. From my understanding you need to apply to a different card for another sign up bonus.

Yeah the only people I know who get points like that travel for work weekly or monthly. They charge all their travel expenses to the card (tickets, baggage, car rental, hotel stay) and the job reimburses them. They're essentially getting the bulk of their points for free.

I traveled about 4 times this year on the same airline and accumulated less than half of the points needed for a free flight

 

[capital sb]

Man on of my coworkers used to travel every other week for work for 2 years straight and he says he has something like 300K+ points.
He also has a marriott card that gives him a free night everytime he spend 3K, so he aims to make big purchases total 3K 

 

[dam itz lou]

My next app spree will be on airline/hotel cards to try to go somewhere for free. I have to get a strategy down pact first. Also, once you use up the sign up bonus points isn't it pretty hard to get up to 40K-50K points again. From my understanding you need to apply to a different card for another sign up bonus.[/quote]

Right. You gotta play the game.

I fortunately get a lot of points because of work but sign up bonuses have been pretty lucrative for a while now.

Citi Prestige - 50K for 3K spend (I've heard of people getting a 100K offer through the mail.)
Citi Premier - 50K for 3K spend (Has gone up to 60K for a short time)
Citi Preferred - 20K for 2K spend
CitiGold checking account - 40K for no spend

It's definitely hard earning points through spend because you're only earning 2X or 3X per dollar on certain categories. They also have shopping portals where you could earn a lot more sometimes.

Here are some stories from normal folks taking advantage of sign up bonuses and their CC spend.

http://thepointsguy.com/2015/10/trip-to-australia-success-story/

http://thepointsguy.com/2015/09/saving-on-flights-success-story/

 

[luckyluchiano]

Whats this all spree stuff you guys are talking about? i assume apply to a ton of cards in a certain time window so you dknt get a ton of hard pulls?

 

[capital sb]

Right. You gotta play the game.

I fortunately get a lot of points because of work but sign up bonuses have been pretty lucrative for a while now.

Citi Prestige - 50K for 3K spend (I've heard of people getting a 100K offer through the mail.)
Citi Premier - 50K for 3K spend (Has gone up to 60K for a short time)
Citi Preferred - 20K for 2K spend
CitiGold checking account - 40K for no spend

It's definitely hard earning points through spend because you're only earning 2X or 3X per dollar on certain categories. They also have shopping portals where you could earn a lot more sometimes.

Here are some stories from normal folks taking advantage of sign up bonuses and their CC spend.

http://thepointsguy.com/2015/10/trip-to-australia-success-story/

http://thepointsguy.com/2015/09/saving-on-flights-success-story/

Okay so now I see why people are so hooked on Citi cards.

I know Chase gives great sign up bonuses too. I have to really figure it out soon though. 

@LuckyLuchiano  no you get dinged every time, but it's best to just apply to all of the cards on your list in one day. Your score won't show all of the inquiries for atleast a few days, so when you go on an app spree each application has your highest score.

Some people will do 10-15 apps in one day. 

 

[dam itz lou]

Okay so now I see why people are so hooked on Citi cards.

I know Chase gives great sign up bonuses too. I have to really figure it out soon though. 

@LuckyLuchiano
 no you get dinged every time, but it's best to just apply to all of the cards on your list in one day. Your score won't show all of the inquiries for atleast a few days, so when you go on an app spree each application has your highest score.

Some people will do 10-15 apps in one day. 

Chase Sapphire preferred is offering 40K + Another 5K when you add an authorized user for $4K spend. Double points on all travel & restaurants. Annual fee is waived the first year. It's $95 after. A lot of cards offer the first year free so if you decide it's not worth it then you just cancel. No harm done. You just make sure you use the points before you cancel because youll lose them.

 

[willie mcfly22]

10-15 apps in a day is crazy. But I believe it jus from bein on the myfico forums. I couldn't even think of 10-15 different CCs lol...

 

[capital sb]

10-15 apps in a day is crazy. But I believe it jus from bein on the myfico forums. I couldn't even think of 10-15 different CCs lol...

It's insane, I can't think of 10-15 cards I'd want to apply to. Those people are obsessed with credit cards and their credit score lol

 

[polosanddunks]

Whats this all spree stuff you guys are talking about? i assume apply to a ton of cards in a certain time window so you dknt get a ton of hard pulls?

What these guys are saying is correct. The only time you really dont take a ding on ya score with a bunch of inquiries is when your shopping for the best car interest rate with a bank. Even that is not needed

 

[northoaklandfc]

Any of you guys have experience with identity theft and/or credit freezes?


Hopefully I'm good but there's a possibility my DL and social may have been compromised. It doesn't sound like there's much I can do aside from monitor my credit reports and freeze my line of credit with all three agencies.

Was planning to get a report from Credit Karma and freeze my credit, then in 2016 get the actual report from annualcreditreport.com just in case a line of credit was opened in the last thirty days and didn't show up immediately on my report.

I might be being overly cautious but I definitely want to be preemptive here.

 

[water runs dry]

Anyone here have some advice on how to ask for a lower interest rate? I've had my WF card for about 7 years now and it's at 18.24%. If they do lower it, by how much is it? 5 or 10? I basically want to pay this card off.

 

[dam itz lou]

Anyone here have some advice on how to ask for a lower interest rate? I've had my WF card for about 7 years now and it's at 18.24%. If they do lower it, by how much is it? 5 or 10? I basically want to pay this card off.

Just ask. If anything, open up a new card that doesn't charge interest for 15-18 months. I think the Chase slate card offers no interest for 15 months and no balance transfer fee. No sense in giving money away.

 

[capital sb]

 
Anyone here have some advice on how to ask for a lower interest rate? I've had my WF card for about 7 years now and it's at 18.24%. If they do lower it, by how much is it? 5 or 10? I basically want to pay this card off.

Open up a 0% APR Balance Transfer card. Discover IT has 0% APR 12month BT offers at all times.

Look up some other BT cards too.

 

[antidope]

Ok so I wanted to get your opinions on this being that this is a credit based thread and I regard this situation as being credit related.



Back in May I refinanced my school loans to get a better rate which has been nothing but beneficial to me (Lower payments, less interest being charged I would suggest this to anyone who has an rate of over 7%) but since then, events have come to pass which lead me to believe that I would be able to get a much better rate than what I have currently, so I am applying for a refinance once again through SOFI. I was pre-approved, but now am unsure if I should move forward with the process for the following reason.



The issue is that as of right now my credit card balance is substantial and thus is affecting my score. The card itself is new so I am in a no interest period which is why I have been in no rush to pay it off, I have been whittling it down and would have it paid off before the interest kicks in, but now I am wondering whether or not I should try and pay it all off now to realize that uptick in credit score for this refinance application. I could in fact pay it all off now, but really am not sure if I should over extend myself to do so if the score won’t be a huge factor in my rate consideration.


For what it’s worth, Credit Karma’s credit simulator projects a 50 point increase if I was to get the balance back down to zero.

I am also weary of the potential of interest rates rising and me missing the boat on getting a good deal on this.

Anyone have any thoughts regarding this?


Thank you in advance for your responses.

 

[antidope]

Well I ended up just applying anyways.

 

[capital sb]

Well I ended up just applying anyways.

What rate did you get? Also were your loans originally with the federal government?

Only reason why I am against getting my loans refinanced or getting new loans outside of the fed is because 

of the feds laid back loan repayment plan. 

 

[sunshineblotters]

yeah. Thing I like about student loans is you can tell them you lost your job and they will let you stop paying for 6 months at a time. But if you do that any interest you had gets capitalized :/ that ****** me over so hard when I was looking for a job after graduation. Any place else will ruin your life if you lose your job over an extended period of time

 

[antidope]

Well I ended up just applying anyways.

What rate did you get? Also were your loans originally with the federal government?


Only reason why I am against getting my loans refinanced or getting new loans outside of the fed is because 
of the feds laid back loan repayment plan. 

I'm only refinancing the private leaving the fed as is. I consolidated those directly through my one lender and averaged out the rates of all the small loans. Feel pretty comfortable with what I'm paying there.

 

[HNL HI]

anyone know if I can use my discover it card on my girls apple pay app to take advantage of the cashback?