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

[gil23]

Need to balance transfer this Chase Freedom card as the zero interest rate is about to expire my choices

Citi Simplicity - 0 percent on purchases and balance transfers for 21 months

Discover it - 0 percent for 6 months purchases 0 percent on balance transfers 18

Citi Simplicity all the way? Thoughts?

21 months for sure

 

[af1nike]

The citi card looks like its going to work best for your needs, but you should try to pay that balance off before the citi promo ends.

21 months for sure

The balance isn't too much, I was underemployed for much of the year I had the card so I was basically supporting myself with it at times. If I had a few more months with no interest I could probably pay it off as I just got a full time job but I think it ends in January.

Follow up question, When would be the best time to apply/initiate the transfer? When the interest period ends? Just before?

Also is that Citi a hard card to get? This would be my second credit card. Don't wanna risk a credit pull if it's a long shot.

 

[capital sb]

I understand that 100%.

I would initiate the BT atleast a month and a half before. BT can take up to 3 weeks.

 

[slighted]

To those who have Discover IT cards, when does the Cashback Bonus start accruing? Only after I pay off my balance?

 

[af1nike]

Anybody have the Citi Simplicity? Is it a hard card to get? This would be my second card and nerd wallet says it's difficult to obtain.

 

[wrightone86]

Slighted you have to go through a billing cycle and then the ones for that month show up once you pay that cycle.

 

[Bert.]

To those who have Discover IT cards, when does the Cashback Bonus start accruing? Only after I pay off my balance?

View media item 1803954

It will pop up at the billing cycle

 

[wrightone86]

Anybody have the Citi Simplicity? Is it a hard card to get? This would be my second card and nerd wallet says it's difficult to obtain.

I have it. It was the 2nd "real" CC I got. Credit Union was before them and I had a BB card as well....granted the BB one is the "real" card and not just for the store, so I guess it was the 3rd one I got 

. I actually am not sure if it is hard or not to get. When I got it, I probably had a ~730 or so score and was approved for 14k. 

Wife and I are going on a cruise next year. Expedia had 20% cashback through EBates website and I used the DiscoverIT card for another 10% cashback and then just paid the card off 

 

[melo0115]

Just read this on reddit: Per the creator of credit karma..

Thanks for posting this. I'd like to point a few very important things that people don't understand about Credit Scores and the industry. As background, I am the founder of Credit Karma.

• There is no such thing as an actual credit score. There are dozens per individual. As one person pointed out, even FICO has dozens of variants source. Now consider Vantage. Many banks use multiple scores. None of them disclose because it would be like Coke telling you a secret ingredient.
• Comparing different scores and different bureaus is comparing apples and oranges. Most times, the scores will be pulled on different dates which is another reason for change. When my balances are high (mid payment cycle), my score is lower since I am using more of my credit. Scores are real time and point in time. They constantly change. A variance of 10-40 points is normal.
• Fun fact. A difference of 50 points at 600 is very different than a difference of 50 points at 800. I point this out because people banks care about your probablity of default. Not some 3 digit number. FICO Odds Ratio  Page 11 shows that a score of 600 has a default rate of 27%, 650 has a default rate of 10%. Whereas a score of 700 has a default rate of 3.6% and 750 has a default rate of 1%.

Now some people will say I am being biased but I hope some people from the industry will call me out if this is the case.

In short there are too many scores for you to track. You couldn't even by them if you wanted. You should make sure the general range is consistent but comparing numbers across bureaus and models is not valuable.

Side story, when I purchased my car my dealer showed me my FICO score of 910. How does that even register on the 850 spectrum?

 

[Ube]

When shopping at ndc thru discover deals if I use a code for the clearance items does that count against me or am I still credited the purchase on my rewards cash for discover?

 

[gil23]

When shopping at ndc thru discover deals if I use a code for the clearance items does that count against me or am I still credited the purchase on my rewards cash for discover?

Youll get the percentage back from your total after the clearance code. It's not like you are stacking coupons.

 

[slighted]

Spent around $600 since getting the new Discover card.

Much better than if I kept using my CapOne Quicksilver card.

 

[po2345]

Great contributions everyone!
What's everyones thoughts on the Blue Cash Preferred Card from American Express?

PO

 

[dontbelikethat]

BoA finally offering free fico TU scores! It's slowly getting rolled out, so not everyone has it yet.

Unfortunately for me, I already have a discover it that offers TU scores

 

[sthebest]

I got my credit score today and didnt see any change in my score despite making my payments on time. However, in the past month i got approved for the local credit union and just for laughs, i applied for the capital one quicksilver card and got approved for a $500 limit to start with. I'm pretty amazed because i havent been able to get a unsecured credit card in about 10 years

 

[capital sb]

Takes about 2 years of on time payments to make a score difference.

 

[sthebest]

Takes about 2 years of on time payments to make a score difference.

Not for me it didn't. I jumped 39 points last month. But maybe because it was because my score was so terrible to begin with

 

[capital sb]

A few on time payments didn't cause a 39 point jump unless you're score was under 500 than I can see that as a possibility.

 

[dontbelikethat]

My TU score jumped 38 lol. Apped for a new card and had a HP to increase my credit line on my other card last month, so that dropped my score, then checked my score again yesterday and it jumped 38 points.

I have fairly new credit though as you can tell, which probably is the reason why it's so sporadic.

 

[HankHill]

I've jumped from 750 to 690 to 766 In less than a year. Not sure what caused it, but I paid off one of my student loans and opened a card for a balance transfer around the time of the dip.

 

[slighted]

Score could be better; really digging my Discover IT card

 

[clarkchaz1988]

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[Bert.]

Jelly of these scores

 

[melo0115]

Alright NT, tomorrow im going to contact Covergent Outsourcing. They have an open account on me for sprint from like 2007 2008, but they have it as opened at 2012 and that's not the truth of the case. 

2015 to present Tmobile (My friend hooked it up with the V10, crazy deal!)

2013 to 2015 i was with verizon 

2012 to 2013 Boost mobile had the M8

2008 to 2012 cricket had the s2 for the most part 

but this credit is invalid 

I need them to show proof of credit I'm assuming, and if they cant then they have to wipe the account which helps my credit score. 

My car is going to crap, so I'm going to finance a new mazda 3, my job is good, i can afford it, no kids, getting a new place in 5 months.. 

I have two other accounts which the credit  collection is valid that I plan on paying off soon.. 

I'm just seeing what advice you think I need for having a discourse about this with the collection company, and how to go about it the proper way? 

@BeezyGotSole  @crcballer55   I know you guys are always plentiful with the information and down to help. Really appreciate that. I'm just trying to rebuild and get everything right I messed up in my childish days. My mom passed away in 2008 and I kind of moved like a zombie around that time. I was literally living reckless not caring about life, and possibly trying to die, so what would credit even mean to me. Had four different cards open at that time, now I only have a capital one card. 

Mentality and my physical world is a lot better now, gym 6 days a week, work a lot, and the women situation is weird right now, but they're there. I'm just trying to build for my future now. And this is a huge step in the right direction. So any advice is helpful. I'm at a 600 right now credit score wise. But I want to get it out of danger area for future things. 

 

[truth-serum]

Depending on the amount, don't take action and it will fall off due to the time it was opened