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

How does one go about closing a credit card? I always hear it affects credit badly but I dont want to have this annual fee card anymore.
 
LuckyLuchiano said:
what dictates them doing a hard pull vs them auto approving CLI? When I first got my card I did 2 and they auto approved, and another time after that I did one and they did a hard pull.
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LOL SHEESH literally 1 min after I posted this I log in and just click increase CLI for hell of it and they increased it by 5k :smokin
 
gregzzy23 said:
How does one go about closing a credit card? I always hear it affects credit badly but I dont want to have this annual fee card anymore.
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If it's not your oldest card you'll be fine.

Call customer service, they'll try to enroll you in another card, just tell them you are closing the card.
 
LuckyLuchiano said:
 
LuckyLuchiano said:
what dictates them doing a hard pull vs them auto approving CLI? When I first got my card I did 2 and they auto approved, and another time after that I did one and they did a hard pull.
Click to expand...
LOL SHEESH literally 1 min after I posted this I log in and just click increase CLI for hell of it and they increased it by 5k
smokin.gif
Click to expand...
Damn, we all flourishing.

laugh.gif
smokin.gif
 
LuckyLuchiano said:
LOL SHEESH literally 1 min after I posted this I log in and just click increase CLI for hell of it and they increased it by 5k :smokin
Click to expand...

It's either instantly approved or they give you the 3-5 day notice. If you get the 3-5 day notice call them and tell them you want to cancel your credit limit increase request.

Request is cancel no hard pull done.
 
Yes it will be detrimental. Think of your credit like a photo album. Your oldest credit card are like your older pictures. Some you like, some you don't like. Some with good times, others make you depressed. But closing your oldest card is like trashing your oldest pictures. If you do that you're erasing your history. Your history is just as important as your FICO score itself. Lenders can tell how responsible you are by looking at your credit. Conversely, it would also raise eyebrows to a lender to see if an applicant has a 750 fico but limited history. In short, keep your oldest card.
 
BeezyGotSole said:
It's either instantly approved or they give you the 3-5 day notice. If you get the 3-5 day notice call them and tell them you want to cancel your credit limit increase request.

Request is cancel no hard pull done.
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2 day message isn't a hard pull they will contact you if they need a hard pull and ask you if you want them to go trough with it. I've been requesting increases every 30 days and got the 2 day message 3 times and no hard pull.

gregzzy23 said:
its my oldest card. will closing it be a big detriment? 
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It won't because closed credit accounts still stay on your report for 10 years. They will still be factored into your average age of accounts and by the time 10 years rolls around you should have other cards that have aged to 10+ years. As long as your utilization won't be affected majorly you'll be fine.
 
I have been scrolling through the thread around pages 105-112 or so and gained valuable info there, I have some questions specifically concerning me.

1. I'm a rising senior in college, and I'm looking for the best card for me. The Discover IT Student card seems to be the best one for me, but I still want to apply for other cards should I get declined (If anyone can be used as a referral please PM me). I have an internship this summer, but idk if that's a good enough income for something really good. 

2. If I apply for multple cards, is that a bad thing? Like, I can't simply test the waters, because it'll look like I have bad credit or something? That's what I was inferring from some of the discussion on here. 

3. Will my student loans negatively affect me even tho I haven't graduated yet? Compared to a lot of people, I'm only lightly in debt, and as such I should be able to pay them off by the time I'm 30 at the very latest. 

Appreciate the info fellas.
 
^^

1. Discover IT seems to be the best bet for someone in your position. Unfortunately, I don't have any referrals because I don't have the card, but I'm sure someone can send you one.

2. Bad idea. This article answers your question about applying for multiple cards more thoroughly: https://www.nerdwallet.com/blog/finance/multiple-credit-card-applications-hurt-credit-score/

3. No, student loans won't affect you negatively enough to hurt you. I too am also in school w/ loans and my CScore has only dipped slightly.
 
howfly2 said:
I have been scrolling through the thread around pages 105-112 or so and gained valuable info there, I have some questions specifically concerning me.

1. I'm a rising senior in college, and I'm looking for the best card for me. The Discover IT Student card seems to be the best one for me, but I still want to apply for other cards should I get declined (If anyone can be used as a referral please PM me). I have an internship this summer, but idk if that's a good enough income for something really good. 

2. If I apply for multple cards, is that a bad thing? Like, I can't simply test the waters, because it'll look like I have bad credit or something? That's what I was inferring from some of the discussion on here. 

3. Will my student loans negatively affect me even tho I haven't graduated yet? Compared to a lot of people, I'm only lightly in debt, and as such I should be able to pay them off by the time I'm 30 at the very latest. 

Appreciate the info fellas.
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1. Try for the discover IT I think there was another NTer that got approved and was in school

2. Yes it can be bad once you get to a certain amount of inquiries. But if you apply to like 5 cards at a time it won't be that bad. It's better to apply for all cards around the same time so that the score drop (around 5 points) from the inquiries don't affect your score because they haven't reported yet.

3. As long as your loans are deferred they shouldn't affect your credit. If they are not make sure you are paying them on time every month because late payments affect your score negatively, and can be tough to get removed.

Hope this helps and if I gave any innacurate info somebody please correct me.
 
Appreciate the advice fellas, hopefully by the end of the day I should be approved for my first credit card! Just have to spend responsibly.
 
Lightweight Champion said:
Yes it will be detrimental. Think of your credit like a photo album. Your oldest credit card are like your older pictures. Some you like, some you don't like. Some with good times, others make you depressed. But closing your oldest card is like trashing your oldest pictures. If you do that you're erasing your history. Your history is just as important as your FICO score itself. Lenders can tell how responsible you are by looking at your credit. Conversely, it would also raise eyebrows to a lender to see if an applicant has a 750 fico but limited history. In short, keep your oldest card.
Click to expand...
jon4rd said:
It won't because closed credit accounts still stay on your report for 10 years. They will still be factored into your average age of accounts and by the time 10 years rolls around you should have other cards that have aged to 10+ years. As long as your utilization won't be affected majorly you'll be fine.
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Both of these make sense...hm. Since the annual fee just hit, and I'm gonna attempt to have it waived anyway, I guess maybe I'll hold off till around the same time next year to cancel.
 
Tried to apply for a Discover IT card, it said I wasn't approved because of Collection. What does that mean, and where do I go from here?

Edit: I'm sitting over here thinking I have no credit history, they're telling me I have a credit score of 609 
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sick.gif
 what's the name of the website I can use to get to the bottom of this?
 
Last edited:
howfly2 said:
 
Tried to apply for a Discover IT card, it said I wasn't approved because of Collection. What does that mean, and where do I go from here?
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you have an account in collection, as in an unpaid debt of some sort. a bill, student loan, etc. Check your credit report and find out what it is.
 
howfly2 said:
Tried to apply for a Discover IT card, it said I wasn't approved because of Collection. What does that mean, and where do I go from here?

Edit: I'm sitting over here thinking I have no credit history, they're telling me I have a credit score of 609 :smh: :x  what's the name of the website I can use to get to the bottom of this?
Click to expand...

Annualcreditreport.com will give you your credit report from all 3 bureaus. From there, figure out what the collection is and if it's your debt try to contact the creditor and negotiate a pay for delete. If it's not yours dispute it
 
With utilization does it count per card or all of them combined? Say i have a card for $1k and max it out and my other card is $5k with full availability, would i still count as under 30%?
 
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