- 10,915
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- Apr 30, 2011
Gonna downgrade. Ink Cash 5x would be more useful and no AF
24 Looking to build Credit... What are some good tips on your first Credit Card
- Thread in 'General' Thread starter Started by trynafeelmink,
- Start date
Gonna downgrade. Ink Cash 5x would be more useful and no AF
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Yo, are they able to decrease your cl if you apply for a diff cc within the same company? Amex gave me a 10k limit but cut my 24k in half smh.
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Trying to build my credit, just got a secured card for 500 how much should I be using monthly to help my credit go up and what other ways y'll recommend to help me build my credit? Any advice given I appreciate it
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Opinions on the Chase Freedom Unlimited card?
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Is there any main difference between a discovery or capital one card and a back cc from the bank I'm with. I mean I kno they have different rewards but that's just it right?
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IMO It really comes down to the Chase Sapphire Reserve or the Amex Platinum. It depends on your style. It's sort of like the PS4 Vs Xbox type of debate lol. The CSR gives you a $300 travel credit that is pretty much flexible in anything coded as travel (hotel, parking meters, flights, cruises, etc). They give you 3x points in dining which is really sweet and 3x points on travel purchases. As someone mentioned above it gives you trip delay/cancellation insurance and primary insurance for renting a car.
On the other hand, the Amex Platinum, gives you 5x points on flights directly, they also give you 5x points on hotel purchases but its gotta go through their amextravel portal for the hotels only. If you spend a lot on flights or buy flights for fiends or family these points really rack up quick. The benefits are amazing, you get access to the Centurion Lounge in certain airports...free food, spa, shower, etc. More benefits like $200 airline credit (not as flexible as the CSR) and $200 uber credits which is also officially able to use on UberEats as well. Automatic Gold status at Hilton,marriort, SPG, ritz carlton. They also have a" FHR program"where u get like hotel credit at your stay, late checkout, breakfast, room upgrade, etc. Also a new International Airline program that gives you a big discount on any international flight, from what I know they really beat out most prices you see anywhere online.. You can save a lot.
There's more to each card im not going to name every single detail. just try to highlight a few on each card. Both good choices, and as someone said make sure you can spend a good 4-5k in like 90 days cause you'll want the sign up bonus points from these cards.
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You guys don’t consider the downside of having so many cards open? You’ll eventually have to close them right and your score will dip everytime you close an account. Or, you’ll just end up with 20+ unused accounts. Seems like a lot of hassle/drawbacks for less than 5k of total reward or bonuses.
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Yeah. It's called total exposure. So the more cards you have with the same company they may cut your limit or shift limits around to the other card cause you may have reached your maximum limit with them depending on your profile (scores, income, etc).
Solid card, but really depends on how you spend. if you dont like keeping track on reward categories this is a good general card to get 1.5 cash back on all purchases. But cards like the Chase Freedom gives you back 5% which is more but every 3 months they rotate on categories, like this period its any mobile pay, gas, internet cable bills. Then next month it might be groceries or food, etc. You can gain more but its specific categories and you'll have to remember it.
No difference. Most of these CC companies are banks. Chase is a bank, Cap one is a bank, Discover is a bank ( they have a checking account) etc. It's really the rewards on the card that are different, their customer service, and all that.
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There's nothing wrong with 20+ unused accounts. If anything they'll all just bring up your score because they'll bring up your average age of accounts.
What's this 5k figure come from? Is that $5000 you're saying? Cause I'm more than ok with doing some legwork in my off time. If you're saying it's 5k in points/miles, then you have no idea what you're talking about.
What's this 5k figure come from? Is that $5000 you're saying? Cause I'm more than ok with doing some legwork in my off time. If you're saying it's 5k in points/miles, then you have no idea what you're talking about.
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Closed accounts stay on your report for 10 years. Only drawbacks to opening a lot of accounts would be the temporary inquiry score drop drop (only affects your score for a year) and the initial reduction in average age of accounts. As those cards you opened age, your score will go up. Score would only go down when you close accounts if your utilization rate goes up because of the reduced available credit
s0lefunk
Supporter
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- May 31, 2007
Chase Slate took less than a week to get to me after applying. Surprised it go in so quick with the holidays. Just waiting for the balance transfer to go through. It'll feel good to stop the bleeding with these interest payments.
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I know that pain with intrest payments......Been paying off my credit cards one by one. Afterwards I'll refi my auto loan later in the year.
It definitely helps to see things on a spreadsheet, really been able to budget these past few months.
s0lefunk
Supporter
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- May 31, 2007
I use Google Calendar and its helped me more than the spreadsheet I was using. I know when all monthly and annual bills are due, when pay days are, what checks will be used for what bills, and the leftover funds from each check. Once I get settled in the new job and see what the true take home pay is after tax and benefits I'll add in monthly/quarterly milestones for CC debt and liquid savings.
I need to figure out my car loan situation too. I'm so underwater its ridiculous. Once I get mt CC utilization down to 20% I'm going to be aggressive with getting the car loan balance below its trade-in value. I want to trade it in and lease something by the end of the year. The ultimate goal is a house in 2020 so may hold off on the new car. Just gotta see how disciplined I truly am over these next 8-12 months.
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Congrats on taking care of your finances man. Just be aware of your balance transfer total and when that 0% is going to be gone. Plan out your finances months and months in advance and make realistic goals.
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Credit score was sitting at 777-785 in 2017
800 gang, let's get this
800 gang, let's get this
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Me too. I feel like I've been sitting at 788 for 2 years now. How do I get it to the next level?
My credit history is relatively short (3 years), I keep my usage way low (below 10%), and always pay on time. I have no loans or any additional lines of credit other than the 2 cards I have right now. I'm dreaming of the land past 800, but I dunno how to get there.
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- Apr 12, 2011
If your not planning on purchasing a house or car soon for the long term goal I would get another 2-3 cards in the next year. In 3 years your average age will be around 4-5 years but you will have 4-5 accounts vs just the current two.
In the 3 years the hard pulls will come off from the new accounts and you will have a decent average age and 5 accounts.
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Mentioned it earlier but I’m in the same boat. I may apply for 2 new cards and close my 2nd oldest bc the bank it’s with is awful.
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I like the amex plat and chase sapphire preferred. I don't have the reserve, but the preferred and plat combo is great
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One thing that may be hurting your score is your credit mix/portfolio. If you had a mortgage/auto loan your score would be higher.
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I'm still a student and am not in the market to get a house for the next few years. I've been blessed not to have any student loans, and where I live, I don't need a car. I wouldn't want to put myself into debt just to raise my credit score, lol.
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- Mar 13, 2014
Is it bettter to pay your whole credit card bill at once or just pay over the minimum. For example say I owe 176 should I just pay 100 or the whole 176
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Always best to pay it in full if you can.
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Pay in full if you can. No reason to lose money to interest.
