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

[アミーゴ]

Trying to get like you dog

Man, I’m old now lmao.

 

[Sharpshoeter13]

Hey guys!

I just want to know if any of you mess with Paypal Credit. If so, could any of you provide your experiences using it, and would you recommend it? Thanks!

 

[rmmsballer10]

Hey guys!

I just want to know if any of you mess with Paypal Credit. If so, could any of you provide your experiences using it, and would you recommend it? Thanks!

I use it pretty frequently, 6 months with 0% APR for purchases of $99 or more is a great deal IMO.

Also, it is a hidden credit line, meaning they don't report utilization or credit limit on your personal report.

I believe it is a hard pull for applying, however. Someone correct me if I'm wrong.

From what I have read online, there are two different versions.

I have the one without the physical card that just connects to your PayPal account. There is another version with a physical card (two different banks).

 

[pitman13]

Dave Ramsey has some interesting takes on credit scores & credit cards as a whole. Some I agree with, some I don't. Worth a watch nevertheless.



The couple living in an old lady's garage apt story is flat-out ridiculous btw

 

[Sharpshoeter13]

I use it pretty frequently, 6 months with 0% APR for purchases of $99 or more is a great deal IMO.

Also, it is a hidden credit line, meaning they don't report utilization or credit limit on your personal report.

I believe it is a hard pull for applying, however. Someone correct me if I'm wrong.

From what I have read online, there are two different versions.

I have the one without the physical card that just connects to your PayPal account. There is another version with a physical card (two different banks).

Thank you so much, rmmsballer10 ! Have you experienced any trouble using it?

I'm thinking of availing the one without the physical card just so I don't have to worry about misplacing it or w/e. Doing transactions online are the way to go for me anyway and it's more for work-related items.

I have the funds to pay off the monthly dues so I think interests won't worry me that much. It's just that I need something that can buy me what I need without breaking all my bank right away. I have credit cards but there's something about Paypal Credit that makes me skeptical and want to try out.

 

[thadangerousmind]

I use Paypal Credit monthly. Where do you think I'm hiding the other 9% utilization that I don't let my actual cards report?

 

[Dubby]

What would happen if i dont use my CC for a full month? 500 being my credit line and i dont use it for my first month of having it?

 

[Dubby]

.

 

[bostoiah]

What would happen if i dont use my CC for a full month? 500 being my credit line and i dont use it for my first month of having it?

Nothing lol

 

[eyanks]

What would happen if i dont use my CC for a full month? 500 being my credit line and i dont use it for my first month of having it?

Nothing really. You may not get a statement for the card for that month but that's it.

 

[fluid hips]

There is a 71 point difference between my transunion and equifax score. Equifax being higher

 

[fluid hips]

I don't get it. My score decreased 17 points but all I did was eliminate the balance on one of my cards. No recent missed payments or inquires..

Your score is based on when the CC company cuts the statement. Meaning, had you paid off the balance before the statement posted, your score wouldn't have been negatively impacted.

 

[Dubby]

Your score is based on when the CC company cuts the statement. Meaning, had you paid off the balance before the statement posted, your score wouldn't have been negatively impacted.

Elaborate.

 

[$tatus $ymbol]

Elaborate.

Using too much of your available credit can hurt your score. Let’s say your credit limit is $500, you charge the whole $500 to your new card and your statement posts. Your score is likely to decrease because of your utilization. I think the rule is to keep your utilization under 10% of your total available credit. So you wanna make sure you’re 1.) you’re never charging too much 2.) paying off your balance in full before your statement posts. Hope that makes sense.

 

[grogu]

You can charge as much as you want if you make multiple payments. Just make sure that when the statement cuts it is under 10%. If you're not planning on applying for credit then I'd say it's ok to let it report more than 10%. Just don't pay interest imo.

 

[Dubby]

Using too much of your available credit can hurt your score. Let’s say your credit limit is $500, you charge the whole $500 to your new card and your statement posts. Your score is likely to decrease because of your utilization. I think the rule is to keep your utilization under 10% of your total available credit. So you wanna make sure you’re 1.) you’re never charging too much 2.) paying off your balance in full before your statement posts. Hope that makes sense.

You can charge as much as you want if you make multiple payments. Just make sure that when the statement cuts it is under 10%. If you're not planning on applying for credit then I'd say it's ok to let it report more than 10%. Just don't pay interest imo.

Thanks bruh's. Im still learning

 

[Tony $now]

Hey guys!

I just want to know if any of you mess with Paypal Credit. If so, could any of you provide your experiences using it, and would you recommend it? Thanks!

This is where I hide my purchases
They don’t report your utilization to the bureaus

 

[lilchico4life]

Credit score dropped 25 points because I paid off my personal mortgage. I knew it was coming.

Still in the 800 club, though.

 

[cs02132]

Thinking about doing this but idk if I’ll be able to or even want to spend $3000 in the next 90 days . Gonna look on reddit and see if there’s any new ways to churn and I’ll def sign up.. 50k points I can redeem for $500 cash is nice. $95 annual fee

Been thinking about signing up for the chase Sapphire Reserve but I’m in the same boat I don’t think I’d be able to do the $4000

I just recently spent almost 3x as much as I normally do in a month so I wish I had a new card to put that $ towards but I wasn’t even thinking about that

 

[bxbadboy90]

its 10% now? Always thought it was 30%

 

[$tatus $ymbol]

its 10% now? Always thought it was 30%

30% is the popular rule. I try to keep mine at 10% or below just as a good habit.

 

[turbospartan]

Thinking about doing this but idk if I’ll be able to or even want to spend $3000 in the next 90 days . Gonna look on reddit and see if there’s any new ways to churn and I’ll def sign up.. 50k points I can redeem for $500 cash is nice. $95 annual fee

Been thinking about signing up for the chase Sapphire Reserve but I’m in the same boat I don’t think I’d be able to do the $4000

I just recently spent almost 3x as much as I normally do in a month so I wish I had a new card to put that $ towards but I wasn’t even thinking about that

Got any tuition coming up or anything?

 

[cs02132]

Got any tuition coming up or anything?

Unfortunately/fortunately I have no big purchases coming up. Just asked my dad too and same for him

I just got a new car in April and I put the tax/title/misc fees on my card and when I was there I was wishing I had signed up for a new card. Had to drop like $2700 so I could have easily hit a minimum spend on a new card

I might get a tv and Xbox around Black Friday that’s my next big purchase but I don’t even know for sure if I’m gonna

 

[cs02132]

Might just do this and take the $150

https://applynow.capitalone.com/?ir...d29_S&applicantkeyid=&productId=3967&IARC=AFF

But I’m like if I’m spending that $500 I might as well try to put it towards the BofA card..

 

[antidope]

I just got approved for Chase Sapphire Reserve. I also have Freedom Unlimited. Correct me if I'm wrong but Reserve only gives you 1% on standard purchases so I'm better off using my Freedom for those and then the Reserve for travel/dining correct?