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

Bert. said:
my income is up there, they just been stingy. I complained about it for years

I mean I haven't had a balance on the card in a long time but that most likely doesn't play a part
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Actually having a balance plays a huge part in my experience. The cards I use the most, they give me a credit line increase when I request it(Discover and Amex just gave me additional $7k each when I requested it a couple weeks ago). The cards I don't use like capital one, they don't give me a CLI. The creditors want to see you using their card monthly and paying off the statement balance in full every month.
 
NT Fam,

Fell on semi-hard times in the last couple of years. Unexpected death in the family and also made some mistakes monetary wise. Credit score took a huge dive. What's the best way to build everything back up? Tips on consolidating debt and/or paying stuff off in any particular order?
 
theone218 said:
NT Fam,

Fell on semi-hard times in the last couple of years. Unexpected death in the family and also made some mistakes monetary wise. Credit score took a huge dive. What's the best way to build everything back up? Tips on consolidating debt and/or paying stuff off in any particular order?
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How much you owe and what are the rates?

2 main methods are either pay off the cards with the lowest balance first, or pay off the cards with the highest percentage first. They call it the snowball or avalanche methods.
 
theone218 said:
NT Fam,

Fell on semi-hard times in the last couple of years. Unexpected death in the family and also made some mistakes monetary wise. Credit score took a huge dive. What's the best way to build everything back up? Tips on consolidating debt and/or paying stuff off in any particular order?
Click to expand...

Sorry to hear bro, but theres always time ... how many cards do you have with the debt, hows your income looking? can you transfer any balances?

btw anyone with a Discover IT card every transfer their balance to another CC?
 
The debt is spread around on 6 cards, plus student loans and a car note. The amount is extremely high. Everything happens so fast so with the unexpected expenses and mistakes i've made I fell behind real quick. I think i'll pay off the lower balances off first and put those cards away and then work on the higher balances. The percentages are around the same on all the cards. I've had them since high school as student cards and then were upgraded when I got older. Realistically speaking, how long does it take for the credit score to go up or does it all depending on different reasons?

Thanks for the advice everyone.
 
theone218 said:
The debt is spread around on 6 cards, plus student loans and a car note. The amount is extremely high. Everything happens so fast so with the unexpected expenses and mistakes i've made I fell behind real quick. I think i'll pay off the lower balances off first and put those cards away and then work on the higher balances. The percentages are around the same on all the cards. I've had them since high school as student cards and then were upgraded when I got older. Realistically speaking, how long does it take for the credit score to go up or does it all depending on different reasons?

Thanks for the advice everyone.
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Credit score depends on a lot of factors. Average Age of Credit (keep older cards open, even if you don't use them), Utilization percentage, on time payments vs. late, etc.

You could/should also look into other ways to trim your budget, if possible. Moving to cheaper cell phone (ex: Cricket or other pre-paid instead of Verizon / ATT) or TV plans (ex: YouTube TV instead of Comcast, etc), sell items you don't need, cancel subscriptions you don't use (ex: don't need Netflix AND Hulu AND Prime video, etc). Then put all of those savings towards paying down your debt.
 
I asked my girl to remove me as an authorized user from her credit card.

My credit score dropped.

(Paying for wedding stuff)

Will her putting me back on as an authorized user help my credit score?

Obviously my utilization will go down.

Anyone ever do that?

Get taken off and be put back on ?
 
Anyone have experience with getting a loan to consolidate debt?

Looking to consolidate like 2 or 3 cards, pay less monthly and have it all played off in like 4 years.
I know credit karma has some stuff there that you can look..but rates seem kinda high, even for an unsecured loan.

Looking to get a loan for like 20-25k
 
crystalmethod said:
Anyone have experience with getting a loan to consolidate debt?

Looking to consolidate like 2 or 3 cards, pay less monthly and have it all played off in like 4 years.
I know credit karma has some stuff there that you can look..but rates seem kinda high, even for an unsecured loan.

Looking to get a loan for like 20-25k
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Sofi lending is solid for people with good credit.
No fees to get a loan. Decent interest rates.
Pretty much like a lending club but with no fees.
 
silkboi said:
Anyone have a CVLI policy? How is it working out for you?
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Buy term and invest the rest. From what I've researched, it's best to keep insurance and investments separate. Check out term4sale.com.

Btw, I have a WL policy which I'm in the process of cancelling this week. I was recommended by friends an agent who turned out to be a salesperson. I'm getting term for 8 times less than what I'm paying for my current WL for the same death benefit coverage.
 
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lilchico4life said:
Buy term and invest the rest. From what I've researched, it's best to keep insurance and investments separate. Check out term4sale.com.

Btw, I have a WL policy which I'm in the process of cancelling this week. I was recommended by friends an agent who turned out to be a salesperson. I'm getting term for 8 times less than what I'm paying for my current WL for the same death benefit coverage.
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Thanks some of the guys I've spoken with are actually sound financial planners, but came off as pushing LI. One product I was shown had the cash value operate as an index fund.
 
silkboi said:
Thanks some of the guys I've spoken with are actually sound financial planners, but came off as pushing LI. One product I was shown had the cash value operate as an index fund.
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It is good to have life insurance if you have children and a spouse dependent on your income. You want to create wealth over the course of your life to be able to be self insured. But like I said, insurance and investments should be separate. You won't build wealth with a CVLI policy. Buy level term (10-12 times your annual income) and invest the difference you would be paying for a WL policy into low cost index funds.

That is my opinion and others views might differ on this board.
 
Not sure if anyone can advise.... this is pretty stupid but i parked in a parking lot with my daughter and we had to pay at the pay station, which was broken and being repaired. there was an option to download an app and pay via the app. we were going to be parked there maybe 15 minutes so i just rolled the dice and didnt download the app. sure enough 15 mins later we got back and an attendant was issuing a ticket. i told her the story, she actually said no problem and she would not write the ticket since the pay station was broken. Fast forward 6 months later to now, I got a letter from a debt collector saying I owe $37 for an unpaid ticket. Can they ding my credit? Do i just have to take the L? It says "If you choose not to pay this notice, our firm will determine what further action to take. Further action could include the parking company booting and/or towing your vehicle where the law allows."

thanks
 
eljefe said:
I asked my girl to remove me as an authorized user from her credit card.

My credit score dropped.

(Paying for wedding stuff)

Will her putting me back on as an authorized user help my credit score?

Obviously my utilization will go down.

Anyone ever do that?

Get taken off and be put back on ?
Click to expand...

What was your credit score before she removed you as a user and what's your credit score now ??
 
206to813 said:
Not sure if anyone can advise.... this is pretty stupid but i parked in a parking lot with my daughter and we had to pay at the pay station, which was broken and being repaired. there was an option to download an app and pay via the app. we were going to be parked there maybe 15 minutes so i just rolled the dice and didnt download the app. sure enough 15 mins later we got back and an attendant was issuing a ticket. i told her the story, she actually said no problem and she would not write the ticket since the pay station was broken. Fast forward 6 months later to now, I got a letter from a debt collector saying I owe $37 for an unpaid ticket. Can they ding my credit? Do i just have to take the L? It says "If you choose not to pay this notice, our firm will determine what further action to take. Further action could include the parking company booting and/or towing your vehicle where the law allows."

thanks
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Pay the $37. Unpaid parking tickets will show up on your credit report.
 
pitman13 said:
Pay the $37. Unpaid parking tickets will show up on your credit report.
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i was just reading on this and what i'm seeing is that private company parking tickets are a scam
city parking tickets are real. this one is a (very large) private company... i think im gonna keep it moving and not park in their lots moving forward.
 
206to813 said:
Not sure if anyone can advise.... this is pretty stupid but i parked in a parking lot with my daughter and we had to pay at the pay station, which was broken and being repaired. there was an option to download an app and pay via the app. we were going to be parked there maybe 15 minutes so i just rolled the dice and didnt download the app. sure enough 15 mins later we got back and an attendant was issuing a ticket. i told her the story, she actually said no problem and she would not write the ticket since the pay station was broken. Fast forward 6 months later to now, I got a letter from a debt collector saying I owe $37 for an unpaid ticket. Can they ding my credit? Do i just have to take the L? It says "If you choose not to pay this notice, our firm will determine what further action to take. Further action could include the parking company booting and/or towing your vehicle where the law allows."

thanks
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Lol they aint gonna do ****. Pretty sure it would cost more than $37 to do all that to your car. Don't listen to me tho, I have a high risk tolerance for these kind of things
 
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