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

Damn I got denied for a card for the first time :blush: tried to apply for the chase sapphire preferred. I have been churning the past 2 years so that 5/24 rule prob kicked in

I wanted those 50k points for Black Friday, trying to come up on a free tv/Xbox

So then I applied for a Wells Fargo Amex card with a $300 statement credit. Idk if I got approved it just says if i am my card will be mailed in 5-7 days :emoji_thinking: weird way to do it
 
So I have 2 cards and I'm seriously considering getting a new card and closing one. I've put it off for awhile but the card has become such an annoyance I'm legit ready to just close it and call it a day. My score ranges from a 780-793 and I don't plan on making any big purchases (house or car) for the next couple of years. I think now would be the best time to close it as I can eat the hit on my score right now. What do y'all think?
 
gamble said:
So I have 2 cards and I'm seriously considering getting a new card and closing one. I've put it off for awhile but the card has become such an annoyance I'm legit ready to just close it and call it a day. My score ranges from a 780-793 and I don't plan on making any big purchases (house or car) for the next couple of years. I think now would be the best time to close it as I can eat the hit on my score right now. What do y'all think?
Click to expand...
why has the card become an annoyance to close it? Annual fee? I don't see any other reason :lol:
 
gamble said:
So I have 2 cards and I'm seriously considering getting a new card and closing one. I've put it off for awhile but the card has become such an annoyance I'm legit ready to just close it and call it a day. My score ranges from a 780-793 and I don't plan on making any big purchases (house or car) for the next couple of years. I think now would be the best time to close it as I can eat the hit on my score right now. What do y'all think?
Click to expand...

Which card is it? Why is it an annoyance? Call the lender and see if you're eligible to "product change" it to something that works for you. Depending on the age of the account, I wouldn't close it just yet.
 
Bert. said:
why has the card become an annoyance to close it? Annual fee? I don't see any other reason :lol:
Click to expand...

lilchico4life said:
Which card is it? Why is it an annoyance? Call the lender and see if you're eligible to "product change" it to something that works for you. Depending on the age of the account, I wouldn't close it just yet.
Click to expand...

It’s a VISA offered from my alma maters credit union. My biggest gripe is there is no grace period, granted I don’t miss payments and I don’t carry a balance but it’s nice to have that flexibility.

The online user interface was pretty dated but they recently upgraded it. But the upgrade wiped all the account info so now I have a .50 cent balance that I can’t pay off bc I have to wait 2 or 3 business days to validate my checking account info again to make the payment. The balance is from a paper statement fee that they recently started charging out of nowhere.

Customer service is terrible as well, and no option to change the payment due date.

The card just sucks but I will look into a product change and see if that works out.
 
It's a lower tier score that's tied to your bank account balances that can be used if your actual FICO sucks.

"UltraFICO is an additional way credit can be checked if someone is turned down for a loan or credit card based on their current credit score.

Starting in 2019, this new scoring system will look at the balance and activity of checking, savings and money market accounts. And depending on that status, UltraFICO might dish out a bump of 20 points or so. Which could be just enough to mean someone who wouldn’t have been approved for new debt would now be able to get it." https://www.daveramsey.com/blog/ultra-fico-score
 
thadangerousmind said:
It's a lower tier score that's tied to your bank account balances that can be used if your actual FICO sucks.

"UltraFICO is an additional way credit can be checked if someone is turned down for a loan or credit card based on their current credit score.

Starting in 2019, this new scoring system will look at the balance and activity of checking, savings and money market accounts. And depending on that status, UltraFICO might dish out a bump of 20 points or so. Which could be just enough to mean someone who wouldn’t have been approved for new debt would now be able to get it." https://www.daveramsey.com/blog/ultra-fico-score
Click to expand...

Well that's sounds interesting. This is an option though right.. Seems kind of invasive..
 
Do a balance transfer to a card offering an introductory interest rate of 0.
 
Damn
Denied for 2 cards in a row :blush: all that churning caught up to me l guess I’m done for a while
 
cs02132 said:
Damn
Denied for 2 cards in a row :blush: all that churning caught up to me l guess I’m done for a while
Click to expand...

Did you get a letter for reasons of denial? I'd call the recon line and try to overturn the decisions. Don't let the inquiries go to waste.
 
Chase sapphire preferred and Wells Fargo propel

Both sent me letters saying it’s because I’ve opened too many accounts in the past 24 months

I was just trying to get some bonus points for Black Friday. I don’t need any more new cards :lol:
 
Chase has a strict 5/24 rule. If you've exceeded that, there is no way around it really.

As for WF, I would never do business with those crooks.
 
https://slickdeals.net/share/iphone_app/fp/431596

Wells Fargo Propel Card 30k bonus points after spending 3k in first 3 months. $0 annual fee.

  • New! Earn 30K bonus points when you spend $3,000 in purchases in the first 3 months – that's a $300 cash redemption value
  • Earn 3X points for eating out and ordering in
  • Earn 3X points for gas stations, rideshares and transit
  • Earn 3X points for travel including flights, hotels, homestays and car rentals
  • Earn 1X points on other purchases
  • $0 annual fee
  • 0% Intro APR for 12 months on purchases and balance transfers (fees apply), then a 14.49%-26.99% variable APR; balance transfers made within 120 days qualify for the intro rates and fees
 
Alright so my credit score is like mad low, around 620, what can I do to raise it quickly? I’ve had a car note for about 3 years now, never missed a payment, never been late on a payment either, other then that I don’t really have any other credit lines that I’ve used. I just recently got a capital one platinum card but I only have a. 300 cl.

I feel like my credit score should be higher especially being the I’ve never missed a payment and never been late either.

Tryna raise it by like 100-120 points in the next 4 months cause I’m trying to buy a new car. Any suggestion? And is that a realistic approach?
 
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