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

[lilchico4life]

What kind of business do you have?

Have a few in different industries. ATM's, C-stores, commercial and residential (rentals) properties, and a laundromat.

You don't have a paydex score? Pretty sure you can get cards that don't report to your personal credit. I'm in the process of that now

Not sure what my score is, but I do have cards that don't report to my personal credit. I just mentioned the one that does report and it being my highest business limit.

 

[kiiing]

How can I get higher limits? The highest I have is $2200. The only negative thing on my credit right now is 3 late car payment from 3 years ago from when money got a little tight.

 

[lilchico4life]

How can I get higher limits? The highest I have is $2200. The only negative thing on my credit right now is 3 late car payment from 3 years ago from when money got a little tight.

What cards do you have? What is your aggregate utilization? You should periodically request credit limit increases depending on the lender. Some will require a hard pull while others will do it with a soft pull.

Unfortunately the "only negative thing" is a big thing in the eyes of the lender. It could take up to 7 years from the last late for it to fall off your reports. Lenders factor in your entire credit profile and will grant you limits based on it. They want to see high usage, but lower utilization. They want to extend more credit to those who don't need it at the end of the day.

 

[kiiing]

What cards do you have? What is your aggregate utilization? You should periodically request credit limit increases depending on the lender. Some will require a hard pull while others will do it with a soft pull.

Unfortunately the "only negative thing" is a big thing in the eyes of the lender. It could take up to 7 years from the last late for it to fall off your reports. Lenders factor in your entire credit profile and will grant you limits based on it. They want to see high usage, but lower utilization. They want to extend more credit to those who don't need it at the end of the day.

I have Capital One Quick Silver & Platinum, Discover IT, Amex Everyday, Citi Double Cash, & Synchrony store card. I use the cards for everything and pay them off every months not leaving more than a 10%-15% balance.

I know it's huge. I've been trying hard to get them removed from the account. I've read people were successful in doing so on the Fico Forums, but no luck for me so far.

 

[cs02132]

Paid my car off the other day

Got it in April, put down half and financed the rest. Decided to save up and pay it off ASAP. Don’t want those mother****ers making $$ off me

Paid it off before 50k miles too. Feels good

Then I had to drop 700 on brakes the same week

I didn’t notice any changes in my score when I got the loan vs before I got it. Wonder what’s gonna happen now

 

[fluid hips]

Paid my car off the other day

Got it in April, put down half and financed the rest. Decided to save up and pay it off ASAP. Don’t want those **********ers making $$ off me

Paid it off before 50k miles too. Feels good

Then I had to drop 700 on brakes the same week

I didn’t notice any changes in my score when I got the loan vs before I got it. Wonder what’s gonna happen now

What car? Brakes should not cost $700 unless it's a performance car

 

[fluid hips]

Thanks for link. Imma jump on board

Btw, i just finished a 200$ Wells Fargo checking bonus and now they have an offer for 400$ Smh

Thanks. About to open an account for the bonus

 

[fluid hips]

Apparently, VENMO payments to yourself count as ACH for those looking to take advantage of these bank bonuses

 

[cs02132]

What car? Brakes should not cost $700 unless it's a performance car

2015 rav4. Needed pads and rotors for the front and. Back. I thought the price was a lot but I looked at the cost of the parts online and I get it. Just paying a decent amount for the labor

 

[アミーゴ]

cs02132 expect a 50ish point drop

 

[alexody]

Already got a Wells account and Cha$e just kicked me out, anybody know the best bank bonus??
BOA just emailed me bout a $300 one but never hear anything good bout em

 

[melo0115]

I maxed out like 5 of my cards. Dropped my score by something like 150 points because my utilization rate went up to 80 percent.

I quit my job in 2017 I had a couple grand saved up, but burned through that within a couple months anyways, my son was born, money flowed faster. charged cards. score went from 735 to 580. Was trying for a career change before my son was born. lol

I've paid off two cards so far, score jumped up 60 points. lol. I'm not concerned because I'm sure once i get my utilization rate back to 10 percent ill be back at the top. But damn, didn't think it would drop that far.

Lesson learned, I'm good at managing money and not using my cards, but once you run out of money those cards come out like pistols in the wild west.

So I'm keeping my 7 cards, but cut up 4 of them, and probably going to let the banks close them if they want to.

 

[Bert.]

Thanks for link. Imma jump on board

Btw, i just finished a 200$ Wells Fargo checking bonus and now they have an offer for 400$ Smh

link to Wells Fargo is it the same one as last year? think it was basically deposit $100 or even less, use the debit card for 10 transactions and it was $250 easy dollars

 

[8|24]

link to Wells Fargo is it the same one as last year? think it was basically deposit $100 or even less, use the debit card for 10 transactions and it was $250 easy dollars

it's on their website. you have to enter your zipcode

this one is a bit more difficult with 3000$ of direct deposits required over a three month span

 

[Bert.]

it's on their website. you have to enter your zipcode

this one is a bit more difficult with 3000$ of direct deposits required over a three month span

oh yikes, im kinda straight on actually putting any type of money in there

last time it was $25 minimum now that I remember, easy as hell

 

[206to813]

it's on their website. you have to enter your zipcode

this one is a bit more difficult with 3000$ of direct deposits required over a three month span

I just saw it, I think I will do it. Gotta close out my suntrust account that I did last year for $350. I’ve done chase, TD, hsbc, pnc, suntrust, I think that’s it. Plus I have my 2 accts I keep for good that I’ve had since forever.

 

[bonafide101]

Business credit limits really depend on your business revenue and spending.

But yes, my business cards do have higher limits. My highest begin the Cap1 Spark which is at $100k right now. I gotta pay it down before statement cuts for utilization purposes because it reports to my personal credit. Love the CB I get on that thing.

How do I find out when the statement cuts?

 

[fluid hips]

How do I find out when the statement cuts?

Look at your monthly statements. There's a date on them

 

[Ube]

Hey guys what’s the best way to handle a debt that I owe to a former cc company but they sent it to collections several times? This debt that I owe is maybe more than 5 yrs old and happened when I was a lot younger and dumber. I could pay it off but is there something I should watch out for or what?

 

[melo0115]

Depending on the size of the debt you can wait the year and some out for the 7 year limit for debt.
Or you can send the collector a letter asking them to prove the debt is yours. Sometimes debt collectors resurrect old debts in an attempt to make some money. With old debts, there's a good chance the collector doesn't have the original documents proving that you even owe.

 

[lilchico4life]

How do I find out when the statement cuts?

Look at a previous statement. It should say on the top somewhere the statement cycle beginning and end dates. Like February 4th, 2019 - March 3rd, 2019. The last date is when your statement cuts at end of day.

It does vary from each lender. There are most with fixed statement cut dates, but AMEX and Citi don't have fixed dates.

Hope that helps.

 

[melo0115]

Score jumped up 80 points already.. 578 to 655.. But still at 85 percent utilization rate..

Another big thing that changed.. I had 12 hard inquiries.. now I have only 2 listed.. car just hit two years no payments missed..

After I GRT my utilization rate my score will probably be higher than where I feel from.. might be verging 780..

 

[jrp44]

At a 827

 

[アミーゴ]

Applied for the Chase Reserved today. Approved instantly and the limit they gave me was INSANE to start... 50K+ wtf?

 

[jrod54life]

anyone recommend a traveling CC. i dont want one tied to a specific airline
would chase sapphire be the one to go ?