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

[nawghtyhare]

who cares if it drops a couple points, less debt and less interest.

Yeah will recover a few moths after

 

[thadangerousmind]

I think I'm going to shelf my Amex and Discover cards for the Chase Sapphire Preferred. I'm learning points > cash back at this point in my life.

 

[xbiker47]

Do it, you will not regret the sapphire card

 

[アミーゴ]

Even though the Sapphire went up it’s still very much worth it. Believe it is the most expensive CC out there?

 

[slighted]

Credit score almost there

 

[pitman13]

Credit score almost there

 

[ROYGBiV]

I have a credit card from Macys that I opened up a couple years back. Low limit, like 500, no balance and I haven't used it in months. Is there a proper way to cancel it? What type of hit am I looking at for my score?

Like I said that card was from years back and may be my first card opened. I guess my biggest concern is that I'd be closing my longest running CC.

I have two other active cards with greater limits that I'm using and pay monthly.

 

[1c3m4m]

is amex gold worth getting?

 

[Bert.]

I have a credit card from Macys that I opened up a couple years back. Low limit, like 500, no balance and I haven't used it in months. Is there a proper way to cancel it? What type of hit am I looking at for my score?

Like I said that card was from years back and may be my first card opened. I guess my biggest concern is that I'd be closing my longest running CC.

I have two other active cards with greater limits that I'm using and pay monthly.

I mean, if there's no annual fee, why not leave it open,

I literally have one too I opened like 5-6 years ago, never used it. Its just sitting there but im not gonna close it,

if its your longest running CC, id leave it open.

 

[pitman13]

I have a credit card from Macys that I opened up a couple years back. Low limit, like 500, no balance and I haven't used it in months. Is there a proper way to cancel it? What type of hit am I looking at for my score?

Like I said that card was from years back and may be my first card opened. I guess my biggest concern is that I'd be closing my longest running CC.

I have two other active cards with greater limits that I'm using and pay monthly.

Don't cancel it. Leave it open and never use it again. Being that it's your longest running CC, your CScore will take significant hit, if the account is closed.

 

[ROYGBiV]

I mean, if there's no annual fee, why not leave it open,

I literally have one too I opened like 5-6 years ago, never used it. Its just sitting there but im not gonna close it,

if its your longest running CC, id leave it open.

Don't cancel it. Leave it open and never use it again. Being that it's your longest running CC, your CScore will take significant hit, if the account is closed.

Maybe I need to read more into it or look back in this thread, but I thought even leaving a CC open and not using it was bad? Even if it's at a zero balance.

 

[Bert.]

Maybe I need to read more into it or look back in this thread, but I thought even leaving a CC open and not using it was bad? Even if it's at a zero balance.

how can a credit line be bad?

Only way it’s bad is some store cards will close your card if you don’t use it aka target. They closed one of my cards and warn me once or twice a year to use it or they would close it

 

[ROYGBiV]

how can a credit line be bad?

Only way it’s bad is some store cards will close your card if you don’t use it aka target. They closed one of my cards and warn me once or twice a year to use it or they would close it

Surprised Macys hasn't tried that with me.

Last question, say I keep it, would increasing my credit limit with them be bad? They ask me now and then to update my financial status to approve a bigger limit I just haven't.

 

[HankHill]

I had a Gap card back in college and they closed it after years of not using it. I was never notified to my knowledge. The only reason I knew about it was because I got an alert from Experian that an account closed and my score dropped.

It was my oldest card, but not a major impact to my score.

 

[melo0115]

Surprised Macys hasn't tried that with me.

Last question, say I keep it, would increasing my credit limit with them be bad? They ask me now and then to update my financial status to approve a bigger limit I just haven't.

Increasing your credit limit with them would be a positive move. It would lower your credit to debt ratio(if you have debt). Or just increase available credit overall.

Just make sure they're not doing a hard pull. Not sure about department store cards but normally its a soft pull and no damage to credit.

 

[Bert.]

Surprised Macys hasn't tried that with me.

Last question, say I keep it, would increasing my credit limit with them be bad? They ask me now and then to update my financial status to approve a bigger limit I just haven't.

increase is good

macys for some reason hasn't done that with me or Nordstrom, funny I got both cards don't even use them. back in the day when I wanted cards just to have more credit

 

[fluid hips]

I have a credit card from Macys that I opened up a couple years back. Low limit, like 500, no balance and I haven't used it in months. Is there a proper way to cancel it? What type of hit am I looking at for my score?

Like I said that card was from years back and may be my first card opened. I guess my biggest concern is that I'd be closing my longest running CC.

I have two other active cards with greater limits that I'm using and pay monthly.

I'm in the same boat with a store card I opened back in 2018 for a mattress.

IMO increase the limits on the cards you use before you close the store card.

Also another reason I say to close a card you don't use is for identify theft protection. What if there is a data breach and someone uses that card without your knowledge. You wouldn't know until you get a bill in the mail.

 

[ROYGBiV]

Increasing your credit limit with them would be a positive move. It would lower your credit to debt ratio(if you have debt). Or just increase available credit overall.

Just make sure they're not doing a hard pull. Not sure about department store cards but normally its a soft pull and no damage to credit.

Pull?

Not really sure what I'm gonna do with the card. Haven't checked my credit score but it can't be that bad, I pay more then the minimum and always on time.

Like just out of curiosity how many points can I get hit with?

 

[fluid hips]

Pull?

Not really sure what I'm gonna do with the card. Haven't checked my credit score but it can't be that bad, I pay more then the minimum and always on time.

Like just out of curiosity how many points can I get hit with?

Not tryna preach but you should be paying off the balance in full each month. These interest rates are robbery

 

[trynafeelmink]

 

[slaughterx]

Just paid off my AMEX a few days ago... Capital One is getting paid off next week. Feels good man. Think I'll open up a new card soon for 12-15/mo no int and some flyer miles or something, what's the best introductory offer for a major CC rn?

 

[oidreez]

Pull?

Not really sure what I'm gonna do with the card. Haven't checked my credit score but it can't be that bad, I pay more then the minimum and always on time.

Like just out of curiosity how many points can I get hit with?

When you open a line of credit, usually the company pulls your credit history which is called a hard pull. Hard pulls temporarily lower your credit score if you have too many.

Most credit cards or even your bank card have a place to see your current score

 

[GaBeGRaMz]

Quick question,

i haven old cap1 card with 1550 limit... i paid the balance in full last week and I just got hit with a purchase interest charge. I haven’t purchased anything on this card for months.

Am i to expect an interest charge every month even though I have paid the balance off? Confused...

 

[pogiwun]

is amex gold worth getting?

Yes... it's great for supermarkets and eating at restaurants. You get 4x MR points for both. Make sure you hit the welcome offer you get 35k MR points when you spend $4k in your first 3 months.

 

[slaughterx]

Quick question,

i haven old cap1 card with 1550 limit... i paid the balance in full last week and I just got hit with a purchase interest charge. I haven’t purchased anything on this card for months.

Am i to expect an interest charge every month even though I have paid the balance off? Confused...

They be on that **** sometimes... call them and they will usually refund it. I actually need to call AMEX for the same thing because they charged me like $40 in interest even though my balance was 0 before my bill cycled.