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

[ICE CITY CF]

You need to figure that out. Call your credit card company and get them in on the dispute< Might help. Or like dude said above at least try some fact checking negotiating first.

I think a lot of people myself included end up learning this the hard way at some point or another; the worst thing you can do in any problem involving personal finances is ignore it.

 

[turbospartan]

Definitely not worth screwing up your credit, just to avoid a $300 charge. See if you can negotiate.

Credit score drops and you car insurance goes up... you'll prob end up losing more than $300 by the time your credit score recovers. Thats just one example of what a bad credit score can affect / cost you money in the long run.

 

[Mark Antony]

Sometimes that call is easier than you expect.

 

[Bert.]

I guess credit card companies are getting stingy

got an email that discover is closing my card

had another lower my limit

weird as ****

 

[eyanks]

I guess credit card companies are getting stingy

got an email that discover is closing my card

had another lower my limit

weird as ****

Any idea what would cause this? I know you’re a baller so this shocks me.

 

[Bert.]

Any idea what would cause this? I know you’re a baller so this shocks me.

I don’t use the account much it at all, loan limit as well

and the other card was like 6k limit and they randomlywent and lowered it to 1.2k

I mean I’ve heard of this crap going on with all
This Covid stuff and pekple
Racking up debt but to hit me out of it all
When I’ve used neither accounts is weird as hell

 

[da r entertainment]

I guess credit card companies are getting stingy

got an email that discover is closing my card

had another lower my limit

weird as ****

These credit card companies are being conservative with everything going on. I had Bloomingdales CLD me back in August only to get a CLI last month. They're watching reports and activity on cards. If you're not using their card they either are going to CLD you or close it out. If they notice balances rising on your report then they going to take adverse action as well.

 

[da r entertainment]

I don’t use the account much it at all, loan limit as well

and the other card was like 6k limit and they randomlywent and lowered it to 1.2k

I mean I’ve heard of this crap going on with all
This Covid stuff and pekple
Racking up debt but to hit me out of it all
When I’ve used neither accounts is weird as hell

You're not using the limits so they dropped them. There's been quite a few threads on MyFico about situations similar to yours happening on the regular.

 

[freshpairs]

Still got 25k on discover. They better not play me

 

[macbk]

That feeling of paying off a card in full & closing it bc you have no real use for it anymore .

 

[fluid hips]

That feeling of paying off a card in full & closing it bc you have no real use for it anymore .

Did your score drop?

Been meaning to close two store cards that I don't use

 

[turbospartan]

That feeling of paying off a card in full & closing it bc you have no real use for it anymore .

Could always just leave it open as available credit and more credit history...

 

[macbk]

Could always just leave it open as available credit and more credit history...

I have my Sapphire card still open. In due time maybe I'll get a new card, but I was comfortable moving on from the Freedom.

 

[Mark Antony]

Yeah one of the biggest mistakes I did was closing my oldest card after paying it off.

 

[turbospartan]

I have my Sapphire card still open. In due time maybe I'll get a new card, but I was comfortable moving on from the Freedom.

General rule of thumb is to just leave it open, even if you don't use it. Especially if it is a no-fee card. In fact, every few months you could also put a small charge ($1 Amazon reload) and pay it off, just to show activity. I lost my CapOne CC to inactivity because I didn't use it for 2 straight years.

Say the credit limit was $10k on that card... and that card + your other CC's combined to give you ~$40k worth of available credit. By closing that card, your total available credit went from $40k down to $30k. Additionally, if that card was one of your older cards - closing it may have impacted your overall age of credit.

Its not really a huge deal, but that is the typical line of thought that I've seen on most blogs / reddit etc. Only close cards if you really need to for some reason. In a lot of cases, if you have a card with an annual fee, you can "product change" it down to a lower tier card. For example, if you have a Chase Saphhire with an annual fee that you aren't really maximizing the use of, you can request Chase to knock that one down to a no-annual fee card like the Freedom / Freedom Unlimited.

 

[jrp44]

I signed up for a Sony card in like 2007/2008 to save $100 when I was buying my PS3 I used it for that and bought a couch with it in like 2011...haven't used it since and they still haven't closed it out yet.

 

[fluid hips]

Yea I know about keeping your oldest cards to boost your credit

The cards I want to close are only two years old and to offset the impact I got credit increases on my most used cards

 

[Beruseruku Desu]

 

[mplsdunk]

I’ll never open a card with a fee because I’ll never close them.

I only use one card because it’s the best rewards but I have a bunch.

I think a couple got closed for being inactive but I don’t close them on my own.

 

[thadangerousmind]

I got my 80,000 CSP points this week. If Chase doesn't revamp it this year to compete better with the free Freedom cards, I'll be taking my monthly spend back to American Express come annual fee time.

 

[minus28]

Welp. I’m here to start from the bottom. Much like most I was careless with credit. Late payments and minimum payments did me no favors. About to order my credit report and go hard on this repair. Any tips to keep me motivated and take this serious?

 

[slaughterx]

Stop buying stuff you don't need, pay your bills early.

 

[minus28]

Stop buying stuff you don't need, pay your bills early.

Already stopped buying things. Got to sit down with the wife and get her onboard. Start a budget, fix the credit, start living below my means...

 

[melo0115]

It's not something you can sound sad about, it's more of a mindset switch. IMO

 

[miniojw]

Already stopped buying things. Got to sit down with the wife and get her onboard. Start a budget, fix the credit, start living below my means...

You 100% have to get her on board. Once ya'll set a plan, execute, and finish. You and your wife will be a lot happier together. I did the same thing with my now wife before we got married.