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

[usabasketball08]

That's wild man, did you put a freeze on your credit?

Yep. Froze everything and locked my cards. Never had that happen before. Got everything locked down now.

 

[s0lefunk]

Any recommendations for a family credit card for groceries, gas, and common household bills?

Just looking to consolidate shared expenses between my wife and I to maximize rewards. Cash back is always cool. Not too enticed by travel perks since I don’t see us traveling more than twice a year going forward. But open to any recommendations.

 

[po2345]

Any recommendations for a family credit card for groceries, gas, and common household bills?

Just looking to consolidate shared expenses between my wife and I to maximize rewards. Cash back is always cool. Not too enticed by travel perks since I don’t see us traveling more than twice a year going forward. But open to any recommendations.

I have AMEX blue cash preferred. Might be good for yall

PO

 

[ICE CITY CF]

Any recommendations for a family credit card for groceries, gas, and common household bills?

Just looking to consolidate shared expenses between my wife and I to maximize rewards. Cash back is always cool. Not too enticed by travel perks since I don’t see us traveling more than twice a year going forward. But open to any recommendations.

Anything that gets you unlimited 2% back across the board is more than solid and since you're looking to consolidate that might just be the move.

To get back more than 2% you're going to have mix and match different cards by spending category.

If you shop at Amazon and Whole Foods then the Amazon Prime card actually covers a lot of bases.

5% on Amazon and at Whole Foods, 2% at restaurants, gas stations and drug stores like CVS, Walgreens etc, 1% on everything else.

I mostly stick to business cards for everyday spending but if I didn't, right now I'd probably combine the Capital One Savor card with anything else that gets 2% back on all purchases like the Citi Double Cash card.

 

[fluid hips]

Amex blue has 3% on most purchases now.

To really maximize, your best bet is getting multiple cards that offer 5% quarterly. I alternate between discover,chase

 

[po2345]

Amex blue has 3% on most purchases now.

To really maximize, your best bet is getting multiple cards that offer 5% quarterly. I alternate between discover,chase

The one i have that i referred is 6%, but has $95 annual fee, but i still i thought it would be good.
Do some research though s0lefunk ! Find out whats best for you guys.

PO

 

[da r entertainment]

Someone was calling around to the different banks I have relationships with (like Chase) pretending to be me. This person even called my company’s corporate card customer service hotline. ****ing ridiculous.

That's crazy!!

 

[trynafeelmink]

I got a new CC that i thought had no minimum payments for the first few cycles, turned out it did & they added the late payment to my credit report, that **** dropped me almost 90 points!!! heated is even the word yo.

all other history never had single late payment & that one bull**** card caused this much damage . Anyone had experience with this? and does your score bounce back quickly after paying it off?

 

[ICE CITY CF]

I got a new CC that i thought had no minimum payments for the first few cycles, turned out it did & they added the late payment to my credit report, that **** dropped me almost 90 points!!! heated is even the word yo.

all other history never had single late payment & that one bull**** card caused this much damage

. Anyone had experience with this? and does your score bounce back quickly after paying it off?

Damn man that sucks. I’ve heard of 0% APR promos but never $0 payment promos.

Jig gonna be on your report for 7 years, maybe a little less. It’s impact on your score will lessen over time.

Definitely call your CC and explain what happened, be polite and ask if they can remove the late payment as a one-time courtesy.

 

[kingfoamnyc]

Anyone who's a guru at fixing personal credit hit my DM.

I'll pay you a monthly fee

Gonna use Lexington Law and a whoever wants to make some cash

 

[fluid hips]

Anyone who's a guru at fixing personal credit hit my DM.

I'll pay you a monthly fee

Gonna use Lexington Law and a whoever wants to make some cash

Won't happen overnight

You can do it yourself. Read up on myfico forums

Start by getting your credit reports from the three bureaus. By law you can request a free report every 12 months.

Derogatories fall off in 7 years. If you are near that, don't make payments. Making any payments, restarts that 7 year cycle

 

[tomdiginson]

I got a new CC that i thought had no minimum payments for the first few cycles, turned out it did & they added the late payment to my credit report, that **** dropped me almost 90 points!!! heated is even the word yo.

all other history never had single late payment & that one bull**** card caused this much damage . Anyone had experience with this? and does your score bounce back quickly after paying it off?

Send letters of appeals/disputes after a few months.

 

[melo0115]

Anyone who's a guru at fixing personal credit hit my DM.

I'll pay you a monthly fee

Gonna use Lexington Law and a whoever wants to make some cash

Man I came in this thread like 7 years ago or some amount of time like that.
I was looking into doing Lex Law, some of the guys in here at that time talked me out of it and told me to do it myself.
I did just that and I'm glad I did. I had to read a couple books and a ton of articles. But I never made the mistake again. So i would say it's better to get yourself out of the mess you made, unless you don't truly have time to do the work.

 

[kingfoamnyc]

Man I came in this thread like 7 years ago or some amount of time like that.
I was looking into doing Lex Law, some of the guys in here at that time talked me out of it and told me to do it myself.
I did just that and I'm glad I did. I had to read a couple books and a ton of articles. But I never made the mistake again. So i would say it's better to get yourself out of the mess you made, unless you don't truly have time to do the work.

I'ma dm you

 

[Beruseruku Desu]

quick question regarding car payment...

so i took out a car loan from PNC and setup automatic payments.

the first month (June) I decided to manually schedule a payment and pay the monthly payment early thinking it would count for the month and the automatic payment wouldnt take money out for that month.

However, it still took out money so basically I made 2 payments for the month of June. Okay cool.

July rolls around and I just let the automatic payment do its thing no problem.

However, my bank says the next payment isnt due until September now, completely skipping August.

Is it because I may have paid twice in the month of June that theyre skipping the August payment?

 

[melo0115]

That sounds like what happened. But I'd def called the PNC support line for there version of information.

 

[para bellum]

Don't put too much trust in whatever card service you use to catch mistakes. One of my cards was charged interest for the first time this year which was confusing because I pay each card in full every month and look over all my statements. I had to reach out for them to fix it

 

[spizike231]

Yikes ^

Terrible and dishonest tbh.. I bet they think most just don’t notice. And they probably don’t.

 

[fluid hips]

Don't put too much trust in whatever card service you use to catch mistakes. One of my cards was charged interest for the first time this year which was confusing because I pay each card in full every month and look over all my statements. I had to reach out for them to fix it

You could've let it build up and sued them for a nice bag

What bank is this? Guessing Bank of America, Wells Fargo or Santander

 

[para bellum]

You could've let it build up and sued them for a nice bag

What bank is this? Guessing Bank of America, Wells Fargo or Santander

Barclays credit card

 

[melo0115]

NT Advice:

So, ya boy has been going a little wild with the cards(crazy times). Used it for a trip and new drone which I make money with, sons dental care and some other stuff...

I have 6.3k cash!

Everything is around 14% interest rate...
$6k Discover
$4.3k Chase
$2.3k Cap One
$870 Amex
$430 Care Credit

Would you pay off the discover card since it's the highest amount?

Or would you pay off all of the lower amounts, and throw the remaindered at chase?

I'm going to consolidate the remainder and try to get a lower interest rate. With these FED rate hikes i know it's crazy right now.

Luckily my debt ratio is still below 25 percent and my score is still high other that a few point hits.

Thanks for the advice.

 

[turbospartan]

They are all the same interest rate? Other than the $6.3k cash you have, if you exhaust that will you have incoming cash afterwards (paychecks, drone income, whatever)? If so, how much is that?

I'd probably take the $6.3k and pay off the 2 cheap ones (Amex and Care Credit) just to knock those out and reduce those to 0% usage. I think having any card under 30% of its available credit helps your score, so you could also pay down everything to its individual 30% usage limit. Not sure how much more room over the $6k Discover card you have (ie: What is your max credit limit $12k? $20k? or is it maxed at the $6k?).

 

[da r entertainment]

NT Advice:

So, ya boy has been going a little wild with the cards(crazy times). Used it for a trip and new drone which I make money with, sons dental care and some other stuff...

I have 6.3k cash!

Everything is around 14% interest rate...
$6k Discover
$4.3k Chase
$2.3k Cap One
$870 Amex
$430 Care Credit

Would you pay off the discover card since it's the highest amount?

Or would you pay off all of the lower amounts, and throw the remaindered at chase?

I'm going to consolidate the remainder and try to get a lower interest rate. With these FED rate hikes i know it's crazy right now.

Luckily my debt ratio is still below 25 percent and my score is still high other that a few point hits.

Thanks for the advice.

I would definitely smash those smaller balances. You wanna get the larger balances down to at least 30% util and work from there. You could always try for a new card to do a balance transfer to give you some breathing room pay it down without the interest. I know Penfed & NFCU are always offering BTs for 12-15 months.

 

[melo0115]

Yeah, I have extra Job income and drone based income to pay extra monthly, like around 700 a month to attack debt with. The drone income is variable though sometimes I make more sometimes less.

And discover max is at 10k
But I see your logic on the 30%

 

[melo0115]

I would definitely smash those smaller balances. You wanna get the larger balances down to at least 30% util and work from there. You could always try for a new card to do a balance transfer to give you some breathing room pay it down without the interest. I know Penfed & NFCU are always offering BTs for 12-15 months.

Very true, a balance transfer wouldn't be a bad route.
Wife has this upcoming surgery, her company is paying for around 90% of the total cost, but everything else has been sliding my way. So just wanted to make sure I manage all this properly, to keep my score in tact.

Def appreciate the info..