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

friscostylez said:
sup broskis, yesterday I went car shopping and had my credit score ran a couple of times and it was only a 692 for experian, the scale is out of 900, and today I checked my FICO score and it is a 796. why nobody ever really mention the big difference between the two scores?
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Auto lenders use a different FICO scoring model.
 
I just paid off my car loan and I'm reading how a lot of people LOST points after paying it off. What a joke. :smh:
 
I requested a Credit limit increase for amex from 9k to 12k and got it. Then Capital one raised my limit from 3k to 4k
 
Finally checked, mines in 760 range on TransUnion, worst thing is credit history (about 2 yrs or so).

Need to upgrade to preferred on my sapphire card, was scared of the annual fee but didn't realize how quickly the rewards can pay for it, not to mention they add up even faster w preferred.
 
Bruh, I sort of let my debt build up over the coarse of 2014 - and now I'm having trouble paying it all off. I basically got married last year, and it put me into about 9-10k worth of debt between two credit cards that I'm having trouble paying off right now.

Contemplating on letting my two credit card accounts just go to collections, in hopes of getting the chance to pay it all off in a one time payment for a significant smaller amount. Anyone know what kind of adverse affects this will have on my credit? I mean, I know it's a bad move - and I expect it to affect my credit - but ultimately - it's the only shot I have at getting out of the hole I'm in :smh:.

If you go back to the first few pages of this thread (two years ago), I was bragging about my score and riding on that high wave. Now, it's different. I messed up, and put 30% of my wedding expenses on that card, and now I'm stuck lol. I can pay off the 9-10,000 debt if I truly wanted too, but it would leave me scrambling with the other stuff I saved my money up for.

Any tips of suggestions, would help..
 
Animal Thug said:
Bruh, I sort of let my debt build up over the coarse of 2014 - and now I'm having trouble paying it all off. I basically got married last year, and it put me into about 9-10k worth of debt between two credit cards that I'm having trouble paying off right now.

Contemplating on letting my two credit card accounts just go to collections, in hopes of getting the chance to pay it all off in a one time payment for a significant smaller amount. Anyone know what kind of adverse affects this will have on my credit? I mean, I know it's a bad move - and I expect it to affect my credit - but ultimately - it's the only shot I have at getting out of the hole I'm in :smh:.

If you go back to the first few pages of this thread (two years ago), I was bragging about my score and riding on that high wave. Now, it's different. I messed up, and put 30% of my wedding expenses on that card, and now I'm stuck lol. I can pay off the 9-10,000 debt if I truly wanted too, but it would leave me scrambling with the other stuff I saved my money up for.

Any tips of suggestions, would help..
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Sounds like you should bite the bullet and use that savings towards your debt...or at least a big chunk of it so you're in less of a hole. doesn't really make sense IMO to default on your cards and lower your score when you have the funds to pay it off.
 
Animal Thug said:
Bruh, I sort of let my debt build up over the coarse of 2014 - and now I'm having trouble paying it all off. I basically got married last year, and it put me into about 9-10k worth of debt between two credit cards that I'm having trouble paying off right now.

Contemplating on letting my two credit card accounts just go to collections, in hopes of getting the chance to pay it all off in a one time payment for a significant smaller amount. Anyone know what kind of adverse affects this will have on my credit? I mean, I know it's a bad move - and I expect it to affect my credit - but ultimately - it's the only shot I have at getting out of the hole I'm in :smh:.

If you go back to the first few pages of this thread (two years ago), I was bragging about my score and riding on that high wave. Now, it's different. I messed up, and put 30% of my wedding expenses on that card, and now I'm stuck lol. I can pay off the 9-10,000 debt if I truly wanted too, but it would leave me scrambling with the other stuff I saved my money up for.

Any tips of suggestions, would help..
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You'll regret settling for less. I think it stays on your credit report for 7 years. I'd say just keep paying the minimum and just throw more money at it whenever you can. It sucks right now but just think about it long term.
 
Animal Thug said:
Bruh, I sort of let my debt build up over the coarse of 2014 - and now I'm having trouble paying it all off. I basically got married last year, and it put me into about 9-10k worth of debt between two credit cards that I'm having trouble paying off right now.

Contemplating on letting my two credit card accounts just go to collections, in hopes of getting the chance to pay it all off in a one time payment for a significant smaller amount. Anyone know what kind of adverse affects this will have on my credit? I mean, I know it's a bad move - and I expect it to affect my credit - but ultimately - it's the only shot I have at getting out of the hole I'm in
mean.gif
.

If you go back to the first few pages of this thread (two years ago), I was bragging about my score and riding on that high wave. Now, it's different. I messed up, and put 30% of my wedding expenses on that card, and now I'm stuck lol. I can pay off the 9-10,000 debt if I truly wanted too, but it would leave me scrambling with the other stuff I saved my money up for.

Any tips of suggestions, would help..
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If you let it sit, then settle, it will stay on your credit for 7 years, plus you'll take the financial hit. If you have the cash to knock it out, just take the hit and start over. In the long run, it'll be cheaper for you since your credit wont' take a hit and you'll pay more in interest on the card than you'll earn by keeping the cash there.

If you make the minimum payment, it'll take something like 25 years to pay it off if you make no further purchases.
 
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Jus pay minimums breh... Dont let it sit

If youve alrdy done so however and you have multiple lates then eff it ur score is alrdy donezo let em collect/settle jus know that door number 2 means a longgg grueling struggle to get back a decent score.
 
Why would you default & ruin your credit score when you know you could cut something else off & clear the debt if not in full at least the majority. Makes no sense to me, priorities I guess
 
Why not just pay the minimum for now and see what happens in the next year or two then re evaluate the situation?
 
Yeah as everyone is saying just pay the minimum. Thats what I'm doing now paying the minimum and a more when I can. No need to ruin your credit when you have the cash to pay.
 
oidreez said:
You should strive to pay a little more than the minimum
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I mean sure but for now when hes thinking he might as well pay the Min, its not going to hurt him but its better than him defaulting and ruining his credit to potentially pay less.

im just saying pay min and hope you can save enough money to pay it off or find another solution.
 
Zyzz said:
 
oidreez said:
You should strive to pay a little more than the minimum
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I mean sure but for now when hes thinking he might as well pay the Min, its not going to hurt him but its better than him defaulting and ruining his credit to potentially pay less.

im just saying pay min and hope you can save enough money to pay it off or find another solution.
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He has the money to pay it off though...
 
crcballer55 said:
Zyzz said:
 
oidreez said:
You should strive to pay a little more than the minimum
Click to expand...


I mean sure but for now when hes thinking he might as well pay the Min, its not going to hurt him but its better than him defaulting and ruining his credit to potentially pay less.


im just saying pay min and hope you can save enough money to pay it off or find another solution.
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He has the money to pay it off though...
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I know he does but its all the money he has so i can understand him kinda not wanting to pay off the whole debt right now.
 
This is what I did when I graduated college and had CC debt and minimal income. I had one CC with no charge on it that was offering 18 months no interest for balance transfer. Took advantage of that. Opened up another CC and did no interest balance transfer. Was able to pay off all debt and ended up only paying fees on balance transfer. So my minimum payment all went to paying off the principle and 0 interest. Be sure you can pay it all off before promo period ends though.
 
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