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Bad information... your score will be higher if you utilize between 10 and 20% than 0
24 Looking to build Credit... What are some good tips on your first Credit Card
- Thread in 'General' Thread starter Started by trynafeelmink,
- Start date
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Paypal reports on mine
I got PayPal connect though
I got PayPal connect though
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Seems to be some misunderstanding in the thread, there's people thinking utilization = "balance owed or carried" when utilization is typically referred to as = balanced used/credit line spent.
You should never carry a balance or owe the CC company any money (always pay the monthly balance). And the rule of thumb is to only utilize or spend UP TO 30% of your total credit line per month.
Pretty sure the PP Mastercard Extras serves as a normal credit card and Paypal Smart Connect reports like said above, but things like Bill Me Later, debit card, etc. does not.
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Id never let Paypal report on my credit. Heard way too many bad stories
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Best scores is to utilize 1-10% on one card and 0% on all other cards.. No more than 30% of your total credit limit utilization.
Utilization is the amount that is reported. If you report a 0 balance every month you are utilizing 0%. You could max out a card and pay it off before the statement cuts and your utilization will be 0%.
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I'm down to 1 main card. I have a BOA Rewards card with a $7500 limit. I carry a balance of $200-$300 mostly on gas/groceries a month pay it down to $100 then rinse and repeat. I also have a Belk card, Dell Preferred Account, & Paypal Credit which I carry $0 on for the most part. I use the Belk card to buy work clothes and pay the balance at the register to get rewards points. The Dell account I've had almost 10 years and I keep it active by buying 3-4 video games a year. I use Paypal Credit purely for the 6 months no interest. I'm flirting with an 800 score now at 793.
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What's your AAoA?
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7-8 years for the most part. Only the Belk and Paypal Credit accounts are less than 2 years old. It wasn't always good. I've probably been in the 400-500 range back in college smh. I've also closed & settled my fair share of accounts.
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Amazing turn around. Keep flourishing
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My fico scores range from 704-732. Is this normal ?
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KMante
Staff member
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Do you folks have a credit card strictly for bills? Only for bills with no convenience fees, of course.
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Nah just 1 card for everything. I don't really pay bills with my card at all. There's no incentive in that for me anyway as far as cashback goes.
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I use one credit card for everything. Just so I'm getting points.
My major bills (rent, student loan) are ACH Debit, so they can't used on my credit card. (My rent can, but it'll have a $20 processing fee).
My major bills (rent, student loan) are ACH Debit, so they can't used on my credit card. (My rent can, but it'll have a $20 processing fee).
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I would hafta think bout payin that processing fee every now and again. Prob can't get 20 bucks worth of rewards off 1500 but half of it covered neway and your limit will def be raised in a hurry if ur spendin 3k a month on it n paying it off pronto
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Basically I use one card until I qualify (or felt I would qualify) for a better card. I went from some reg Capital One card to Chase Sapphire to AMEX Blue Cash Preferred. If the Sapphire offer a significant enough advantage over the AMEX (like dining or travel), I might use it, but honestly too lazy to sign-in and pay each most of the time so I just stick to one.
I believe you might be mistaken on that, I pretty much always pay full balance (unless I make a high dollar purchase on a card with 0 APR) yet utilization always shows up on my report as over 0%. Think utilization is calculated whenever each of the credit reports are updated (weekly?), but I'd be glad to be corrected.
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Utilization is reported once a month when your statement cuts. Whatever balance is on your statement is what is reported to the bureau's.
For example:
CC due date is the 5th of every month. Statement usually cuts 3 days later so the 8th.
You can max out your card on the 9th pay it off by the 1st (to be safe) and 0% utilization will be reported.
Scores don't change that often during the month unless a hard pull falls off ,collection/bankruptcy falls off or your AAoA matures.
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Good info^.
I just use my credit card for everything like its a debit card then use my bank account to completely pay them off end of at the end of the months. This has helped me get quicker/higher CLI's for me personally.
I just use my credit card for everything like its a debit card then use my bank account to completely pay them off end of at the end of the months. This has helped me get quicker/higher CLI's for me personally.
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What's the best credit card to apply for, when first starting out? I don't want to get an inquiry and get denied... (I.e 650 score, never had a credit card)
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Chase Sapphire is a good choice. The card is metal, too.
My recommendation is to NOT get cash-back card. It's a waste of time. The best cards accrue miles/points that you can transfer to other frequent flyer programs and buy plane tickets. THE BEST VALUE of a credit card is to rack up miles and use them for international premium travel ONLY. So business/first class for essentially nothing (depending on fuel surcharges, etc.). I am not saying don't do cash-back (and by all means do it if that's your goal), but the BEST VALUE on your rewards is for ONLY international premium travel and Hotel Stays.
I have Chase Sapphire (40k sign up bonus; 2x on dining and travel) and Chase Ink (50k sign up bonus; 2x points on gas; 5x points on cable/satellite bill, internet, office supply stores [buy gift cards (Nike, Nordstrom, Whole Foods) from staples and office depot and rack up 5x the points instead of 1x]). Between those two cards I have amassed 160k points in under a year. So just by doing my normal shopping I have enough for 1 r/t ticket on Singapore Suites Class from LA to Tokyo (probably a $25k-$30k value) or 2 r/t business class seats to Europe ($6-10k value).
I also have the American Airlines Aviator Mastercard (50k sign up bonus) and the AMEX Gold Card (50k sign up bonus with 2x points on supermarkets, dining and gas).
Almost every dollar I spend I get 2 points for (I mainly spend money at supermarkets, gas and dining).
Thus, maximize the VALUE you can get from these cards. Not necessarily cash back and statement credits.
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Wait both Sapphire cards are metal?
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I am only aware of one Sapphire card and it's metal.
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Has anyone opened up a card with marriott to take advantage of there bonus 80k points?
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One is the Chase sapphire preferred, which has an annual fee and the other is just the regular one, which doesn't have an annual fee.
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I believe you need 700+ for chase sapphire, I don't think it would be good for a starter card.
I think that secured cards are best for first cards.
I think that secured cards are best for first cards.
