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

[rightguard]

I use the following websites for the latest deals regarding credit cards. A coworker introduced me to the points guy website. She travels basically for free, taking advantage of the credit card points. She told me they have so many credit cards open he uses an excel spreadsheet to keep track.

http://www.hustlermoneyblog.com/

http://thepointsguy.com/

 

[slicknick951]

My coworker and I were looking at buying a flight or hotel with his points but it actually worked out better for him to get a gift card then spend the money to buy a flight then use his points.

I would look at all of the options when deciding to us your points because some are way better than others.

 

[jon4rd]

In most cases it allows you to use a smaller percentage of your available credit which in turn will increase your credit score.

Now if you pay off your card before the cycle this doesnt apply to you.

True, but I'm sure buddy has 3-4 cards and probably one of em around that same limit or higher since they started him out at 22k. So if you got like 50k total that's a lot of credit to use a month to put you over 30% utilization lol

 

[capital sb]

Like I always say, you never know what is going to happen in the future.

I am trying to get my Discover card up to 20K+ range, because when I  0% balance transfer my tuition charges to my card I am close to maxing out.

Even at 20K I will be at around 45% utilization 

. I use my Discover card as a 12 month interest free loan I want the credit limit as high as possible.

 

[nikeskywalker]

I got $7k to start with DISCOVER IT card........

I use it for nearly all of my transactions

Then I pay the balance once it posts to my account.........

BUT.....

I was paying the balance too often and they have a security measure where if you make a payment more often than every 3 days it takes up to 8 days to reflect in your balance.

RIGHT NOW they got me at 30% utilization, but it should be 0%

I just don't like that it takes so long to post to the account

From now on I'll just pay from week to week

 

[capital sb]

Yeah too many payments is suspicious to them. Same thing happened to me lol

 

[jewseejay]

its not that its suspicious it jus inundates them with processing bs... this way they discourage you from blowing up their processing centers

it is annoying though using a handful of cards and paying before statements. very difficult to keep up with true balances

 

[eyanks]

It's not necessary to pay off the balances immediately. I used to do that too, because I didn't want to lose track of what I bought and didn't want to use up too much of my utilization. I now have higher credit lines and I have the credit card companies send me emails/texts whenever I make a purchase and to remind me of my balance. If your credit lines are low paying weekly may work for you, but once they get higher you can pay once or twice a month and not have to worry about paying interest.


I love that the quicksilver and discover IT cards allow you to redeem the rewards at any amount rather than waiting for $20+ balances.

 

[polosanddunks]

:x at the 22k Limit. Ill be lucky to even sniff that in the next year

 

[jordman23]

https://www.bankofamerica.com/credit-cards/education/how-to-improve-your-credit-score.go

Check this out for some useful info about the Credit Score.


View media item 1844658

 

[antidope]

22k limits... HOW?

 

[capital sb]

 
22k limits... HOW?

Get other high limit cards, or just have great credit.

I know WrightOne has a Navy Federal card like me, and they started me at 15K. I believe they started him higher.

 

[polosanddunks]

Yeah just get other high limit cards. If they see other high limits and great credit they'll hit you with that

 

[dwadefan]

I plan on making some larger purchases here in the next few weeks for my new pad, TV, gaming system, etc. I'm 23 & looking to establish more credit in my name. All the purchases I have the $ for already to pay, but I figure it would be smarter to do so using a rewards card or something or that sort to earn points/cash back & build more credit. As of now I only have a car loan & a Chase Freedom in my name. The Freedom is already essentially paid down & I won't earn hardly anything reward wise for using it on these purchases. Is there a card anyone recommends that will give me solid cash back, or is there a smart way of making these purchases?

 

[polosanddunks]

I plan on making some larger purchases here in the next few weeks for my new pad, TV, gaming system, etc. I'm 23 & looking to establish more credit in my name. All the purchases I have the $ for already to pay, but I figure it would be smarter to do so using a rewards card or something or that sort to earn points/cash back & build more credit. As of now I only have a car loan & a Chase Freedom in my name. The Freedom is already essentially paid down & I won't earn hardly anything reward wise for using it on these purchases. Is there a card anyone recommends that will give me solid cash back, or is there a smart way of making these purchases?

Good stuff. Discover IT would be it. I just PMed you

 

[sloanboy]

i need a credit card with a 20k limit im looking for cards to purchase investment properties.

 

[sloanboy]

ive heard from many people that paying off your card completely can actually hurt your credit score. One person was a loan officer.

 

[thatmartiankid]

How can I increase my credit limit. I don't really have an income. I'm dependent on my father. I get paid off the books. My original limit was 1500. And then they randomly automatically inxreassed it to 2000. I just want to increase it by like another 500-1000. Citibank.

 

[xbiker47]

I use the following websites for the latest deals regarding credit cards. A coworker introduced me to the points guy website. She travels basically for free, taking advantage of the credit card points. She told me they have so many credit cards open he uses an excel spreadsheet to keep track.

http://www.hustlermoneyblog.com/

http://thepointsguy.com/

Need to start using these websites more often

 

[jon4rd]

View media item 1845712
My first discover statement cash back balance . I'm on pace to get an extra $506 back on my 13th statement with the double cash back promo . It'll probably slow down though cause I went ham with the Amazon 5% cash back

 

[capital sb]

i need a credit card with a 20k limit im looking for cards to purchase investment properties.

If you are eligible to be a Navy Federal member go for their cash rewards Visa Signature card (green card). I don't know anyone that started with a limit under 10K that had prior credit before applying. I started at 15K with them.

 

[jon4rd]

If you are eligible to be a Navy Federal member go for their cash rewards Visa Signature card (green card). I don't know anyone that started with a limit under 10K that had prior credit before applying. I started at 15K with them.

How would you be eligible? Do you just need to have a family member in the military? If so, what kind of paperwork or whatever do you need?

 

[capital sb]

How would you be eligible? Do you just need to have a family member in the military? If so, what kind of paperwork or whatever do you need?

Yes family in the military, military dependent, live with someone that is a NFCU member, or if you work for specific government agencies. I believe all you need is their military id#. Just go to the site and see what it says when you sign up nfcu.org .

 

[eyanks]

i need a credit card with a 20k limit im looking for cards to purchase investment properties.

American Express gives good limits. I have the Blue Cash Everyday card. I started off with 10K and after 91 days I was able to apply for an increase of up to 3 times my limit. I went for 24K and received it instantly. Some people who ask for limits of 25K and up need to provide proof of income.

 

[capital sb]

Amex doesn't usually give high limits, unless you have excellent credit. They might not even approve you for a credit card if your credit isnt in the 700+ range.