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

Polos and Dunks I'll get that myfico in a couple months I want to do some more damage (In a good way to my credit)

I know CK isn't accurate but it's right about the range I should be at.

I usually check my score through my Credit Union ( which is also an EXPERIAN free score) It calculated me at a 699, at the beginning of last month, 12 points dip ???
Now that's at 687............. I was getting happy when I was at 699, so I kept checking it thinking I was going to be over 700 already.

Now I know all of the free scores are just a calculation, and that calculation could be anywhere from 25 to 100 POINTS!!!!
 
My credit score was in the low 600s for many years, while I was over $10K in debt. after settling a recent worker's compensation case, I decided to pay off all my debt with the settlement money. I've been in such a debt hole for simply too long, and the feeling of paying it all off is just unimaginably priceless!!! I've been following Ramit Sethi's 'I Will Teach You To Be Rich' debt advice, and it's given me the drive and reason to continue finding 'big wins' in getting my finances back into order.

I don't use my credit cards anymore, except to take advantage of credit card rewards and to build my credit score (currently I'm at 780 since paying off my debt in June, trying to hit those mid-high 800s). I switched all my fee cards into no-fee cards, and didn't close any of my cards to maintain my credit utilization rate, as I'm still making the same amount of income, and closing my cards would make that rate jump + affect my credit score. I still use the cards with the smaller credit lines open strictly for paying things on an automatic subscription process (Netflix, Spotify, etc.) so I don't even think about it, they just remain open and keep that credit utilization rate untinged; and I'm looking into opening new credit accounts to continue building my credit smartly so I can one day buy a house :smile: I hope that my experience helps you!
 
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nikeskywalker said:
Polos and Dunks I'll get that myfico in a couple months I want to do some more damage (In a good way to my credit)

I know CK isn't accurate but it's right about the range I should be at.

I usually check my score through my Credit Union ( which is also an EXPERIAN free score) It calculated me at a 699, at the beginning of last month, 12 points dip ???
Now that's at 687............. I was getting happy when I was at 699, so I kept checking it thinking I was going to be over 700 already.

Now I know all of the free scores are just a calculation, and that calculation could be anywhere from 25 to 100 POINTS!!!!
Click to expand...

Good stuff man. I think once you want to check myfico your score will be like 30 points higher if I remember right with people in here
 
If my true Fico is 15-30 points higher then I'm hypothetically around 820. I'm dropping Credit Karma whenever Bank of America starts giving a free score to card members. It's supposed to happen in 2015. It was announced in January. I think they're the only bank that announced it that hasn't followed through yet smh.
 
dreams1nfinity said:
My credit score was in the low 600s for many years, while I was over $10K in debt. after settling a recent worker's compensation case, I decided to pay off all my debt with the settlement money. I've been in such a debt hole for simply too long, and the feeling of paying it all off is just unimaginably priceless!!! I've been following Ramit Sethi's 'I Will Teach You To Be Rich' debt advice, and it's given me the drive and reason to continue finding 'big wins' in getting my finances back into order.

I don't use my credit cards anymore, except to take advantage of credit card rewards and to build my credit score (currently I'm at 780 since paying off my debt in June, trying to hit those mid-high 800s). I switched all my fee cards into no-fee cards, and didn't close any of my cards to maintain my credit utilization rate, as I'm still making the same amount of income, and closing my cards would make that rate jump + affect my credit score. I still use the cards with the smaller credit lines open strictly for paying things on an automatic subscription process (Netflix, Spotify, etc.) so I don't even think about it, they just remain open and keep that credit utilization rate untinged; and I'm looking into opening new credit accounts to continue building my credit smartly so I can one day buy a house :smile: I hope that my experience helps you!
Click to expand...

That's awesome. My only problem with what you said is if you care about earning rewards than cards with fees > no fees.

For example, I have the Citi prestige card at a discounted annual fee of $350 a year. I'm going to Hawaii for Labor day. I used the fourth night free perk and they ended up paying a little over $330 for the fourth night. I already have the annual fee covered. They also include a $250 air credit which even covers airfare, 2X on entertainment and dining, and 3X on airfare and hotels.
 
Dam itz Lou said:
That's awesome. My only problem with what you said is if you care about earning rewards than cards with fees > no fees.

For example, I have the Citi prestige card at a discounted annual fee of $350 a year. I'm going to Hawaii for Labor day. I used the fourth night free perk and they ended up paying a little over $330 for the fourth night. I already have the annual fee covered. They also include a $250 air credit which even covers airfare, 2X on entertainment and dining, and 3X on airfare and hotels.
Click to expand...
Wow, I wasn't even remotely keen on those kinds of rewards with Citi Prestige cards! I must confess that I'm pretty green when it comes to capitalizing on rewards programs; thank you for sharing the way you used those benefits, I'd love to switch to that card!
 
dreams1nfinity said:
Wow, I wasn't even remotely keen on those kinds of rewards with Citi Prestige cards! I must confess that I'm pretty green when it comes to capitalizing on rewards programs; thank you for sharing the way you used those benefits, I'd love to switch to that card!
Click to expand...

I'm not sure if they're still offering it but if you go into a branch they might have a 60K sign up bonus. It's 30K for spending $3K in 3 months and another 30K when you spend 15K total in a year. The online offer is 50K for $3K spend. The discounted annual fee is $350 if you're a Citigold customer. I wasn't at the time but he still faxed it in and they ended up approving it. I recently switched to Citibank anyway, they offered me 40K and all I have to do is make 1 bill payment each of the first two months. They also give you a 15% bonus every anniversary year on whatever points you earned on the prestige for being a citigold customer.
 
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Alright. Got a credit card so I can build credit. Limit is 3k. So I should keep my balance under 1k right?

I'll probably purchase 500-600 worth of stuff. Should I pay off the whole balance? Or should I keep $200?

What's the range of points per on time credit card payment that I can increase my credit score? What about student loans?
 
Anyone know a way outta Chase not pulling a hard pulling with this Chase United Explorer Card? This is for a CLIncrease
 
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Pitman13 said:
@FlyNY

This is why having an emergency saving account is vital. $8K is a lot but still managable. Depending on your finances, you should double or triple your payments monthly.



FYI:

Unless you're paying off your CC balance monthly, which I highly advise, those cash back services doesn't work in your favor.
Click to expand...
Agreed, you always must have money stashed away IMO when using CC's or you will get your self in trouble. Especially if the CC has a high interest rate with no promotion. Worse situation is when you're going swipe crazy, but no money in checking or savings to pay that card of ASAP. 
 
Looking to get a Discover card. Can someone tell me a good one to get also how are they with their CLI's? as well do they hard pull or soft pull with it?
 
Just got my limit increased to 13k on my Chase Freedom. I'm gonna call at some point and get the interest rate lowered.
 
Tips and tricks on this?

I mean I just call and be like "yo lower my interest"
What is considered "good" rate?
 
PolosandDunks said:
Looking to get a Discover card. Can someone tell me a good one to get also how are they with their CLI's? as well do they hard pull or soft pull with it?
Click to expand...
I have the discover it card
With 5% cash back
Also asked them to get that double cash back
So after the first year whatever I made through cash back they will double
Each quarter they have special things to get extra cash back on
 
nawghtyhare said:
I have the discover it card
With 5% cash back
Also asked them to get that double cash back
So after the first year whatever I made through cash back they will double
Each quarter they have special things to get extra cash back on
Click to expand...

Thanks.hows the CLI's?
 
PolosandDunks said:
nawghtyhare said:
I have the discover it card
With 5% cash back
Also asked them to get that double cash back
So after the first year whatever I made through cash back they will double
Each quarter they have special things to get extra cash back on
Click to expand...

Thanks.hows the CLI's?
Click to expand...
Depends
Hey sometimes do automatic cli
Which is a sp
Or u can go through the website it's usually a sp
But they may sometimes do a hp
BUT
It will ask u if u want to do a hard pull beforehand
 
PolosandDunks said:
Looking to get a Discover card. Can someone tell me a good one to get also how are they with their CLI's? as well do they hard pull or soft pull with it?
Click to expand...

Just got my limit upped to 10.5K (my 2nd soft pull CLI in 3 months) , my limit has doubled in less than a year. They are going CLI happy right now. Go with the IT card, great balance transfers 0% interest for 12 months, cash back deals (5%-10% off of certain sites when using the card.nike,ralph lauren, sams club, home depot ,apple to name a few sites), and rotational cash back bonus categories.
 
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My recent credit limit increase didn't require a credit check. Chase sent me a letter in the mail with some "customer reward" about increasing it without a credit check. Just went to their site, entered their code and and it updated.
 
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