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

[antidope]

 

I have a Chase Freedom card which I opened in May 2015. They handed me a limit which I immediately called and had increased. Since then I have gotten a new job and have a different income than what I had when I signed up for the card. I wanna ask for an increase but not if it's going to negatively affect my chances of getting one in the future. 

The card is carrying a balance right now which would be paid off in full before the end of the month as I always do with all my credit cards, even though this one is in a 0% interest period until August 2016.

Thoughts?

Its going to be a hard inquiry bro. I wouldnt even do it. Chase is stingy with those increases. Just give it some time.

What what what? A hard pull for a credit increase? Who does that?

 

 
I have a Chase Freedom card which I opened in May 2015. They handed me a limit which I immediately called and had increased. Since then I have gotten a new job and have a different income than what I had when I signed up for the card. I wanna ask for an increase but not if it's going to negatively affect my chances of getting one in the future. 

The card is carrying a balance right now which would be paid off in full before the end of the month as I always do with all my credit cards, even though this one is in a 0% interest period until August 2016.

Thoughts?

So you only have one card?

Cop another credit card. I have 4 cards on the roster now, but Discover IT card gets the most love.

I have two, ones a Gap credit card that I dont use. My chase card is my only real credit card. Don't want to do it right now, I have 3 hard pulls on my credit report right now, from consolidating student loans and getting this card last year.

 

[polosanddunks]

Yeah with Chase they def hard pull. Ill NEVER get another card from them.

 

[antidope]

Thats a shame. I'd be better off getting a new card then for sure

 

[dam itz lou]

A lot of people in here seem to be in love with high limits. You should be paying your cards in full every month, reaping the rewards of the points or cash back you earn, and paying ZERO interest.

Chase Sapphire preferred is one of the best cards in the game right now.

 

[antidope]

A lot of people in here seem to be in love with high limits. You should be paying your cards in full every month, reaping the rewards of the points or cash back you earn, and paying ZERO interest.

Chase Sapphire preferred is one of the best cards in the game right now.

I have never have paid a cent of interest 

 

[jon4rd]

A lot of people in here seem to be in love with high limits. You should be paying your cards in full every month, reaping the rewards of the points or cash back you earn, and paying ZERO interest.

Chase Sapphire preferred is one of the best cards in the game right now.

High limits=low utilization=higher credit score

Just because your limits are high doesn't mean you're not paying them in full every month are and paying interest

 

[polosanddunks]

A lot of people in here seem to be in love with high limits. You should be paying your cards in full every month, reaping the rewards of the points or cash back you earn, and paying ZERO interest.

Chase Sapphire preferred is one of the best cards in the game right now.

Yeah but you'll be sitting on that credit line forever unless you wanna take that hard pull for nothing and even then they still might not increase it.

Discover > *

Also higher limits etc etc = higher credit score

 

[eyanks]

Unless Chase sends you a notice that you can apply for a credit increase with a soft pull, assume it will be a hard pull. Capital One, AMEX and Discover usually do increases with soft pulls.

 

[antidope]

My boy just applied for a credit increase with them over the phone and said it wasnt a hard pull. Hopefully he wasnt wrong.

 

[thadangerousmind]

Bank of America is always a hard pull for credit line increases. I would have asked for more had I known that smh.

 

[dam itz lou]

High limits=low utilization=higher credit score

Just because your limits are high doesn't mean you're not paying them in full every month are and paying interest

Right. I just hope that's what people are doing. If you have 20K in available credit and your credit cards report 1%, if you get increases up to 50K it won't make a difference in your credit score.

Yeah but you'll be sitting on that credit line forever unless you wanna take that hard pull for nothing and even then they still might not increase it.

Discover > *

Also higher limits etc etc = higher credit score

Are you saying Discover is the best credit card out ?

Higher limits lower your utilization which raises your credit. Higher limits dont mean higher credit score.

 

[polosanddunks]

Right. I just hope that's what people are doing. If you have 20K in available credit and your credit cards report 1%, if you get increases up to 50K it won't make a difference in your credit score.
Are you saying Discover is the best credit card out ?

Higher limits lower your utilization which raises your credit. Higher limits dont mean higher credit score.

Not in my instance. Idk what algorithms or anything with the Fico scoring but everytime ive upped my CL my FICOs have increased. Everytime.

Yeah Discover is the hottest card out currently. Hands down.

Also if your cards hard pull you might as well ask for a big line.

 

[heliumclinton]

I think what he's saying is don't get a CLI if the reason why you have a high utilization is because you're maxing cards out. That's a bad habit to develop.

 

[polosanddunks]

I think what he's saying is don't get a CLI if the reason why you have a high utilization is because you're maxing cards out. That's a bad habit to develop.

Oh yeah thats a real bad habit right there. I agree

 

[SplashyGlock]

Oh yeah thats a real bad habit right there. I agree

im trying to build my credit atm and can only get a secured cc ... from what i understand, with any cc , you want to use at the most like 30% of available
credit and pay it off , i was told thats the fastest route to increasing score...

please let me know if im off the ball on that

 

[dam itz lou]

Not in my instance. Idk what algorithms or anything with the Fico scoring but everytime ive upped my CL my FICOs have increased. Everytime.

Yeah Discover is the hottest card out currently. Hands down.

Also if your cards hard pull you might as well ask for a big line.

It's a great cash back card but if you travel a bit, points > cash back. It's not even close.

Singapore Airlines KrisFlyer is one of just two frequent flyer programs that partners with all four of the major transferable loyalty currencies: Chase Ultimate Rewards, Amex Membership Rewards, Starwood Preferred Guest and Citi ThankYou Rewards (the other is Virgin Atlantic Flying Club). To book my Suite, I decided to draw from the stockpile of Citi ThankYou points I earned from my new Citi ThankYou Premier card. The transfer to my KrisFlyer account took a day or two, so note the delay if you’re trying to book an award urgently.

Suites are only available on Singapore’s Airbus A380 aircraft, which the airline uses on its service between Frankfurt and New York-JFK, among other routes. If I had purchased my seat, I would have paid $5,500 each way based on a round-trip. Singapore charges 67,500 miles for this award at the Saver level, but also offers a 15% discount to KrisFlyer members who book online, so it ends up costing 57,375 miles, giving you nearly 10 cents in value per redeemed mile.

Read more: http://thepointsguy.com/2015/06/singapore-a380-suites-review/#ixzz3xYc1dpZY

Another example, there's a great deal from NYC to Rio De Janeiro for $500 non-stop on AA. I have the Citi prestige card which gives me 1.6 cents per point towards AA flights. I have platinum status with AA so they will double my miles flown. It would cost me a measly 11K to fly round trip. Let's say each point is worth 1 cent which is what theyre worth when you use them for gift cards, thats $110 for a 10 hour flight.

 

[dam itz lou]

im trying to build my credit atm and can only get a secured cc ... from what i understand, with any cc , you want to use at the most like 30% of available
credit and pay it off , i was told thats the fastest route to increasing score...

please let me know if im off the ball on that

 

[SplashyGlock]

 

[jon4rd]

The statement cut date is the day that the credit card company creates your statement and that information is what reports to the bureaus correct? Trying to make sure I've got my utilization down on or before the right day. I get my FICO scores from discover on like the 20th but my statement cuts the 26th

 

[ddh1122]

Yup, time for me to open a new card. Currently only have a CC through Wells Fargo. I think I have an interest charge on there and I know for sure I have a cash advance fee everytime I want to withdraw/transfer cash. Don't know too much about CC's though so I gotta go back and re-read this thread. 

 

[antidope]

Yup, time for me to open a new card. Currently only have a CC through Wells Fargo. I think I have an interest charge on there and I know for sure I have a cash advance fee everytime I want to withdraw/transfer cash. Don't know too much about CC's though so I gotta go back and re-read this thread. 

Most cards have a fee for cash advance. At least the ones I've seen.

 

[ddh1122]

Most cards have a fee for cash advance. At least the ones I've seen.

Ok, thought I was tripping. Probably just me but it seems kinda high. Remember a couple of weeks ago I went to withdraw $60 and got hit with a $10 fee

 

[capital sb]

The statement cut date is the day that the credit card company creates your statement and that information is what reports to the bureaus correct? Trying to make sure I've got my utilization down on or before the right day. I get my FICO scores from discover on like the 20th but my statement cuts the 26th

Yes statement cut day is what is on your statement and is reported to the bureaus . Your discover scores are a few weeks behind.

If your statements cuts on the 26th make sure you have paid by the 23rd just to be sure, 24th at the latest.

 

[josebronx]

 

[dam itz lou]

Yup, time for me to open a new card. Currently only have a CC through Wells Fargo. I think I have an interest charge on there and I know for sure I have a cash advance fee everytime I want to withdraw/transfer cash. Don't know too much about CC's though so I gotta go back and re-read this thread. 

Earn 50,000 bonus points when you spend $4,000 on purchases in the first 3 months from account opening. That’s $625 in travel when you redeem through Chase Ultimate Rewards[emoji]174[/emoji]. You will earn another 5,000 bonus points after you add the first authorized user and make a purchase within the first 3 months of account opening. This card was named a ‘Best Credit Card’ for Travel Rewards by MONEY Magazine and is one of my favorite cards because you earn 2x points on travel and dining at restaurants and 1 point per dollar spent on all other purchases. There are no foreign transaction fees when using this card abroad and it is chip-enabled for enhanced security and wider acceptance when used at a chip card reader. This card comes with an Introductory annual fee of $0 the first year, then $125.

Read more: http://thepointsguy.com/membership/top-deals-3/#ixzz3xcTYwmix

Earn 50,000 points $3,000 in purchases within the first 3 months of card opening – redeemable for $500 in gift cards, $625 for airfare, or other great rewards. Additionally you will earn 3 ThankYou Points on travel including gas, 2 points on dining out and entertainment and 1 ThankYou point on other purchases. This card comes with a $95 annual fee that is waived for the first 12 months and there are no foreign transaction fees on purchases.

Read more: http://thepointsguy.com/membership/top-deals-3/#ixzz3xcTeWd7i