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

sthebest said:
Oh okay, you probably got denied because you had no previous card history. Discover seems hard to get your foot in the door it seems. I would just get the secured version and then pay regularly on it from there. I had credit cards I never paid on but they fell off my credit report a few years ago (I charged those cards to the max about 10 years ago). I started with a capital one secured card and it really helped my score a lot in the year I have had it
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Discover isn't hard to get your foot in the door unless you have some kind of negatives on your report. They like thin files and short history
 
Just got charged the annual fee on my oldest card (that I haven't used in 2 years).

CapOne won't let me upgrade it and I've had to visit the local branch to get the fee reversed in the past 2 years. It was my first CC out of college and only has $2000 limit. Should I just close it out and take the credit score hit?
 
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Slighted said:
Just got charged the annual fee on my oldest card (that I haven't used in 2 years).

CapOne won't let me upgrade it and I've had to visit the local branch to get the fee reversed in the past 2 years. It was my first CC out of college and only has $2000 limit. Should I just close it out and take the credit score hit?
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Close it. The only hit you'll see is if your total utilization will jump when you close it. Closed cards stay on your report for 10 years so in 10 years when it finally stops reporting more than likely you wont have any age of accounts issues because your other cards will have aged 10 years
 
^ Thanks fam. Just to provide some more context:

I guess I'm just more concerned about these 3 other cards being less than a year old, which would cause a slide in my score. I'm not expecting any hard pulls for the next 4 years though.
 
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Slighted said:
^ Thanks fam. Just to provide some more context:

View media item 2100366


I guess I'm just more concerned about these 3 other cards being less than a year old, which would cause a slide in my score. I'm not expecting any hard pulls for the next 4 years though.
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Closed cards still get counted for age of accounts for 10 years. So you'll be fine. By the time it stops being factored into your score, your other cards will be 10-11 years old
 
jon4rd said:
Closed cards still get counted for age of accounts for 10 years. So you'll be fine. By the time it stops being factored into your score, your other cards will be 10-11 years old
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Edit: I should say closing it won't affect your FICO score for 10 years. Other scoring models are different and some (vantage score) only count open cards in average age of accounts. But FICO is obviously the most important
 
The one year has finally passed...

Goona be loaded with giftcards
pimp.gif
 
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Like some have said, closed cards will show up in the credit bureau for a while after you closed them.

They will just show up as closed.

Aged cards would show up as aged.

No big deal to close a card if you have others and your % of utilization will remain low after closing said card.

Flourish guys.

I'll check my score at the end of the summer. Never actually checked it, probably upper 700s, hoping for team 800 even if it doesn't change a damn thing :lol:
 
Slighted said:
 
^ Thanks fam. Just to provide some more context:

I guess I'm just more concerned about these 3 other cards being less than a year old, which would cause a slide in my score. I'm not expecting any hard pulls for the next 4 years though.
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Why not combine? Your QS could be 7,250 or 16K for your VO.
 
shogun89 said:
 
Why not combine? Your QS could be 7,250 or 16K for your VO.
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Just got off the phone with CapOne. They said there's no way to avoid paying the $19 annual fee (it just posted through my balance today), but I can combine the card to my other CapOne card.

Technically, it'd still be me closing the CC. I just don't wanna pay the $19 fee sitting on my balance.

PS - In hindsight, I should've just closed this damn card as soon as I copped the other cards.
 
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DaComeUP said:
Thoughts on Capital One Venture Rewards vs. Chase Preferred Sapphire?
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Do you have a Chase Freedom? I don't think the CSP is worth it unless you do. Don't know anything about the Cap One. The power in the CSP is combining points with the Freedom and transferring to partners.
 
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Got my Chase Sapphire Preferred in. Nicely built card. Gonna do some manufactured spending to get the minimum spend bonus. Now I have to figure out what to do with the 50k UR points + 25k UR I've earned from my Freedom.
 
DaComeUP said:
Yea, I have the Chase Freedom too.
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Definitely cop the sapphire preffered then bro. You can transfer the rewards you earn with the freedom to ultimate rewards points. And they have the 50k bonus if you spend $4,000 in the first 3 months or something like that
 
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