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

[para bellum]

So I got my Quicksilver One card upgraded to a Quicksilver, and some idiot responsible for upgrading cards accidentally changed my Venture card to a Quicksilver card, leaving me with two Quicksilver cards. I spoke to Capital One a few times on the matter and they kept telling me how they were trying to revert the mistake. I check my online account today and see my Venture card is active again, but all my travel miles are gone.

On the bright side, I've got my AMEX Blue Cash Preferred card in.

 

[8|24]

what card do you guys use for foreign transactions, preferably with no annual fee?

 

[Brownstone]

Any update on this? I’m looking to secure a line of credit for my new business. Applied for the Chase Ink Preferred card last week but had to send in my EIN paperwork via fax, so it’ll be another week or 2 before I hear back.

New business? Unsecured? Good luck.

Certain businesses are less risky than others, I would check your local credit union, or a small bank that specializes in that field close by you. Stay away from the big banks, the best they can offer you is a cc.

 

[had pants]

what card do you guys use for foreign transactions, preferably with no annual fee?

https://www.creditcards.com/no-foreign-transaction-fee/

https://thepointsguy.com/guide/top-cards-with-no-foreign-transaction-fees/
https://www.discover.com/credit-cards/travel/

 

[d e beatup]

I'd think a score in the 700s should get you the Amex. I have the same card, they give such good limits and also a chance to bump them up pretty quickly.

Can't remember exactly what I had, think 670-680 on Experian but I was approved for AMEX BCE last July. I had excellent approval odds according to CK so as soon as I got down to 1 inquiry on my report applied & got a $1200 CL. The only other active CC's I had at the time were $500 Best Buy Store Card, $1K secured through my Credit Union & crappy Credit One for about $1200.

The amazing thing about AMEX is the 60/180 3X CLI. 61 days in I requested a 3x CLI and was bumped up to $3,600. 181 days after that one I requested again and got increased to $10,800. Odds are highly in my favor that when I submit in about 2 more months I'll have a limit of $32,400.

Flipping that $1200 into $32K in 14 months is one of the reasons I'm so fond of them

 

[juice man]

New business? Unsecured? Good luck.

Certain businesses are less risky than others, I would check your local credit union, or a small bank that specializes in that field close by you. Stay away from the big banks, the best they can offer you is a cc.

Thanks for the advice, got approved for an AMEX last week for our everyday purchases and also travel.

Wells Fargo was looking to approve us for a line of credit but I’ll check w my local Credit Union this week. Rates are lower and I have a few accounts w them already.

 

[jordman23]

Any update on this? I’m looking to secure a line of credit for my new business. Applied for the Chase Ink Preferred card last week but had to send in my EIN paperwork via fax, so it’ll be another week or 2 before I hear back.

Wow really? I got accepted for the Chase Ink Preferred to get the 80K bonus. I just put down my SS for the Business, and entered it as a Sole Proprietorship.

Maybe they cut me some slack because I've had the Chase Reserve for 2 years, and I have a checking and savings with them.

 

[juice man]

^ sounds like it. I’m waiting to hear back from Chase. For now AMEX suffices.

Tried a local credit union this morning but my business needs to show itself operating for at least 2 years. No collateral, less than 2 years, my options are slighted.

 

[jordman23]

^ sounds like it. I’m waiting to hear back from Chase. For now AMEX suffices.

Tried a local credit union this morning but my business needs to show itself operating for at least 2 years. No collateral, less than 2 years, my options are slighted.

Did you apply in person or online?

They were offering 100K points in person for a limited time, but I didnt know and did it online so ill only get the 80K. I called and tried to get the extra 20K, but they declined me SMH

 

[juice man]

Did you apply in person or online?

They were offering 100K points in person for a limited time, but I didnt know and did it online so ill only get the 80K. I called and tried to get the extra 20K, but they declined me SMH

Online only. No chase branches here smh

 

[turbospartan]

Did you apply in person or online?

They were offering 100K points in person for a limited time, but I didnt know and did it online so ill only get the 80K. I called and tried to get the extra 20K, but they declined me SMH

I got the 100k in-branch. Have you tried contacting them again?

 

[jordman23]

I got the 100k in-branch. Have you tried contacting them again?

No I called once and they said they would evaluate and escalate. Then I got a letter in the mail saying I was declined for the extra 20K.

I was heated because there's a chase branch down the street from me I could have done it. 20K points is a free round trip domestic flight for me.

 

[jordman23]

Anybody ever file for Cellphone Protection on the Chase Ink Business Cards?

From what I see, you have to have bought a NEW phone and paid for it with your card. Up to $600.

 

[d e beatup]

Need some advice from the brethren. We are already in the build process, closing still about 3 months away. I have some things I am curious about on my report but I don't want to do anything to jeopardize anything with the house. I know the common sense stuff, don't apply for anything new, yadda yadda. My report is jacked up from defaulting on student loans right after I got out of school. The issue is since my parents hadn't been through the process, I was blind to it all and had 5 separate loans from the same company for the 4.5 years I was in instead of it being a single loan.

I consolidated it last year so I'm paying on on one actual loan and good in that area. When I was paying on the loans with the previous lender it was one single monthly payment - didn't realize that it was going to multiple accounts so 5 accounts were in default since they were broken up each year. The loan had been sold and after making progress on it I had some late payments again. So basically I show 10 negative student loans in addition to the current in good standing.

I assume that since they are already closed from being transferred that I'm just SOL? I would think that the ideal situation would be to have 2 closed student loans accounts reporting negative and one current good standing but I don't think it's possible to change it. The dispute options for the bureaus don't really look promising in this area.

When I check Discover Scorecard/Credit Karma everything lines up green for the most part but I believe those SLs are really the anchor. Also don't know how CK shows a 100 point difference when TU/EQ have the exact same info when I go through the files.

Anyone have experience with the Credit Repair companies, etc. I don't know if I even need it or if it would be a wise decision to wait until after we close to consider it.

 

[Bert.]

Isn’t credit repair for people with missed payments, defaulted crap, collections, etc etc

 

[isco]

Need some advice from the brethren. We are already in the build process, closing still about 3 months away. I have some things I am curious about on my report but I don't want to do anything to jeopardize anything with the house. I know the common sense stuff, don't apply for anything new, yadda yadda. My report is jacked up from defaulting on student loans right after I got out of school. The issue is since my parents hadn't been through the process, I was blind to it all and had 5 separate loans from the same company for the 4.5 years I was in instead of it being a single loan.

I consolidated it last year so I'm paying on on one actual loan and good in that area. When I was paying on the loans with the previous lender it was one single monthly payment - didn't realize that it was going to multiple accounts so 5 accounts were in default since they were broken up each year. The loan had been sold and after making progress on it I had some late payments again. So basically I show 10 negative student loans in addition to the current in good standing.

I assume that since they are already closed from being transferred that I'm just SOL? I would think that the ideal situation would be to have 2 closed student loans accounts reporting negative and one current good standing but I don't think it's possible to change it. The dispute options for the bureaus don't really look promising in this area.

When I check Discover Scorecard/Credit Karma everything lines up green for the most part but I believe those SLs are really the anchor. Also don't know how CK shows a 100 point difference when TU/EQ have the exact same info when I go through the files.

Anyone have experience with the Credit Repair companies, etc. I don't know if I even need it or if it would be a wise decision to wait until after we close to consider it.

Im having trouble understanding this..you consolidated the loans and they were not being paid correctly? If you consolidate loans the lender pays them off and you then pay the new lender..can you explain what happened again after you consolidated

 

[d e beatup]

Imagine this is my report:

Student Loans:
SunTrust Bank
SunTrust Bank
SunTrust Bank
SunTrust Bank
SunTrust Bank

Each fall semester counted as a new loan so despite making one payment per month, when I defaulted around '09 it lists 5 defaulted loans.

This loan was sold off to different lender so then it's listed as

Trellis Company
Trellis Company
Trellis Company
Trellis Company
Trellis Company


and I defaulted again around '12. Going through the home buying process it was a nightmare explaining why I had 10 loans in bad standing and discovered I could consolidate down into one.

So instead of one loan transferred across three lenders it lists 11, 10 with adverse history.

 

[isco]

^lenders only care about the credit score ..if your credit score is not at a certain threshold (minimum credit score) you will not qualify for conventional loans..basically if your score is less than 600 you will not qualify..I'm still having trouble understanding the sequence of events..but I hope what I just said helps

 

[d e beatup]

^lenders only care about the credit score ..if your credit score is not at a certain threshold (minimum credit score) you will not qualify for conventional loans..basically if your score is less than 600 you will not qualify..I'm still having trouble understanding the sequence of events..but I hope what I just said helps

Mine pulled by the lender was 667 & hers was 789 so we should be fine

 

[isco]

If it was sent to collections the most they will ask for is a letter of explanation

it happened so long ago that they won't care they use the lowest score (yours)

you are overthinking ..you will get a loan if that was within the past 24 months your score would have been really low

 

[bxbadboy90]

Anyone here have the Uber credit card?

 

[SplinterMatic319]

Amex Everyday Card with an amazing sign up......$0 balance transfer fee for 15 months of 0% APR

no annual fee

great for someone consolidating

 

[suprafly36]

So my credit score is currently sitting at a 661 (with two hard inquires July 14, 2017 & Jan 24, 2018. As of right now my capital one secured card has been closed which is the July 14 inquiry so I currently do not have a credit card (No late payments). Within the next month or so I am going to be applying for a personal loan around 18k to start a business. Does it make sense to get a unsecured card with discover and then apply for the loan or wait until I get the loan first to apply for another credit card?

 

[eyanks]

Do you need a credit card right now? The history of your closed card will still appear even though its closed. IMO one recently opened credit card with what I imagine would be a low limit (since your other card was secured and likely didn't have a high limit), won't really help you in any measurable way in getting a loan. Just seems like it will lower your fico score, which right now is okay but not great. If it were me, I'd go for the loan first then the credit card afterwards if possible.

 

[simba king]

Does anyone have the amazon Visa card?? Pros/cons