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

[mynameaintg]

quick question:

i just paid off 2 of my 4 cards, and im thinking about closing one out. should i close it or just leave it open? ive had the account for 5 years.

 

[hot route]

quick question:

i just paid off 2 of my 4 cards, and im thinking about closing one out. should i close it or just leave it open? ive had the account for 5 years.

Congrats!!! I would close whatever you don‘t plan on using. 2 is more than enough and there is no need to keep the others open as it‘ll tempt you into using them. More so, as some have said, you close your risk to fraud.

I will be closing a few of mines as well. Learned my lesson!

 

[jon4rd]

I wouldn't close out the oldest card but the others have at it if you're satisfied with your total available credit

 

[yanky]

Someone stole my cc info. :x I have no idea how they did it since I haven't used it in a month.

You don't have to use it for somebody to get a hold of it. RFID scanners can be used. If you pass within a couple feet of one they can get your info.

The weird thing is it's always in one of those rfid sleeves that's lined in foil. I haven't used it in store in about a month. First time this has happened to me so I'm a little creeped out.

 

[bluntobject50]

The weird thing is it's always in one of those rfid sleeves that's lined in foil. I haven't used it in store in about a month. First time this has happened to me so I'm a little creeped out.

Odd. Could have been a skimmer when you actually used it. Someime they sit on the information before using it to avoid raising red flags.

 

[mynameaintg]

I wouldn't close out the oldest card but the others have at it if you're satisfied with your total available credit

one of those is my oldest form of credit, so im leaving that one open. close to 12 years old now.

 

[isco]

Approved instantly for the chase freedom..application takes about 3 minutes online
$150 back when u spend $500 in first 3 months..ill book my Spain flights with this card

I'm really looking forward to maximizing rewards

Only time I use cash is for lottery tickets and tipping lol

 

[francollectual]

quick question:

i just paid off 2 of my 4 cards, and im thinking about closing one out. should i close it or just leave it open? ive had the account for 5 years.

Keep it open. I have 2 cards I dont use but I randomly use them for one time every time few months just to keep them from closing the accounts. Also comes in handy with balance transfers offers in case situations arise

 

[dam itz lou]

Approved instantly for the chase freedom..application takes about 3 minutes online
$150 back when u spend $500 in first 3 months..ill book my Spain flights with this card

I'm really looking forward to maximizing rewards

Only time I use cash is for lottery tickets and tipping lol

I'm not sure if you're just starting out but Chase Sapphire preferred or Citi premier partnered with the Amex everyday preferred is a great way to rack up points.

 

[dam itz lou]

Highest sign up bonus EVER.

http://slickdeals.net/f/8540313-spg...usiness-cards-35k-bonus-after-3k-5k-spend?v=1

 

[capital sb]

Highest sign up bonus EVER.

http://slickdeals.net/f/8540313-spg...usiness-cards-35k-bonus-after-3k-5k-spend?v=1

This actually might be a good one for me to sign up for especially since Marriott is taking over.

What is the best way of taking advantage of the points? I see people talking about transferring the points to an airline.

 

[da r entertainment]

Very informative thread here. Does anyone actually only use CCs during the month and then pay them off?

 

[lilchico4life]

Very informative thread here. Does anyone actually only use CCs during the month and then pay them off?

Yes, I pay off my credit cards on a weekly basis.

 

[da r entertainment]

Very informative thread here. Does anyone actually only use CCs during the month and then pay them off?

Yes, I pay off my credit cards on a weekly basis.

I've been considering going this route myself. Thinking maybe it will curb some of my bad spending habits at times knowing I have a balance.

 

[pdino]

Auto pay in full every time

 

[HankHill]

Only time I use my debit is when I go to the atm or use the kiosk inside the bank.

95% of my transaction of via CC. The others are shared between ACH withdrawal and cash.

 

[jon4rd]

Got a question, I just realized (if I'm wrong anywhere somebody let me know) that discover lets you do "cash over" at some stores where you can get $20-$100 or so cash back while using your card for a purchase like you would get cash back with a debit card with no additional fee or interest. Does the amount you take cash back also earn the 1% cash back or do they separate it? Because I could essentially just earn an extra $1 every time I buy something from Walmart then put the money back into my bank account and pay it off

 

[jordman23]

Very informative thread here. Does anyone actually only use CCs during the month and then pay them off?

All the time, I've never paid an interest fee. Even for cards that have 15 month 0%, I still pay everything in full. Have a 780+ score. Always pay full balance off.

I am what the bank refers to as a "convenience credit card user", they make no money on me and yet I reap the rewards and sign-up bonuses. I sometimes put 2-3k on a card for a month, and still pay it all off at the end, but damn it hurts seeing it leave my checking account lol

 

[hot route]

Got a question, I just realized (if I'm wrong anywhere somebody let me know) that discover lets you do "cash over" at some stores where you can get $20-$100 or so cash back while using your card for a purchase like you would get cash back with a debit card with no additional fee or interest. Does the amount you take cash back also earn the 1% cash back or do they separate it? Because I could essentially just earn an extra $1 every time I buy something from Walmart then put the money back into my bank account and pay it off

I don‘t know nor have the time to care or no. As long you pay back what you owe every time it is fine.

To be fair and honest, these guys have planned and thought it through.

They are basically banking on you using the cars as much because they earn money for the processing volume.

And you will be earning pointss off via the credit card anyways. What‘s the big difference?

Bottom line is, a c.c. is supposed to be for convenience, kind of like a bonus card. If you have great financial management and control, the point rewards come naturally.

It‘s just math.

 

[hot route]

Very informative thread here. Does anyone actually only use CCs during the month and then pay them off?

You serious? You are always supposed to pay off your debts and liabilities. Why would you want to carry debt?

 

[jon4rd]

I don‘t know nor have the time to care or no. As long you pay back what you owe every time it is fine.

To be fair and honest, these guys have planned and thought it through.

They are basically banking on you using the cars as much because they earn money for the processing volume.

And you will be earning pointss off via the credit card anyways. What‘s the big difference?

Bottom line is, a c.c. is supposed to be for convenience, kind of like a bonus card. If you have great financial management and control, the point rewards come naturally.

It‘s just math.

Man what? I didn't ask for any of that lol. I'm just seeing if there's a loophole I can exploit to earn extra cash back

 

[thegreekgangsta]

Discover IT or Chase Freedom?

Currently only have 1 card (CO Quicksilver)

Looking to get another card. Score is around 740 and i'm looking to add more available credit to my line.


The free FICO score with the Discover seems nice.
but also $150 cash back for the Chase card.

 

[vtotheinay]

I don‘t know nor have the time to care or no. As long you pay back what you owe every time it is fine.

To be fair and honest, these guys have planned and thought it through.

They are basically banking on you using the cars as much because they earn money for the processing volume.

And you will be earning pointss off via the credit card anyways. What‘s the big difference?

Bottom line is, a c.c. is supposed to be for convenience, kind of like a bonus card. If you have great financial management and control, the point rewards come naturally.

It‘s just math.

Man what? I didn't ask for any of that lol. I'm just seeing if there's a loophole I can exploit to earn extra cash back

that post was the definition of not reading the post you're quoting

To answer your question, I'd go ahead and assume no just cause I would assume that the CC companies are smart enough to not allow it.

 

[jon4rd]

Discover IT or Chase Freedom?

Currently only have 1 card (CO Quicksilver)

Looking to get another card. Score is around 740 and i'm looking to add more available credit to my line.


The free FICO score with the Discover seems nice.
but also $150 cash back for the Chase card.

If you're looking for more sooner from the signup bonus go with chase freedom. If you don't mind waiting, you'll probably get more from the discover double cash back promo, but you won't get it until your 13th statement. And you can get $50 cash back on your first statement with discover using a referral link

 

[slighted]

Discover IT or Chase Freedom?

Currently only have 1 card (CO Quicksilver)

Looking to get another card. Score is around 740 and i'm looking to add more available credit to my line.


The free FICO score with the Discover seems nice.
but also $150 cash back for the Chase card.

Was in a similar situation, went with Discover IT. No regrets.

Shoutout to @Zyzz