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

Just got the CreditKarma app. I was so pleasantly surprised by how good it is. Shows every account and the debt on it. My biggest fear is that one of my unused credit card accounts has fraud on it and I don't realize since I never use it/login to the online account/get paperless statements. This app is amazing.

My stats:
735
18% card utilization
100% payment history
5 years 2 months average age of history
32 total accounts
1 hard inquiry

Now my question is should I cancel old unused credit cards (wouldn't cancel my oldest ones of course). This would bring the average age up + will get credit limit increases on my current cards + pay off remaining debt? Aiming for that 780+ club
 
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ModernDarwin said:
Just got the CreditKarma app. I was so pleasantly surprised by how good it is. Shows every account and the debt on it. My biggest fear is that one of my unused credit card accounts has fraud on it and I don't realize since I never use it/login to the online account/get paperless statements. This app is amazing.

My stats:
735
18% card utilization
100% payment history
5 years 2 months average age of history
32 total accounts
1 hard inquiry

Now my question is should I cancel old unused credit cards (wouldn't cancel my oldest ones of course). This would bring the average age up + will get credit limit increases on my current cards + pay off remaining debt? Aiming for that 780+ club
Click to expand...

Closing cards affects your card utilization. If you request CLI on the ones you are keeping you would be fine.
 
ModernDarwin said:
Just got the CreditKarma app. I was so pleasantly surprised by how good it is. Shows every account and the debt on it. My biggest fear is that one of my unused credit card accounts has fraud on it and I don't realize since I never use it/login to the online account/get paperless statements. This app is amazing.

My stats:
735
18% card utilization
100% payment history
5 years 2 months average age of history
32 total accounts
1 hard inquiry

Now my question is should I cancel old unused credit cards (wouldn't cancel my oldest ones of course). This would bring the average age up + will get credit limit increases on my current cards + pay off remaining debt? Aiming for that 780+ club
Click to expand...

I wouldn't cancel unused credit cards, just let it be. If there's no annual fee etc then it won't hurt to just keep it open to to have more total credit limits vs utilzation ratio and also keep your age of accounts growing. You can swipe for something small once a year or so to make sure it's active, although that's not necessary as people have unused cards for years that are still open, but it also depends on the creditor. Or.. You can take the approach of just keeping it open and leaving it alone and if the creditor closes it on their on own then so be it no harm either.
 
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I get a monthly FICO credit score from Discover

The credit score I got from Credit Karma is slightly lower

Which one is accurate? Is Credit Karma a accurate source? Thanks
 
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Joe Rogan said:
I get a monthly FICO credit score from Discover

The credit score I got from Credit Karma is slightly lower

Which one is accurate? Is Credit Karma a accurate source? Thanks
Click to expand...

Credit karma is a vantage score, not your true Fico score. Discover gives a transunion Fico score. Different scoring models but Fico is the most used score model
 
Joe Rogan said:
What is the best CC to earn flight miles?
Click to expand...

The best points to earn are from the big banks. Chase, citi, and american express. They're a lot more flexible than getting airline or hotel points.

Chase sapphire reserve or preferred, citi premier (when they offer a sign up bonus, usually 50K) or prestige, combined with the amex everyday preferred is a great starter kit.
 
I remember someone saying that AMEX will 3x your CL after XX days; does Chase do anything similar?
 
So I saw people in here talking about getting free money from bank accounts.

PNC has a $50, $200, $300 deal for opening a virtual wallet account (direct deposit and use the debit card 10 times).

Make sure you sign up for the correct account to make sure you can hit the target money deposited.
 
Saw a post a few pages back regarding closing counts to raise the average age of opened accounts? Do the benefits outweigh the negatives regarding decrease in credit limit with account closures vs added aging of average account opened?
 
BlackIntellect said:
Saw a post a few pages back regarding closing counts to raise the average age of opened accounts? Do the benefits outweigh the negatives regarding decrease in credit limit with account closures vs added aging of average account opened?
Click to expand...

They were going to request CLI's to offset the loss of credit on additional cards. So that aspect wouldn't affect it much if they have relatively the same total limit.

Also, should point out that if you close the accounts to up your average age of account you should be careful if you plan to get a new card after closing them as that would drop your age as well.
 
BlackIntellect said:
Saw a post a few pages back regarding closing counts to raise the average age of opened accounts? Do the benefits outweigh the negatives regarding decrease in credit limit with account closures vs added aging of average account opened?
Click to expand...

If you close an account it won't increase or decrease the average age of accounts. Closed accounts stay on your report 10 years
 
BeezyGotSole said:
So I saw people in here talking about getting free money from bank accounts.
PNC has a $50, $200, $300 deal for opening a virtual wallet account (direct deposit and use the debit card 10 times).

Make sure you sign up for the correct account to make sure you can hit the target money deposited.
Click to expand...

Link?
 
Based Mod said:
Damn, y'all really gotta be spoonfed everything
laugh.gif
Click to expand...
Dude's like 15yo. Give him a break.

laugh.gif
 
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