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

[xcellz]

Got a pay for delete email from transfinancial yesterday.... they advise it would be deleted earlier than 30-40 days, and my credit score would go up

 

[trynafeelmink]

Okay now i'm starting to get a little uneasy, I reported the other day that i tried using credit wise/citibank to get a reading of my score, I then tried the free discovery reading and they also told me that i didn't have enough credit history to get a score. Problem is i have almost three years with my credit card & have gotten my scores in the past (a few months since i last checked). I used my freecredit report earlier & checked my credit report, everything seems to be fine, all info is represented, i haven't moved etc etc

Has anyone else had this problem? i want to req a card but i don't wanna do it if it's showing that i have no history

 

[rbk93]

Tips on using a secured credit card?  Planning on getting my Capital One card going once I receive my tax return.

 

[Bert.]

Tips on using a secured credit card?  Planning on getting my Capital One card going once I receive my tax return.

Make purchases and pay it off soon as statement generates IMO

Do this for 6-8 months and should improve your score

Not sure if you have bad credit or no credit but I started off with a cap1 secured since I had no history, in about 6 months I generated enough history to get approved for a real card

 

[archiballer]

Cap1 is good first secured. I maxed the card about 3 times a month and payed it off. Left maybe 20 bucks on it every month. At month 6 they raised my limit from 300 to 700.

Most will recommend don't pay interest which is a "duh" statement. I did it just to see.

Discover it secured might be a little better as it offers cash back

 

[RayCashhhh]

 
Tips on using a secured credit card?  Planning on getting my Capital One card going once I receive my tax return.

I went with the Discover It secured card back in July, paid my bill off in full every month, and earlier this month applied and got approved for the Citi Double Cash card. Spoke with Discover and they said they'll review my card next month and see if I'm eligible to graduate to an unsecured card. 

 

[Bert.]

 
Tips on using a secured credit card?  Planning on getting my Capital One card going once I receive my tax return.

I went with the Discover It secured card back in July, paid my bill off in full every month, and earlier this month applied and got approved for the Citi Double Cash card. Spoke with Discover and they said they'll review my card next month and see if I'm eligible to graduate to an unsecured card. 

I know everyone on here says pay your balance soon as you can before statement generates

I always waited til I received that statement email and pay that same day so about 20 days before the bill is actually due

Just me even though most of you are against that for some reason

 

[rbk93]

Probably better off ASAP instead of waiting for monthly statements.  

Tried to get Discover It through @Zyzz but wasn't  approved, luckily Capital One did because I do need it.  Slowly improving my financial situation.

 

[jon4rd]

You should at least have a small balance show on your statement then pay it off. If you pay it down to zero before your statement cuts then you won't show any credit usage and no on time payments therefore making your credit card basically pointless

 

[slighted]

You should at least have a small balance show on your statement then pay it off. If you pay it down to zero before your statement cuts then you won't show any credit usage and no on time payments therefore making your credit card basically pointless

Yep, and this would most likely lead to a higher credit score.

Well, at least it did for me.

 

[xcellz]

 

[jewseejay]

still the most empowering thread on NT

flourish young kings

this thread has had a GREAT 4 year run

seen many of my brethen put themselves in position to buy homes and cars and trips and support their families

now take what youve learned and teach others... start with your family and freinds and anyone who will listen

a little bit of discipline can change your entire life...

Im putting hardwood floors in my new crib off discover and chase rewards for the year

 

[slighted]

 
still the most empowering thread on NT

flourish young kings

this thread has had a GREAT 4 year run

seen many of my brethen put themselves in position to buy homes and cars and trips and support their families

now take what youve learned and teach others... start with your family and freinds and anyone who will listen

a little bit of discipline can change your entire life...

Im putting hardwood floors in my new crib off discover and chase rewards for the year

NT gonna run the world, fam.

This much is true. Discover IT cards for everyone.

 

 

[augbaby98]

 
If you try that Visa Gift Card jig, start small to make sure it works.  Some people buy the gift cards, then use the gift card to buy Money Orders, then deposit the Money Order into their bank account to then pay their credit card bill. 

Other options include:  

- Paying rent/mortgage via plastiq.com - they charge 2.5% I think, but easy way to hit that $4k limit. 

- Pre-pay your auto/renter's insurance for 6month to a whole year, instead of monthly payments (if you ever cancel, they will pro-rate your refund)

- Buy gift cards to places that you would go to eat / shop at anyway.  Example:  Go to Kroger and buy $500 Kroger gift card, then just use the gift card to pay for groceries.  Or buy Nike / BestBuy / restaurants / whatever you would already spend money on gift cards

Repped thanks.

 

[archiballer]

From reviews it's bottom 5 cards to get.
Best to worse...
-discover it secured
-capital one secured
-bank of America secured
- credit union or navy/Penn fed secured (prolly one of the best ones but ranked low due to you have to be a member yo get one)
-open sky
-credit one

 

[capital sb]

You should at least have a small balance show on your statement then pay it off. If you pay it down to zero before your statement cuts then you won't show any credit usage and no on time payments therefore making your credit card basically pointless

Facts .

 

[xcellz]

From reviews it's bottom 5 cards to get.
Best to worse...
-discover it secured
-capital one secured
-bank of America secured
- credit union or navy/Penn fed secured (prolly one of the best ones but ranked low due to you have to be a member yo get one)
-open sky
-credit one

thanks....

 

[Los Angeles]

View media item 2314087
around this time last year my score was in the low 600's

 

[dam itz lou]

My girl was instantly approved for the CSR. Now its time to get that sign up bonus. I'm hoping I can get approved before the 100K sign up bonus goes away in March.

 

[W)taps]

Hey NT,

I'll be getting my first credit card and was wondering which bank I should use to get the most benefits.

I already have a debit card and an account with PNC but now that I graduated college and got a full-time job, I think its time for me to start building my credit.

Also, any other credit tips would be great since I know NT is filled with experienced people.

 

[based mod]

Hey NT,

I'll be getting my first credit card and was wondering which bank I should use to get the most benefits.

I already have a debit card and an account with PNC but now that I graduated college and got a full-time job, I think its time for me to start building my credit.

Also, any other credit tips would be great since I know NT is filled with experienced people.

Just get the card that best fits you. Most people here recommend Discover (probably cause they want referral money, but also cause of rotating 5% cashback).

I personally keep in my wallet:
- Chase Sapphire Reserve: good for travel and restaurants
- Discover: rotating 5% cashback
- Chase Freedom: rotating 5x UR points (which is worth more to me than 5% cashback)
- Amex Blue Cash Everyday: 3% groceries, 2% gas, but best of all Amex Offers which is a program that gives you $xx off $xx from certain retailers sometimes (e.g. $25 off $200 Best Buy)
- Citi Prestige: Cool benefits, but don't use too often for regular purchases


Best rule of thumb with CCs is to not charge your card if you don't have cash to pay it off when your statement comes.

 

[northoaklandfc]

How does Discover rotating 5% cash back work?

I carry my Chase Sapphire Preferred around with me but I primarily use my Barclaycard Arrival+ since I rather just grab that 2x points on everything, vs the 2x on travel and dining, but only 1x on everything else that's offered by the Sapphire Preferred.

 

[based mod]

How does Discover rotating 5% cash back work?

I carry my Chase Sapphire Preferred around with me but I primarily use my Barclaycard Arrival+ since I rather just grab that 2x points on everything, vs the 2x on travel and dining, but only 1x on everything else that's offered by the Sapphire Preferred.

Every quarter, Discover dictates which category of businesses earn 5% cashback. This quarter (Jan-Mar), you'll earn 5% cashback on gas. Spend $100 on gas in that time period and you'll earn $5 which you can apply to your statement.

 

[northoaklandfc]

Ah I see. Makes sense.

 

[had pants]

Hey NT,

I'll be getting my first credit card and was wondering which bank I should use to get the most benefits.

I already have a debit card and an account with PNC but now that I graduated college and got a full-time job, I think its time for me to start building my credit.

Also, any other credit tips would be great since I know NT is filled with experienced people.

Start with one that reaps decent rewards, 0% Introductory APR on purchases (I think only Freedom) + non-AF - ones that come to mind are Chase Freedom & Citi Double Cash. However, as a reminder, don't get complacent or let it become a habit, especially with the 0%. Be responsible.

https://www.nerdwallet.com/blog/top-credit-cards/best-no-annual-fee-credit-cards/