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

[cali fresh]

FYI, If you have a CC with NFCU, you can now check your FICO score online.

 

[capital sb]

FYI, If you have a CC with NFCU, you can now check your FICO score online.

That's good

 

[flyny]

any other loan companies i should look into? navy federal? Trying to get this personal loan popping off. SoFi is my go to, but s backup plan would be cool.

 

[W)taps]

so i got a credit card this feb (my first credit card) and i just checked my credit score on the chase journey thing and my score is 738.

i read thats pretty good but is that good enough for like bigger things when buying a home, car, etc?

 

[freshpairs]

so i got a credit card this feb (my first credit card) and i just checked my credit score on the chase journey thing and my score is 738.
i read thats pretty good but is that good enough for like bigger things when buying a home, car, etc?

Anything higher than 740 will get you the same rate i believe no matter if you have 850.

 

[capital sb]

Anything higher than 740 will get you the same rate i believe no matter if you have 850.

This, but remember CC credit score is not a mortgage credit score. Your mortgage score is usually much lower.

 

[flyny]

I think I already know the answer to this question
So let me preface it by saying that I'm joking, (90% joking)

So y'all know I'm gonna get a personal loan or whatever you call it to pay off my CC debt, then make payments to the loan... What if when I get that loan, I put it all down on the Roulette table (ONLY red or black, no numbers) and potentially double my bread so I can pay off the loan and the CC at the same time?
Not actually considering doing this, but it did cross my mind in a jovial manner.

But on a serious note... there's no legal, recommended way I can potentially double my money in a small period of time (to pay both the loan and the CC back at the same time), is there?

 

[jjs]

Not sure of the formula, but it depends on your income.

Also, everybody should stop worrying about credit limits and increases. If you get a CLI, cool. If not, move on. If you got your money right, utilization isn't an issue with your score so credit limits shouldn't matter. If you DON'T got your money right, you should focus your time and energy on paying your debts instead.

This!

See so many people here talking about limit increase. It's not very important.

I think I already know the answer to this question
So let me preface it by saying that I'm joking, (90% joking)

So y'all know I'm gonna get a personal loan or whatever you call it to pay off my CC debt, then make payments to the loan... What if when I get that loan, I put it all down on the Roulette table (ONLY red or black, no numbers) and potentially double my bread so I can pay off the loan and the CC at the same time?
Not actually considering doing this, but it did cross my mind in a jovial manner.

But on a serious note... there's no legal, recommended way I can potentially double my money in a small period of time (to pay both the loan and the CC back at the same time), is there?

Your creditor for the loan could (and imo should), put a condition on the loan that you need to payoff the cc (they might want to close it or reduce the limit so you don't fall into the trap again).

If there is no conditions, then yeah you could gamble it up. Best way to double up would be roulette but your

 

[eyanks]

Just got another credit increase from discover. Credit limit is up to $34,500. I don't even use the card that much either.

 

[Kaleo15]

Just got another credit increase from discover. Credit limit is up to $34,500. I don't even use the card that much either.

What's your APR?

 

[eyanks]

What's your APR?

Had to look it up. It's a high 19.74%, but I never pay interest so it doesn't matter anyway. I've never tried to get it lowered, wonder if anyone has had any luck with that.

 

[$tatus $ymbol]

Not too long ago they were offering another year of no interest or a lower overall APR for existing customers. Didn't pursue it bc I rarely use my card anyway.

On another note got a CLI on a card that I literally have never used. Thought the closed it already, not sure if I should cancel it & take the hit or keep it to preserve my score.

 

[capital sb]

Not too long ago they were offering another year of no interest or a lower overall APR for existing customers. Didn't pursue it bc I rarely use my card anyway.

On another note got a CLI on a card that I literally have never used. Thought the closed it already, not sure if I should cancel it & take the hit or keep it to preserve my score.

These offers are available 24/7 365, just go to the balance transfers section .

12mo 0% APR with 3% BT fee or 4.99% APR for 12mo no BT fee.

 

[thadangerousmind]

My interest rate is 11.24% with Discover. I've never been offered anything lower especially on a rewards card.

 

[rodrigofresh]

Cards never interested me that much until co workers told me I was missing all the "perks", so I just signed up for the Platinum Delta SkyMiles[emoji]174[/emoji] Credit Card from American Express, I need to spend $4k in 4 months to get 70k miles etc etc...

Could someone elaborate on what exactly "eligible" purchases are?

 

[had pants]

Annual Miles BoostSM for Platinum
The close of the calendar year is December 31, without regard to the time of the year that the account is opened. This means that for the first year of Card Membership, the Card Member's Eligible Purchases bonus period may be less than twelve months. If in any calendar year Eligible Purchases on the Platinum Delta SkyMiles Credit Card is $25,000 or more, the Basic Card Member will be awarded 10,000 bonus miles and 10,000 Medallion Qualification Miles ("MQMs" as defined in the Delta SkyMiles Membership Guide and Program Rules), and if in that same calendar year Eligible Purchases on the Platinum Delta SkyMiles Credit Card is $50,000 or more, the Basic Card Member will be awarded an additional 10,000 bonus miles and 10,000 MQMs. Eligible Purchases means purchases for goods and services minus returns and other credits. Eligible Purchases do NOT include fees, interest charges, balance transfers, cash advances, purchases of travelers' checks, purchases or reloading of prepaid cards, or purchases of other cash equivalents. Additional Card Member(s) are not eligible to receive miles through Miles Boost; however all Eligible Purchases by the Additional Card Member(s) will count towards the Basic Card Member's spend level to reach the Miles Boost threshold. Card Members may be permitted to have more than one Options, classic, Gold, or Platinum or Delta Reserve SkyMiles Credit Card from American Express account; however, Card Members are only eligible to receive one annual bonus for each type (i.e., Options, classic, Gold, Platinum or Reserve) of Delta SkyMiles Credit Card account from American Express.
To receive the MQMs, your account must be active, in good standing, and not in default at the time the MQMs are posted to your account.

https://www262.americanexpress.com/...ymiles-credit-card/dal-805/dlp-terms#FeeTable

 

[rodrigofresh]

 

Annual Miles BoostSM for Platinum
The close of the calendar year is December 31, without regard to the time of the year that the account is opened. This means that for the first year of Card Membership, the Card Member's Eligible Purchases bonus period may be less than twelve months. If in any calendar year Eligible Purchases on the Platinum Delta SkyMiles Credit Card is $25,000 or more, the Basic Card Member will be awarded 10,000 bonus miles and 10,000 Medallion Qualification Miles ("MQMs" as defined in the Delta SkyMiles Membership Guide and Program Rules), and if in that same calendar year Eligible Purchases on the Platinum Delta SkyMiles Credit Card is $50,000 or more, the Basic Card Member will be awarded an additional 10,000 bonus miles and 10,000 MQMs. Eligible Purchases means purchases for goods and services minus returns and other credits. Eligible Purchases do NOT include fees, interest charges, balance transfers, cash advances, purchases of travelers' checks, purchases or reloading of prepaid cards, or purchases of other cash equivalents. Additional Card Member(s) are not eligible to receive miles through Miles Boost; however all Eligible Purchases by the Additional Card Member(s) will count towards the Basic Card Member's spend level to reach the Miles Boost threshold. Card Members may be permitted to have more than one Options, classic, Gold, or Platinum or Delta Reserve SkyMiles Credit Card from American Express account; however, Card Members are only eligible to receive one annual bonus for each type (i.e., Options, classic, Gold, Platinum or Reserve) of Delta SkyMiles Credit Card account from American Express.
To receive the MQMs, your account must be active, in good standing, and not in default at the time the MQMs are posted to your account.

https://www262.americanexpress.com/...ymiles-credit-card/dal-805/dlp-terms#FeeTable

thank you for the clarification here 

 

[flyny]

What would be the best recommended step after getting denied by sofi?

I want to punch walls and cry right now b

 

[edshoecator]

Time to refi.

Anyone have recommendations on who to try?

Currently with BofA but have had rocket and chase send me prequalified letters.

 

[flyny]

Time to refi.

Anyone have recommendations on who to try?

Currently with BofA but have had rocket and chase send me prequalified letters.

I heard credit unions usually have decent rates. If you're a member of any of em you should check those out

 

[flyny]

That rejection email really has me feeling a type of way. What should I do? Best Egg? My credit report is fine other than my utilization rate which is what's really affecting that score

Idk what to do right now {

I thought this was America, people

 

[slicknick951]

Lending tree or one of those?

Not sure how the rates are but it cant be as bad as a credit card rate

 

[turbospartan]

That rejection email really has me feeling a type of way. What should I do? Best Egg? My credit report is fine other than my utilization rate which is what's really affecting that score

Idk what to do right now {

I thought this was America, people

What is your actual situation?   Multiple credit cards totaling ~$20k in debt?

List out the cards / balance / interest rate

 

[flyny]

What is your actual situation?   Multiple credit cards totaling ~$20k in debt?

List out the cards / balance / interest rate

26k (rounded up amounts)
Amex 11,000 20%
Disc 11,000 23%
Chase 1,000 23%
Cap One 3,500 25%

I can/should/more than likely will have the cap one and chase paid off by beginning of August no problem.

Its a psych thing for me..seeing double digit balances really **** with my mental

 

[turbospartan]

26k (rounded up amounts)
Amex 11,000 20%
Disc 11,000 23%
Chase 1,000 23%
Cap One 3,500 25%

I can/should/more than likely will have the cap one and chase paid off by beginning of August no problem.

Its a psych thing for me..seeing double digit balances really **** with my mental

I'd pay off those 2 (Chase / CapOne) immediately if you can, especially since the CapOne is the highest interest rate.  

What is your credit score?  Do you think you could apply for a Chase Slate card with 0% for 15 months?  Balance transfer as much as you can to the Slate, while you pay off whatever you have left on the Amex / Discover cards. 

Something else to consider - what are your other bills?  Can you reduce spending in other areas, to focus on paying down the debt?   Get a cheaper cell phone plan, eliminate/reduce cable TV, etc. ?