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

[flyny]

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. ?

Repped
No doubt
Chase slate is the one I have
670 credit score, probably will drop after that waste of a hit from SoFi
I can probably cut cable, but that'll only save me $10 -15considering I would need to keep wifi **** Verizon fios

 

[geno90221]

F KOBE

 

[polosanddunks]

That Verizon Bill will do you no good as far as trying to pay that off. you need to sell off some stuff asap.

 

[rodrigofresh]

Annual Miles BoostSM for Platinum
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https://www262.americanexpress.com/...ymiles-credit-card/dal-805/dlp-terms#FeeTable

Do you think paying tuition qualifies towards the goal to get points?

 

[turbospartan]

Repped
No doubt
Chase slate is the one I have

670 credit score, probably will drop after that waste of a hit from SoFi

I can probably cut cable, but that'll only save me $10 -15considering I would need to keep wifi

**** Verizon fios

Your Slate card has a $1k limit?  0% already done?

I'd see if you can apply for any other 0% for 12-15 months cards, so you can transfer some of the debt over to that while you pay it down.  But get at least 1 or 2 of those cards down to $0, so you don't have 4 cards carrying balances. 

You could also look into Prosper / Lending Club, to see if you can get a personal loan from them at something lower than 20% interest like the cards are currently at.   I'd also check your local bank or credit union, to see if they have personal loans available.   

Cable TV is only one of a few things you could consider cutting.   Go out to lunch a lot?  Start making / bagging your own lunch.    http://www.thesimpledollar.com/trimming-the-fat-forty-ways-to-reduce-your-monthly-required-spending/

 

[capital sb]

His best bet is a consolidation loan at this point. He won't get approved for a high enough limit on the BT cards. SoFi is the indication of that. Best best is to look around at local CU's or lending club like guy above me said .

 

[flyny]

Repped for the suggestions y'all

My goal is to get a chunk paid down before I apply for another loan. My goal is to have more than half of it (if not all of it) paid down by October. I'll keep this thread posted on my journey + any questions which I'm sure I'll have

 

[archiballer]

While paying this down, do not forget to pay yourself first. You are working for yourself and for money. You are the most valuable ***** to yourself. Put a little in savings. Do the 52 week challenge. Don't don't put 100% of free cash into paying off. More so 85%.

 

[polosanddunks]

While paying this down, do not forget to pay yourself first. You are working for yourself and for money. You are the most valuable ***** to yourself. Put a little in savings. Do the 52 week challenge. Don't don't put 100% of free cash into paying off. More so 85%.

This

 

[datznasty]

Bout to cancel creditrepair, Just wanted to give them a try. So far they have gotten 6 out of 11 entries removed, to include a few valid ones. You can do it yourself though through CreditKarma and through the bureaus individualy, USBank sent the letter back they sent. It's very generic but if you need help getting a few things off you might consider creditrepair or lexington law for a short term.

 

[tonyljeff]

need a little help guys..when i got my mortage 4 yr ago my score was low 700 since then ive had some cards go into collections and one judgement on my credit for 1600 i believe what s the first step to getting my credit back to where it was at a couple yrs ago?

 

[bluntobject50]

need a little help guys..when i got my mortage 4 yr ago my score was low 700 since then ive had some cards go into collections and one judgement on my credit for 1600 i believe what s the first step to getting my credit back to where it was at a couple yrs ago?

Pay them off. But try to get them to delete it from your report if you pay.

 

[bluntobject50]

Double

 

[Bosa]

You guys usually pay off your statement balance or current balance before due date?

 

[bluntobject50]

You guys usually pay off your statement balance or current balance before due date?

Doesn't matter if you pay it on or before the due date. Your utilization is based on when the statement cuts.

 

[Tony $now]

You guys usually pay off your statement balance or current balance before due date?

I pay off two cards current balance to 0 and leave 1 card with a 5-9% utilization balance of available credit

 

[pitman13]

Some good information here:

 

[based mod]

You guys usually pay off your statement balance or current balance before due date?

I pay off two cards current balance to 0 and leave 1 card with a 5-9% utilization balance of available credit

On purpose?

 

[jjs]

A lot of people believe leaving 5-10% of credit utilization is good for your credit.

I personally believe it's the biggest scam to get people to pay interest.

Even if it's somewhat better to leave a small percentage, i feel like the difference is minimal (no difference between a 800 and 820 really) and won't be worth the couple of dollars in interest every month

 

[Tony $now]

On purpose?

I did this method previously when I had high utilization. Had almost an 80 point jump.

2 card report with a small balance( pay in full after I get the statement)

1 card I use every few months

Basically I only let one card report with a 0 balance each month

 

[Tony $now]

A lot of people believe leaving 5-10% of credit utilization is good for your credit.

I personally believe it's the biggest scam to get people to pay interest.

Even if it's somewhat better to leave a small percentage, i feel like the difference is minimal (no difference between a 800 and 820 really) and won't be worth the couple of dollars in interest every month

When I say small balance I'm talking less than $50 dollars. After my initial increase it's been kinda stagnant

But also not helping is the paid collection on my report that I can't get off [emoji]127998[/emoji]‍

 

[pitman13]

A lot of people believe leaving 5-10% of credit utilization is good for your credit.

I personally believe it's the biggest scam to get people to pay interest.

Agreed.

I don't know where people got the idea that leaving a balance on their CC is good for their credit.

All my CC balances are at 0 prior to when the statement ends monthly.

 

[jon4rd]

Agreed.

I don't know where people got the idea that leaving a balance on their CC is good for their credit.

All my CC balances are at 0 prior to when the statement ends monthly.

You let a small balance report when your statement cuts and pay it off in full after you get the statement. No interest paid and you show some utilization. Due date and statement cut date are 2 different days

 

[jjs]

Agreed.

I don't know where people got the idea that leaving a balance on their CC is good for their credit.

All my CC balances are at 0 prior to when the statement ends monthly.

You let a small balance report when your statement cuts and pay it off in full after you get the statement. No interest paid and you show some utilization. Due date and statement cut date are 2 different days

Is showing utilization better? I just feel like it's an old scam banks used to say in the hope people would pay interest.

 

[jon4rd]

Is showing utilization better? I just feel like it's an old scam banks used to say in the hope people would pay interest.

Yes it's better. If you don't show utilization then it looks like you're not using your credit cards. And you're not understanding that you don't have to pay interest to show utilization. If my statement cuts on the 26th of June, I can leave a small balance on there let's say $10. My due date for that $10 will be the 21st of July. So as long as I pay that full $10 before July 21st, I won't pay a cent in interest and I will show utilization on my credit card. Any money I charge on the card that posts on my account between June 27th-July 26th will show up on my next statement.