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

[had pants]

 

[willypete]

Will cop

 

[antidope]

As soon as it opens I'm doing it.

 

[rbk93]

If I have a balance on my CC, can I freeze my CC account? To prevent from paying unnecessary interest?

Can only afford the minimum payment currently.

 

[isco]

If I have a balance on my CC, can I freeze my CC account? To prevent from paying unnecessary interest?

Can only afford the minimum payment currently.

interest is charged based on when u used the card..if the balace is not paid by the due date..u will be charged..freezing only prevents from using the card

 

[slicknick951]

If I have a balance on my CC, can I freeze my CC account? To prevent from paying unnecessary interest?

Can only afford the minimum payment currently.

Its a slippery slope but you depending on what your balance is and what you can be approved for look into a balance transfer card.

Transfer the balance to a card with a 0% apr for a introduction period and pay it off before the period is done or else you will get hit with the interest.

Tread lightly because you can end up getting yourself in more debt.

 

[rbk93]

Just need an income to pay it off. Can pay the minimum but kind of pointless if they're just going to keep charging interest, essentially losing that money.

 

[hipstermike]

what should my next step be after having my secured card for a bit? should i wait a while before applying for more credit?

have had about 2 months and my score already jumped 40 points

 

[dam itz lou]

what should my next step be after having my secured card for a bit? should i wait a while before applying for more credit?

have had about 2 months and my score already jumped 40 points

It depends what your score is. I'd probably wait a little longer. Two months isn't a long time.

The Uber card is a pretty good cash back card for a no fee card, but i'd rather get points.

 

[melo0115]

Just need an income to pay it off. Can pay the minimum but kind of pointless if they're just going to keep charging interest, essentially losing that money.

And that's the credit trap. The only way to get out is to have income enough to pay it off fast. Other than that, you're pretty much screwed until you can pay over the minimum.

 

[rbk93]

Definitely wasn't prepared for it for sure.

 

[antidope]

All that stuff that the Uber Barclays card is offering seems promotional and will go away at some point. Or am I being cynical.

 

[dam itz lou]

All that stuff that the Uber Barclays card is offering seems promotional and will go away at some point. Or am I being cynical.

You can say that about any card. A cards benefits can change at any time. There's no annual fee, so it doesn't cost you anything. Cant lose.

 

[antidope]

Was not aware that applied to any card. The two that I have haven't changed at all but I've heard of that happening.

 

[dam itz lou]

Citi prestige took away a lot of benefits this year. Citi premier switched their bonus categories last year. There are talks about changes coming to the CSR.

 

[davizzy]

Damn hopefully not CSR. It’s my favorite card right now

 

[had pants]

Barclays Uber Visa Application is live:
https://home.barclaycardus.com/cards/uber-visa-card.html

 

[willypete]

Gonna cop by the end of the year

 

[jordan4eva23]

Any help would be appreciated.

I recently paid of a collection that I had on my credit report for over a year.
I paid it off from the original creditor, which was AT and T.

Since i paid it off from the original creditor, I was hoping that the collection would've fallen off for my report. Instead of fallen off, the debit amount was just reduce to 0- closed account.

How can I get these collection remove from my credit report?

 

[dam itz lou]

Any help would be appreciated.

I recently paid of a collection that I had on my credit report for over a year.
I paid it off from the original creditor, which was AT and T.

Since i paid it off from the original creditor, I was hoping that the collection would've fallen off for my report. Instead of fallen off, the debit amount was just reduce to 0- closed account.

How can I get these collection remove from my credit report?

Too late. You should of negotiated for them to take it off once it was paid. It stays on your report for 7 years.

 

[jordan4eva23]

Too late. You should of negotiated for them to take it off once it was paid. It stays on your report for 7 years.

Bummer

Considering that the collection has now been paid off, would it affect my chances on trying to apply for a mortgage in 2 year?

 

[dam itz lou]

Bummer

Considering that the collection has now been paid off, would it affect my chances on trying to apply for a mortgage in 2 year?

The collections account affects your score so it will affect your rate. You'll be able to get a mortgage as long as you have sufficient income.

 

[jon4rd]

What about debt to income ratio? How much does that factor into getting a mortgage?

 

[isco]

What about debt to income ratio? How much does that factor into getting a mortgage?

Huge factor...maybe the biggest in determining if u qualify or not..most conventional loans require that your DTI does not exceed 31/43

Your income cannot be 31% of the total housing pmt
Your income cannot exceed 41% of your housing payment WITH all ur other debts

 

[jon4rd]

Huge factor...maybe the biggest in determining if u qualify or not..most conventional loans require that your DTI does not exceed 31/43

Your income cannot be 31% of the total housing pmt
Your income cannot exceed 41% of your housing payment WITH all ur other debts

Wait. Maybe I’m thinking about this the wrong way or backwards or something, but do you mean your total housing payment cannot be 31% (or more I guess) of your income? And your housing payment with all of your other debts can or exceed 41% of your income?